A growing number of America's workers are now working past 75 and not just because they're falling short on savings
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Message boards tend to attract smarter and more affluent people than you'd typically find on the street.
If you go to the retirement and personal finance boards, you'll get a greatly skewed demographic that is far wealthier than most people.
I'm 37. My parents are 65. They're pretty typical of flyover country - probably $100k-$200k of wealth before home equity, about $200k home equity, a couple of small pensions, and SS. The house is not paid for, but the mortgage is somewhere between $800-$1,000/month, and I think they get about $3k/combined from SS.
He's still working part-time because they need the money. He brings in about $1,500/month. While I don't know the details of their finances, it seems like it's the "gotcha" expenses that kill them.
Over the past few months, it's been $800 to cut down a tree that fell, $1,200 in auto repairs, $1,200 for a computer replacement for one that is about to die, and whatever they spent today on flooring for the living room area that should have been replaced years ago. Those are the things I know about.
A guy I met a couple of years ago and have gotten to know a little is a full time plumber @79yo. He usually shows up with two much younger helpers. His dad retired from the HVAC business at 81 and some change my guy wants to beat his dad by at least a day or two and then retire.
This guy works because he likes to stay busy.
GOt to mention that there are even those that are retired but work hard around the property.
mo Grandmother's neighbor was like that.
He would come home from the hospital even and work hard about right away.
One time when he came home from Bypass surgery and began to update his driveway.
My Grandmother said, "He is going to kill himself like that" to which I replied, :He will die when he stops doing things like that".
I believe working longer also keeps you healthier longer.
I am in great shape for my age and I attribute a substantial part of it to my job.
People with desk jobs are going to be able to work longer than people with physical jobs. People with physically demanding jobs often end up hurt in their 50’s which limits them and often no other skills to pursue a sit down job.
I lost 8 friends between the ages of 59-71 and all but one to cancer. So obviously there’s a danger in working too long. The problem is no one knows how long they will live. Working part time is a good compromise for both money and satisfaction if you need and/or want to.
A growing number of America's workers are now working past 75 and not just because they're falling short on savings
at this rate of inflation we will all be working passed 75................Thank you Joey........
This is not an issue of just the last 2 years, and it's ridiculous that people think it is.
I was given 'the talk' by my father in the '80s when I started working in my career. Reagan was in office, there was a full-blown recession at the time. I was in my early 20's, and dad encouraged me to start investing in an IRA every year, which I did, then a few years later when my then-employer converted from a pension plan to 401K, I started investing in 401k plans as well.
I was dedicated to the plan of "sock the money away, invest it, don't look at it, and don't touch it no matter what happens." And over the decades *plenty happened!* Inflation, market crashes, recessions (more than a couple), job losses, a roller coaster at times. All through the years I did as I learned to do -- save my money, and invest my money for the future! And, it had nothing to do with who was president, because the basics of good financial behavior are independent of politics.
Message boards tend to attract smarter and more affluent people than you'd typically find on the street.
If you go to the retirement and personal finance boards, you'll get a greatly skewed demographic that is far wealthier than most people.
I'm 37. My parents are 65. They're pretty typical of flyover country - probably $100k-$200k of wealth before home equity, about $200k home equity, a couple of small pensions, and SS. The house is not paid for, but the mortgage is somewhere between $800-$1,000/month, and I think they get about $3k/combined from SS.
He's still working part-time because they need the money. He brings in about $1,500/month. While I don't know the details of their finances, it seems like it's the "gotcha" expenses that kill them.
Over the past few months, it's been $800 to cut down a tree that fell, $1,200 in auto repairs, $1,200 for a computer replacement for one that is about to die, and whatever they spent today on flooring for the living room area that should have been replaced years ago. Those are the things I know about.
Your parents are still paying for a mortgage at age 65. Just think how much that $800.00 to $1000.00 dollars would benefit them if the mortgage was paid. And, most people don't calculate the total interest paid on the life of a 30yr loan.
For example: total interest paid on a 30-year fixed-rate loan of $400,000 at a 3.5% APR would be around $246,624.9. That $ 400.000 dollar house after 30yrs cost $646,624 dollars. That's my point for paying off your home early or paying more on the principal each month or 15yr loan.
This is not an issue of just the last 2 years, and it's ridiculous that people think it is.
I was given 'the talk' by my father in the '80s when I started working in my career. Reagan was in office, there was a full-blown recession at the time. I was in my early 20's, and dad encouraged me to start investing in an IRA every year, which I did, then a few years later when my then-employer converted from a pension plan to 401K, I started investing in 401k plans as well.
I was dedicated to the plan of "sock the money away, invest it, don't look at it, and don't touch it no matter what happens." And over the decades *plenty happened!* Inflation, market crashes, recessions (more than a couple), job losses, a roller coaster at times. All through the years I did as I learned to do -- save my money, and invest my money for the future! And, it had nothing to do with who was president, because the basics of good financial behavior are independent of politics.
I I think older people need to start youtube channel teaching people about something.
I have been following this 80 year old grandpa on youtube. His channel is about authentic Italian food. His grandson is his cameraman.
He had 500k followers and I did a calculation for him, he makes at least $ 5k / month.
Anyone over 65 have something they can teach others. I even purchased a lot of cookware this grandpa recommended. Lol.
You will be surprised how much people are willing to pay you if you have something valuable to teach.
Also, why not selling 2rd hand clothes on poshmark or ebay. The listing fee is free on poshmark.
I taught my 72 year old neighbor how to listing thi gs on poshmark. She made 800 dollars the first month. I won't be surprised she is making 2000/ months now selling her household junks. She doesn't need the money, but she has a lot of antique and name brand handbags and scarves. There are a lot of people want her stuff.
I also know a Vietnam veteran sells plants he propagated. He is making anywhere between 800 to 4000 a month.
They can also sell things on Facebook marketplace. Lots people are willing to pick it up themselves.
Last edited by lilyflower3191981; 08-01-2023 at 09:11 AM..
That he was. He told me one of his greatest achievements in his life was raising a child to understand how to be fiscally responsible, save $$$, avoid consumer debt, and plan for the future. I did all of it, and I'm grateful for those important life lessons. In his memory, I try and pay it forward whenever the opportunity arises. I know that would please him.
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