Financial experts suggest working until 70

[omni550]

"Americans long viewed 65 as the age to stop working. It was considered full retirement age by Social Security for many, Medicare benefits kick in then and historical practice had established it as the goal.

Now some experts are suggesting people set their sights a bit higher — on 70."

IOW, 70 is the new 65.

<smh>= shaking my head

https://www.detroitnews.com/story/b...ce/2018/05/08/american-work-seventy/34709741/

omni

 

[JoeWras]

Americans typically retire at age 63 and start collecting Social Security between age 62 to 64, according to research from The New School.

But waiting pays off.

Nope. Doesn't pay off if you are dead or less-able than you were at 55 when you should have retired. And now you want to push to 70?

The topic of this article was discussed a few weeks ago. It keeps popping up in various newspapers. I think there is a conspiracy by the US govt.

I'm not completely joking. I heard some official on the radio yesterday (I wish I remembered who) bemoaning the labor participation rate, and the effect that has on income tax revenues. Ding ding!

So the govt. is bummed people are checking out and limiting their tax payments.

The pundits are confused of the effect of the participation rate on unemployment and inflation.

Basically, we are being scolded for not cooperating!

 

[DFDubb]

I'll pass thanks.

 

[Big_Hitter]

IOW, 70 is the new 65.

tell that to a cop or firefighter or a guy who's dragging a huge cable across a dock at age 60

actually, in that article Vernon is suggesting deferring SS to age 70, which is the optimal draw down strategy framed in the "pensionizing 401k" piece he wrote - really good piece

the 70 being the new 65 is taken out of context

 

[Dtail]

Nope. Doesn't pay off if you are dead or less-able than you were at 55 when you should have retired. And now you want to push to 70?

The topic of this article was discussed a few weeks ago. It keeps popping up in various newspapers. I think there is a conspiracy by the US govt.

I'm not completely joking. I heard some official on the radio yesterday (I wish I remembered who) bemoaning the labor participation rate, and the effect that has on income tax revenues. Ding ding!

So the govt. is bummed people are checking out and limiting their tax payments.

The pundits are confused of the effect of the participation rate on unemployment and inflation.

Basically, we are being scolded for not cooperating!

+1
Thus the RMD rules.
Besides if one looks for work in their 60's, then very few wish to hire.

 

[JoeWras]

tell that to a cop or firefighter or a guy who's dragging a huge cable across a dock at age 60

Ran into some LEOs at my local Sheetz recently. It was two departments who happened upon each other (Municipal and County). They looked to be early 40s, and the first question both asked was "how long?" Answer: "5 years, 3 months, 3 days, not that I'm counting."

I chuckled to myself. But then listening to these guys, I heard just how tough it is on them. Hell, I wouldn't want to run around in dress shoes, just for starters.

So, yeah, right. Cop or Firefighter to 70. Sure.

 

[scrabbler1]

Nope. Doesn't pay off if you are dead or less-able than you were at 55 when you should have retired. And now you want to push to 70?

The topic of this article was discussed a few weeks ago. It keeps popping up in various newspapers. I think there is a conspiracy by the US govt.

I'm not completely joking. I heard some official on the radio yesterday (I wish I remembered who) bemoaning the labor participation rate, and the effect that has on income tax revenues. Ding ding!

So the govt. is bummed people are checking out and limiting their tax payments.

The pundits are confused of the effect of the participation rate on unemployment and inflation.

Basically, we are being scolded for not cooperating!

When I am watching TV and some talking head start bemoaning about the labor force participation rate dropping, I raise my hand and yell back to the TV, "Tee Hee, here I am, part of the problem!"

I couldn't imagine working to 70, or 65, or 60, or even 55 (my age now) or 50, when I decided to retire nearly 10 years ago at 45. I'd be so miserable.

 

[mystang52]

Well, at least the article acknowledged that often people don't have a choice to work until 70 due to layoffs, health, etc.

 

[GravitySucks]

Much like taking public transportation, I'm all in favor of others doing it.

 

[Red Badger]

Much like taking public transportation, I'm all in favor of others doing it.

+1.

60 was enough (and then some). 70? yagottabeshittinme!!!

 

[OldShooter]

This is actually a looming demographic problem worldwide. IMO the best solution for the US is to encourage immigration.

This week's Economist magazine has a very good article discussing the issue: https://www.economist.com/news/inte...igate-dangers-many-countries-suffer-shrinking

 

[MichaelB]

I think everyone should work 'til age 70.

Except forum members, that is. If everyone else worked, there'd be no daytime traffic and running errands on weekdays would be easy-peasy.

