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People plan to work into their 70s or later

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TheCommuter has 10 years experience as a BSN, RN and specializes in Case mgmt., rehab, (CRRN), LTC & psych.

1 Follower; 228 Articles; 316,449 Visitors; 27,607 Posts

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3,071 Visitors; 149 Posts

Looking into LTC insurance while you are young is a *very* smart thing to do! Congrats for showing gumption!:yeah::yeah:

Many persons simply do not think of LTC insurance and probably are planning on using Medicare or Medicaid if they cannot work any longer and require care.

I actually looked into LTC insurance when I was younger and the cost was absolutely ridiculous; I would of had to give up paying health insurance to get it...somehow that didn't make sense!!!

Personally, I'll have to work into my my wee old age because no one else will pay the bills. And I'm on my second career. I have a 401K but lost a huge amount several years ago when things went bad with the economy;-{

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TheCommuter has 10 years experience as a BSN, RN and specializes in Case mgmt., rehab, (CRRN), LTC & psych.

1 Follower; 228 Articles; 316,449 Visitors; 27,607 Posts

My parents weren't the best financial planners and they expected to continue working into their 70s but it didn't work out for them.

My mother is 53 and my father turns 55 next month. After 25 years of working at a solar products factory, my mother is not working due to health issues (morbid obesity, chronic kidney disease, diabetes, etc.). She has a small amount of retirement savings, but I don't think it will tide her over until social security kicks in at age 62.

My father works full-time at a relatively lower-paying retail job and does not have one dime of retirement savings. He also has health issues and I pray that he continues to work for as long as possible. He is basically depending on social security to get him through his golden years. By the way, he is swiping his credit cards without thinking about the future ramifications. He took out a home equity loan about three years ago to help pay down $21,000 in credit card debt. He has run up the credit cards again to the tune of $12,000+. My father is impulsive and will not cut up the credit cards, yet his income is too modest to repay his debts. Instead of spending, he should be socking away every penny for retirement.

I worry for the future and hope that social security is still around when my parents turn 62. If not, I will probably have to take them in.

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5,194 Visitors; 205 Posts

My parents are both turning 83 this year. Both of them retired at age 65. But they have no significant health problems, and all of their mental faculties. And in their occupations (teaching and insurance) both could easily have continued working until age 75. Lots of baby boomers are diplaced from other careers and are moving into health care with the intention of working well into their 70s. Age does not automatically mean loss of health.

But you betcha, we are NOT taking any chances with lifting patients, in particular. If the rules say each person lifts only 35# of that patient, the lift machine is used or we wait until the sufficient staffing is present. None of that old-fashioned self-sacrifice, y'all. Look out for Number One at all times.

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42pines specializes in Occupational Health; Adult ICU.

9,944 Visitors; 255 Posts

"Written in a Carefree Mood":

Old man pushing seventy,

 

In truth he acts like a little boy,

 

Whooping with delight when he spies some mountain fruits,

 

Laughing with joy, tagging after village mummers;

 

With the others having fun stacking tiles to make a pagoda,

 

Standing alone staring at his image in the jardinière pool.

 

Tucked under his arm, a battered book to read,

 

Just like the time he first set out to school.

 

 

 

 

 

Written by Yu Lu around 1300

 

 

Attitude helps and so does physical exercise and practicing on yourself what you would recommend to others.

 

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suni has 15 years experience as a BSN, RN and specializes in med surg.

12,144 Visitors; 477 Posts

I am 57 and am working on my MSN, hoping I can get a job as a clinical instructor and work part time when I can no longer work at the bedside. Retirement will probably never happen for me, my spouse is a factory work who has a very small pension and I have a 401K. Health insurance alone will be unaffordable unless I continue to work. We try to save a little but with the cost of everything it is almost impossible. The kids are grown, the house is old and we remodel as we can afford it. My health has been good so far, my spouse is obese, HTN, high cholestrol and has had a TKR. It is ashame that nurses work their entire career taking care of others but the health care system does little to take care of us. I would love to see us get our medical insurance paid for life like the politicians.

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KaroSnowQueen has 30 years experience as a RN and specializes in Telemetry, Case Management.

11,044 Visitors; 960 Posts

Oh heck no I'M NOT WORKING TIL 70!!!! Those donkeys in Congress can bite me! I had planned on retiring at 62 but since I developed so many health problems after 45, I guess I'll hold out for 65 so I can get Medicare. IF its still there......

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Chaya has 15 years experience as a ASN, RN and specializes in Rehab, Med Surg, Home Care.

10,781 Visitors; 932 Posts

My parents weren't the best financial planners and they expected to continue working into their 70s but it didn't work out for them. My mom's health gave out at 62 and my father was pushed out of his job at 66. My dad's employer didn't fire him they just kept cutting his hours until he was left with 1 day of work per week.

