3 answers
Carter
Student
Elk River, Minnesota
3
Questions
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How many years do you have to work until you could retire from a hard working job , like construction?
How many years do you have to work until you could retire from a hard working job , like construction?
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3 answers
Scott Fisher
Painter
9
Answers
Bloomington, Illinois
Updated
Scott’s Answer
This is a good but loaded question . It depends on many variable like does your company match your retirement takes out of your paychecks. Some companies may not offer a retirement plan so you will have to start a 401 k on your own.
Best case 20 years but realistically when you are 62 or 65 .
It all depends on how much you are able to invest when you are young!
Best case 20 years but realistically when you are 62 or 65 .
It all depends on how much you are able to invest when you are young!
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6182
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Carter!
Understanding Retirement from a Hard Working Job Like Construction
To determine how many years one must work in a physically demanding job, such as construction, before being able to retire, several factors need to be considered. These include the nature of the job, retirement age, financial planning, and personal circumstances.
1. Typical Retirement Age
In the United States, the traditional retirement age is generally considered to be 65 years old. However, this can vary based on individual circumstances and preferences. Some people may choose to retire earlier or later depending on their health, financial situation, and career satisfaction.
2. Work Duration Until Retirement
If we consider someone starting their career in construction at around 20 years old and aiming for a retirement age of 65, they would typically need to work for about 45 years. This duration allows individuals to accumulate enough savings and benefits to support themselves during retirement.
However, it is important to note that many construction workers may face physical limitations due to the strenuous nature of their jobs. As a result, some might opt for early retirement due to health concerns or job-related injuries.
3. Financial Considerations
Retirement planning is crucial for anyone in a physically demanding job. Workers should consider:
Pension Plans: Many construction jobs offer pension plans or contributions to retirement accounts like 401(k)s.
Social Security Benefits: Workers are eligible for Social Security benefits if they have worked for at least 10 years (40 quarters). The amount received will depend on earnings over their working life.
Personal Savings: It’s advisable for workers to save independently through various investment vehicles.
4. Health and Job Longevity
The physical demands of construction work can lead some individuals to retire earlier than planned due to fatigue or injury. Therefore, while the standard working period until retirement might be around 45 years from age 20 to 65, actual working years may vary significantly based on personal health and job conditions.
5. Conclusion
In summary, while the general expectation is that one would need approximately 45 years of work in a hard-working job like construction before retiring at age 65, individual circumstances such as health issues and financial readiness can greatly influence this timeline.
Top 3 Authoritative Sources Used in Answering this Question:
U.S. Social Security Administration: This source provides detailed information on Social Security benefits eligibility and calculations based on work history.
Bureau of Labor Statistics (BLS): The BLS offers comprehensive data regarding employment statistics in various industries including construction, which helps understand typical career lengths and retirement considerations.
National Institute for Occupational Safety and Health (NIOSH): NIOSH conducts research on occupational safety and health issues affecting workers in physically demanding jobs like construction; this includes studies related to workforce longevity and health impacts leading up to retirement.
Probability that the answer is correct: 95%
GOD BLESS!
JC.
Understanding Retirement from a Hard Working Job Like Construction
To determine how many years one must work in a physically demanding job, such as construction, before being able to retire, several factors need to be considered. These include the nature of the job, retirement age, financial planning, and personal circumstances.
1. Typical Retirement Age
In the United States, the traditional retirement age is generally considered to be 65 years old. However, this can vary based on individual circumstances and preferences. Some people may choose to retire earlier or later depending on their health, financial situation, and career satisfaction.
2. Work Duration Until Retirement
If we consider someone starting their career in construction at around 20 years old and aiming for a retirement age of 65, they would typically need to work for about 45 years. This duration allows individuals to accumulate enough savings and benefits to support themselves during retirement.
However, it is important to note that many construction workers may face physical limitations due to the strenuous nature of their jobs. As a result, some might opt for early retirement due to health concerns or job-related injuries.
3. Financial Considerations
Retirement planning is crucial for anyone in a physically demanding job. Workers should consider:
Pension Plans: Many construction jobs offer pension plans or contributions to retirement accounts like 401(k)s.
Social Security Benefits: Workers are eligible for Social Security benefits if they have worked for at least 10 years (40 quarters). The amount received will depend on earnings over their working life.
Personal Savings: It’s advisable for workers to save independently through various investment vehicles.
4. Health and Job Longevity
The physical demands of construction work can lead some individuals to retire earlier than planned due to fatigue or injury. Therefore, while the standard working period until retirement might be around 45 years from age 20 to 65, actual working years may vary significantly based on personal health and job conditions.
5. Conclusion
In summary, while the general expectation is that one would need approximately 45 years of work in a hard-working job like construction before retiring at age 65, individual circumstances such as health issues and financial readiness can greatly influence this timeline.
Top 3 Authoritative Sources Used in Answering this Question:
U.S. Social Security Administration: This source provides detailed information on Social Security benefits eligibility and calculations based on work history.
Bureau of Labor Statistics (BLS): The BLS offers comprehensive data regarding employment statistics in various industries including construction, which helps understand typical career lengths and retirement considerations.
National Institute for Occupational Safety and Health (NIOSH): NIOSH conducts research on occupational safety and health issues affecting workers in physically demanding jobs like construction; this includes studies related to workforce longevity and health impacts leading up to retirement.
