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Yes very true. What I don't get is that if you are able to retire at 62 or 65 and make it work financially, why would you give up another 5-7 years of your life to your job? I mean, you aren't getting those years back ever and there is no way you are as healthy and physically capable at 70 as you were at 62. You're on this earth for a short time after you're mid 60s and even if you live to be 85 how much of that is going to be spent disabled in some way or in a nursing home. I suppose if you really love your job and would be bored out of your mind, that would be a good reason but I see it as throwing away several years of your life you could be enjoying and doing other things, but that's just me.
Also, and I don't see this talked about much, as you age, you don't spend as much money. You eat less, and spend much less on things like clothes, furniture and traveling. I never met anyone who is 80 years old and was worried about remodeling their kitchen or buying new furniture.
some like what they do and get a feeling of satisfaction out off it they can't get outside the job .
i enjoyed what i did very much . even though i retired i still do technical training one day a week if we are not traveling . so it is not like we are giving up a thing .
i really enjoy it and i love the interaction with those i train . i have zero stress and good pay . but even if i was not getting paid i would volunteer to do something like this elsewhere .
some like what they do and get a feeling of satisfaction out off it they can't get outside the job .
i enjoyed what i did very much . even though i retired i still do technical training one day a week if we are not traveling . so it is not like we are giving up a thing .
i really enjoy it and i love the interaction with those i train . i have zero stress and good pay . but even if i was not getting paid i would volunteer to do something like this elsewhere .
That's totally understandable. Working one or two days of the week to get out of the house and have interesting interactions with other people wasn't what my post was meant to address. But you sound like you have a good balance and seem to be enjoying your retirement very much
Who says they are gaming the system? They apply, they qualify, they collect. That is the system. I collected SS at 62. I could have worked to 70 but chose not to. Why should you care? If you want to, you can do the same. In fact I believe you would be crazy not to. If you wait until you are 67 to collect SS, you don't break even on your missed payments until you are 82 years old. Less than half the people even make it to 82. The US life expectancy for men is 76. But if you want to keep working so your unpaid SS benefits can finance some new billion dollar jet fighter or another aircraft carrier we don't need, do what makes you happy.
Quote:
Originally Posted by GeoffD
I was fine with this post until the last part. Do I have an issue with people who are able-bodied and less than full retirement age gaming the system to have the rest of us support them? Yep. I sure do. I find the whole "billionaires do it" mantra morally reprehensible.
Who says they are gaming the system? They apply, they qualify, they collect. That is the system. I collected SS at 62. I could have worked to 70 but chose not to. Why should you care? If you want to, you can do the same. In fact I believe you would be crazy not to. If you wait until you are 67 to collect SS, you don't break even on your missed payments until you are 82 years old. Less than half the people even make it to 82. The US life expectancy for men is 76. But if you want to keep working so your unpaid SS benefits can finance some new billion dollar jet fighter or another aircraft carrier we don't need, do what makes you happy.
Some people worked for almost 50 years and payed taxes up the you know what and never received a dime of public assistance their entire lives. They reach 62 or 64 and need some help. I have no problem with that so they don't have to work until they drop.
Not everyone was able to raise a family and put money away at the same time while earning a less than average income.
Last edited by marino760; 10-26-2017 at 10:48 AM..
Who says they are gaming the system? They apply, they qualify, they collect. That is the system. I collected SS at 62. I could have worked to 70 but chose not to. Why should you care? If you want to, you can do the same. In fact I believe you would be crazy not to. If you wait until you are 67 to collect SS, you don't break even on your missed payments until you are 82 years old. Less than half the people even make it to 82. The US life expectancy for men is 76. But if you want to keep working so your unpaid SS benefits can finance some new billion dollar jet fighter or another aircraft carrier we don't need, do what makes you happy.
taking ss early or late should never be about breaking even . there is soooooo much involved that benefit both ways but breaking even is not one of them .
the biggest reasons are :
you can be 70% less market dependent by delaying ss for your retirement outcome for decades , survivor benefits are another main reason .
all the reasons have to do with what if we live , not what if we die ..
you are not correct about life expectancy of seniors , it is not the same as birth .
a 65 year old male has a 42% chance of seeing 85, a 62% chance of seeing 80 , a females a 54% chance of 85 , a 72% chance of 80 but as a couple they have whopping 73% chance of one of them seeing 85 and an 89% chance of 80 . you would not want to bet against those odds by thinking 76 is the average life expectancy .
