RETIREMENT: At 65 (or 60 or 50 or whenever)--an obsolete concept?

Dueller · 04-14-2009, 12:54 PM

Traditionally we have held on to the notion that age 60 or 65 or so is a time to retire from working. A logical idea when life expectancy was maybe 70. But given the demographics that exist today where life expectancy is approaching and exceeding 80 and beyond, is it realistic to think you should be entitled to stop being a productive, contributing member of society and laze around for another 20+ years?

I have nothing against someone who by virtue of wealth and assets can retire at age 50 or 35 or whenevr. But is it reasonable as a general rule that people expect to be able to retire and go on pensions for the final 20+ years of their life? Not that I would expect a 75 y.o. to continue to work at a job that requires youthful physical skill by its nature...nor do I expect that the only thing such a person could do is a greeter at Wallyworld.

Perhaps the idea of retirement in the traditional sense is obsolete. Maybe it should be replaced with a phased end to your work life such as moving to parttime positions or acting in a mentoring capacity? Maybe a moot point given the necessities of the economic mess we're in.

I dunno....

Hugh R · 04-14-2009, 01:07 PM

If I'm lucky enough to still have a job, I hope to "retire" at 65, ten more years. But with my retirement funds in the toilet, that may not even be a possibility. I saved since my first year out of college. I put money in the stock market like I was told to. I never expected my governments policies, or lack thereof, to hose me to the extent that it has.

Dueller · 04-14-2009, 01:12 PM

I think you'll be fine, Hugh... But let me ask you this: if you knew you were goin to live to 89 and be healthy, fit etc....would you still want to be out of the work force for 24 years?

imcarthur · imcarthur's Garage

I know that our household will be hard-pressed to retire at 65. There will financially be a need for part-time from our present vantage point. We have a chunk socked away, but it won’t be the million $s + that ‘everybody’ says is necessary. My ex took my first 38 years of equity & my wife refused to skewer her ex (good karma for her though) so we both flat lined at 40. We have built that back up - despite the costs of raising & financing our mixed brood of 3 – over the last 18 years but we refuse to sacrifice our all for retirement, so we holiday etc. Never extravagance but certainly never sacrifice.

And sacrifice for what anyway? When we will potentially be too old & decrepit to enjoy it anyway? I am surrounded by retirees in my hood. Some take to it well. Some whither very slowly. Some drop dead almost immediately. I don’t know, but it worries me. Not enough to save every penny now though. In other words, I refuse to ‘live now’ for my retirement.

So for me: obsolete.

Ian

Hugh R · 04-14-2009, 01:24 PM

Quote:

Originally Posted by Dueller

I think you'll be fine, Hugh... But let me ask you this: if you knew you were goin to live to 89 and be healthy, fit etc....would you still want to be out of the work force for 24 years?

I may consult, I may not, I'd just like to have the choice. At the Walmart that I go to, one of the older greeters has a name tag that says 'Hugh". I get shivers everytime I see him.

targa911S · 04-14-2009, 02:03 PM

Ooooh I would LOVE to be a greeter......

" Welcome to Walmart....What the hell you lookin' at" I would MAKE people take carts and chase them to give them flyers. That would last about an hour then I would have to quit.

Zeke · 04-14-2009, 02:45 PM

For years now, a lot of people are "retired" against their desire. Now, they seldom get the package but get a pink slip. Re-entering the work force at even early retirement age is a joke.

Older boomers and those before them know how to show up, show on time, not do personal activities or personal business on company time, and so on.

But friggin corporate America wants young blood in the cubicles. I watched and helped my wife go thru college to a successful degree over a many year process that began in '95. I'll tell you that anyone who has graduated with a degree in the last ten years knows nothing compared to an older education and lots of years experience on the job.

One wonders why we are where we are today and I'm not talking necessarily about the economy. When the economy comes back, we'll still have the idiots that can't do 8 hours work in 12 sitting at the desks and some younger ones greener yet.

Meanwhile, grampa will be guarding the door.

No, don't retire. All the doors will close behind you.

the · 04-14-2009, 02:48 PM

Yes, for 99% of people who are currently under 50, retirement at 60 or 65 is an obsolete concept. That's just a financial reality for the vast majority.

Unless "retirement" is defined as living out of a cardboard box and eating cat food.

strupgolf · 04-14-2009, 02:52 PM

[QUOTE
I have nothing against someone who by virtue of wealth and assets can retire at age 50 or 35 or whenevr. .