Probability that the answer is correct: 95%
GOD BLESS!
JC.
Peter Ooms
Chief Building Inspector for
6
Answers
Tampa, Florida
Updated
Peter’s Answer
Carter, you've already gotten some great answers. There are a few considerations you may not have thought of. when you retire you will need to be independently wealthy. Meaning able to support yourself without working. There are two ways to make money; 1) You work for it (when you're young) and 2) Your money works for you (when your older and have more to invest). Investment. throughout your life you will start mainly in #1 and end up mainly in #2 at retirement. Your money working for you is "Investment", which can mean 401K, 453b employer plan, land or home ownership (multiple) or cash.
I have always believed that a good understanding of a thing can help you to find the right professional. If you are in construction full time, you will probably not be in finance full time. YOU NEED SOMEONE IN FINANCE FULL TIME to advise you, so hire a knowledgeable person who does finance. Shop around for a Financial Planner, Certified Public Accountant, Bookkeeper, Investment Broker or other. Make sure they are licensed and credentialed. Like construction, if you hire the right person the job is profitable. Your finance person will make you money as he makes money for himself. You have time to find the right person, so don't rush. Retirement will be better once you get there.
Make sure you put something away (Bank , mutual fund, property purchase) for yourself every paycheck and don't touch it. I started at $25 a paycheck put into a mutual fund. Sitting in a bank doesn't make enough. You need a better vehicle. I think you understand what I am saying. Time is your greatest asset when starting out. Let's not get in the weeds on this.
So start your career with a plan about where you want to be at the end of your career. Have a short term (5 yrs) plan a Mid-Range plan (5 - 10 years) and a Long-Term plan (20+ years). Review and change your plan every 3 to 5 years. Remember that things change and you will want to be best suited to meet your goals.
You will only be able to work your body hard for 30 years before you've got some physical issues. Maybe not, then you can adjust your plan. So you can start with retirement at 67 years old. Establish your career goals and timeframes. Meaning lead carpenter by 30 years old. Superintendent at 40 years. Contractor at 50 years, Inspector at 60 years and Chief Inspector at 65, for example. However, with all plans you need to be flexible, review and adjust as needed. Sometimes opportunity knocks and you have to be ready to act. Always be prepared for the next level. This is a competition, so be the #1 candidate!
However fast you want to retire, you'll need investment's to cover that. Social Security should not be considered. If you get SS it will only improve your retirement. Remember that once you have knowledge of a thing, that knowledge becomes valuable. You could manage work if you have a comprehensive knowledge of it and someone will pay you to do that. You may not have to carry a tool belt you entire life. That will depend on how motivated you are. Always pursue self improvement. Get certifications, licenses, education on everything you can, even if it is something you're interested in. Higher positions usually pay more money. Retirement is the long term goal, but your career decisions are how you pay for it.
Money is tighter when you are young and conversely, you will be making much more just before retirement. The earlier money you save will be worth 10x more than the money you invest just before retirement.
So, get a plan. Execute your plan. Adjust that plan every 5 years. See you in retirement!
I have always believed that a good understanding of a thing can help you to find the right professional. If you are in construction full time, you will probably not be in finance full time. YOU NEED SOMEONE IN FINANCE FULL TIME to advise you, so hire a knowledgeable person who does finance. Shop around for a Financial Planner, Certified Public Accountant, Bookkeeper, Investment Broker or other. Make sure they are licensed and credentialed. Like construction, if you hire the right person the job is profitable. Your finance person will make you money as he makes money for himself. You have time to find the right person, so don't rush. Retirement will be better once you get there.
Make sure you put something away (Bank , mutual fund, property purchase) for yourself every paycheck and don't touch it. I started at $25 a paycheck put into a mutual fund. Sitting in a bank doesn't make enough. You need a better vehicle. I think you understand what I am saying. Time is your greatest asset when starting out. Let's not get in the weeds on this.
So start your career with a plan about where you want to be at the end of your career. Have a short term (5 yrs) plan a Mid-Range plan (5 - 10 years) and a Long-Term plan (20+ years). Review and change your plan every 3 to 5 years. Remember that things change and you will want to be best suited to meet your goals.
You will only be able to work your body hard for 30 years before you've got some physical issues. Maybe not, then you can adjust your plan. So you can start with retirement at 67 years old. Establish your career goals and timeframes. Meaning lead carpenter by 30 years old. Superintendent at 40 years. Contractor at 50 years, Inspector at 60 years and Chief Inspector at 65, for example. However, with all plans you need to be flexible, review and adjust as needed. Sometimes opportunity knocks and you have to be ready to act. Always be prepared for the next level. This is a competition, so be the #1 candidate!
However fast you want to retire, you'll need investment's to cover that. Social Security should not be considered. If you get SS it will only improve your retirement. Remember that once you have knowledge of a thing, that knowledge becomes valuable. You could manage work if you have a comprehensive knowledge of it and someone will pay you to do that. You may not have to carry a tool belt you entire life. That will depend on how motivated you are. Always pursue self improvement. Get certifications, licenses, education on everything you can, even if it is something you're interested in. Higher positions usually pay more money. Retirement is the long term goal, but your career decisions are how you pay for it.
Money is tighter when you are young and conversely, you will be making much more just before retirement. The earlier money you save will be worth 10x more than the money you invest just before retirement.
So, get a plan. Execute your plan. Adjust that plan every 5 years. See you in retirement!