When I graduated with a degree in finance in 1984, my first job (federal govt) paid just over $17K. I got a higher grade because I had a higher than X gpa (can’t remember what X was).
I graduated from law school in 1990 and made $70,000 my first year. Plus I received a stipend, for living expenses while I studied for the bar. I live in high COL, southern CA, but that was still a lot of money for a 24 year old.
Eloquently said, @shawbridge.
I recall my take home pay in 1983 was just over $1700/mo and my mortgage in 1983, for $122k, was over $1700/mo due to the delightful interest rates of the early '80s.
I think I made about 18K as a brand new second lieutenant in 1984. Felt like I was really rich back then, just rolling in money.
Our 1st apartment was extremely cheap—rented from relatives for practically nothing and even with all utilities it was under $200 for a 2 bedroom place in a great Honolulu location with poured concrete walls & 2 parking spaces included. I could walk, catch the bus or drive almost anywhere.
Eventually we bought a place and moved to the suburbs where we still live. It is much quieter here and you don’t the black soot from exhaust and buses coating everything. The suburbs was a much better place to raise our kids.
Adjusting for CPI inflation with https://data.bls.gov/cgi-bin/cpicalc.pl from July of the year to March 2019:
$33,281.53
$56,087.27
$31,807.06
$61,302.73
$61,069.55
$13,562.08
$16,137.37
$19,425.92
$74,928.54
$88,804.19
$47,177.23
$26.07
$41,512.33
$136,458.13
$4,325.76
$310,436.88
$43,954.24
Thanks for the conversion to current dollars, @ucbalumnus. Very Helpful.
I have a friend who says her DH retired in, IIRC, his 40’s, but then she explains that he really spends his days doing stock trading. Not sure if he is a day trader, does puts and calls and all that, or if he just manages his investments buying and selling with short and long term gains, etc.
The WSJ article talks about the importance of socialization, and that many (not all) retirees are actually more sedentary, not less, eat/drink more and if they don’t have the purpose of fulfilling work, may feel adrift or depressed (this is the wording of the article). It says that the 5 year mortality risk in en is 32% lower for men in their 60s when retirement is delayed (the data on women is more equivocal, which the researchers attribute in part to the longer lifespan in general for women and a lower mortality at 62). It also says that retirement can accelerate cognitive decline of we don’t keep our brains actively engaged. Its an interesting article. The author is Richard W. Johnson and the article is called “The case against early retirement” of anyone can get it without the paywall. It shows a graph from one of the research studies of the increased risk of dying and also the increased risk of being prescribed an antidepressant within 5 years of stopping working. This is separate of course from their report on the financial benefits of additional income for continued years of employment. Certainly some are fortunate to not need additional discretionary income. I think @shawbridge did a fabulous job above of describing the benefits of continuing in engaging work. Certainly if work is stressful, unpleasant, etc, thats another story.
I have seen more and more “ROMEOS” (retired old men eating out) at lunches and meeting for coffee on weekends. I think thats great, and agree that the socialization is very important. Engaging in other activities, classes, exercise etc is healthy and avoids isolation.
ETA: the author of the article, Dr Richard Johnson, is the director of the program on retirement policy at the Urban Institute.
Richard Bolles, the author of “What Color is Your Parachute?” (which gets updated annually), wrote another book: “The Three Boxes of Life, and How to Get Out of Them” (1981). My mother gave me a copy of this book when it first came out, and I think it is relevant to this current discussion. I wish the book had caught on more such that Bolles would do (or have done) a later edition.
The three boxes are education, work, and leisure. Modern society has established the tradition of education filling the early part of our life, work taking up all the middle, leaving leisure for our retirement. Bolles argued that we should mix these three things up – going for life-long education, and enjoy some leisure time throughout our lives, making work not such a grind.
My father retired at 59-1/2 (as soon as he could) because he had so many projects he wanted to accomplish without the constraints having to show up at work. And indeed he has been very busy and accomplished much, and is still engaged in his various projects.
I saw a dramatic decline in my mother’s health and well-being when she was no longer able to get out and participate in the community activities that she had enjoyed.
For me, I think of my future retirement not so much as retirement, but as a career change…
FWIW:
My first “real” job, as starting high school teacher in 1985, paid a salary somewhere around $13K (don’t remember exactly).
After graduate school, as a starting college professor, my salary was somewhere around $28 or 29K in 1992.
@doschicos, I’m not sure if you were referring to my post but I was not trying to imply that one could only get community, meaning and structure from work. Indeed, the vast majority of people probably don’t derive meaning from their work. In Walden, Thoreau wrote:,“The mass of men lead lives of quiet desperation. What is called resignation is confirmed desperation.” I don’t think much has changed.
People can find community, meaning and structure in a variety of ways. Some of our retired friends are engaged in a) lots of volunteer work; and b) tending to their adult children/grandchildren. The volunteer work provides a sense of meaning and community and possibly structure. The tending to kids/grandkids is mixed: probably provides meaning and may provide structure, though it seems sporadic as they drop in for a few weeks to help and then leave for a volunteer trip or a vacation and then return. I hav always thought this was a useful framework for people constructing life changes (empty nesting, retirement, etc.).
For me, my work/pro bono work provides most of it and I think I would really struggle to construct the equivalent outside of work.
@colfac92, I think calling out education as an ongoing element of life is really important. The studies quoted in the WSJ article suggest that continuing challenging cognitive activity is important to aging well. I just returned from a tour of the Victoria and Albert Museum led by an engineer who retired 18 years ago. He spent years studying what was in the collection and now shares his vast knowledge on tours. Fascinating but definitely his new chapter of life contains a lot of room for learning.
This morning was raining, so I didn’t get to go out with my group to split and stack firewood. I’m far from isolated, but I really look forward to the few hours of banter, fresh air, sweating, and keeping my fingers out of the machinery. The seniors to whom we deliver the firewood appreciate it; many of them heat their homes with it in the winter (i.e., it’s not just for ambiance). Fwiw, I think (in my late 60s), that I’m the youngster in the crowd 
.
All around, it’s not a job per se, but it sure beats being 100% retired.
I will be 71 in June, and I am getting my MSW degree on May 23. (Taking the licensing exam a week from today.) Better late than never!
That’s really kind, @IxnayBob.
I think certain kinds of people do give of themselves (donations, volunteer in organizations on their church/synagogue/neighborhood boards, etc) and get involved in other volunteer activities whether they are working or not. What do they say- 20% of the people do 80% of the work. And if you want something done, ask a busy person.
@oldmom4896 - you totally rock!!! ?
Congrats, @oldmom4896 !!
I think we found an activity in our community that could keep us busy! Removal of invasive species from our beautiful parks. Can be done year round, and I don’t think there will be less of that stuff by the time we retire. 
Fabulous @oldmom4896.
I get back a multiple of what I give. I’m sure you know this, but it bears repeating.
[quote=https://www.helpguide.org/articles/healthy-living/volunteering-and-its-surprising-benefits.htm/]
the benefits of volunteering are enormous to you, your family, and your community. The right match can help you reduce stress, find friends, connect with the community, learn new skills, and even advance your career. Giving to others can also help protect your mental and physical health.
@ucbalumnus, I just checked. $47,016 is the starting salary for. GS 7 in the DC area.
You calculation of $41,512 is not too far off.