My parents have been out of work for a few years and it's already evident that their pension, SS, and savings are not enough to last them for the rest of their lives. Before the end of this year they will be moving into my finished basement to cut back on living expenses for all of us. You can plan to work until you drop but if your health fails or you get pushed out for a younger employee and no one else will hire you then what?

That was my thought when I saw this thread. Plan to work into your 70's? Good luck with that. I am seeing more and more of my friends and acquaintances over the age of 50 from careers across the board becoming unemployed by being downsized or laid off. Very few of them have been able to get benefitted employment after 1-3 years of unemployment and fairly aggressive pursuit of work. These are people with average health problems, none with catastrophic illness. No-one has lost their home so-far and there is a mandated health insurance program in this state but it is pretty bare bones. All have had a fair financial cushion which is being strained and all had fairly decent retirement plans or savings IF they could have worked to 65-66 or older. It has become evident that retirement funds that seemed adequate a few decades ago won't come close to sustaining even a healthy retiree to the end of life, let alone someone with health issues. But now this desparate trend is emerging in which a significant percentage of the older workforce will not only not be able to pay into retirement for a few extra years, they will in many cases actually lose the last few wage-earning years of their careers. There is starting to be for many, many older workers an average 8-10 year gap in which they are too young to apply for SS or medicare but are treated as unemployable by most firm's/ companie's HR. Scary!-I'm just trying to hold my breath and "fly under the radar".

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SummitRN has 5 years experience as a BSN, RN and specializes in ICU.

2 Articles; 30,235 Visitors; 1,501 Posts

I'm not sure a lot of people are capable of working into their 70s, or that employers will "allow" it. Don't worry, people working into their 70s is bound to lower life expectancies due to stress induced AMIs and CVAs at work. That should keep costs down.

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JeanettePNP has 8 years experience as a MSN, RN, NP and specializes in Pediatric Pulmonology and Allergy.

1 Article; 26,330 Visitors; 1,863 Posts

Personally I never liked the idea of just sitting around in my 60s and 70s. I would like to work and be productive well into the "retirement" years, if not working bedside then through teaching, writing or office work. And if not I'll care full time for my grandchildren! I just don't see myself not being productive anymore.

Also, I think if your idea of retirement is living a comfortable middle class existence with vacations and travel etc. you may have to downsize those expectations. If you just want to live simply -- even in one room if necessary -- I think you can get by. I'm already used to living on little and that's with supporting a family. When it comes down to supporting only myself I think I'll do okay. I just hope I won't have to be supporting my adult children. :(

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Lovely_RN has 6 years experience.

9,644 Visitors; 1,121 Posts

I agree.

I'm witnessing the downgrade of my parent's lifestyle and it has me thinking differently about a lot of things.

Also, I think if your idea of retirement is living a comfortable middle class existence with vacations and travel etc. you may have to downsize those expectations. If you just want to live simply -- even in one room if necessary -- I think you can get by. I'm already used to living on little and that's with supporting a family. When it comes down to supporting only myself I think I'll do okay. I just hope I won't have to be supporting my adult children. :(

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40,269 Visitors; 4,115 Posts

Personally have never understood the concept behind working like a dog from one's 20's through 65 or so, then retiring and start "living"/doing all the things you always wanted to do.:D

Me I'd rather work (hard when necessary), but take my blessings and rewards as I go along whilst am still young enough to enjoy them.

As for "downsizing" yes, allot of retired persons have always done so. It used to be once the kiddos were gone and or one was widowed moving to smaller digs (from a large house) was perfectly normal. I mean who needs the hassle and expense of owing a huge home with only one or two persons rambling about inside? Of course if one's children and grandchildren are about to help with the upkeep then perhaps things can be different. Around our way it's not uncommon for parents to "give" one of their children the house whilst they move into someplace smaller, perhaps a condo or something in Florida or whatever. But then again we are talking about folks who grew up in another generation.

One reason so many are going to be facing a hard time in "retirement" is the huge drop off of union and or private sector pensions. Those pensions are what kept the wolf from the door of our parents and grandparents, and allowed most to live decently in their golden years. Added to this were the pension healthcare plans that allowed such seniors not to rely totally on Medicare.

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nurturing_angel specializes in all things maternity.

7,030 Visitors; 342 Posts

Not me. I have no plans to work past 65 at the very latest. I am sure my health issues will force me to retire much earlier than that. But I have already started making career moves and plans that will give me some income for many years to come. If not, I will be changing my lifestyle significantly but I will NOT be working full time (or even part time) as a floor nurse more than a few more years.

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