Author Topic: Hey guys!! Who knew that if we wanted more money, we could just work longer???  (Read 1830 times)

Malkynn

  • Handlebar Stache
  • *****
  • Posts: 1688
https://www.cnbc.com/amp/2019/08/25/the-benefits-of-delaying-retirement-to-70-according-stanford-research.html

How sad is it that in 2019, telling people that they could choose to work more years if they want more money is considered an article worth writing.

ysette9

  • Walrus Stache
  • *******
  • Posts: 5545
  • Location: Bay Area, CA
    • Insert Snappy Title Here (Journal)
Sigh.

Then again, if you get to age 63 and réalize you don’t have a plan in place to allow you to retire, working a few more years probably is the best option you have.

It is almost like you need to plan this stuff in advance...

TheGrimSqueaker

  • Handlebar Stache
  • *****
  • Posts: 2189
  • Location: A desert wasteland, where none but the weird survive
  • www.theliveinlandlord.com
I have two problems with the OMY concept.

The first problem with "working a few more years" is that it requires that we all pretend that the years of squandered opportunity didn't occur. It's like a sports team trying to turn around a losing game in the last minute on the clock. I don't know how many times I hear a losing coach complain that he or she "ran out of time".

It's possible to overcome a slow start in pretty much every endeavor that requires sustained effort, but it does require that a person, or team, stop doing the things that caused the slow start or the loss in progress. When people spend 40-odd years out of what for most people is a 45-year career spending every cent they earn and accumulating nothing but doodads that can't be readily converted into money for living expenses, the only predictable result is to not be able to retire. When they realize at age 63 that they have little or nothing to retire on, and that it's time to take action, I don't see why it's any different from a soccer coach who lets her team piss away the first 86 minutes of a soccer match against a lower-caliber team, passing the ball around and either deliberately allowing the other team to score or (in the case of a deficit spender) scoring an own goal... and then trying to turn it around in the last four minutes... and then crying about how her team "ran out of time" when the final whistle blows. My response to such a coach would be: bitch, you had 90 full minutes to get the job done when you had every possible advantage. After you squandered more than 95% of the opportunity given to you, how dare you complain that you needed one more minute-- an extra 1.1%-- to get the job done?

Note that I'm not describing a team that's overmatched or overcoming some massive difficulty like player injuries, such that a win would have been difficult. I'm talking about something that should have been winnable by a large margin. Think France versus Korea Republic in the 2019 World Cup, not France versus Norway.

The other problem with the OMY approach is that, barring a serious accident, people have the OMY problem they have because their spending level was too high for their income. Continuing that pattern for one more year isn't going to change anything. One more year of the same strategies that created an OMY problem won't do anything to correct it.

Brianmcg321

  • 5 O'Clock Shadow
  • *
  • Posts: 25
https://www.cnbc.com/amp/2019/08/25/the-benefits-of-delaying-retirement-to-70-according-stanford-research.html

How sad is it that in 2019, telling people that they could choose to work more years if they want more money is considered an article worth writing.

Unfortunately, most people will work until they are 70, and still not have anything saved to retire. Hoarders will keep hoarding and spenders will keep spending.

2sk22

  • Stubble
  • **
  • Posts: 245
Furthermore, this assumes that you can stay employed past your fifties. Most companies seem to be in a hurry to get rid of older employees.

Just Joe

  • Magnum Stache
  • ******
  • Posts: 3217
I hear people tell others to "live a little" aka spend and be happy. Spending guarantees a need to generate an income. So...

Bloop Bloop

  • Handlebar Stache
  • *****
  • Posts: 1034
  • Location: Melbourne, Australia
The one good thing that could be taken out of that concept (of working till a late age) is that able-bodied people ought to be indoctrinated to not retire till they have sufficient savings in their bank accounts to do so - rather than sponging off the government.

BiochemicalDJ

  • Bristles
  • ***
  • Posts: 350
  • Location: Ottawa
    • My FI Journal
"... Otherwise, they might need to learn how to live on reduced spendable income compared to their working years."

Jesus. Captain obvious clearly in command.

Sent from my LG-H915 using Tapatalk


Malkynn

  • Handlebar Stache
  • *****
  • Posts: 1688
"... Otherwise, they might need to learn how to live on reduced spendable income compared to their working years."

Jesus. Captain obvious clearly in command.

Sent from my LG-H915 using Tapatalk

I know!!!

Can I get paid to write a finance article that basically amounts to "money is money and spending is spending"?

MonkeyJenga

  • Walrus Stache
  • *******
  • Posts: 8553
  • Location: the woods
  • resting up for 2020
"... Otherwise, they might need to learn how to live on reduced spendable income compared to their working years."

Jesus. Captain obvious clearly in command.

Sent from my LG-H915 using Tapatalk

I know!!!

Can I get paid to write a finance article that basically amounts to "money is money and spending is spending"?

I'm sure you could, but I doubt the money would be worth the life energy spent.

Wrenchturner

  • Pencil Stache
  • ****
  • Posts: 500
  • Age: 31
  • Location: Canada
"... Otherwise, they might need to learn how to live on reduced spendable income compared to their working years."

Jesus. Captain obvious clearly in command.

Sent from my LG-H915 using Tapatalk

I know!!!

Can I get paid to write a finance article that basically amounts to "money is money and spending is spending"?

Moisture is the essence of wetness, and wetness is the essence of beauty. -Derek Zoolander