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Old 09-13-2011, 05:57 PM
 
10,839 posts, read 14,875,377 times
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Social Security. Changes to Social Security made work more attractive relative to retirement. The liberalization and, for some, the elimination of the earnings test removed what many saw as an impediment to continued work. The delayed retirement credit, which increases monthly benefits for each year that claiming is delayed between the full retirement age and 70, has also improved incentives to keep working.
Pension type. The shift from defined benefit to 401k plans eliminated built-in incentives to retire. Studies show that workers covered by 401k plans retire a year or two later on average than similarly situated workers covered by a defined benefit plan. (How much money will your 401k provide? Try MSN Money's calculator.) Education. People with more education work longer than those with less. Over the last 30 years education levels have increased significantly, and the movement of large numbers of men up the educational ladder helps explain the increase in participation rates of older men.
Improved health and longevity. Life expectancy for men at 65 has increased about 3.5 years since 1980, and much of the evidence suggests that people are healthier as well. The correlation between health and labor force activity is very strong.
Less physically demanding jobs. With the shift away from manufacturing, jobs now involve more knowledge-based activities, which put less strain on older bodies.
Joint decision-making. More women are working, wives on average are three years younger than their husband, and husbands and wives like to coordinate their retirement. If wives wait until age 62 to retire so that they qualify for Social Security, that pattern would push husbands' retirement age toward 65.
Decline of retiree health insurance. Combine the decline of employer-provided retiree health insurance with the rapid rise in health care costs, and workers have a strong incentive to keep working and maintain their employer's health coverage until they qualify for Medicare at 65.
Non-pecuniary factors. Older workers tend to be among the more educated, the healthiest, and the wealthiest. Their wages are lower than those earned by their younger counterparts and lower than their own past earnings. This pattern suggests that money may not be the only motivator.
8 reasons older people are working longer- MSN Money
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Old 09-13-2011, 06:40 PM
 
Location: Los Angeles area
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Very thorough, Howard. And all valid, I would think, except for the people who lost their jobs at age 55, or 60, or somewhere around those ages and haven't been able to find another one in the three or so years since our economic meltdown. Those people have been scrambling to survive and many are taking Social Security at age 62 out of sheer desperation to keep food on the table and a roof over their heads. Blessed are those who do have the choice to continue working and the luxury of carefully weighing the pros and cons as to when to retire exactly.
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Old 09-13-2011, 06:50 PM
 
Location: Near a river
16,042 posts, read 18,994,426 times
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Quote:
Originally Posted by Escort Rider View Post
Very thorough, Howard. And all valid, I would think, except for the people who lost their jobs at age 55, or 60, or somewhere around those ages and haven't been able to find another one in the three or so years since our economic meltdown. Those people have been scrambling to survive and many are taking Social Security at age 62 out of sheer desperation to keep food on the table and a roof over their heads. Blessed are those who do have the choice to continue working and the luxury of carefully weighing the pros and cons as to when to retire exactly.
I was one of those who lost my job in the nonprofit arts just before the economic meltdown. The arts got hit especially. I have some health issues that coincided, and so working full time was not a good option anyway. Now I do part time consulting and teach a class or two, having taken early retirement on SS. As long as my health permits I plan to work this way for a very long time, on my own terms and at my own pace without a boss and (usually incompetent) board to contend with. It is not what I expected--it is a lot better.

I highly recommend anyone who was forced to retire sooner than expected to do what they do best, as a consultant or teacher. There is a place in every sector for this. The bucks may not be big, but they will be adequate. The sense of self worth will be high, and most of all, in the driver's seat the work is enjoyable and fulfilling.
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Old 09-13-2011, 07:01 PM
 
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Add tt hat mnay more having started small business since the 70's recession.
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Old 09-14-2011, 12:39 AM
 
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I will add that some older people continue to work because they have bought into a lifestyle that requires more amenities, toys and expensive recreational pursuits. They refuse to accept the idea of living with less on smaller retirement income because they always wanted and got more. For some it is their necessity of living, more and more stuff till death, do the stuff and they part.

Livecontent
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Old 09-14-2011, 06:13 AM
 
Location: Near a river
16,042 posts, read 18,994,426 times
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Originally Posted by livecontent View Post
I will add that some older people continue to work because they have bought into a lifestyle that requires more amenities, toys and expensive recreational pursuits. They refuse to accept the idea of living with less on smaller retirement income because they always wanted and got more. For some it is their necessity of living, more and more stuff till death, do the stuff and they part.

Livecontent
One of the greatest things about retirement is letting go of material needs and possessions. My possessions load keeps getting lighter and lighter, and my diet keeps getting simpler and more wholesome. Magazine subscriptions and buying books, no longer. I get my literature at libraries and on the Net. In another 5 years or so I may make another life change that puts me in a cabin, not in the woods b/c for me, the simplest living in this day and age, independent of a vehicle, can be had within a town or city. Hairdos and clothes and all the stuff I had to have for work, poof. My relationships with friends, my kids, my siblings, even my ex have improved and I feel at peace. I cannot imagine dying surrounded by stuff. I would like more money to travel, but the materialistic side of travel is a downer for me. I could happily be transported to some places for a month's stay in that one place. And my dog is truly my best friend. I wouldn't trade her for all the tea in China

On topic...I enjoy some work here and there, on my own terms.
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Old 09-14-2011, 06:54 AM
 
Location: SW MO
23,605 posts, read 31,510,101 times
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Now someone has to come up with a GOOD reason to work longer!
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Old 09-14-2011, 07:12 AM
 
48,516 posts, read 83,999,418 times
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I think most downsizing in retiremnt has to do with downsized afford ablity and some with people who cannot keep up with their previous entertainment. Certainly its seen that epopel whocan afforsd it just change spending habits to other stuff.Others seem to make a virtue of living small for some strange reson.To each his own as they say.
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Old 09-14-2011, 07:57 AM
 
Location: Las Vegas
13,895 posts, read 25,347,447 times
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Lots of people are forced to continue working because they lost so much money in the real estate bust. Assets they were counting on for retirement are now worth 1/4th of their previous value.
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Old 09-14-2011, 09:27 AM
 
Location: SW MO
23,605 posts, read 31,510,101 times
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Quote:
Originally Posted by yellowsnow View Post
Lots of people are forced to continue working because they lost so much money in the real estate bust. Assets they were counting on for retirement are now worth 1/4th of their previous value.
And therein lies the problem of unfettered greed. People stopped thinking of their houses as homes to settle into and considered them merely assets and investments that only existed to be "turned" to their advantage. That spelled the end of cohesive neighborhoods and neighborliness and the advent of community decline. America has been the poorer for it ever since.
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