Why don't old folks retire when they can?
- Thread starter ClonesTwentyOne
- Start date
Some people feel like when they don't have something they've done all their life that they don't have as much to live for though too...even with children and grandchildren....working and staying busy till they cant anymore defines them. I on the other hand will also ride off into the sunset as soon as I possibly can, the goal is 56 there.
My goal was 60. Then reality set in.
I hear ya.....my situation due to future farm income etc has a little bit different effect to it
The basement comment was just factual accuracy. You were just mean. You really should set him up with one of your single besties and go on a double date.
Why should they. If they enjoy what they or want to do something different after they can retire, why not keep working.
One other thing we need to remember is that on average, each generation is living longer than the preceding generation did...which translates to longer years that a retirement income will have to support us. It was feasible for my father's generation to retire at 52 and live another 20 years or so, although he bucked the trend and is still around at 91. If we retire at 55 now, that retirement income often has to support us for at least ten years longer - and a dollar doesn't stretch as far as it used to.
To the younger generations - if you can plan far enough ahead to retire early and have sufficient retirement income to support the lifestyle you want, more power to you! It takes a LOT of planning. Remember though, that the best laid plans can still be destroyed by a steep decline in the markets where your investments are held, or an ******* like Madoff comes along and picks your pocket. And sadly, a large share of our country's population lives paycheck to paycheck and can't afford to set aside enough to retire early (or even at "retirement age").
To the younger generations - if you can plan far enough ahead to retire early and have sufficient retirement income to support the lifestyle you want, more power to you! It takes a LOT of planning. Remember though, that the best laid plans can still be destroyed by a steep decline in the markets where your investments are held, or an ******* like Madoff comes along and picks your pocket. And sadly, a large share of our country's population lives paycheck to paycheck and can't afford to set aside enough to retire early (or even at "retirement age").
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A couple reasons:
1. They didn't plan well enough for retirement and can't afford to retire
2. They are supporting their 30+ year old kids who still haven't moved out
3. I know from working with older people that they are afraid if they quit working that they will age a lot faster and die. Work gives them a reason to get up in the morning.
4. They they the younger generations are lazy and can't do it.
I wish there was a mandatory retirement age, a large % of those workers who turn 60 - just ***** and moan all day.
1. They didn't plan well enough for retirement and can't afford to retire
2. They are supporting their 30+ year old kids who still haven't moved out
3. I know from working with older people that they are afraid if they quit working that they will age a lot faster and die. Work gives them a reason to get up in the morning.
4. They they the younger generations are lazy and can't do it.
I wish there was a mandatory retirement age, a large % of those workers who turn 60 - just ***** and moan all day.
I work in the senior services industry. We had a gerontology professor speak at one of our company meetings. He said that men as a whole do not do well in retirement and tend to die early unless they find something that stimulates their mind. My father-in-law, a farmer, retired and passed on the operations to his son at age 45. And he has been on the farm working during the 30 years since then.
Aside from that, I've known retirees who thought they were set for retirement, but realize that it is difficult to live on a fixed or even declining income the longer they live. We've decided the time to do things is now, before we are too old to do the things you want to, and while we still have income from a job.
Aside from that, I've known retirees who thought they were set for retirement, but realize that it is difficult to live on a fixed or even declining income the longer they live. We've decided the time to do things is now, before we are too old to do the things you want to, and while we still have income from a job.
Some in this thread is accurate and a lot is pure crazy. Some here should refrain from presuming they know or understand others situations. I know people who have suffered through financial crisis personally, and now will have to work much later than they planned. I know people who have suffered through divorce which extended their retirement date by a decade or more. I know people who have family health issues who need to work until Medicare kicks in. I know people who work to provide care for indigent family members and will work until they are well into their 60's doing it. And I know people who are settled themselves but work to have the money to provide for charitable purposes, individual luxuries, or to help family members who are down on their luck.
It's an entitlement attitude to think "I am should have your job because you are old and shouldn't be here anymore."
It's an entitlement attitude to think "I am should have your job because you are old and shouldn't be here anymore."
I wonder how long this program will continue to run.
Even though the rule of 88 is pretty enticing for most, we have a faculty member here who has been teaching 40+ years because he can and he's good. To be honest I'd be bummed if he moved on.
When I retire I want to do it right. I want to buy a lake house on Clear Lake, a winter home in Arizona or Florida. I want to be able golf the at Pebble Beach and not flinch when the bill comes. I want to give my kids and grandkids a lot of money while I am still alive, so I can watch them enjoy it. I want to give money to my church and other ministries like there is no tomorrow. I want to buy a single mom a car so she can get to work to support her family. Maybe even set up a scholarship for youth in my community that come from a tough home life, so they can go to college and change their family tree forever.
If it takes an extra five or ten years to do this, I am all for it. I don't want to quit "the day I can" and squeeze by the rest of my life on a lawn chair in the front yard because I have no money to do anything. The 40 year retirement, the way I want to do it, will take millions of dollars. Who knows if I will ever get there, but if it takes a few more years of working so I can enjoy some things later on and be able to generously give while I am still alive to enjoy it, I will do it in a heartbeat.
If it takes an extra five or ten years to do this, I am all for it. I don't want to quit "the day I can" and squeeze by the rest of my life on a lawn chair in the front yard because I have no money to do anything. The 40 year retirement, the way I want to do it, will take millions of dollars. Who knows if I will ever get there, but if it takes a few more years of working so I can enjoy some things later on and be able to generously give while I am still alive to enjoy it, I will do it in a heartbeat.
I also see a lot of situations where the older person gets to keep the job, just because they have been there forever. When the younger one would do a better job and get more done. The entitlement thing works both ways.
You are going to see a massive shift in this line of thinking once the Millennials begin to retire in 25-30 years.
Huge shift from the baby boomer mentality of "live to work" and the millennials "work to live".
Huge shift from the baby boomer mentality of "live to work" and the millennials "work to live".
My wife said it was rule of 89. If 88, she could cut a year off because she had half a year extra she needed to go. If she worked until 60-61, she would nearly double her monthly pay out. She won't, but I wish she would, would lessen the burden on me.
Shes one who just believes that if you make that age, you can retire since there is something coming. She also believes that if looks at a car or house she cN afford it magically.
Shes one who just believes that if you make that age, you can retire since there is something coming. She also believes that if looks at a car or house she cN afford it magically.
For all the crap that millennials get, they can be pretty tough. It would be tough to find a generation that volunteers their time more, deals with increasing debt loads and is still the most educated generation. Maybe it's because I work with this age group a lot, but I'm pretty hopeful for the future.
Yes, that's called loyalty, both ways.
They say say the average person will change jobs 13 times in their life now. That's about every 3 years. Isn't a single company that calls that loyal. I've been at 4 in 20some years and thought I seemed to flip a little too often. Will stay put another 5-10 for sure, odds are I never leave.
I once thought clear clear lake would be nice, but realized many people that I think are jack***es have places on clear lake. High competition at that place, no thanks.
They say say the average person will change jobs 13 times in their life now. That's about every 3 years. Isn't a single company that calls that loyal. I've been at 4 in 20some years and thought I seemed to flip a little too often. Will stay put another 5-10 for sure, odds are I never leave.
I once thought clear clear lake would be nice, but realized many people that I think are jack***es have places on clear lake. High competition at that place, no thanks.
