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Quote from article:
Retirement policies have shifted: Fewer employees have fixed pensions, which tend to move people into retirement because at some point, they’ve earned maximum benefits and more years of work don’t bring more income.
“In contrast, there’s no such age with 401(k)’s,” said Alicia Munnell, the director of the Center for Retirement Research at Boston College. “People are nervous about that. They want their pile to grow, so they stay in the work force longer.”
That is certainly the case for me. As long as I have an income I don't worry so much about unexpected financial burdens but I know when I do retire (soon) it will be on my mind that there is no paycheck out there to fall back on when unexpected expenses occur (and they will). Sure my savings, pension and SS will probably be enough but there's always that nagging worry isn't there?
I read the entire article, which I found worthwhile. It doesn't try to over-simplify by citing just one or two reasons more people are working longer as compared to 15 years ago. There are a multitude of reasons.
Somehow I never pictured a 71 year old person as being a kindergarten teacher in an elementary school (in Nevada). I'm glad this article brought this to my attention. I guess I thought maybe there would possibly be some type of mandatory retirement age in elementary schools (I'm not advocating or suggesting mandatory retirement age, not at all) Fill me in if you have further knowledge of this occurrence.
Last edited by matisse12; 08-01-2016 at 06:28 PM..
What I would like to do is work full time until 70, at which time I will receive the highest benefit possible, but that doesn't mean I would quit work altogether.
Quote:
Last winter, a broken arm kept her out of school for weeks and “I almost went crazy” from inactivity, Ms. Lister said. Whenever she does leave her classroom, pure leisure doesn’t sound so appealing.
I an identify with that. If I work once I collect benefits it won't be because I have to but want to.
Somehow I never pictured a 71 year old person as being a kindergarten teacher in an elementary school (in Nevada). I'm glad this article brought this to my attention. I guess I thought maybe there would possibly be some type of mandatory retirement age in elementary schools (I'm not advocating or suggesting that, not at all) Fill me in if you have further knowledge of this occurrence.
Fill you in with further knowledge of what occurrence? The non-existence of a mandatory retirement age?
Mandatory retirement for most occupations was done away with about 50 years ago with the enactment of the Age Discrimination in Employment Act. Only a relatively few occupations such as airline pilot, air traffic controller, police and fire fighter were exempted.
mandatory retirement - a variety of professions discussed below still find ways to encourage or require departure of older employees - "Many lawyers now have contractual agreements that lead them to conclude their partnerships by 60"
Forbes Welcome article on occupations with mandatory retirement (or strong encouragement of such)
"Some large and mid-size accounting firms also require their partners to retire at a certain age. (My editor’s CPA was forced out due to his age not long ago, despite being perfectly competent.) And many states require judges to retire at 70 , 72 or 75.
But even when mandatory retirement is not in place, it still lurks. “For example, investment bankers and others in finance often are forced out of their jobs in their early 50s,” said Dr. Phillip Pizzo, former dean of the Stanford University School of Medicine and founding director of the Stanford Distinguished Careers Institute. “Many lawyers now have contractual agreements that lead them to conclude their partnerships by 60,” he told me.
In the early 1970s, about half of all Americans were covered by mandatory-retirement provisions requiring they leave their jobs no later than a certain age, usually 65. In 1986, Congress abolished mandatory retirement by amending the Age Discrimination in Employment Act.
In other countries, mandatory retirement is still rampant — especially for workers in the public sector and academia."
Most of those articles that promote working in retirement years fail to say that MOST (but not all) of the people over 65 working have scaled down to part time and are no longer working in a full time job with a two hour commute like they did when they were younger.
Last edited by Heavy Investment; 08-02-2016 at 07:57 AM..
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Heavy Investment
Most of those articles that promote working in retirement years fail to say that most of the people over 65 working have scaled down to part time and are no longer working in a full time job with a two hour commute like they did when they were younger.
I'm 64, still working, and enjoying it, despite my 2 hour a day commute time. I plan to stay at least 4-6 more years as long as I like it despite being eligible for a pension now, SS in two years. While every year I stay does add to my pension benefit, and waiting to age 70 adds 8% to my SS, I am staying because I like the work, and have plenty of vacation time, and making more than ever before so can afford really nice vacations. If something should happen at work to change my happiness here, I can always go at any time. We have 2,000 employees, and the average age is now 49. Those retiring lately have been 68-72, yet they all have a fixed pension and plenty of years in to go earlier.
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