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People are saying that they plan to work until age 80 or thruout their 70's because so many newspaper and magazine articles heavily spread the idea that one needs a lot more money to retire than one really needs.
So many people are thinking they will not be able to survive on modest amounts of money and hence they think they will need to work into their elder years.
I think most of the articles written about working longer, and insufficient money for retirement, are written by people who assume retirement requires a certain standard of living. That standard likely includes living in a high cost urban area, in an above average neighborhood, with a level of amenities above and beyond what many consider necessary. They then look at the average Social Security payment, and think that there is no way possible to live on this amount of income. Yet, many seniors are living on SS, and have been for awhile. They just don't live a standard of living most of these writers would find acceptable.
Work and retirement is a balance of how much you dislike work, relative to what lifestyle sacrifices you're willing to make in retirement. There is a sweet spot somewhere. And it varies among individuals.
Thankfully we planned well for retirement and we're able to retire early. Love being retired and can't imagine working until 80! As we age those aches, pains and illnesses have a way of preventing us from fulfilling our bucket list and keeping physically active. I would hate to retire @ 80 and be unable to do all those things I worked so hard to be able to do.
I wonder the effect of not collecting pensions and going on Medicare later, will really help the deficit in future years ?
If you have something you love to do and have the health that allows you to continue doing it, you won't stop doing it til you die, lol. Most of us have had "jobs" or "careers" that involved specific tasks. If you have creative talent and enjoy pursuing that as your "work," it is a very different matter.
If you are very fortunate, those creative talents also bring in some money, so you would be earning income for your entire life - not b/c you need the money to survive - but just b/c you enjoy doing what you are doing - and sharing it (by selling it) with others.
I know several folks into their 80s who are continuing to make money doing what they love. Yes, I guess they are "working" but since they are pursuing a "passion" . . . it is also their joy in life. One is a photographer who has been featured several times in Kodak calendar competitions . . . another is a musician, who still creates music for advertising jingles and also writes chorale music . . . another is an artist (painter) who is still exhibiting and selling her work . . . one of my friends is a professional, highly-regarded genealogist . . . another is into horticulture and new varieties of rhododendron . . .
It's a big world out there, full of opportunity, if you desire to stay active with a pursuit you love. The IRS says it isn't a "hobby" if you make a profit 5 years straight, I believe (not sure of the rules so don't take my word for it). But my point is . . . even the IRS recognizes a difference b/n a hobby and a "profession" - so I guess one is "working" if making money consistently with those pursuits.
If you have something you love to do and have the health that allows you to continue doing it, you won't stop doing it til you die, lol. Most of us have had "jobs" or "careers" that involved specific tasks. If you have creative talent and enjoy pursuing that as your "work," it is a very different matter.
If you are very fortunate, those creative talents also bring in some money, so you would be earning income for your entire life - not b/c you need the money to survive - but just b/c you enjoy doing what you are doing - and sharing it (by selling it) with others.
I know several folks into their 80s who are continuing to make money doing what they love. Yes, I guess they are "working" but since they are pursuing a "passion" . . . it is also their joy in life. One is a photographer who has been featured several times in Kodak calendar competitions . . . another is a musician, who still creates music for advertising jingles and also writes chorale music . . . another is an artist (painter) who is still exhibiting and selling her work . . . one of my friends is a professional, highly-regarded genealogist . . . another is into horticulture and new varieties of rhododendron . . .
It's a big world out there, full of opportunity, if you desire to stay active with a pursuit you love. The IRS says it isn't a "hobby" if you make a profit 5 years straight, I believe (not sure of the rules so don't take my word for it). But my point is . . . even the IRS recognizes a difference b/n a hobby and a "profession" - so I guess one is "working" if making money consistently with those pursuits.
