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Well, my otherwise healthy Mom died long before age 70 after working her entire adult life. Sometimes genetics wins out in the health arena, no matter how healthy you try to be.
There are many who never reach retirement already.
As health care gets more and more expensive (and the premiums for Obamacare rise more and more), I really worry about the less genetically fortunate of us, who are somehow expected to work late until their 60's, will manage Especially in this job economy that is cutting benefits, increasing costs of healthcare for their workers or cutting it off completely so you have to buy it separately, and which favors hiring the younger (who may also be cheaper!).
Of course, this forum is skewed towards higher earners/educated/healthy, so they may not realize how many people are affected by this.
Well, people are living to 85 and beyond. Why not work until 70 if you're healthy? When Social Security started in the 1930's the "retirement age" was 65. Before that, the "retirement age" was whenever you died, and it was usually way before 65.
Because we don't have a crystal ball. You don't know when you are going to get sick and die. It could happen anytime. Even if you think you are healthy at 70, you could be hit by a car or diagnosed with advanced cancer or have a stroke at any time.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by BabyJuly
Someone forgot to send employers that memo. Age discrimination must have went away.
Its hard to get a decent paying job after 55. I could not imagine hobbling around at 70 being the oldest person at work and trying to socialize with employees 40 years younger.
I got the job here at age 57, and when promoted to manager replaced myself with someone age 54. My current direct reports vary from age 23 to 58 now. When I first became a supervisor at age 24 years ago, I had 23 direct reports, ranging in age from 19 to 66. It's not a big deal. At work we all have common goals regardless of age, and there is no requirement for socializing. We all have family and friends outside of the office for that. It would be difficult anyway with people so far spread out now. Our office is in Seattle, bit people commute from all directions, as many as 50 miles away.
And if you save nothing because you plan to work forever you are doubly screwed when you "can't" either because you have an illness/injury that forces you to to retire or because your employer forces you out in a lay off and the best job you can get is now too hard on your current state of health. How many 70 year old women can lift 75 lbs all day? . . .
Not for me. I am following Dave Ramsey, and will be a millionaire when am 54.. I will retire then.
I wonder how old you are currently. I'm familiar with Dave Ramsey and his system, and have saved for years. It was smooth sailing until my late 40s, when - for unforeseen reasons - the savings started getting zapped and consumed. By 54, most of it was gone. It's been a rebuilding process since.
Even when you are super careful, frugal, and wise, it can get you. Any number of scenarios can foil our plans. You never know...
Fine, let her work till she's in the grave. Not me!
I have had a previous heart attack, COPD so retiring at 62 is perfect. In fact the difference for me is $380 per month if I wait till 67 to retire. I don't know the actual figures, but it would take around 14 years before the benefit of waiting outweighed taking it when I am 62. Like I will live till 76?
There will be no Social Security or Medicare left by the time those under 45 are able to retire, and that's if we're lucky enough to avoid total economic collapse. There will be no retirement and I'm already aware of it.
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