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Old 04-04-2007, 09:14 AM
 
Location: Tennessee/Michigan
28,215 posts, read 47,628,039 times
Reputation: 19724

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A rising segment of the state's baby boomers are putting off retirement. Some begin second careers; others can't afford to quit.

Gary Passmore sold his thriving public affairs business and moved to California with retirement in mind — a little fishing, some travel and a lot of relaxation. Then the stock market took a nosedive, his savings dried up and the blue suits came back out of the closet.

"I love my work and I'm happy with what I do, but it was not a choice," said Passmore, the 61-year-old director of the Congress of California Seniors, a Sacramento-based advocacy group. "I thought I should go back to work to re-create a nest egg…. I'll work as long as I can."

Passmore is one of a growing number of Californians who find themselves working later in life, according to a report released Monday by the California Budget Project. The proportion of women ages 55 to 69 who were working rose 9.2 percentage points between 1995 and 2006; for men, the increase was 10.6 percentage points.

http://www.latimes.com/news/local/la...ostemailedlink
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Old 04-04-2007, 10:25 AM
 
Location: Dunedin, FL
181 posts, read 426,302 times
Reputation: 423
The age at which you can receive full Social Security benefits has also been raised from 65 to 66.

Social Security also offers an incentive if you wait to claim your benefits until age 70. For me, it would mean almost an additional $500 per month if I continued to work and didn't collect Social Security until age 70.

This will help some people. But for myself, I hope I'll be in a position to quit the rat race at 66.
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Old 04-04-2007, 12:38 PM
 
Location: VA
786 posts, read 4,321,071 times
Reputation: 1112
If someone is laid off after age 55 it is nearly impossible to find a new job unless you are in senior management. In many cases people are forced to take early retirement.

Only 40% of Americans have over $100K saved when they retire. So most people have to depend on social security to survive.

Also, a little known fact. Most people collect social security at age 62, accepting early retirement. Bush wants to raise the early retirement age to 65 and full retirement age to 70. That will be hardship for the typical American who works in a blue collar or factory job.
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Old 04-04-2007, 06:23 PM
 
Location: Oregon Coast
1,848 posts, read 6,250,478 times
Reputation: 1383
That's not just happening in California but all over the U.S.A. It's happening in my home town here in Oregon. We know a few folks past 55 years old who thought they'd retire but changed their minds. Things are expensive now. Paying for gas, untility bills, groceries costs more than it used too.

My husband is over 55 and still working. We'll pay off any bills we have before he retires. Then he'll most likely want to work part time or season work.
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Old 09-20-2009, 06:54 PM
 
Location: Missouri Ozarks
169 posts, read 412,816 times
Reputation: 111
I believe it!
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Old 09-21-2009, 04:42 AM
 
3,752 posts, read 9,608,178 times
Reputation: 7044
55 was really an unrealistic age to retire with our life expectancy. Probably this will be the last generation who will plan on 55 as early retirement.

Looking forward to 30+ years of retirement is pretty amazing. A lot can happy good and bad in 30 years.
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Old 09-21-2009, 06:16 AM
 
Location: Central Maine
4,687 posts, read 5,539,153 times
Reputation: 4966
Quote:
Originally Posted by sweetana3 View Post
55 was really an unrealistic age to retire with our life expectancy. Probably this will be the last generation who will plan on 55 as early retirement.

Looking forward to 30+ years of retirement is pretty amazing. A lot can happy good and bad in 30 years.
My wife and I both retired at 55, and we've set the goal of having as many years in retirement as we did in the rat race. In my case, that's 35 years, and if I make it, I'll be 90. Frankly, my family medical history argues against me getting very close to that age, but I'm sure going to try!
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Old 09-21-2009, 07:09 AM
 
8,204 posts, read 11,921,160 times
Reputation: 18019
Quote:
Originally Posted by Gypsy-Moth View Post
Social Security also offers an incentive if you wait to claim your benefits until age 70. For me, it would mean almost an additional $500 per month if I continued to work and didn't collect Social Security until age 70.
I realize that this post - and this thread - is almost 2 1/2 yrs old, but be that as it may, I still want to respond to this post in general terms.

Unless it was not monetarily feasible to quit working, I can't imagine giving up 4 yrs of my retirement life for an extra $500/month. Especially not at the age of 66-70.

I'm currently 53 with 31 yrs service in the same organization, and eligible for "early retirement." If I work another 12 months, my monthly annuity would be increased by $500/month. If I work 2 more years and retire at 55, my monthly annuity would be increased $1,000/month. To me, the extra money is not worth it. I've been investing for retirement since I first started working at 22, and I am financially able to retire now.

There is no way that I would give up 2 yrs of my retirement life for the extra money. Especially when I continually read newspaper articles and obituaries of people getting cancer or having heart attacks and dying while still in their 50s.

You just never know how much time you have left on this earth, and I don't want to waste any more of it at the office than I have to.
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Old 09-21-2009, 05:09 PM
 
48,516 posts, read 83,966,925 times
Reputation: 18050
Persoanlly'I see more people retiring early than evr before. It hasn't been that long ago that few retired earlier than 62. I also agree that waiting until 66 is a gamble that you will have the heatlh to enjoy retirement the same as in your 50's or at all. Also we know that thing are likely to change with SS.Waiting until 70;No thanks.
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Old 09-21-2009, 07:10 PM
Status: "0-0-2 Game On!" (set 4 days ago)
 
Location: The beautiful Rogue Valley, Oregon
7,308 posts, read 15,359,891 times
Reputation: 9493
I love the whole "9 to 5" thing.

I never worked a job in my life where I only worked 9am to 5pm - as a technical writer, engineer and later geologist, the norm was more like 7:30am to 5:30-6pm or later, depending on the workload. Weekends and evenings frequently.

You'd better love your job (and be very well paid) for that not to wear you out, especially in a high-stress, high-production job or physically demanding job.
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