If I was working on a job that I really liked and liked the people I worked with, I'd really give it some thought about staying until I was 80. Unfortunately, what can happen is surgeries that are needed and/or sickness that can happen. At one job, I had a hip replacement that kept me out of work for 6-weeks and a year later I had a rotator cuff surgery that done the same. Both were "must" surgeries. Even though I was able to keep my job after both surgeries, I became a "health liability" to the company. A year after leaving this company, I talked to my old supervisor on the phone and asked him "on my last yearly review, why didn't I get promoted to Jr Buyer, since I was doing that work?" He told me "well, you certainly got the experience for it, but your attendance record due to surgeries didn't allow it to happen."
My wife might want to work up to, and perhaps past, 70, but she likes to stay up and watch tv til 11 sometimes and sleep-in in the mornings too much to work into those years.
There are also days during the week that are much more nicer for a boat ride than on the weekends! Taking a nap in the PM is another asset when no longer working.
Without a pension? Severance? Unemployment? 401K?
Is there any proof that employers hire younger ones?
Affirmative action?
No pensions, the company stopped offering those decades ago. No severance for the lower to middle ranking people, yes 401ks if they so chose to participate.
Proof is my own experience while I was job hunting in my 50's. Employment agencies openly told me it would be difficult to place people my age. A support group I joined that consisted of older people looking for work told all had the same stories to tell about perceived age discrimination.
I know my company preferred younger people to older of equal abilities because I was in on the hiring for my department and younger always won out regardless of my recommendations of hiring an older person I thought was qualified. HR and other departments were the same.
Affirmative action won't do any good because age discrimination is difficult to prove. The company has the deep pockets and a battery of attorneys. An individual can sue for wrongful dismissal but who can afford that?
I am surprised that anyone would be unaware of these things. Perhaps someone who doesn't work in the corporate world.
I read that article and was really shocked that anybody would think they have to (or could) work until they were 80. Let's not give the government any bright ideas so they move the retirement age any higher. I know there are the rare exceptions but they are...rare. My neighbor was like 86 when he finally had to quit his business (worked from home) but he was really just "dabbling" in it at that point and he had alot of health problems. Realistically, keeping up with the technology today is very challenging in the workplace and IMO is the prime stumbling block...it is happening at such a rapid pace. That alone will eliminate most from working past 66-67 age range, if not sooner. Alot of the folks who are thinking this way are just not dealing with the reality of today's world.
I read that article and was really shocked that anybody would think they have to (or could) work until they were 80. Let's not give the government any bright ideas so they move the retirement age any higher. I know there are the rare exceptions but they are...rare. My neighbor was like 86 when he finally had to quit his business (worked from home) but he was really just "dabbling" in it at that point and he had alot of health problems. Realistically, keeping up with the technology today is very challenging in the workplace and IMO is the prime stumbling block...it is happening at such a rapid pace. That alone will eliminate most from working past 66-67 age range, if not sooner. Alot of the folks who are thinking this way are just not dealing with the reality of today's world.
I agree. I think it is only the folks who have the types of skills that are on the "creative" side who can continue working. It isn't simply a matter of choosing to work, as the jobs most likely will not be offered. A person has to be over his/her own Foundation, for example, or have a skill or talent that was recognized throughout his/her career and has given him a reputation (artist, photographer, writer). . . or have some particular skill such as woodworking (in one's own shop) that brings in some money, if you must continue to work.
I agree. I think it is only the folks who have the types of skills that are on the "creative" side who can continue working. It isn't simply a matter of choosing to work, as the jobs most likely will not be offered. A person has to be over his/her own Foundation, for example, or have a skill or talent that was recognized throughout his/her career and has given him a reputation (artist, photographer, writer). . . or have some particular skill such as woodworking (in one's own shop) that brings in some money, if you must continue to work.
Very true. The last job I had doesn't even exist any longer. It has been replaced with different tasks and different ways of doing them. If I could go back tomorrow I probably wouldn't recognize it.
I had to leave before I really was ready financially due to a disability but I don't miss the "cube city," the grey walls, the constant demands on my mind and time, the drudgery, having to be there, take lunch or breaks and going home at a proscribed time or the continual new tasks thrown on me.
In other words, I had a regular job; just a job to earn my keep. Like most people. Oh there were good things about it too. It certainly was not all bad but working there until I was 80? Argh!
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Excellent post!!
