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Business Week: "Why 70 Is the New 50"
Old 07-12-2007, 10:40 AM   #1
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Business Week: "Why 70 Is the New 50"

Another encouraging article from a consultant and a publisher who desperately want more Americans to work until they drop save Social Security & Medicare through longer payroll taxes.

Why 70 Is the New 50

At least they're more forthright about people's motivations: "Some 60% to 70% say that they want to work into their sixties and seventies because they will miss the camaraderie and the challenge of work, or because they can't afford to retire. Companies are switching from defined-benefit pension plans to defined-contribution pension plans, personal savings rates are low, and there's a lot of anxiety about paying for retirement health care—all these things are also causing people to rethink the age they stop working. But most want to work differently."
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Old 07-12-2007, 10:48 AM   #2
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Then there are those financial gurus
who say one needs millions to retire.

Between the scare tactics and the
unreasonable saving goals, it's a
wonder any baby boomer retires.
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Old 07-12-2007, 01:11 PM   #3
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Another encouraging article from a consultant and a publisher who desperately want more Americans to work until they drop save Social Security & Medicare through longer payroll taxes.
Ben Stein made the same comment yesterday on the Ray Lucia show:
the only way you can be financially secure is to continue working.
Then he went on about staying in a London 5* hotel and
how expensive it was and how we would be paying the same
prices here in the US in a few years.

Then he tells us how working isn't so bad...yea, maybe if I sat around
and occasionally had to write a short article or go on a radio show,
and had people pay me to go to Europe and stay in 5* hotels, yea,
that work wouldn't be so bad. Thanks Ben, you're brilliant.

Then he started on about annuities at which point I stopped listening.
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Old 07-12-2007, 01:19 PM   #4
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Old 07-12-2007, 02:18 PM   #5
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Originally Posted by Nords View Post
Another encouraging article from a consultant and a publisher who desperately want more Americans to work until they drop save Social Security & Medicare through longer payroll taxes.

Why 70 Is the New 50

At least they're more forthright about people's motivations: "Some 60% to 70% say that they want to work into their sixties and seventies because they will miss the camaraderie and the challenge of work, or because they can't afford to retire. Companies are switching from defined-benefit pension plans to defined-contribution pension plans, personal savings rates are low, and there's a lot of anxiety about paying for retirement health care—all these things are also causing people to rethink the age they stop working. But most want to work differently."
Darn, I thought this was a new thread about an "improved" concoction of Viagra or Cialis........
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Old 07-12-2007, 02:28 PM   #6
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From the article....

"Some 60% to 70% say that they want to work into their sixties and seventies because they will miss the camaraderie and the challenge of work, or because they can't afford to retire."


Let's see...

Some people continue to work because of camaraderie...

Some because they can not afford to retire...

Seems like completely different reasons to me.. not something to be combined...
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Old 07-12-2007, 02:31 PM   #7
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From the article....

"Some 60% to 70% say that they want to work into their sixties and seventies because they will miss the camaraderie and the challenge of work, or because they can't afford to retire."


Let's see...

Some people continue to work because of camaraderie...

Some because they can not afford to retire...

Seems like completely different reasons to me.. not something to be combined...
And, likely, some of them keep working because they forgot they were old enough to retire.
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Old 07-12-2007, 02:38 PM   #8
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They combine them intentionally to make the less popular idea seem like it is
more widely accepted, usually to push their point of view.

"Over 90% of people enjoy getting a root canal with no novocain,
or like chocolate, a recent survey by Dental Sadists of America indicates."
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Old 07-12-2007, 02:48 PM   #9
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because they will miss the camaraderie and the challenge of work
Oh, yeah, speaking as a 60-yr. old employee, that is such b.s. I expect the camaraderie element to expand exponentially for me after R and the two or three people who replace me can have the "challenge." Next.
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Old 07-12-2007, 04:28 PM   #10
 
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I really miss my buddies since I retired. What were their names again?
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Old 07-12-2007, 07:27 PM   #11
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They combine them intentionally to make the less popular idea seem like it is
more widely accepted, usually to push their point of view.

"Over 90% of people enjoy getting a root canal with no novocain,
or like chocolate, a recent survey by Dental Sadists of America indicates."
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Old 07-13-2007, 01:36 PM   #12
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I really miss my buddies since I retired. What were their names again?
You can read them off their nametags at your next reunion...
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Old 07-13-2007, 03:41 PM   #13
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You can read them off their nametags at your next reunion...
I retired Dec '04; my retirement luncheon was Feb '05.

I went to a retirement luncheon Dec '06. There were about 50 people there; I recognized all but 4 or 5; I remembered the names of 4 of them.

I don't remember the names of the projects or the programs; don't even recall the name of the division/branch...; it's probably been changed several times.
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Old 07-14-2007, 03:15 PM   #14
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I think they've got it just backwards... 50 is the new 70--- we should aim to be a few years into retirement at 50, just the way we used to be a few years into retirement at 70. Isn't everybody thinking this way? Maybe I've just been hanging out here too much...
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