Author Topic: “Unretirement” is replacing the outdated traditional concept of retirement  (Read 4186 times)

force majeure

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Unretirement, How Baby Boomers Are Changing the Way We hink About Work, Community, and the Good Life
by Chris Farrell

I just finished reading this book, its scary reading, unless you are a Mustachian!

Quote

"In this engaging, optimistic report, he shows that US workers are staying on the job longer – which fuels growth and infuses the economy with “entrepreneurial energy.” With powerful stories of people who reinvented their careers in their 60s and 70s"

"Delaying retirement from age 62 to age 70 reduces your “required savings rate” by about two-thirds"

Retired To Win

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This "keep working longer" mantra has become an old story to me.  Meh...

IMHO, people are just being fed what their egos need to hear so they won't feel like consumer sucka failures when they realize how long it will still take them to retire -- or even if.

thd7t

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This "keep working longer" mantra has become an old story to me.  Meh...

IMHO, people are just being fed what their egos need to hear so they won't feel like consumer sucka failures when they realize how long it will still take them to retire -- or even if.
RTW, while you retired early (because you had it together), most people your age have retired now (statistically, over 80% of people retire by 67).  Do you have any experience with friends or acquaintances who have retired, but didn't save enough to keep up their lifestyle?  Based on your writing (and pretty much everyone here), a retiree can be very happy on far less than "conventional wisdom" suggests.  Do people adjust to reality (and realize that they could have lived a less sucka existence and retired early) after retiring?

Retired To Win

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This "keep working longer" mantra has become an old story to me.  Meh...

IMHO, people are just being fed what their egos need to hear so they won't feel like consumer sucka failures when they realize how long it will still take them to retire -- or even if.
RTW, while you retired early (because you had it together), most people your age have retired now (statistically, over 80% of people retire by 67).  Do you have any experience with friends or acquaintances who have retired, but didn't save enough to keep up their lifestyle?  Based on your writing (and pretty much everyone here), a retiree can be very happy on far less than "conventional wisdom" suggests.  Do people adjust to reality (and realize that they could have lived a less sucka existence and retired early) after retiring?

It's hard to know what people have as compared to what they had before unless they're willing to share very sensitive information.  So I'll just tell you a little from what I observe.

One couple I know retired, but they both have new jobs to supplement however much they're getting from pensions.  Doesn't look like they have much in the way of retirement investments.

Another couple I know a little include the wife who has medical issues that preclude her from working and a husband who is working minimum wage at the local outlet of a grocery store chain.  A couple of weeks ago some remarks of his made it sound like $30 spent on 3 dinners was a lot.

A third couple I know IMHO bought way too much house and then got clobbered in the Great Recession.  He has to be pushing 70 and still commutes to a retail store manager's job 6 days a week.  She has a working gig too.  And it doesn't sound like their retirement stash has recovered much.

Another handful of post-65 acquaintances of mine also all still work their "original" jobs.  I have no idea why they still are.

All of these folks are driving newish cars, sporting fancy smart phones and flashing jewelry.  Even if they're working minimum wage at the grocery store.  So it doesn't look to me like very much personal finance wisdom has hit them in their golden years.

I'm sure that's a good statistic you presented on 80% of 67-year olds being retired.  But I'm not so sure that it means that 80% of 67-year olds are... what shall I call it... financially viable.  These people are just not financially independent.
« Last Edit: May 11, 2015, 06:19:25 PM by Retired To Win »

thd7t

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This "keep working longer" mantra has become an old story to me.  Meh...

IMHO, people are just being fed what their egos need to hear so they won't feel like consumer sucka failures when they realize how long it will still take them to retire -- or even if.
RTW, while you retired early (because you had it together), most people your age have retired now (statistically, over 80% of people retire by 67).  Do you have any experience with friends or acquaintances who have retired, but didn't save enough to keep up their lifestyle?  Based on your writing (and pretty much everyone here), a retiree can be very happy on far less than "conventional wisdom" suggests.  Do people adjust to reality (and realize that they could have lived a less sucka existence and retired early) after retiring?

It's hard to know what people have as compared to what they had before unless they're willing to share very sensitive information.  So I'll just tell you a little from what I observe.

One couple I know retired, but they both have new jobs to supplement however much they're getting from pensions.  Doesn't look like they have much in the way of retirement investments.

Another couple I know a little include the wife who has medical issues that preclude her from working and a husband who is working minimum wage at the local outlet of a grocery store chain.  A couple of weeks ago some remarks of his made it sound like $30 spent on 3 dinners was a lot.

A third couple I know IMHO bought way too much house and then got clobbered in the Great Recession.  He has to be pushing 70 and still commutes to a retail store manager's job 6 days a week.  She has a working gig too.  And it doesn't sound like their retirement stash has recovered much.

Another handful of post-65 acquaintances of mine also all still work their "original" jobs.  I have no idea why they still are.

All of these folks are driving newish cars, sporting fancy smart phones and flashing jewelry.  Even if they're working minimum wage at the grocery store.  So it doesn't look to me like very much personal finance wisdom has hit them in their golden years.

I'm sure that's a good statistic you presented on 80% of 67-year olds being retired.  But I'm not so sure that it means that 80% of 67-year olds are... what shall I call it... financially viable.  These people are just not financially independent.
That's the sort of information I was looking for.  I wonder if some of the minimum wage workers consider themselves "retired" even though they are still working to make ends.  That's the kind of sensitive information that you can't get without being nosy.  I thought (hoped) that some people retired and had to cut back, later to learn that they could be happy with less.  Oh well, Mustachian wishful thinking!