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Old 12-02-2018, 02:53 AM
 
34 posts, read 15,634 times
Reputation: 49

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I have been talking about retirement and employment with many of my friends, neighbors, and family recently and I have been shocked by how many of them have nearly run out of money and are trying desperately to get a full-time job.

Many of them are in their late 60s and 70s. A number of things happened to them that has caused an urgent need to get a full-time job. These include:

1) Their spouse died and they no longer have his/her Social Security and or Pension or Annuity check. And they did not buy life insurance to make up for the difference.

2) They were told by friends (or Dave Ramsey) that the stock market returned 9% a year so they took out that amount in withdrawals, instead of the conservative 3-4% recommended figure.

3) They did not budget their money and overspent.

4) They had huge emergency expenses, such as medical costs without a Medicare supplement.

Do you think the people I know who are trying to get back into the workforce in their 70s due to poor financial planning or emergencies are all that unusual? Do you think it is possible for someone in their 70s to get another full-time professional job in their field? Any advice or observations?
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Old 12-02-2018, 04:09 AM
 
Location: R.I.
972 posts, read 603,846 times
Reputation: 4185
Quote:
Originally Posted by Specific Point View Post
I have been talking about retirement and employment with many of my friends, neighbors, and family recently and I have been shocked by how many of them have nearly run out of money and are trying desperately to get a full-time job.

Many of them are in their late 60s and 70s. A number of things happened to them that has caused an urgent need to get a full-time job. These include:

1) Their spouse died and they no longer have his/her Social Security and or Pension or Annuity check. And they did not buy life insurance to make up for the difference.

2) They were told by friends (or Dave Ramsey) that the stock market returned 9% a year so they took out that amount in withdrawals, instead of the conservative 3-4% recommended figure.

3) They did not budget their money and overspent.

4) They had huge emergency expenses, such as medical costs without a Medicare supplement.

Do you think the people I know who are trying to get back into the workforce in their 70s due to poor financial planning or emergencies are all that unusual? Do you think it is possible for someone in their 70s to get another full-time professional job in their field? Any advice or observations?
I honestly don't know any people that retired from my profession of nursing who retired before 60 and attempted to return back to the profession at a full time capacity. I have known several nurses after retiring from full time employment that immediately transitioned to part time or per diem nursing work while their skills were still fresh and still held active nursing licenses because once you give up your license trying to get it reinstated years later can be very difficult often involving taking expensive refresher courses.

Most of the 20 R.N.s in my department are in the age range of mid 50s to mid 60s and plan to work to at least 65 including myself. And the reason for this is we are all pretty aware that if we wanted to or needed to
return to full time nursing work very few places will even consider hiring nurses >60 that have been out of the workforce for a few years because it is very costly to retrain them and will get very little back in return of service years for their investment.
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Old 12-02-2018, 04:11 AM
 
1,137 posts, read 569,507 times
Reputation: 4370
Planning for retirement comes with a cost. Lack of planning comes with a bigger cost.
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Old 12-02-2018, 04:18 AM
 
71,500 posts, read 71,674,131 times
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i always say , for those who think it is tough working or finding a job at 62 , try it at 80 .

many of my friends who had early retirement options took it as soon as they could .

they then found the reduced pension did not buy as much lifestyle as they thought , as expenses keep going up .

so now they take bimmy low end jobs where they are under the microscope of some grunt supervisor who watches everything they do .

as low man on the totem pole they are scrutinized , end up with low pay ,crappy hours and little to no benefits .

in the mean time they thought their higher paying job with high pay , good benefits and being off the radar of bosses was just so stressful . now they are scrutinized and watched being the new guy in town .

they ended up trading one stress for another and a worse deal too .
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Old 12-02-2018, 05:08 AM
 
Location: Colorado Springs
4,833 posts, read 4,947,484 times
Reputation: 17302
Wal-Mart uses that pool of too early retirees to become greeters.

"Welcome to Wal-Mart"

That is a grim future I planned to never experience.
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Old 12-02-2018, 05:52 AM
 
Location: Scottsdale, AZ
7,612 posts, read 4,686,468 times
Reputation: 27846
Quote:
Originally Posted by Specific Point View Post
I have been talking about retirement and employment with many of my friends, neighbors, and family recently and I have been shocked by how many of them have nearly run out of money and are trying desperately to get a full-time job.
Well, I am shocked by how many people freely shared their most intimate financial details with you, since it seems very unlikely most would want to.

Since you're retired now, why don't you tell us about your own financial flubs? In agonizing detail, of course.
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Old 12-02-2018, 06:18 AM
 
Location: Arizona
5,940 posts, read 5,297,242 times
Reputation: 17897
Yes I think they are unusual. I don't know any in that situation.

Since you're retired now maybe you can show them the error of their ways.
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Old 12-02-2018, 06:35 AM
 
Location: Williamsburg, VA
3,551 posts, read 1,651,021 times
Reputation: 10163
Quote:
Originally Posted by Nightengale212 View Post
I honestly don't know any people that retired from my profession of nursing who retired before 60 and attempted to return back to the profession at a full time capacity.

I was thinking the same sort of thing. Nobody I know has tried to go back to full time work (that I know of), and certainly not my friends in their 70s and 80s. And if they did, I'm sure they would simply say they were looking for a job. Why elaborate further? It's a little hard to believe so many people would tell you all the details of their financial situations leading up to this decision.

I do know people who volunteer, and some of them ended up taking part time jobs where they volunteered. But those aren't the same thing; these are jobs that pay a very small amount, are only for a few hours a week, and aren't what you would take if you needed to make a living (although they come in handy for paying the gas bill or maybe are money for going out to eat once in awhile). One has a shift at the rec center running a help desk, one demonstrates some sort of craft at Colonial Williamsburg, one is a guide at a museum.
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Old 12-02-2018, 06:46 AM
 
2,077 posts, read 706,293 times
Reputation: 5321
I see people headed that way. A friend told me that after her retirement (husband was already retired), they took their "trip of a lifetime" and "probably" spent more of their savings than they'd planned, but were doing OK on just SS. I don't know what's going to happen when one dies and the household income goes down by 1/3. I see older people working in the grocery store, bagging groceries or handing out samples, and wonder whether it's for socialization or because they need the money. My step-grandmother was told by her kids after her husband died (not only did SS go down when her first DH died but it turned out his pension had no survivor benefit) that if she wanted to live a decent life she'd have to remarry. She married Grandpa. Even back in 1995, when I was working for a sub of Prudential, I saw people who had been there 25-30 years offered early retirement packages. Clerical types in their 50s were taking them and planning to "travel and spend time with the grandkids". Good little actuary that I was, I wondered what their lives would be at 70.

Anecdotal and speculation, of course, but I think there's a lot of poor planning out there- or, more often, the plan is, "SS will be enough".
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Old 12-02-2018, 06:52 AM
 
71,500 posts, read 71,674,131 times
Reputation: 49074
i have a few things i do in retirement for pay but they are things i would for free as a volunteer . the fact i get paid is a bonus .
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