Is 70 the new retirement age?


#1

Many people look forward to retirement after spending years struggling through the daily grind. Unfortunately, a growing number of Americans may have to wait even longer to make their grand exit from the workforce. Although the average retirement age in the U.S. is just 63, according to a recent study by human resources consulting firm <culink class=“culinks” culang=“en” href=“http://curiyo.com/en/topic/Willis Towers Watson” title="" style=“border-bottom-width: 1px; cursor: help; z-index: 9000; border-bottom-style: dashed !important; display: inline !important; float: none !important; padding: 0px !important; margin: 0px !important; border-bottom-color: rgb(0, 161, 52) !important; background: inherit !important;”>Willis Towers Watson</culink>, almost a quarter of Americans believe they won’t be able to retire until age 70 or older. Worse yet, 5% are convinced they’ll never be able to retire at all.
Even workers who plan to retire at 65 aren’t so sure of themselves. Those surveyed admit that, while they’d like to retire at 65, they think there’s a 50% chance they’ll wind up working until 70.
So why all the negativity? A lot has to do with insufficient savings. With Social Security only designed to replace about 40% of the average American’s pre-retirement income, most of us have to save independently to ensure a reasonably comfortable retirement.
Yet an almost frightening one-third of Americans, many of whom are 55 and over, admit to having absolutely no retirement savings whatsoever.

Is 70 the new retirement age?

Now I am 70 and I am disabled but given the choice i would have worked longer. Social Security has been raising the retirement age although most do not realize it. How do you feel about working longer? One point was made clear and than when you reach retirement unless you have a steady stream of income besides interest and such your savings will dwindle and as the years go by you will face higher costs and a government bent on taking away even more sources of income.

Thoughts?


#2

I am 70 and I consider myself retired, yet I own and company, I work hard, clearing land, building barns you name it and I am thinking on starting another company.

My 2 high school buddies both retired back around 2005 or so, both played football, active, healthy people today are walking death, they are obese, do nothing other than sit on the couch and spin the TV dial, both tilt the scales around 280 lbs, I beg them to get active somehow if only walking around the block, they won’t do it. Both were hard hitting USMC guys. Sad


#3

Don’t be too hard on them, 17Oaks. Some of us have health problems that prevent us from exercising like we should. I’ve been doing cardio-rehab since June, but had to quit it because the exercises they have me doing are too hard on my arthritic right knee and, until I can get it fixed, the pain migrates to my feet, my back and even my hips. I’ve lost down from a max of 257 to 219 (according to my last weigh-in), even so. This despite my spending a lot of time before the TV or computer. I just eat less–mostly because I don’t NEED as much. This, after I was my HS’s resident jock, active in the Army for 8 years and a police officer for 8 more, during which I was very active.


#4

A little story: Back when I was married to my ex we broke even every payday. After a while she got a job & we still broke even. Basically it was: She spent everything she made on stuff she wanted & she spent everything we had left over on stuff she wanted. And the stuff she wanted WASN’T something like nice furniture or anything “keepable” it was all garbage. You see it was the thrill of buying that she loved or I guess that you could say it was the thrill of spending. Now as you can guess after we split I was the one that paid off everything including the lawyer. Even though we each had a kid, I was also the one that paid child support. I was a very broke puppy for about 4 months. Funny though, after that I couldn’t believe how much money I had after paying my bills (& that’s back when I didn’t make much). Fast forward a lot of years &:
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My ex has nothing for retirement, not even $100 saved. Even though she lives in a cheap area, makes a good living (makes within $10,000 of what we do) & owes nothing on credit cards (she can’t get one) she still breaks even every payday. She’s even declared BK a couple of times over the years. Me? I can buy just about anything I want but I admit that I still don’t want a lot. Our only debt is about $10,000 on a car & I’m only paying about 0.3% interest on it & the payments are so low I don’t even know what they are. Our house has been paid off for years & if needed I could refinance it & call about some retirement investments that we have & raise over $500,000 in a couple of months. Plus that isn’t all of our assets.
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Is 70 the new retirement age?
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So the answer to the question is: Yes it is IF that’s what you make it or maybe you can never retire it’s up to you. Your life is what you make of it & I look around these days & see a lot of people screwing up. And the sad thing is that you don’t even have to be really smart (I sure don’t claim to be) but you can’t consistently be stupid. Stop spending every dime & invest. Just a little bit of money over a long time will allow you to do well. I started investing with less than half of what most people spend on their cable bills now days. I increased that amount as I could afford to & didn’t stop until I had to (legally). Life provides you with a choice, live the high life now or live the high life later. Most people seem to pick living for the now. Oh well. (off my soap box now)


#5

Dave, sadly the day the retired was the day they picked up the remote control and called it done. Both of them had zero health problems when they retired and they sat down to rest and in resting the weight came on. Both have been told and warned and they now have their weight under 300 lbs, both are under 6ft, maybe 5’10" or so. Everytime the fone rings I think its gonna be someone telling me that have gone over the edge, I hope not, but they are not healthy at all, they are about feel bad day away from being wheel chair bound, not kidding, they both use walkers now and even that is a struggle.

