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I think its unrealistic to expect to work past age 70, no matter what one is doing. Although, my wife has told me about a couple of women in her governmental organization that are well into their 70's and still working. From what I am lead to believe, both are single and believe they would have nothing to do if they retired.
Those of us who are self-employed don't have to worry about being fired or laid off. My current plan, health permitting, is that I will work until age 70.
In answer to your questions, I have great fears about what lies ahead for many of the late baby boomers and generation X when we retire. Not enough is being done to prepare for retirement. The years when one worked for a large corporation for 30 years and earned a defined benefit retirement are gone. The solutions would be (1) More vigorous enforcement of age discrimination laws in the work place; (2) Redesigning some jobs so that older people can do them; (3) Strengthening social security and medicare through the addition of new revenues along with limiting certain types of benefits; and (4) More savings for retirement from individuals.
Now, here's the problem: Every single reform I've just named is being prevented by current economic conditions. Vigorous enforcement of age discrimination laws becomes difficult when there are no new jobs for younger workers. Redesigning jobs to fit the needs of older workers is a virtual impossibility when scores of younger workers are available to do a job without redesigning it. Strengthening social security and medicare through the addition of new revenues is next to impossible when most everyone seems to agree that short term tax increases will make this recession even worse. Getting people to save more for retirement is an extremely difficult proposition when the stock market is flat, the real estate market has been down for years, and when returns on treasury bills and bonds are in the 1% range.
I hope I am wrong. I have dreams and visions of what the future may hold that include breadlines, soup kitchens, and homeless people everywhere living on the street.
My mother worked until age 72. She went home for lunch one day, laid down to take a nap, as she did every day, and never woke up. I think it's realistic, especially if you have no choice. Whether or not there will be a job available is another question entirely.
My father worked until 72, but had to stop because of health problems.
I think the question begs the questions of why they're poor and if they've always been, how did they live before retirement? Most would likely receive Social Security so they'll have some income.
Call me unfeeling but if their plight is as a result of poor planning, over-spending or -extending themselves, as far as I'm concerned they're on their own. If they end up in SROs, soup kitchens and food banks, at least they won't be left on the streets.
I would think the major concern would be with women. Men die sooner. Who the heck wants to HAVE to work up to age 80? Most people today hate the jobs they have now.. God help them if they live in one of the snowy states and have to get to work on a daily basis.
For those concerned prepare NOW. Women if you husband doesn't have money take out the largest insurance policy you can. Men if your single get some Viagra and get yourself a young girl form a remote island somewhere who knows nothing about prenups or divorce laws.
People as a whole are not saving and companies did away with or are doing away with pensions. It's going to be ugly. If people can barely make it now how will they make in in the later years? Depend on kids? Yea right. They don't make kids like they used to.
I think the question begs the questions of why they're poor and if they've always been, how did they live before retirement? Most would likely receive Social Security so they'll have some income.
Call me unfeeling but if their plight is as a result of poor planning, over-spending or -extending themselves, as far as I'm concerned they're on their own. If they end up in SROs, soup kitchens and food banks, at least they won't be left on the streets.
No if it is anything like the depression they will die of neglect. Medicare and Medicaid are already under attack, as is Social Securiity. How much Health Care can you expect without insurance? Sending them to the Knackers seems to be the current plan
Like all ages, there are seniors with low paying jobs and others doing just fine. Where I work there are a lot of managers and executives approaching or in their 70s making well over $150,000. With social security(?) and their pension they should be fine upon retirement, but are staying because of the
uncertainty and because they enjoy their jobs.
People as a whole are not saving and companies did away with or are doing away with pensions. It's going to be ugly. If people can barely make it now how will they make in in the later years? Depend on kids? Yea right. They don't make kids like they used to.
They don't make parents like they used to? Good! Our generation has saddled our children and their children, and beyond, with the legacy our our unbridled consumerism and atrocious indebtedness and deficits through wanton spending.
Depend on our kids? How irresponsible. I can't think of anything worse. This is no longer an agrarian economy filled with family farms. We're the adults. Why should our children be saddled with our upkeep if we didn't have the foresight and brains enough to save for our old age?
They don't make kids like they used to? Thank goodness. I hope our childrens' generation ultimately turns out to be a lot less selfish, greedy and irresponsible than ours. But unfortunately, children tend to learn what they live and all too many parents have been really bad examples. Materialism has been their god, not fiscal responsibility or even independence.
People who were not able to pull together a "comfortable" retirement for themselves for whatever reason will have to cope with having a lower standard of living than they enjoyed while they were working and consequently have an incentive to continue working as long as they can to delay the event and to be better prepared when it happens.
To be sure there is a lower threshold supported by government programs including subsidized housing, SS and so on. No one has a right to retire comfortably but have the right to plan, work, save, invest and make it happen for themselves.
I'm thinking if there are jobs that people can do at home now like those online jobs then it won't really matter what your age is as long as you can do the job online. they may improve a great deal up the road income wise.
maybe trying to touch a job field where the task can be done online could help. nobody cares what you look like, or how fast you can move around as long as you can key in the proper information and keep to the professional formate they require.
I think in a long run with computer jobs this country may not be throwing out so many skillful workers who are older, or challenged if we all keep to the computers as we doing so far. just a few years from now we may find some big company being ran by some 10 year old being homeschooled, and some other successful company being ran by a 97 year old who remains the best person for the job, because he/she can still GET IT DONE online.
this will be the next interesting shocker we may be hearing about on CNN. LOL......can you imagine? you find out one day that you've been working your online job for several years, and bragging about the success of your company when CNN announces that the company you work for has been the crown jewel of success, and it has just been made public that the owner of the company is a fellon who is currently serving time behind bars for..... LOL
computers are all around us, and growing rapidly in our daily use of them. LOL....you never know.
Like all ages, there are seniors with low paying jobs and others doing just fine. Where I work there are a lot of managers and executives approaching or in their 70s making well over $150,000. With social security(?) and their pension they should be fine upon retirement, but are staying because of the uncertainty and because they enjoy their jobs.
He's not asking about them. We all know that many people are doing very well.
There will be a problem with "Social Security only" retirees wanting to live in the towns they raised their children in, or near where their children live now - the major metro areas are just too expensive. Rural, low-cost retirement communities, both organized and spontaneous, seem to be forming in response to this need.
Also, you can leave the country. $25,000 a year in Cuenca, Ecuador is enough to make you solidly middle class, and it's a nice place.
But unfortunately, children tend to learn what they live and all too many parents have been really bad examples. Materialism has been their god, not fiscal responsibility or even independence.
Maybe it's my neck of the woods, but I don't see that around here. Everyone in my family and my neighborhood is very frugal. No one lives up to their means, much less beyond them. Everyone is a saver. I am in a solid mid-middle class area which even has a couple of multimillionaires a few doors in either direction of me. One guy, a major investment manager, has adopted three children from overseas in addition to his own four. Must be the Wisconsin air.
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