Suze Orman says 70 is the ideal retirment for most

[MonkeyMama]

The biggest problem with retiring before 65 in the US is medical insurance. Right now NO ONE knows what is going to happen. If pre-exisiting conditions come back expect early retirees premiums to skyrocket.

This is true.

For me, you are preaching to the choir. Our health insurance went up about 1,000% when my husband lost his job and we had our first kid. Not overnight, but in a few short years. The catalyst for my dad's early retirement (mid 50s) was when he had a health event and lost his job/insurance (in a down economy; unable to find work once he recovered physically). I'd say these are some of the biggest obstacles both of us have ever had to overcome. (Not *the* biggest, but is up there).

As such, I guess I don't understand the attitude that this is so insurmountable. These are things you can prepare and plan for, but I guess I feel this is kind of old news. (The above examples we really had to grapple with 10 years ago). I'd personally be more concerned about what is completely unforeseeable during the next 50 years or so. That was my personal takeaway from these experiences. I personally wouldn't retire without a huge buffer for the unforeseeable. But doesn't mean I can't achieve that in my 40s or 50s, or 60s.

Definitely take into account and plan accordingly.

[Smallsteps]

At what point does quality of life enter the equation?
I work with an older man who age wise can retire now but was told if he puts it off for another year he can get 7% more in SS. Honestly when he announced he would wait another year most in the office realize IF he makes one more year he most likely will not enjoy his extra 7% for long.
Not all people are able to continue and sometimes stretching it out is just sad. 7 % extra for a few years versus his payment now and enjoying what time he and his spouse have left makes more sense to me since both of them are not healthy.
This hopefully will not be (literally) the second person I basically will see expire on the job trying to maximize SS.

[rennigade]

At what point does quality of life enter the equation?

No one can answer that but the person in question. No one knows how long they're going to live. My grandfather is 90ish and can barely get around, doesnt drive, almost deaf. My wifes grandfather is around the same age and is really mobile...still drives...still goes on vacations, etc.

My grandfather retired early from the post office and didnt do much in his golden years. Ever hear the expression...body in motion stays in motion. Well the flip side of that is also true. All depends how you've treated your meat vehicle throughout your life. And even then there are no guarantees. Healthy people die all the time out of the blue.

[msomnipotent]

Seventy is that magically age where my family members start dropping like flies, or become incapacitated. The only person I remember that lived past her 70's was my 90 year old grandmother, and she starved herself to death when she had lung cancer and went blind. I' pretty sure that I would rather be hit by a train than starve to death. I'm also very afraid of pre-existing conditions coming back into play. I have RA. When we lost our health insurance while my husband worked for a start up, I simply could not get normal insurance. American Family actually hung up on me. My state had a high risk pool that was shockingly expensive for very little coverage. Losing health insurance would derail our retirement for sure.

[clatoden99]

I like working, and what else am I going to do?

Im not rich and my pension plans suck so Im not going to live a life of luxury on holiday all the time.

I firmly feel if you retire and sit around then you either die or your functions slow down a lot; physically and mentally, you need something to get up for each morning.

If I have to languish in a care home then I would rather do it for a few months right at the end than have a slow decline for many years.

[terri77]

I believe that I will be able to retire much earlier than I plan to retire. If I do retire at full time work at 60, I will still probably work part-time until 67. I have an employee who is still working at 79. God bless her, but I don't plan on doing the same.