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for many working until 70 is their silver bullet . as i pointed out above it can make up as much as an 800k shortfall and can turn a miserable under funded retirement in to a pretty decent one if you have little choice .
although they may not like working so long , as i said above it is a lot easier to find a job and work at 62 then at 82 and in poor health if the money is gone . .
There is some truth to this, but the majority of people who work to 70 plus it's because of greed. I have seen many people come and go in my years in healthcare, they range in salary from 15k to 800k. The higher the salary the higher the average age of retirement.
Being underfunded I would guess accounts for 15% or less of people who work past 68.
It seems like nearly every article I read tries to talk people out of retirement.
THE MEDIA experts say we should wait until we are 70 to collect Social Security.
THE MEDIA has lots of articles telling us that we should work until we are 70.
THE MEDIA has lots of articles making it sound like collecting Social Security is similar to collecting welfare.
THE MEDIA has lots of articles that makes it seem like everyone is working full time in retirement.
Why the attack on retirement in THE MEDIA? What is their agenda?
Because congress has done away with file/suspend and restricted application and as Michael Kitces said today folks will just delay filing til 70 Those in non physical intense professions will be able to do this and work longer others won't and oh well time will tell.
There is some truth to this, but the majority of people who work to 70 plus it's because of greed. I have seen many people come and go in my years in healthcare, they range in salary from 15k to 800k. The higher the salary the higher the average age of retirement.
Being underfunded I would guess accounts for 15% or less of people who work past 68.
How do you know it's greed? There are alternative explanations, such as liking one's job or profession and continuing to work for that reason even when one doesn't need to for financial reasons. Some people have no idea what they will do after retiring and are afraid they will be bored. Some people are in fact bored out of their minds when they retire.
I am not denying that greed may indeed be a motivation for many people, but how did you come up with your 15% figure? From conversations you had with people when you worked in health care?
How do you know it's greed? There are alternative explanations, such as liking one's job or profession and continuing to work for that reason even when one doesn't need to for financial reasons. Some people have no idea what they will do after retiring and are afraid they will be bored. Some people are in fact bored out of their minds when they retire.
I am not denying that greed may indeed be a motivation for many people, but how did you come up with your 15% figure? From conversations you had with people when you worked in health care?
i think boredom and liking one's profession also play a part, but I still think the majority of it comes down to $$$. Let's put this scenario on the table.
Let's say me and you are Oral Surgeons, we both make 600k a year and have 3 months to hit the age of 66. If we had half a brain we would be at least worth 5 million which is enough to retire. If we had an actual brain we Should be worth 10 million plus.
What goes through this surgeons mind is this. I don't have any bills, I have 5 million in investments but I am leaving to much money on the table to retire. If I go another 4 years that's another 2 million net worth. Than he reaches 70 and the exact same thing goes through his mind.
The higher the salary the less likely some one is to retire, not because they can't but because they are leaving too much money on the table.
My father who is the type of guy who is of retirement age and will probably work till 85 if he could said this.
I work for 1 reason and it's because of $$$$$$$
The main reason why I don't retire is because of $$$$$$. My dad says he laughs at people his age who say they still work because of boredom. He said they are not working for free, he said they can always volunteer.
My dad said son the older you get the more motivated you become by money and I think he is right.
Sometimes with the people doing extremely well I think a lot of it is the way their life is while working isn't something they see improving by retiring. Very few surgeons are mowing the lawn on their days off. They are playing golf at the nicer courses, eating out whenever they feel like it, vacationing at 5 star resorts, driving whatever vehicle they prefer, etc. The surgeon who did my shoulder and knee has a practice that revolves around him. There are assistants and physical therapists and whatnot, but he is "the guy" that makes the place tick. He doesn't come off as conceited about it, but it must feel pretty good to be treated like he is at work. It's pretty difficult to imagine a retirement that improves on that.
Last edited by ReachTheBeach; 10-29-2015 at 11:03 AM..
i think boredom and liking one's profession also play a part, but I still think the majority of it comes down to $$$. Let's put this scenario on the table.
Let's say me and you are Oral Surgeons, we both make 600k a year and have 3 months to hit the age of 66. If we had half a brain we would be at least worth 5 million which is enough to retire. If we had an actual brain we Should be worth 10 million plus.
What goes through this surgeons mind is this. I don't have any bills, I have 5 million in investments but I am leaving to much money on the table to retire. If I go another 4 years that's another 2 million net worth. Than he reaches 70 and the exact same thing goes through his mind.
The higher the salary the less likely some one is to retire, not because they can't but because they are leaving too much money on the table.
My father who is the type of guy who is of retirement age and will probably work till 85 if he could said this.
I work for 1 reason and it's because of $$$$$$$
The main reason why I don't retire is because of $$$$$$. My dad says he laughs at people his age who say they still work because of boredom. He said they are not working for free, he said they can always volunteer.
My dad said son the older you get the more motivated you become by money and I think he is right.
I would not want to be the patient of any surgeon motivated by money to work in an advanced age. And there's very little stopping them.
I would not want to be the patient of any surgeon motivated by money to work in an advanced age. And there's very little stopping them.
It is very common for surgeons to be working at late 60's early 70's. I would say 74 plus is when they start practicing more in there office than in surgery.
i think boredom and liking one's profession also play a part, but I still think the majority of it comes down to $$$. Let's put this scenario on the table.
Let's say me and you are Oral Surgeons, we both make 600k a year and have 3 months to hit the age of 66. If we had half a brain we would be at least worth 5 million which is enough to retire. If we had an actual brain we Should be worth 10 million plus.
What goes through this surgeons mind is this. I don't have any bills, I have 5 million in investments but I am leaving to much money on the table to retire. If I go another 4 years that's another 2 million net worth. Than he reaches 70 and the exact same thing goes through his mind.
The higher the salary the less likely some one is to retire, not because they can't but because they are leaving too much money on the table.
My father who is the type of guy who is of retirement age and will probably work till 85 if he could said this.
I work for 1 reason and it's because of $$$$$$$
The main reason why I don't retire is because of $$$$$$. My dad says he laughs at people his age who say they still work because of boredom. He said they are not working for free, he said they can always volunteer.
My dad said son the older you get the more motivated you become by money and I think he is right.
Those are extreme corner cases. These scenarios are irrelevant for 98 or 99% of the population.
I would not want to be the patient of any surgeon motivated by money to work in an advanced age. And there's very little stopping them.
There are plenty... trust me.
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