So you spent the last 30 years buying shit you couldn’t afford with money you didn’t have and now you think you’ll just keep working, denying entry level jobs to young people. Those nice vacations, leased cars, and houses twice the size you really needed sure did cost a lot of money. Amazing that you could reach the age of 50 and have only $50,000 of retirement funds stashed away. Frugality certainly wasn’t one of your strong points. Delusion has seen you through so far, why not keep it going into your 70s.
You morons actually think someone will keep paying you to work into your 70s? Employers will not want you. Healthcare costs for old geezers are too steep. A 25 year old is healthy and won’t throw out their back every time they bend over.
Boomer delusions will be obliterated when they realize they have no savings, their home forgot to appreciate, and there are no jobs for 70 year old delusional knuckleheads. Oh well. It couldn’t happen to a bigger bunch of materialistic crybabies.
People plan to work into their 70s or later
Almost four in 10 workers say they’ll retire after age 70 — or just keep working
By Andrea Coombes, MarketWatch
SAN FRANCISCO (MarketWatch) — Almost four in 10 workers said they’ll work long past the normal retirement age, if they even retire at all, and a growing number of people said the recession will force them to work longer in life, a new survey finds.
Thirty-nine percent of people said they’ll work past age 70 or simply never retire, according to the annual survey from the Transamerica Center for Retirement Studies, a nonprofit private foundation.
Of those who say they’ll work in retirement or after age 65, 34% said it was because they can’t afford to retire and 9% said it was because they need the health benefits, according to the survey.
Continuing to work is “a very important opportunity to bridge their savings shortfall,” said Catherine Collinson, president of the Transamerica Center for Retirement Studies.
“If you expect to live to 95 and you retire at 75 versus 65, that gives you 10 additional years to generate income and save, and 10 fewer years that you need to save for. It’s a wonderful opportunity to help workers bridge their savings,” she said.
Still, a problem for those who plan to work well into their 70s is that strategy assumes they’ll keep their jobs and stay healthy. “Planning not to retire is not a retirement strategy,” Collinson said. “Too often, life’s unforeseen circumstances can dictate otherwise, be it through a job loss, health issues or life’s other obligations.”
Yet 87% of those workers who plan to keep working said they don’t have a back-up plan if for health or other reasons they’re unable to continue working.
And 82% of all workers in the survey said they don’t have, or aren’t sure if they have, a back-up plan.
Collinson said creating a back-up plan requires some creativity. Trying to stay as healthy as possible is one idea, she said.
Another idea: Taking a page from the “Golden Girls” and consider living with a roommate or two in retirement.
“Maybe it’s not the retirement that we envisioned,” Collinson said, “but even though it’s different, that doesn’t mean it needs to be worse.”