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Old 07-31-2019, 06:40 PM
 
Location: R.I.
1,014 posts, read 618,998 times
Reputation: 4392

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I plan to retire on New Years Eve of 2023 which is two months shy of my 67th birthday. And yes it is because of the income. I could retire sooner if I had to, but going to this age pretty much guarantees I will never have to face having to return to work as a result of an income shortfall. Fortunately my job is not hard on the mind or the body which makes this goal much easier to accomplish than for those who have very mentally stressful and physically demanding jobs.
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Old 07-31-2019, 07:00 PM
 
Location: Southern New Hampshire
7,283 posts, read 12,747,739 times
Reputation: 22276
So much depends on the field you work in. I am 60 and will almost certainly go until 67 and likely a few years later than that. I'm a college professor so I already get lots of "down" time (2-4 months in the summer, a month in the winter, plus spring break, plus sabbaticals, etc.) -- well, I DO do SOME work during those times, but that's because I love research AND I love teaching new classes so I have a lot more new preps than most who've been here as long as I have. Anyway, we have lots of professors who teach into their 70s and a couple even into their 80s. (No, I wouldn't want to do that!)

On the other hand, my mom and my younger sister both worked/work much more difficult jobs -- my mom worked in food service for much of her adult life and my younger sister is a teacher's aide and works with special needs kids. My mom retired in her early 60s (thanks mostly to the PERS she got from her last California job) and I could see my sister retiring at that age too, given how bruised and battered and just worn out she gets from the kids she works with (she's been with the same school district for something like 30 years now).

I think it's easy for people like me (and others who have professional-level jobs that are interesting but not physically taxing) to say "I'll work until 70!" People who do working-class jobs, as did most of my family members, just wear out sooner from their jobs, and I can completely understand them wanting to retire earlier.

Incidentally, I thought the article was really interesting. I was somewhat surprised at the findings, given that it reports data on Norway, which has much larger "safety nets" than the U.S. does. (That is, I would have expected Norwegians, especially working-class Norwegians, to take advantage of things like early retirement etc.)
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Old 07-31-2019, 08:01 PM
 
15 posts, read 6,940 times
Reputation: 11
Busboy 54 years. Hes financially straight and everything. I just think he knows when people retire, they die.

https://www.chicagotribune.com/enter...831-story.html
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Old 07-31-2019, 08:01 PM
 
26,153 posts, read 33,153,052 times
Reputation: 32534
Quote:
Originally Posted by karen_in_nh_2012 View Post
So much depends on the field you work in. I am 60 and will almost certainly go until 67 and likely a few years later than that. I'm a college professor so I already get lots of "down" time (2-4 months in the summer, a month in the winter, plus spring break, plus sabbaticals, etc.) -- well, I DO do SOME work during those times, but that's because I love research AND I love teaching new classes so I have a lot more new preps than most who've been here as long as I have. Anyway, we have lots of professors who teach into their 70s and a couple even into their 80s. (No, I wouldn't want to do that!)

On the other hand, my mom and my younger sister both worked/work much more difficult jobs -- my mom worked in food service for much of her adult life and my younger sister is a teacher's aide and works with special needs kids. My mom retired in her early 60s (thanks mostly to the PERS she got from her last California job) and I could see my sister retiring at that age too, given how bruised and battered and just worn out she gets from the kids she works with (she's been with the same school district for something like 30 years now).

I think it's easy for people like me (and others who have professional-level jobs that are interesting but not physically taxing) to say "I'll work until 70!" People who do working-class jobs, as did most of my family members, just wear out sooner from their jobs, and I can completely understand them wanting to retire earlier.