Oh, you must be referring to police and firemen who can retire at those ages with GREAT pensions provided by taxpayers paying out the ying-yang for years and years and years.

Zeke · 04-14-2009, 03:35 PM

Quote:

Originally Posted by strupgolf

[QUOTE
I have nothing against someone who by virtue of wealth and assets can retire at age 50 or 35 or whenevr. .

Oh, you must be referring to police and firemen who can retire at those ages with GREAT pensions provided by taxpayers paying out the ying-yang for years and years and years.

You make a good point. I don't have an issue with providing our career law enforcement and fire fighters (amongst others) a fair pension. I think most of them retire before the physical side of the job is too much, but they find second careers. Some military can get in 3 careers before social security.

However, if they are working making good money, I say hold the payments or pro rate them. Triple dipping is costing us a lot.

einreb · 04-14-2009, 03:40 PM

Quote:

Originally Posted by milt

Older boomers and those before them know how to show up, show on time, not do personal activities or personal business on company time, and so on.

They also drink heavily during lunch and get upset because their mad COBOL skills are no longer in demand.

If you want to do stereotypes... boomers are f'ed because they sold their 'paid off' modest ranch homes to buy a 5000 sf ****boxes, were too heavy in equities, forgot the financial lessons learned from their parents, elected morons that pandered to them, stand on escalators, etc, etc.

targa911S · 04-14-2009, 03:44 PM

stand on escalators?? I'm seeing the errors of my life now...thanks

Zeke · 04-14-2009, 04:00 PM

Quote:

Originally Posted by einreb

They also drink heavily during lunch and get upset because their mad COBOL skills are no longer in demand.

If you want to do stereotypes... boomers are f'ed because they sold their 'paid off' modest ranch homes to buy a 5000 sf ****boxes, were too heavy in equities, forgot the financial lessons learned from their parents, elected morons that pandered to them, stand on escalators, etc, etc.

Struck a nerve there, huh?

on2wheels52 · on2wheels52's Garage

I plan to be riding a (motorized) bike at 100; I should be able to run my shop at 80 if I feel like it.
Jim

dmcummins · 04-14-2009, 04:37 PM

I retired at 50, I'll be 52 this year and I still have no regretts. My father retired at 57, and is now 74. He said he should have done it sooner. My mother died when she was 55. Why would you want to continue working if you don't have to. I figure I only have so many summers in my life. I don't want to waste them at work.

DanielDudley · 04-14-2009, 04:51 PM

Quote:

Originally Posted by on2wheels52

I plan to be riding a (motorized) bike at 100; I should be able to run my shop at 80 if I feel like it.
Jim

Hope you get to. If you want, that is.

pwd72s · 04-14-2009, 04:51 PM

Retired at 48, glad I did...now @ 65, recent physical things have moved into my life...doubtful I'll be here in another 5 years...so, especially glad I retired early.

DanielDudley · 04-14-2009, 04:53 PM

Quote:

Originally Posted by pwd72s

Retired at 48, glad I did...now @ 65, recent physical things have moved into my life...doubtful I'll be here in another 5 years...so, especially glad I retired early.

I'm sorry to hear that. Work it if you can.

targa911S · 04-14-2009, 04:55 PM

I'm with you. I retired at 55, 3 years ago now. I play music now "full time", take commissions on restorations on antique shotguns, sell at flea markets and on ebay and hang out with my wife of 27 years who is also retired. Fixed income is stressful at times but no where near the stress levels at my old job of 25 years. I did subscribe to the values my parents instilled in me with regard to money. We sold our home in FL when real estate was hot and made enough to pay cash for a 2,000 sf home on 2 acres here in PA. Cost of living is a lot cheaper, but the trade off is cold weather. We live modestly but comfortably. I sold my 911S to a European collector for a good sum that I still have tucked away. I miss the car but it is a nice cushion to have. 5 more years and I get social security and my annuities start to pay me. I'll buy another 911 then. Until then I just go places and stand on escalators.

LakeCleElum · 04-14-2009, 06:05 PM

I retired at age 52 (5 years ago) and wife at 55.......We stay busy and are not bored at all. We worked hard, saved and invested. The key for us was the old-time traditional retirement for both, IRA for both and SS when we get old enough. Will have six paydays a month at that time.....I look around and consider us very lucky.....