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Those are extreme corner cases. These scenarios are irrelevant for 98 or 99% of the population.
The men in my family never retired... they worked until they dropped... well within 3 or 4 months...
There is a huge work ethic especially the side that are farmers... always chores to do on a dairy operation and even Grandpa at 90 had slowed down... but was every bit an integral part of the operation... besides, a lifetime of getting up at 4 in the morning made him incapable of doing anything else... also went to bed at 8 every night and if he didn't, it really threw him off.
The higher the average salary=the higher the average age of retirement
Is this based on your observation or a study? My observation is the opposite with poor people having to delay retirement, working longer because they have to pay bills, debts, not having any saving & not working long or making enough to qualify for a decent SS payment.
I did not search long enough to find a study correlating income with retirement age in the US, but this UK and Italy study's finding happens to agree with my observation.
Our analysis of the differences in retirement decisions between the UK and Italy over a ten-year period (1992–2002) allows us to determine the effective retirement ages and reveal a greater volatility in the average Italian retirement age compared to the UK. By investigating the relationship between income and retirement age, we conclude that, in both countries, high earners retire relatively early, while those in the lowest income groups tend to retire later.
Is this based on your observation or a study? My observation is the opposite with poor people having to delay retirement, working longer because they have to pay bills, debts, not having any saving & not working long or making enough to qualify for a decent SS payment.
I did not search long enough to find a study correlating income with retirement age in the US, but this UK and Italy study's finding happens to agree with my observation.
The wealthiest have the highest retirement age as they often own and founded the business and it is integral to them in a good way. There are studies to support you, however there are subsets that can skew the overall.
The wealthiest have the highest retirement age as they often own and founded the business and it is integral to them in a good way. There are studies to support you, however there are subsets that can skew the overall.
Perhaps, or simply that those who are in the professions and or have careers they enjoy (as opposed to just working for a living) see no need to *retire*.
My GP didn't retire until well into his 80's a few years ago and I still miss that man. He could run circles around these young hot shot so called doctors. Only reason he retired was the new provisions of Obamacare such as electronic medical records were the last straw so he sold up his practice. IIRC the good doctor still teaches at a well respected medical school here in NYC.
In fact when you look at who is working longer versus those going into retirement you find plenty of attorneys, physicians, Wall Street/finance and so forth that either work full time or at least keep their hands in with part time work. OTOH you usually find "workers" counting the days until they can "put in their papers".
We've acknowledged that some people due to no fault of their own end up "early retired" and have to start at 62. This jist of the article and thread ais not folks like you. The jist is folks who could work but don't, and take it at 62 because it's there. Some folks like that, if they did not save enough when younger, are making an huge mistake.
When you work in the public sector, you see the same thing with pensions. There are some people who just can't wait to get their hands on that pension as soon as they're eligible even if they'll be penalized for being under a certain age, even if they'll be penalized for having less than x years in the system, even if the pension is a pittance because of their lack of time in the system and the penalties. It doesn't matter that they're unlikely to find another job with equivalent pay and benefits. They're out the door.
No plan, no alternatives, nothing. It's just, "I'm eligible, so I'm going." You'd think that somebody so anxious to leave a job would have something else he/she wanted to do but nope, it's just get out. Now. And many of these people are not blue-collar types but white collar professionals, from teachers to program directors to computer programmers, who you would think could make rational decisions.
When you work in the public sector, you see the same thing with pensions. There are some people who just can't wait to get their hands on that pension as soon as they're eligible even if they'll be penalized for being under a certain age, even if they'll be penalized for having less than x years in the system, even if the pension is a pittance because of their lack of time in the system and the penalties. It doesn't matter that they're unlikely to find another job with equivalent pay and benefits. They're out the door.
No plan, no alternatives, nothing. It's just, "I'm eligible, so I'm going." You'd think that somebody so anxious to leave a job would have something else he/she wanted to do but nope, it's just get out. Now. And many of these people are not blue-collar types but white collar professionals, from teachers to program directors to computer programmers, who you would think could make rational decisions.
Most state and local government employees plan to retire in their 60s (44 percent), according to a 2010 ING Institute for Retirement Research and Synovate survey of 1,026 full time state and local government employees between ages 20 and 70, excluding public school teachers. Just 13 percent of public sector employees plan to retire at age 59 or younger and another 19 percent plan to retire at age 70 or later or never retire. Many government employees (41 percent) say they have increased their expected retirement age as a result of the economic decline, typically because they expect the cost-of-living and health care expenses to increase in the future.
but when I add the numbers 44+13+19=76, so I think that means they must have had 24% unsure or didn't answer. That almost scares me more than the ones that plan to go early; at least they have a plan.
When you work in the public sector, you see the same thing with pensions. There are some people who just can't wait to get their hands on that pension as soon as they're eligible even if they'll be penalized for being under a certain age, even if they'll be penalized for having less than x years in the system, even if the pension is a pittance because of their lack of time in the system and the penalties. It doesn't matter that they're unlikely to find another job with equivalent pay and benefits. They're out the door.
No plan, no alternatives, nothing. It's just, "I'm eligible, so I'm going." You'd think that somebody so anxious to leave a job would have something else he/she wanted to do but nope, it's just get out. Now. And many of these people are not blue-collar types but white collar professionals, from teachers to program directors to computer programmers, who you would think could make rational decisions.
So often they are bitter when they get close and discover their pension isn't enough and then blame their employer for falling short.
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