Author Topic: Looking forward to working until 70  (Read 2807 times)

MasterStache

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solon

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Re: Looking forward to working until 70
« Reply #1 on: February 14, 2017, 01:00:15 PM »
fool.com is appropriately named.

RWD

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Re: Looking forward to working until 70
« Reply #2 on: February 14, 2017, 01:24:56 PM »
Wow, what a terrible article. Most of their points could be used to argue retiring earlier instead of later...

1. You'll get to save more money - at some point you'll have "enough" money and it's better to make this point happen sooner rather than later.
2. Full social security benefits - when you start taking social security doesn't have to coincide with when you stop working...
3. Shorter retirement to finance - wouldn't you want to be retired for longer?
4. You'll still be young enough to enjoy retirement - so retiring earlier would be even better!

Scandium

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Re: Looking forward to working until 70
« Reply #3 on: February 14, 2017, 01:47:00 PM »
Wow, what a terrible article. Most of their points could be used to argue retiring earlier instead of later...

1. You'll get to save more money - at some point you'll have "enough" money and it's better to make this point happen sooner rather than later.
2. Full social security benefits - when you start taking social security doesn't have to coincide with when you stop working...
3. Shorter retirement to finance - wouldn't you want to be retired for longer?
4. You'll still be young enough to enjoy retirement - so retiring earlier would be even better!

All those points except 4 are really arguments for working until you die at work! So much saved, zero retirement to finance. Sounds great..

mxt0133

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Re: Looking forward to working until 70
« Reply #4 on: February 14, 2017, 02:05:45 PM »
Oh crap I thought it was an Onion or Cracked article and was giggling the whole time. 

Telecaster

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Re: Looking forward to working until 70
« Reply #5 on: February 14, 2017, 02:21:48 PM »

All those points except 4 are really arguments for working until you die at work! So much saved, zero retirement to finance. Sounds great..

At one point she does say "keep at it as long as you can."  So maybe that was the real point and she was just trying to break it to us gently.   

I have to agree though, that not retiring makes retirement planning a lot easier. 

LalsConstant

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Re: Looking forward to working until 70
« Reply #6 on: February 14, 2017, 02:35:40 PM »
Their first point is especially silly.  One of the reasons I am whipping my sorry ass into shape is In have known a lot of men in my family who lost the ability to work in their fifties and several who were laid off in their fifties or sixties from their highest paying work ever who never were able to enjoy that income level again.

So many people think oh I will just save when I am old with a high income but then they just get old without that high income ever being a reality.

By the River

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Re: Looking forward to working until 70
« Reply #7 on: February 14, 2017, 03:01:14 PM »
My favorite quote is in #2
             "In fact, the incentive to hold off on benefits runs out at age 70. But if you can work until then and wait on Social Security, you'll be rewarded with
              significantly higher payments -- forever."

No, not forever, only until you die, which is closer to retirement age if you wait until 70. 

Dave1442397

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Re: Looking forward to working until 70
« Reply #8 on: February 14, 2017, 03:13:31 PM »
I work with a few people who are in their late sixties and have no plans to retire.

The oldest person in our office was laid off a couple of years ago. She was 74, had just refinanced her house, and spent a lot of time sleeping at her desk. She slept so quietly that no one wanted to disturb her because they were afraid she was dead. I didn't know her well, but apparently she was a recovering alcoholic and recovering gambler who had spent all her money in years past.