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It's a Trap! The Keep W*rking Plan
10-22-2018, 02:51 PM
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#1
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Recycles dryer sheets
Join Date: Nov 2006
Posts: 428
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It's a Trap! The Keep W*rking Plan
Interesting data from Kiplinger:
Consider this: 53% of workers expect to work beyond age 65 to make ends meet, according to the Transamerica Center for Retirement Studies. Yet, you can't count on being able to bring in a paycheck if you need it. While more than half of today's workers plan to continue working in retirement, just 1 in 5 Americans age 65 and over are actually employed, according to U.S. Department of Labor statistics.
Talk about being set up for failure.
Only 28% of baby boomers surveyed by Transamerica have a backup plan to replace retirement income if unable to continue working.
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10-22-2018, 03:27 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 2,223
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Quote:
Originally Posted by Tekward
Interesting data from Kiplinger:
[I]Consider this: 53% of workers expect to work beyond age 65 to make ends meet, ........................................ Only 28% of baby boomers surveyed by Transamerica have a backup plan to replace retirement income if unable to continue working.
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Ha, I got 4. Amway , Avon , Marry Kay ( going to get that Pink Cadillac ), and Herbalife. One more, Publishers Clearinghouse.
__________________
" A person is smart, but People are dumb, dangerous, panicky animals, and you know it " Agent "K", Men in Black
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10-22-2018, 03:34 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,501
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I opened up a position. They can take mine.
__________________
“No, not rich. I am a poor man with money, which is not the same thing"
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10-22-2018, 03:34 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
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We've got three BU plans.
1. Domestic relo from mod COL area to LCOL area
2. Lake Chapalla
3. Chaing Mai
In that order.
__________________
Never let yesterday use up too much of today.
W. Rogers
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10-22-2018, 03:38 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,184
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65 today isn't the 65 of 30 years ago. There's no reason some people couldn't work past 65, if they want or need to.
Not everyone has a goal to retire early.
Some were sloppy with their money, but others had life situations that kept them from saving enough money for retirement.
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10-22-2018, 04:01 PM
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#6
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,290
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Quote:
Originally Posted by RunningBum
Some were sloppy with their money, but others had life situations that kept them from saving enough money for retirement.
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Indeed. Yesterday at the gym I noticed that a lady on the cleaning staff appeared to be well over 65. It's probably a safe bet that she's not there for the social interaction.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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10-22-2018, 04:23 PM
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#7
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Recycles dryer sheets
Join Date: Mar 2018
Posts: 364
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Been to walmart lately?
Hope that is not me after retirement
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10-22-2018, 04:43 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
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Quote:
Originally Posted by Walt34
Indeed. Yesterday at the gym I noticed that a lady on the cleaning staff appeared to be well over 65. It's probably a safe bet that she's not there for the social interaction.
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Ditto.
There is a Chik Filet near out hood. It's always slammed. Anyway, really, really, senior guy doing the custodial stuff. I tried to BS myself and think he was there from choice. I really doubt that thought.
__________________
Never let yesterday use up too much of today.
W. Rogers
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10-22-2018, 04:45 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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He's adding meaning to his life.
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10-22-2018, 05:14 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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A real problem is that employers love to lay off older well paid employees and replace them with lower cost younger ones. Insurance costs for them are lower as well. They are one recession away from being laid off.
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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10-22-2018, 05:14 PM
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#11
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,593
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Quote:
Originally Posted by RobbieB
He's adding meaning to his life.
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Maybe he is trying to hook up with a younger chic!
__________________
*********Go Astros!*********
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10-22-2018, 05:29 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,196
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You mean younger Chik.
__________________
TGIM
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10-22-2018, 05:30 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,196
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Quote:
Originally Posted by Red Badger
We've got three BU plans.
1. Domestic relo from mod COL area to LCOL area
2. Lake Chapalla
3. Chaing Mai
In that order.
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First 2 choices are also our choices.