Incidentally, I thought the article was really interesting. I was somewhat surprised at the findings, given that it reports data on Norway, which has much larger "safety nets" than the U.S. does. (That is, I would have expected Norwegians, especially working-class Norwegians, to take advantage of things like early retirement etc.)
I agree, but even though I fall into that category, I will retire at my FRA of 66. It's all about time, for me. I'm so busy with all the things in my life that I barely have time to think. I have about 2.5 years left, and I can't wait.
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Old 07-31-2019, 10:08 PM
 
667 posts, read 317,157 times
Reputation: 1256
One of my coworkers worked until 70 to keep his under 26 child in health insurance at a reasonable price. He died within a month of retirement of flu that got out of hand fast. His parents are in their 90s and dad still works part time - I think to get away from mom! LOL
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Old Yesterday, 03:36 AM
 
Location: Colorado Springs
4,890 posts, read 5,005,083 times
Reputation: 17446
Quote:
Originally Posted by SoCal_Native View Post
"Internal motivation seems to play an important role. People who experience work as very important earlier in life often still have a great desire to work when theyre older, says Hellevik."

Yep.
Perhaps this is what partly drives me to work 20 hours per week at age 69. I really don't need the money.

When I was a child my German heritage father's daily greeting was "What work did you do today to justify your existence?"
He was serious. "Nothing sir" was not an acceptable response.

I've never felt comfortable about laziness.
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Old Yesterday, 04:05 AM
 
27 posts, read 5,689 times
Reputation: 41
Everyplace I have ever worked found ways to dump most of the older folks who were 60+ who wanted to keep working. They trumped-up charges against them and they were fired, laid them off in corporate reorganizations, marginalized them and took away most of their responsibilities to get them to quit in frustration, or ostracized them to make them feel like outsiders. In other cases, they gave them so much work that they could not handle it. How sad.
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Old Yesterday, 04:13 AM
 
Location: Vermont
1,036 posts, read 1,432,225 times
Reputation: 2058
I retired last October at 60 and don't miss work a bit. I finally have the time to do projects around the house in a leisurely manner, ski during the week when it's not busy, play disc golf , ride the motorcycle, take the wife on a jeep ride top off (the jeep). I hit the gym 5 mornings a week and can give the dog plenty of attention.
There are some slow days but I always find something to do to justify my existence.


If you love your job, you're very lucky. My wife and I did too at one time. I think the work environment has changed over the years. My last 5 were miserable and my wife who planned to work longer started to see changes too. I would never get something ever again where I had to be somewhere at a certain time. I'm finally free and love it. Eventually I might do some volunteer work, but I'm not at the point yet.
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Old Yesterday, 06:45 AM
 
2,272 posts, read 780,700 times
Reputation: 5783
Quote:
Originally Posted by Questions and Comments View Post
Every place I have ever worked found ways to dump most of the older folks who were 60+ who wanted to keep working.
This. My Dad was "demoted" from his job running the Chicago district of a major steel company in his mid-50s. He and Mom had always been savers and Dad had been investing in stocks for years and had made his mistakes early. This was back before the Internet, discount brokers and on-line trading. LOTS of info on paper, most of it at the public library.

All of us were through college by then and they sold the house, moved to Myrtle Beach, paid cash for another after they rented for awhile to get comfortable with the area. Dad tried a second career as a financial advisor, It didn't work out but they didn't need the money. Mom is gone now and Dad is in a good Assisted Living place near my siblings in SC.

That was a lesson for me. Just before I turned 60 I could see that I was being ignored at work and given less to do. I worked very hard to add value but it seemed to make no difference. I applied for internal positions- none worked out, partly because I wasn't in one of the "important" offices, really didn't want to move to Westchester, NY ($$$$) and, I suppose, it wouldn't have been a good investment for them to relocate someone that close to retirement. I found another job in the area and the toxic politics led me to leave after 18 months. I never dealt well with toxic politics.

So, I retired at age 61. I'm very glad I learned early lessons from Dad about being prepared. And I've told him that.
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Old Yesterday, 06:53 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
30,013 posts, read 54,786,467 times
Reputation: 31450
I'm still working at 67. Having my morning coffee now while on CD before interviewing accountants all day. I'm not in that department but they asked me to be on the interview panel. Just one of the fun parts of the job, that keep me here. Despite making more than ever before now, and the additional money going into my pension, SS, 401K, and 457, I could retire any time and be OK financially. I'm really staying because I enjoy the work, and love where I work. If things change drastically I could go at any time, otherwise I intend to stay to 70.
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