People plan to work into their 70s or later

  1. http://www.marketwatch.com/story/peo...ter-2011-05-17

    SAN FRANCISCO (MarketWatch)-Almost four in 10 workers said they'll work long past the normal retirement age, if they even retire at all, and a growing number of people said the recession will force them to work longer in life, a new survey finds.

    Thirty-nine percent of people said they'll work past age 70 or simply never retire, according to the annual survey from the Transamerica Center for Retirement Studies, a nonprofit private foundation. Fifty-four percent of those surveyed said they plan to retire between age 60 to 69, and 6% said they'll retire between age 50 to 59.

    Don't just sit there, embrace the rat race! That's the advice of economist Todd Buchholz in his book "Rush," who says competition makes people smarter and more satisfied.

    Meanwhile, 40% of workers said the recession will force them to work longer than planned-up from 28% who said that a year ago-and 54% said that even after they retire, they'll continue to work, according to the survey of 4,080 U.S. workers conducted by Harris Interactive in February and March.
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  2. 51 Comments

  3. by   ♪♫ in my ♥
    My personal goal, based on fiscal realities, is FT to 70, PT to 75...

    The majority of people who will be able to actually retire will be those with defined-benefit pensions or people who had a substantial sum in the stock market beginning about 15-20 years ago.

    The $130 per month that my job kicks in to my 401(k) and the small amount that I can contribute on my paltry wages sure ain't gonna get me there.
  4. by   oramar
    That makes the assumption that a persons health will hold out until 70. I think a lot of them are engaging in some self deception. My husband is nearly 65, in excellent health and strong as a bull. He does hard physical labor and is one of the few people he knows that can do what he does at his age. He can't see himself holding out to age 70 under any circumstances and is just holding on until he can get full SSI at age 66. If your health holds out you may find yourself out of work anyway because many employers start dumping workers at about age 50. I totally support people in there desire to keep on working until age 70 but I also must say, "good luck with that".
  5. by   leenak
    I plan to work as long as I'm capable, either in a job or volunteering my time.
  6. by   ElvishDNP
    At 32, I'm sure that I'll have to work either until I'm 75, or until I keel over in the middle of signing off a chart, whichever comes first.

    Sometimes I want to chuck it all and go live on a hippie farm.
  7. by   That Guy
    I doubt I will even see 70 let alone work that long
  8. by   DoGoodThenGo
    If by "retire" you mean cease work totally, don't think that is an option for man today nor going forward.

    Unless one has a rock solid pension along with investments and savings to keep the wolf away, don't expect to be sitting around waiting for god in luxury.

    People simply are living longer and as such are going to need much more money to survive their "golden years" than was previously thought. Time was one retired at 65 and was gone from this earth (on average) not long afterwards. Now "70" is no longer seen as that old.

    Many planners are urging those >50 or even >60 to start thinking of some type of work they can either do from home and or does not require a daily 9-5 routine. Did you know that the >50 age group is one of the largest entrepreneurs in this country currently?

    Local PBS station had a program on seniors last week and it featured many >70 and in one case >80 years of age that are still working. The one that got me was a 90 year old woman who works at a local mall cinibon store. This woman gets up and drives herself to work each morning and opens that store up *by herself* to get things ready for the AM rush. This includes baking the buns, setting things up and so forth. Judging by the her customer's reaction (they mostly all knew her by name), they love her to death.

    Will say something else. Anyone >60 today likely has known bad and or hard times before and how to get through them. Things so many take for granted today such as welfare, SSI and such simply weren't around back then. You either worked, saved and or invested, or starved, it was that simple. Persons of that generation didn't wait around for things to happen, but got up and got busy doing or looking for something to bring money in, even if it meant moving you and your family half way across the country. Debt and credit were dirty words as well. Rather than go into debt (owing people money), if you couldn't afford something you did without.

