The truth about being able to retire....shed some light for me (grandmother, best)
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That's for the whole population. Life expectancy goes up with age. OP said he is 50.
"A 50-year-old man born on July 1, 1960 currently has a life expectancy of 81, according to the SSA's new life expectancy calculator, released last week. Once he makes it to age 67 his live expectancy grows to 84.4 years and if he hits 70 the average life expectancy is 85.3 years."
It gets even higher if a couple, since either can outlive the other It is like having two horses in the race with one bet
People are assuming that a person can remain working until 70. That simply isn't true many times.
My aunt turns 57 in a few weeks. She was laid off from her (locally) fairly well paying job several months ago at a cable company. She was able to find something in another division of the cable company, but it is much lower paying. If she wasn't completely debt-free, it would be a real struggle. She can't retire yet because she probably doesn't have enough to bridge to SS or Medicare, but finding employment in your late 50s after a lifetime at one employer and in one industry, topped off by a poor local economy, is very difficult.
My mother has some health issues. They're 60 now. Dad wants her to retire at 62 and take SS. My dad works a physical job. He's planning on keeping working for awhile longer, but who knows when he may start having problems. Around here, I know very few people working at 70, and fairly few healthy 70 somethings.
Why would anyone assume all people can work to 70? Some can 't or won't go past 62 ..but i can tell you many do work until 70 or beyond and many of them enjoy what they do .
It all depends on the individual and what they do. My wifes friend's husband is still a professor at 80 and working . He loves it
I could be looking for work in my early 60s depending on how my current job pans out. The product I was working on is being phased out, but I might have found myself something to remain relevant with the new product; if that works out it may bridge me to retirement.
I enjoy working my 1 day a week .going on 3 years. I can have all the days i want if i wanted more but one day is enough of a diversification in the week. Once in a while they will ask me to cover for a week if a key person is on vacation . My little bit of work just dabbling pulled in 30k last year.
I enjoy it enough to do it free if i had to this as a volunteer for a charitable cause so the money is a bonus
Someone like a self-employed attorney, accountant, a professor, physician, etc., can generally keep working. A carpenter is probably not going to be working at 70. Your health, your field, and the general economy in your area are going to be the biggest determinants of that.
Someone like a self-employed attorney, accountant, a professor, physician, etc., can generally keep working. A carpenter is probably not going to be working at 70. Your health, your field, and the general economy in your area are going to be the biggest determinants of that.
One of my grandfathers was a coal miner, went into the mines when he was 9 years old, and his body was shot by the time he reached 50.
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