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Which Age can I retire at working as a Welder?
Hello so I just started at job corps and this is my second week so far I was thinking of which trade of picking to do and welding was on my list of trades to decide from and I was interested at what age am I able to retire as a welder?
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Kim’s Answer
Tony made lots of good points. I "retired" from law enforcement after 25 years, got a second job, "retired" from it after 9 years. I was now 56. I had two pensions coming in from government jobs. One had annual cost-of-living increases. The second one does not. The "buying power" of that second paycheck has been drastically eroded by the high inflation rate of the last few years.
Most jobs don't have pensions anymore. Instead they give you a "401-match" that you are expected to manage yourself, figuring out how to invest it. If you are afraid to take a little risk, you lose out. That's because if you earn 6 percent interest at a time when the annual inflation rate is 8%, you lose 2%.
What else keeps most people from retiring is they cannot afford to buy healthcare insurance on their own, and Medicare doesn't kick in until 65. So, they keep working. And, you really don't want to be without health insurance!
If you want to retire young, learn to distinguish between "wants" and "needs" (them Corvettes Tony mentioned!). Live below your means. If the loan officer says you can get a $400,000 house, Find one for $250,000. Don't worry about impressing people. Learn financial management skills. There is a movement called FIRE - Financial Independence, Retire Early. Google it.
There is a lot you can do with welding. Even start a side-hustle making art from scrap metal. Please remember to always be safety conscious and to take care of your vision!
Best of luck,
Kim
Most jobs don't have pensions anymore. Instead they give you a "401-match" that you are expected to manage yourself, figuring out how to invest it. If you are afraid to take a little risk, you lose out. That's because if you earn 6 percent interest at a time when the annual inflation rate is 8%, you lose 2%.
What else keeps most people from retiring is they cannot afford to buy healthcare insurance on their own, and Medicare doesn't kick in until 65. So, they keep working. And, you really don't want to be without health insurance!
If you want to retire young, learn to distinguish between "wants" and "needs" (them Corvettes Tony mentioned!). Live below your means. If the loan officer says you can get a $400,000 house, Find one for $250,000. Don't worry about impressing people. Learn financial management skills. There is a movement called FIRE - Financial Independence, Retire Early. Google it.
There is a lot you can do with welding. Even start a side-hustle making art from scrap metal. Please remember to always be safety conscious and to take care of your vision!
Best of luck,
Kim
Steward "Tony" Pacheco
Minister, USMC Vet, John C. Maxwell Cert. Coach, Trainer, Speaker, Teacher, Straight Shooter
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Steward "Tony"’s Answer
The two do not have anything to do with each other. I welded after my training and loved the jobs, but you must know your craft and be able to endure the work. It's tough but it's a trade that you can be proud of. Retirement is an individual choice for anyone, welder or CEO. Thats a financial planning issue which we all must administer. If you choose welding, you can free-lance, work a job or start a business or even all three.
How you save your money and invest it will be another lesson to learn. I have watched rig welders go out and make a small fortune, sacrificing time away from loved ones and then coming home and spending all their monies on toys and bills. When the industry froze, so did the income.
Those corvettes purchased had to be sold for a dime of what they originally paid for them. So this lesson must be mastered in any profesison. Trade jobs are skills that build America. Work hard, Have fun, Make money and save for retirement. If you can work 20 years for a company, you may have a retirement plan to contribute to, but you need to leave the company to get it if you are too young to retire at the Social Security age limit.
Focus on the next few years buddy. That's when you prove that you've got the juice and have recognized skills! BTW I retired away from the welding field so life teaches us many lessons. But I still love to weld.
How you save your money and invest it will be another lesson to learn. I have watched rig welders go out and make a small fortune, sacrificing time away from loved ones and then coming home and spending all their monies on toys and bills. When the industry froze, so did the income.
Those corvettes purchased had to be sold for a dime of what they originally paid for them. So this lesson must be mastered in any profesison. Trade jobs are skills that build America. Work hard, Have fun, Make money and save for retirement. If you can work 20 years for a company, you may have a retirement plan to contribute to, but you need to leave the company to get it if you are too young to retire at the Social Security age limit.
Focus on the next few years buddy. That's when you prove that you've got the juice and have recognized skills! BTW I retired away from the welding field so life teaches us many lessons. But I still love to weld.
Awesome answer, thanks!
Kim Igleheart
Updated
Darya’s Answer
Hi, Mathias! The age at which you can retire as a welder depends on several factors, including your personal financial situation, retirement savings, state and federal regulations, and your health. In the United States, the minimum age to receive Social Security retirement benefits is currently 62, but full retirement age is between 66 and 67, depending on your birth year.
If you are considering a career in welding, here are some factors to think about regarding retirement:
Many welders can work into their 60s, but the physical demands of the job may affect how long you can continue working. Some welders may choose to transition to less physically demanding roles as they age.
It's essential to save for retirement early in your career. Many welders participate in 401(k) plans or individual retirement accounts (IRAs) to build their savings.
The demand for skilled welders can influence job stability and income, which will also impact your retirement timeline.
If you're part of a union, there may be specific retirement benefits or pension plans that can provide additional financial security in retirement.
The physical nature of welding can lead to injuries or health issues that may push someone to retire earlier than they planned.
In summary, while you may be eligible to retire as early as 62, many factors will influence your decision for when to actually retire. It’s wise to plan ahead and consider how much financial support you’ll need in retirement to ensure you can enjoy it when the time comes. I hope I helped somehow. Good luck! With love, Darya
If you are considering a career in welding, here are some factors to think about regarding retirement:
Many welders can work into their 60s, but the physical demands of the job may affect how long you can continue working. Some welders may choose to transition to less physically demanding roles as they age.
It's essential to save for retirement early in your career. Many welders participate in 401(k) plans or individual retirement accounts (IRAs) to build their savings.
The demand for skilled welders can influence job stability and income, which will also impact your retirement timeline.
If you're part of a union, there may be specific retirement benefits or pension plans that can provide additional financial security in retirement.
The physical nature of welding can lead to injuries or health issues that may push someone to retire earlier than they planned.
In summary, while you may be eligible to retire as early as 62, many factors will influence your decision for when to actually retire. It’s wise to plan ahead and consider how much financial support you’ll need in retirement to ensure you can enjoy it when the time comes. I hope I helped somehow. Good luck! With love, Darya
Updated
Angel’s Answer
The age at which you can retire as a welder varies based on factors like your personal financial situation, pension plans, and local retirement age laws. Many welders may retire around the traditional age of 65, which aligns with Social Security benefits in the U.S. However, some may choose to retire earlier, in their 50s or early 60s, if they have sufficient savings or a pension plan.