Last edited by mathjak107; 10-26-2017 at 09:41 AM..
here is a bit more on life expectancy for those who think we go by 76 which is from birth .
as researcher michael kitces points out :
“life expectancy” can be a somewhat misleading term. Many people hear the term and think of it as a measure of how long they can “expect to live”. In reality, though, life expectancy is a measure of the average time a person within some particular population is expected to live. While the average is meaningful in many respects, it may not always provide the best measure for setting expectations about the actual age someone is likely to reach. Because mortality rates aren’t constant across a lifespan and the distribution of ages at death are heavily skewed (i.e., more people die old than young), commonly cited life expectancy measures—particularly life expectancy at birth, which is most often cited in the media—may result in misleading expectations.
For instance, a child born in 2014 has a life expectancy (average age at death) of 79. However, the median age of death for the same child is 83, and the modal (most common) age at death is 89! Given the shape of the distribution of ages at death (negatively skewed), it’s simply a mathematical fact that the mean is going to be lower than the median or the mode.
She's NUTS! No way would I want to be "responsible" for a job until age 70: driving in traffic every day, living by the clock, a bunch of crap from child bosses who "put up" with me. I see no dignity in that at all. She can HAVE IT! I'll take my minimal SS at 62-64 and try to live the rest of my life in a peaceful setting, walking my dogs and planning & planting beautiful flower and vegetable gardens. I'll write for myself - about anything and everything that strikes me. If I want to sit out all night looking at the stars, that's what I'll do INSTEAD of hearing the alarm go off at 5:30 in the morning.
Now all this might be idealistic - but I simply DON'T CARE. That's what I want. I don't have the travel bug; don't care about "fine dining"; don't need a Broadway show or evening-wear or a country club. I want to be "schedule-free" with the exception of volunteering for an animal shelter and/or teens at risk. Sure, I'll lose money. So what? The comparison between money and freedom is, iMO, incomparable.
I swear to God I would rather die a bag lady than work until I'm 70 years old in this current corporate climate.
What about health expectancy? Any figures on average health and fitness at 70 compared to 62? Life is about more than finances. Two years of retirement is equal to 24 years of four weeks/yr vacation time. Do you really think most people who make it to 82 are concerned with finances?
Quote:
Originally Posted by mathjak107
here is a bit more on life expectancy for those who think we go by 76 which is from birth .
as researcher michael kitces points out :
“life expectancy” can be a somewhat misleading term. Many people hear the term and think of it as a measure of how long they can “expect to live”. In reality, though, life expectancy is a measure of the average time a person within some particular population is expected to live. While the average is meaningful in many respects, it may not always provide the best measure for setting expectations about the actual age someone is likely to reach. Because mortality rates aren’t constant across a lifespan and the distribution of ages at death are heavily skewed (i.e., more people die old than young), commonly cited life expectancy measures—particularly life expectancy at birth, which is most often cited in the media—may result in misleading expectations.
For instance, a child born in 2014 has a life expectancy (average age at death) of 79. However, the median age of death for the same child is 83, and the modal (most common) age at death is 89! Given the shape of the distribution of ages at death (negatively skewed), it’s simply a mathematical fact that the mean is going to be lower than the median or the mode.
Do you really think most people who make it to 82 are concerned with finances?
Yes. Sure there is more to life than finances, but it can really make your life even more enjoyable when you are comfortable.
Some may be content and happy to stay home and live a frugal life, and some may not. It's a personal decision.
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I swear to God I would rather die a bag lady than work until I'm 70 years old in this current corporate climate.
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