While I keep telling the VA I don’t want a wheelchair and they keep trying to put in one.


#6

I understand your concerns. I didn’t retire until I was 71, about 6 months before I had my left knee replaced. Within another year and a half, I had 3 bypasses and my aortic valve replaced. Both surgeries keep me down and UNABLE to exercise like I should.


#7

I retired just short of 68, simply because my work site closed, and the job the company was hoping to give me to let me continue working (at home) didn’t pan out. I was to be installing software on customers’ systems, but the software didn’t sell, so the job wasn’t there. Who knows how long I would have worked then? I looked for work from home, but was unable to find any. Now (almost 13 years later), my health has been deteriorating fairly rapidly in the last couple of years, so I don’t even think of looking. I am not totally inactive, though.


#8

The difference is you chose not to set your butt on the couch and do nothing when your health was good, you kept on moving forward and that mentally changes your outlook.

You can talk yourself into a state of mind that makes you ill. You have to keep your positive mental attitude and keep going as best you can physically, as best you can, even if its just walking across the room, you cannot give up, when you do then you die…Don’t die OK!


#9

That was certainly true for my grandfather. He decided to retire early, and much to my surprise, opted to do literally nothing. He was only about 62 or so. It only took a few years before he just stopped going out to and doing social things. Dropped contact with his friends, stopped going to church, etc. By 66 or so, I don’t think he left his place to do anything more than buy food at the grocery store. He’d wake up, turn the tv on, and proceed to sit in front of it for 18 straight hours, and then go to bed. He kept that up until he died at 78. So about 12 straight years of complete social isolation where his only activity was tv.

That pretty much settled me on doing my best to never totally retire. No matter how old and or sick I become, I need to try to do something. Even if I earn basically no income off of it. Volunteering would be fine. It’s much less about income, and much more about preventing decay.


#10

Hi Susanne. One point has been repeated here and that is health. I understand when someone’s health prevents them from holding a job along with the other stigmas of old age with employers wanting younger workers for certain jobs and not wanting to think of health cost if they provide it. There are jobs that older workers can do just as easily as younger workers but he health question comes to bear which brings us back to employers not wanting older workers.

I know a fellow who is in his late 50’s who is complaining about employers not wanting to hire him although he has the qualification and experience and can do the job just as easily as a younger person. In addition he is willing to travel to the job site. He has found out what many people have before him and that is age discrimination is alive and well.

Okay this reminds of a post I read on HotJobs a site to people looking for employment. There was this HR manager who gave people a hard time when they7 came looking for work because they were not employed at the time, this is until he got canned and was on the other side of the desk. It is difficult enough to find work when one is older if one loses their job through no fault of their own. This is how some people decide to retire early of of frustration and hopelessness.

The alternative to to die or find someone who can care for you which strains their resources. I read about senior citizens having to support grown children.

Back on topic. What ever the case may be bearing good health I feel many people would work because the economy is so bad they can not live on their savings or even depend on government to not take their income away. There has been talk of 401K’s and other revenue streams being taken by the government in their increasing need to feed their glutenous appetite for spending.


#11

I have never understood the concept of retirement, or the appeal; working can certainly be frustrating at times but I enjoy being productive and competitive. I can see channeling my efforts in different ways at some point but not working seems like a depressing life to me.


#12

Years ago when I was about 16 I was with my grandmother and her husband. They were visiting friends. Well that house was dark with the curtains drawn and all they talked about was who had died, who they were going to visit in a nursing home, and those looking poorly. It was depressing. Later on while visiting people in a nursing home my grandmother’s husband passed away. Talk about irony.

Fortunately for me I am very active and keep busy. Sitting at home with nothing to do or if the weather does not permit it drives me crazy.


#13

I was pretty much forced into early retirement from a company that valued youth. I was 55, and able to collect a small pension. Three years later, I got another job (yes, it took me that long, and probably my age was a factor - also availability of jobs that I could do, especially in my area of expertise), then I got that other job where I worked for almost ten years, after my previous employer thought I was too old at 55!


#14

I don’t know why the new software gives me updates on old threads that have not had any new activity, but it is nice to read some of Samspade’s old posts again.

RIP Sam.