__________________
TGIM
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10-22-2018, 06:16 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,306
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And sometimes your body just quits. A dear friend of mine who loved his work (contract IT gigs) and planned to continue indefinitely had a serious stroke at age 64. Fortunately they'd saved money all along and will be OK but his career is over. Two weeks ago I met a lady whose husband was 70 and working two PT jobs. He wanted a FT job but it had to be inside sales because he's got Parkinson's.
In some ways it was good for me to see my Dad get "demoted" from a very good job after a merger at age 58. (He and Mom had also saved and landed on their feet.) It made me realize that you don't always get to choose when your career ends.
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10-22-2018, 06:23 PM
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#15
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Recycles dryer sheets
Join Date: May 2014
Posts: 412
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Quote:
Originally Posted by Red Badger
We've got three BU plans.
1. Domestic relo from mod COL area to LCOL area
2. Lake Chapalla
3. Chaing Mai
In that order.
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I vote for Chaing Mai! Wonderful place, I can see why it is on your short list!
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10-22-2018, 06:31 PM
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#16
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Recycles dryer sheets
Join Date: May 2014
Posts: 412
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Quote:
Originally Posted by RunningBum
Some were sloppy with their money, but others had life situations that kept them from saving enough money for retirement.
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That would be my SIL. Age 72, still working. Has very little savings, no back up plan, no kids. DW and I are her closest relatives so I can see the writing on the wall; we aren't gonna let her end up on the street. Not sure what exactly will happen, we get along OK but not well enough that she could live in a spare bedroom or anything. She used to work for a famous musician, household name, very wealthy, and they are still friends. I am hoping she comes to the rescue.
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10-22-2018, 07:29 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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Quote:
Originally Posted by TwoByFour
That would be my SIL. Age 72, still working. Has very little savings, no back up plan, no kids. DW and I are her closest relatives so I can see the writing on the wall; we aren't gonna let her end up on the street. Not sure what exactly will happen, we get along OK but not well enough that she could live in a spare bedroom or anything. She used to work for a famous musician, household name, very wealthy, and they are still friends. I am hoping she comes to the rescue.
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A relative like that was one of my initial reasons to start researching low cost living. I got kind of intrigued and we have used some of the ideas for ourselves just to lower our withdrawal rate.
There are people we know and care about with no retirement savings. I don't want to see them homeless but also don't want to move them into one of our spare bedrooms so that is something I think about as well. I watch videos on tiny houses and solar cabins partly for that reason.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
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10-22-2018, 08:38 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Aug 2015
Posts: 1,890
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My backup plan and maybe even something I would do even if I didn't need the money: pet sitter / walker. Our guy is fantastic and makes enough to be meaningful. Write your own schedule and have fun playing with everyone's pets. Win Win to me.
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10-22-2018, 10:49 PM
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#19
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Recycles dryer sheets
Join Date: May 2014
Posts: 412
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Quote:
Originally Posted by daylatedollarshort
There are people we know and care about with no retirement savings. I don't want to see them homeless but also don't want to move them into one of our spare bedrooms so that is something I think about as well. I watch videos on tiny houses and solar cabins partly for that reason.
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I am thinking a yurt will work. Weather here is mild (Hawaii). We have the space.
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10-23-2018, 05:18 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,331
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There's always Uber!
Seriously, most of us here were able to stop working with some level of certainty.
The harsh reality, as I found out personally, is that once you're over 55-60, your chances of getting a 'real' job are pretty slim; that's how you end up at Chick Fila.
If for some reason you lose that $100K management job at 58 and you have nothing financially to back you up, you're in deep doo doo friend.
Another thread talks about a percentage of folk who are bankrupted by health issues. I suspect there's a larger group out there who got blindsided by having to suddenly find a new job at 55.
In reality people shouldn't be saving for retirement at 65, they should be saving in case they can't find work again at 50.
I had a stellar resume, a huge name in the industry and thousands of contacts. At 53, I never even got a chance for an interview outside of two courtesy meets. When the recruiter you hire tells you to leave the year you graduated college off your resume, you know it's real.
Not every ER is voluntary. Mine wasn't, not by any stretch but I was lucky smart enough to have planned ahead.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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