    In some ways I really pity this younger generation with their high expectations and never having known hard times. Cannot tell you how many "older" people I know using up their savings to provide for their children, many of whom are living in the basement or in their childhood bed room.
  9. by   SharonH, RN
    Quote from oramar
    That makes the assumption that a persons health will hold out until 70. I think a lot of them are engaging in some self deception. My husband is nearly 65, in excellent health and strong as a bull. He does hard physical labor and is one of the few people he knows that can do what he does at his age. He can't see himself holding out to age 70 under any circumstances and is just holding on until he can get full SSI at age 66. If your health holds out you may find yourself out of work anyway because many employers start dumping workers at about age 50. I totally support people in there desire to keep on working until age 70 but I also must say, "good luck with that".
    You're spot on here. Many people are in denial about the possibility of bad health, partly because as a country we have fooled ourselves into believing that all good or bad health is the result of personal choices therefore if they just take care of themselves, they will be just fine. That's a big risk most are taking and the better idea is to just try to kickstart your savings. If you are still willing and able to work past that point, fine but otherwise people need to make some hard choices now. Get a calculator and a sheet of paper and try to figure something out. Consider this scenario, you are not well enough to work but you are not sick enough to die either, then what? I see it every day folks, I'm just saying...........
  10. by   traumaRUs
    I'm in my early 50's. I realized several years ago that while I loved, loved, loved the ER, staying until I was 70 was probably not going to happen.

    I am very fortunate and thought ahead, went to grad school and have a job with excellent benefits.

    Still, I plan to work till I'm 70 and again, I consider myself very fortunate to have excellent health (at least at this point - lol).
  11. by   DoGoodThenGo
    Well am here to tell you there are a whole lot of persons with a very rude shock coming to them, and the fallout isn't going to be pretty. I mean you have persons who thought they did everything right, and planned properly older than 50 now who are finidng they will outlive their savings/income, so what is going to happen with those that haven't even started and are >40 or in their 50's?

    So many <50 or so years of age are living like Scarlett O'Hara (I won't think about that today, I'll think about it tomorrow), that they don't see the forest for the trees. Everyone is counting on some magic out of Washington D.C. or other intervention to save them, but that may or may not happen.

    You have large numbers of baby boomers who never married and or had children thus they will enter the Fall and Winter of their lives without anyone to depend upon except themselves, baring any close relatives or friends. This is going to affect how and where they will live to in many cases what they will have to live on. Straight, gay or whatever getting through one's senior years alone is not usually easy.

    Since "two can live cheaply as one" I think we're going to see more "Golden Girls" solutions where persons not releated combine households to share expenses, cut down the cost of living and general companionship.

    In my area (a fairly well off part of Manhattan, NYC) it is quite common to see all manner and sorts of seniors going through rubbish bins for empty cans to redeem. Senior centers and soup kitchens are full as well.

    All this when the government tells us there isn't any inflation and that costs aren't increasing. Yeah right!
    Obama obviously hasn't been grocery shopping lately, nor had to fill up the gas tank of his car.
  12. by   traumaRUs
    There is also a huge disconnect between the wealthy and those of us in the middle class.
  13. by   babyNP.
    This recession has really forced me to seriously look at my future for retirement and plans. I'm 25 and hope to be debt free in a couple of years. Hubby is finishing up a terminal degree for his career and after that we're going to start saving a lot. Currently we only save about 5% of my income into a work 401(k) account...

    The other day I was calling up long-term care insurance folks for today's rates if I was 60 years old and they didn't give me any information; one gentleman even said that my request was "asinine," but that's a major expense that I'm sure will eat up our retirement savings...not to mention healthcare insurance if we're no longer working...
  14. by   DoGoodThenGo
    Quote from traumaRUs
    There is also a huge disconnect between the wealthy and those of us in the middle class.
    You know have been thinking allot about that lately. However when going over the Fortune 500 you find lots of persons who worked darn hard (Oprah Winfrey) to get where they are, others simply invested in and or invented the right things at the right time (founders of FaceBook, PayPal, Twitter, etc), and now at least on paper are worth millions if not billions. Many of these persons came from middle if not lower middle class backgrounds and now are pretty well set. This follows the tradation of many a person who started a small business that become something huge. In short it is the American way.

    Am not sure what can be done to erase the income inequality in this country. It has always been this way though perhaps not at levels seen today. Aside from confiscating this wealth and moving it around as some entity deems fit, what other solutions are there?

    Someone I know runs with the "power gay" crowd and came back from some huge NYC fundrasier the other night and told me about the guest list. Apparently there were quite a few vastly wealthy gay persons there, most of whom made their fortunes either as personalities, or via early investments in start-up companies (one of the early backers of Paypal or was it Facebook?), either way these aren't persons who came from wealth, and though they do on paper have vast sums, it is really all tied to stock prices thus could go away like *that*.

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