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Many people did save and invest but lost all or most of it in 2008 crash.
Many investors lost money, the mutual fund market is more vulnerable in a crash. I had a recent conversation with a young bank rep who had set up a table in a university student center, his job was to sign-up students for a credit card. He was of the opinion that investment is "gambling", and that it is wise to mortgage your own house to invest the equity in mutual funds.
It's also important to very carefully consider the person who is granted power of attorney. That's another quick way to lose it all.
Bullsh** !! I'm 72 and could walk into any number of places and walk out with a job today. Pretty much, I've never had to look for a job, they came looking for me. If I left my current job, a couple of phone calls and I would be working somewhere else by the end of the week.
I've retired twice, once for 3 years and once for a year and a half......got bored stiff, and now work 40 per week. Four of us at my place are either in our late 60's or early 70's, and our experience and knowledge is respected by the company. Our customers seek us older guys out because we know what we are talking about and can solve their problems quickly.
This myth that old people are only good for bagging jobs at Walmart is just that, a myth. A lot of us are in positions that younger people won't or can't fill.
I think many older people are in positions that younger people can't fill because old people come with a diverse and experienced skill set that is in demand today. Young people with a fraction of the skill set become a bit uppity that someone else can do what they can do but has a different job description.
I think many older people are in positions that younger people can't fill because old people come with a diverse and experienced skill set that is in demand today. Young people with a fraction of the skill set become a bit uppity that someone else can do what they can do but has a different job description.
Yep, and I don't stare at my cell phone all day long, like most of our younger employees do.
Good news! They won't work because no one wants to hire old people.
With more and more seniors wanting and needing to work, those policies are going to have to change. We were just on vacation and stopped into a Walmart where the greeter had to be in his mid to late 80's. He did seem to be in good shape, maybe it was his choice to work. Or not.
Yep, and I don't stare at my cell phone all day long, like most of our younger employees do.
The cell phone is a good example of the difference between most old people, and most young people - young people only know the user interface, whereas older people know the front and back of a computer.
There is another emerging field of creative hackers who are app developers and data management conduits. Old people will probably only enter this discussion from the perspective of hierarchical governance rather than developers and intuitive thinkers of hacking data for decision making.
I've known for a long time that I am going to work until I die. Being a CPA and deep into technology, I can keep myself going with tax preparation, consulting, bookkeeping, treasurer of several not-for-profits. When my mind goes I'll be done, but I have tools even if the physical self begins to fail.
Add to that, I'll simply say my financial life to this point (57 y.o.) pretty much dictates that unless I hit it big on a lottery or in Vegas, I will work until I'm 6-feet under.
My father's best friend died in the saddle. He had a farm outside the city and it was a beautiful summer day with deep blue skies and a warm breeze. He had been going in circles on the lawn mower when he was found dead of a heart attack. I've always thought that is a great way to go.
I think a lot of people hope they will go this way - while still working, and suddenly. I have a friend who is a carpenter who says that he will work til he dies. The problem is that it is a physical job, and I'm concerned it may not work out like that for him, that he will at some point have health problems that make it impossible for him to work. Then what? He's always been self employed, no pension, no 401K, very little savings. It seems kind of grim to me. I was lucky. My husband and I were both professionals, and our philosophy from our first paycheck was to save as much as possible, put as much as possible into the 401K, the company investment fund, deferred compensation, IRAs, etc. Even though my husband is gone now, that approach has paid off. I work on a per diem basis now - maybe 6-8 hours a week, just to keep a hand in it. I work for 3 different companies, doing bits and pieces that someone in their prime working years wouldn't want to do because it isn't enough to support them. But I have the experience to walk in and get something done in 2 hours, without anyone needing to train or orient me, and for me, its perfect. I am lucky that I can afford to be mostly retired.
I think a lot of people hope they will go this way - while still working, and suddenly. I have a friend who is a carpenter who says that he will work til he dies. The problem is that it is a physical job, and I'm concerned it may not work out like that for him, that he will at some point have health problems that make it impossible for him to work. Then what? He's always been self employed, no pension, no 401K, very little savings. It seems kind of grim to me. I was lucky. My husband and I were both professionals, and our philosophy from our first paycheck was to save as much as possible, put as much as possible into the 401K, the company investment fund, deferred compensation, IRAs, etc. Even though my husband is gone now, that approach has paid off. I work on a per diem basis now - maybe 6-8 hours a week, just to keep a hand in it. I work for 3 different companies, doing bits and pieces that someone in their prime working years wouldn't want to do because it isn't enough to support them. But I have the experience to walk in and get something done in 2 hours, without anyone needing to train or orient me, and for me, its perfect. I am lucky that I can afford to be mostly retired.
That sounds ideal. Many who retire are dead within a year.
That's the difference isn't it - it's the length of time that it takes to complete the task. Older age does it in two hours, younger age can take days.
And it's not as if I would be taking a job away from a younger person. At my current job, I am still one of the top performers. None of the younger people can hold a candle to what I do... they don't have my work ethic and don't care about the quality of their work.
But you are taking a job away from a younger person.
You see (or perhaps you don't), there is a point where your higher income outweighs any increased productivity that you might bring to the table.
You'd best believe that issue has been looked at by your employer. And will continually be looked until a certain point is reached. And then, off you go.
It happens all the time.
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