Is 70 the new retirement age?

[bjl584]

Is 70 the new retirement age?- MSN Money

[disneysteve]

Is 70 the new retirement age?- MSN Money

When SS was established and the retirement age was set at 65, the average lifespan was something like 63. Most people didn't live that long. Today, when people routinely live into their 80s and 90s, it only makes sense that retiring 20 or 30 years before that could result in financial difficulties. The problem is that 65 has become so in-grained in our psyche that people don't stop to think about whether or not that number still makes any sense.

My mother will be 82 in 3 weeks. She still works part-time. It keeps her active, interacting with others, feeling that she is contributing to society and it stretches out her financial resources as an added benefit.

[riverwed070707]

I agree with Steve. My grandpa lived to be 86 -- he worked full time until the week he died, not because he had to (he was a Vet and had a nice pension from working 30 years on the railroad) but because its what kept him going. I think as much as people are engrained to think of work as a chore, the truth is that we need something to focus our time, attention and energy toward and a lot of elderly people really struggle with losing their sense of worth. Granted, the idea of working until you die goes down a lot easier if you enjoy what you do. I couldn't imagine having a job I hated and feeling like there was no end in sight. If that were the case, I'd be doing everything I could to plan accordingly.

[Eleanor]

I agree that it's beneficial for people to keep working or at least stay active as they age, but, to me personally, the idea that I might still be working a full-time job when I'm 70 is thoroughly depressing. Sure, we're living longer, to 80 or 90, but even if you're in really good shape for a 70 year-old, you're still 70, and that's when you can finally stop working 40 hours (at least) a week for 50 weeks a year?!

[JoeP]

The article title is in question format. Since it was posed as a question, here is the answer: FOR SOME.

A couple ways to hedge your odds of retiring at age 70 or later: use credit cards and don't pay them off, take out car loans or lease, take out student loans, don't save up an emergency fund, don't max out your retirement, don't diversify, get a 30 year variable rate mortgage, put very little down on your home, get satellite/cable TV, take out a HELOC, take out a mortgage when you're in your 50s or later, get the biggest and most expensive house you are qualified for, trust your lender, buy now with no payments for 3 years...

[GrimJack]

What about the concrete worker, the bricklayer, the other people who still work with their bodies and not their minds? Are they expected to work until they are 70? Just wondering if that makes a difference in your thinking as not everyone can work until they are 70

[disneysteve]

What about the concrete worker, the bricklayer, the other people who still work with their bodies and not their minds? Are they expected to work until they are 70? Just wondering if that makes a difference in your thinking as not everyone can work until they are 70

Certainly not everyone can be a concrete worker until they're 70. That doesn't mean they can't work. As I said, my mom is almost 82. She works in the kitchen of her senior citizen apartment building. I have senior citizen patients who work as aides in the schools. I have a patient in her 80s who works as a companion for other elderly people with health issues. I had a woman in her 70s who was a hostess at a diner. I have a patient who works as a crossing guard and a few who do security work - sit and watch a monitor all day basically. There are plenty of jobs that an older person can do that aren't physically demanding. So you are absolutely right that some folks can't stay in their careers until 70 but they can do other work.

[chrisburke21]

It all depends on how much you are saving. Poor savings and investment plan = age 70 retirement.

[jpg7n16]

Just something to keep in mind:

Many Forced to Retire Early - Los Angeles Times