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Many folks seem to talk about "working until they are 70" or "never being able to retire".
I'm thinking that the reality of still having a viable career, the health, will and stamina to keep working beyond 65 ... is that these folks better have a "Plan B."
Are there really many folks still working at real jobs, beyond 65? (I'm not talking about those who are supplementing their social life by working part-time as a Walmart greeter or being paid for working at a 'hobby job.')
Did you plan to work longer? -- When did you actually retire? -- Why?
I thought I would probably work until 64-65, but, the opportunity came along (buy-out) and I jumped on it at 60-61 ... and have absolutely no regrets.
In today's world, with subtle and no so subtle (but never provable) ageism in the workplace, anyone over 50 is lucky to keep their job or find one if they are let go. In a perfect world, we'd all have job security and good health until we reach the age we want to retire. More often than not (and yes, I know there are always exceptions), circumstances can derail the best laid plans. My husband had a career where he could have kept working past retirement age, but ill health nixed that. I could have kept working too but retired to care for him. Our original plan was to work til 68 or so, sell the house, buy an RV and travel.
Well, the very first CFP that I went to was over 70 years old. He had a very impressive resume. He had spent his "working career" as the CFO of a major international corporation. When he retired he sat for CFP certification and opened an office. I was very impressed with his background and was looking forward to working with him. However, I think his thinking was not as sharp as perhaps it had been. I found him getting easily confused and asking me the same questions over and over. I was surprised when he suggested that I file and suspend my Social Security Retirement Benefit at age 62. I had to remind him that it isn't possible to file and suspend until FRA. Things like this caused me to find a younger CFP to work with. I'm not sure that had he been working for someone other than himself that he would have been employable.
Well, the very first CFP that I went to was over 70 years old. He had a very impressive resume. He had spent his "working career" as the CFO of a major international corporation. When he retired he sat for CFP certification and opened an office. I was very impressed with his background and was looking forward to working with him. However, I think his thinking was not as sharp as perhaps it had been.
....
Things like this caused me to find a younger CFP to work with.
Your first CFP's incompetence may have nothing to do with his age. Suze Orman is 64 years old. Ben Steinis 70 years old. I have no doubts that those folks' minds are still sharp years from now like many very smart, witty people (George Burns, Betty White etc).
Impressive resume does not always equate to real knowledge or competency. In the corporate world, people can climb to the top if they know the right people, good at self promoting, skillful at appropriating others' people accomplishments to themselves etc.'
The story about this CFO reminded me of my frustrating but comical dealing with one. I was the president of my non-profit organization. She was the treasurer of another organization. We had to sign some financial agreement with her organization, and she made many accounting/math errors. I had to point out the errors half a dozen time even sending excel spreadsheet with red highlighted corrected values. It appeared that she neither knew how to use a calculator or how to use Excel add function. I looked up her 'credentials' and learned that she was the CFO of a sizable organization. The problems were resolved 6 months and dozens emails later when she asked someone else to check my numbers!!!
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No one knows how their health will hold up, but at 63 I'm busier than I have been in many years both at work and in activities around the home, and helping out my parents 3 hours away. It doesn't seem like I would be any less competent to manage my group in 3-4 years. I think it helps keep the mind sharp to always be learning, and it helps you work longer if the work is challenging and fun. The other advantage, of course is the pay, being at the top of your earning power. We are now starting to have some retirements, and they are typically 65-70, though there are people here with 30 years in at age 55 that could retire if they wanted to. I could retire now too, and while maximizing SS and my pension and other investments will be helpful, there are many interesting changes going on here now so it's a great time to be working.
Never a dull moment, so I'm in no hurry to leave, but it's nice to know that I can if I want to.
OK here are some up close on the ground observations. This is in tech, so YMMV.
The Boomer retirements are definitely under way. For some of them, honestly, no loss. Every generation has its dead wood. But in some other cases, it is a very difficult situation. We are losing intellectual capital and in many cases it is high quality capital. No number of less experienced folks can replace it at least not in the short term. For those Boomers willing to continue working, if they have high quality capital, if the employer can tell their nether regions from a hole in the ground, then there is an opportunity to continue working well past 70. Again, YMMV and I know other lines of business are very different from what I have described.
Many folks seem to talk about "working until they are 70" or "never being able to retire".
I'm thinking that the reality of still having a viable career, the health, will and stamina to keep working beyond 65 ... is that these folks better have a "Plan B."
Are there really many folks still working at real jobs, beyond 65? (I'm not talking about those who are supplementing their social life by working part-time as a Walmart greeter or being paid for working at a 'hobby job.')
Did you plan to work longer? -- When did you actually retire? -- Why?
I thought I would probably work until 64-65, but, the opportunity came along (buy-out) and I jumped on it at 60-61 ... and have absolutely no regrets.
I am among the "never being able to retire". Life sometimes throws you curve balls that can mess things up in a big way. It was certainly never my desire to still be working into my 70s but what is, is. I work at Walmart but not to supplement any social life or as a hobby job. It do it because I HAVE to. My SS is nowhere near enough to try to live on so it has become my "supplemental" income.
Do I "plan to work longer"? At this point I guess I'd have to say "Yes". I say I'll probably drop dead at my cash register when I'm 90! I've never been able to "actually retire" but I have been able to go to easier jobs over time. Although the one I have now can be pretty stressful at times.
I haven't delved much into the "Plan B" thing, except on the surface. My "health, will and stamina" are still top notch so it hasn't concerned me much. I'm sure that, as time passes, it will become a more important topic for me to think about. Right now the only LTC insurance I have is my home so plenty to consider.
I'm over 55 and really ready to stop working both financially and emotionally I believe as well. My only concern is in case my children want to start a business and need money to start it or money for any reason, I want to be able to help them. Right now I can earn a high income and have offers that are unsolicited but if I get off the wheel and sit out a few years, who knows.
My older brother on the other hand turned 60 last month, earns over $1M per year and says he will never retire...he loves his business and working. I don't think I will have that problem.
I know quite a few who are over 65 and never retired or intend to. Pretty common with self employed in fact. I also know people who retired and started their own business doing something they always wanted to do full time.
No doubt there are those of great genetic material that seem to go on forever. But I think that is the 20% on the one end of the spectrum with the other end being those that have illnesses or deficits of some kind or another and probably had to go out on disability early.
Then there is the spectrum of those in the middle. Its hard for me to judge age but I see them shuffling in an out of work. I wonder why they are still working. I'm not shuffling yet but my brain is certainly not what it was, I know I'm not pulling my weight although part of that is I've lost my will and desire.
I think of that middle spectrum like this
60s - can still take care of a yard, garden, do some physical activities - feel almost like you aren't old(er)
70s - energy starts to wane, more Dr visits, sick of the yard, want a condo
late 70s - got a walker
early 80s - looking at lift chairs
late 80s - looking at assisted living/nursing homes
So I want to go out at 60 and have a few good years cuz I know I'm not in that top 20% and I'm hoping something doesn't come along and put me in that bottom 20%
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I've never been able to "actually retire" but I have been able to go to easier jobs over time. Although the one I have now can be pretty stressful at times.