 

[Freedom56]

Retire at 70? Not much of a financial expert or financial genius. But then again I know a lot of financial advisers in Southern California that rarely practice what they preach. I know one that is 78 years old and is still working and can't afford to retire. Does anybody on this board want to follow that type of expertise? A lot of people have retired early by avoiding and ignoring these so called experts.

 

[user5027]

If I was a Financial Professional I would want all my clients to keep working forever to grow my Assets Under Management.

 

[Red Badger]

This is actually a looming demographic problem worldwide. IMO the best solution for the US is to encourage immigration.

This week's Economist magazine has a very good article discussing the issue: https://www.economist.com/news/inte...igate-dangers-many-countries-suffer-shrinking

I'd be more aligned with a more generous work visa program for now. We've got the jobs and our neighbors to the south could use them. Not against a look at emigration, but would look at that for the more skilled occupations. I believe we need both (skilled/unskilled), but also need different solutions. And if the non-resident roofer/lawncare guy (gal) qualifies for SS or M-care, pay 'em. They earned it.

 

[OldShooter]

I'd be more aligned with a more generous work visa program for now. We've got the jobs and our neighbors to the south could use them. Not against a look at emigration, but would look at that for the more skilled occupations. I believe we need both (skilled/unskilled), but also need different solutions. And if the non-resident roofer/lawncare guy (gal) qualifies for SS or M-care, pay 'em. They earned it.

Yeah. That's a complex question. I favor the Canadian (and others') approach where the prospective immigrant is evaluated based on skills and money from which the US might benefit. But we are also gonna need the personal care workers, probably more than the roofers. Whether work visas/green cards or citizenship isn't a huge deal for me. Whatever brings them here and keeps is what is important. We need their work and we need their taxpaying.

The public discussions of this issue are made more difficult by people who do not understand the "lump of labor" fallacy: https://en.wikipedia.org/wiki/Lump_of_labour_fallacy

I dunno; is this politics? I just got my wrist slapped for a post in another thread that I didn't think was political.

 

[aja8888]

I think everyone should work 'til age 70.

Except forum members, that is. If everyone else worked, there'd be no daytime traffic and running errands on weekdays would be easy-peasy.

Around here (The Woodlands, TX), the biggest traffic jams happen between 11:00 am and 6:00 pm during the week. It boggles my mind to see so many people not working. And the vast majority of them are not seniors. The local Walmarts (4 super centers within a 5 mile radius) are jam packed all day long.

I must be missing something as I see "help wanted" signs at every retailer and small business.

 

[jim584672]

Suze Orman was saying work until 70 recently.

I agree, someone needs to pay for my Social Security.

 

[Koolau]

I dunno; is this politics? I just got my wrist slapped for a post in another thread that I didn't think was political.

If we were to use only logic and reason, this wouldn't be political. But since most of us can't keep emotion out of it (I include myself, of course), I do think I'm starting to smell bacon. YMMV

 

[UnrealizedPotential]

Financial experts? Aren't these so called financial experts still working? Why should I listen to them? Besides I already cut out and I have no plans on going back to work.

 

[Dtail]

Financial experts? Aren't these so called financial experts still working? Why should I listen to them? Besides I already cut out and I have no plans on going back to work.

Amen +1000

 

[Souschef]

Well i did not have a choice for ER. I had to keep w**king to have my late wife covered medically after her brain aneurysm.
After she passed away, I kept w**king out of inertia and no plans.
I remarried at age 69 and retired at age 70. I did take SS at FRA, so i had 5 years of that in my kitty.
IMO, there are no guarantees on longevity, so if you can ER go for it!!!

 

[DrRoy]

Advice that may be applicable to a broad average of people is useless for many individuals.

 

[Maenad]

I think it has very little to do with the government and the IRS and a whole lot to do with the fact that almost everyone is living above their means and has no retirement savings whatsoever. If they work until 70 they can at least collect the largest SS benefit and maybe live off of that.

 

[scrabbler1]

Around here (The Woodlands, TX), the biggest traffic jams happen between 11:00 am and 6:00 pm during the week. It boggles my mind to see so many people not working. And the vast majority of them are not seniors. The local Walmarts (4 super centers within a 5 mile radius) are jam packed all day long.

I must be missing something as I see "help wanted" signs at every retailer and small business.

This reminds me of a time back in 1991 when I was driving my parents to LaGuardia Airport. It was about 9:30 AM and he highway had a lot of traffic on it. This was during the 1991-92 recession, and unemployment was rising, if you recall. My dad wondered out loud if all the traffic was from the horde of people on their way to the unemployment offices!