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That's not correct. I'm a boomer and mine is 67...well 66 + months.
Those born in 1942 were the last ones to have FRA at 65. 1942 is Silent Generation.
Yep. I'm a boomer and my retirement age is 67. We're definitely getting ripped off.
The average life span in the U.S. is 77.8 years. Where are you coming up with 15 plus years after retirement? No, this is a just a wealthy elite telling the serfs what they should be doing. THE REAL PROBLEM IS GOVERNMENT SPENDING OUT OF THE SOCIAL SECURITY ACCOUNT and not investing the money that workers have given them over the decades. This is a problem created by the government and the likes of this wealthy elite. They should be required to fix it!
That is average which includes people who die earlier, including infants. The average life expectancy for a 65 year old in the US is 18-20 years.
I am a Gen-Xer turning 50. My retirement age was never 65. My FRA was always 67. 65 only applies to the baby boomer generation. Larry Fink is just an overprivileged blowhard who doesn't really know what he is talking about.
Anyway I have worked a part-time job on top of a full-time job for decades and I plan to retire from full-time work at 60 and continue on with the part-time work voluntarily for some structure in retirement. Society will not dictate when I stop working full-time if I can help it.
For people turning 65 this year its 66 years, 8 months. for people born in 1960 and later, its 67.
America's retirement age of 65 is "crazy," BlackRock CEO says
He's right. It's a math equation. Due to Climate Change, we all live LONG and COMFY lives compared to our grandparents/great grandparents.
We live too long.
There's no way people should be retiring at 62, 64, or 66 and expect to live off retirement funds for 15, 20, 25, 35 years. Ideally, you work up until the last couple years, then that's it. That's how it's been done since the Dawn of Time.
Well, I am retiring in 2 days in my mid-50s and I believe the decision to do so will actually greatly increase my life expectancy had I remained in my high-stress job for another 10 years.
We've worked really hard to get here, saving every year , not buying fancy cars or vacations like some of my peers, etc. Selling a home in high COL state and moving to a lower cost COL state with no mortgage. We did get a new car that has a note on it but we could pay that off out of extra RE sale proceeds and may do so - it's our only debt. Our financial plan is based on me living to 95 and my husband to 85. Neither is likely, and the plan predicts our investments will be worth more then than they are now, so it is conservative with some wiggle room. Finally deciding to pull the trigger was one of the hardest decisions I have made because of the fear of it running out. But in reality we're just fine and see no reason to keep working at a job that sucks the life out of me when we have the financial independence not to live that way. We're not expecting handouts - this has been in the works since I started working.
Good for you!
Hope it works out.
My dad refused to retire, when he finally was pressured into it by family, he was diagnosed with Parkinsons within a month of retirement and wished he'd have retired earlier.
Well, I am retiring in 2 days in my mid-50s and I believe the decision to do so will actually greatly increase my life expectancy had I remained in my high-stress job for another 10 years.
We've worked really hard to get here, saving every year , not buying fancy cars or vacations like some of my peers, etc. Selling a home in high COL state and moving to a lower cost COL state with no mortgage. We did get a new car that has a note on it but we could pay that off out of extra RE sale proceeds and may do so - it's our only debt. Our financial plan is based on me living to 95 and my husband to 85. Neither is likely, and the plan predicts our investments will be worth more then than they are now, so it is conservative with some wiggle room. Finally deciding to pull the trigger was one of the hardest decisions I have made because of the fear of it running out. But in reality we're just fine and see no reason to keep working at a job that sucks the life out of me when we have the financial independence not to live that way. We're not expecting handouts - this has been in the works since I started working.
Good for you I did the same and have zero regrets 10 years later.
If you've planned for it - you'll be fine
My motto - I am on summer vacation for the rest of my life but this time I have money and a car.
Because many people don't plan accordingly, that they might live beyond the overall life expectancy of a nation of 340 million people.
There are millions of people that live to their 80s, 90s and beyond. 100 year olds isn't some rare event, its fairly common. Do you want to plan as if you're going to die at 77 and run out of funds if you make it to 78? That's foolish.
I used to think that, but I know several that died in their mid 70's. Mostly cancer one heart attack few months ago he was in his early 50's. My mothers business partner died at 75 from Colon cancer he had no symptoms until one day had some pains few weeks later said it was stage 4. He lasted about 9 months. Co-worker few years ago riding a bike suddenly fell off because later found he broke his back he was 75. Turns out he had bone cancer he lingered around in a hospital bones being eaten away by the cancer it was horrible. Childhood friend his father died from stomach cancer at 72 just retired had little symptoms until it was diagnosed stage 4 lasted about a year. Working till 65 is dumb idea retirement age should be sooner not later if you can retire at 45.
Unfortunately people that retire early also tend to die early! Seen it more times than I can count. That said, my grandfather worked until 92....said it kept him young. He almost made 100. My father worked till almost 80...is now 94 (and retired).
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THE REAL PROBLEM IS GOVERNMENT SPENDING OUT OF THE SOCIAL SECURITY ACCOUNT and not investing the money that workers have given them over the decades. This is a problem created by the government and the likes of this wealthy elite. They should be required to fix it!