Will we ever retire?

[Omaha Steve]

http://www.laborradio.org/Channels/story.aspx?ID=1969029

5/24/2013

Are we witnessing the end of real retirement for workers? Jesse Russell reports:


A majority of U.S. workers plan to work passed retirement. A recent Gallup poll finds that 39 percent of those surveyed said they'll likely work past the retirement age because they won't have a choice while 40 percent say they'll do so because they want to keep working. Only 19 percent of those surveyed by Gallup say they'll stop working at the retirement age. The number of workers saying they'll continue to work out of necessity hasn't fluctuated much since the same time In 2011. However, the majority of those who do plan on working after retirement plan to only work part-time instead of continuing full-time work. Perhaps not surprisingly, those who make less than $30,000 per year are much more likely to continue to work beyond retirement than individuals who earn more than $75,000 per year. Although 49 percent of those who earn more than $75,000 per year say they'll continue to work by choice.

[sheshe2]

1. I know I will have to continue after 65, Steve.

It's not all that far away for me. Unless something changes drastically in my rental situation, I will be stuck.

I have a chance at something in the near future hopefully. Time will tell.

[jimlup]

2. I think I'll be working 'til I'm 150 or so

By current estimates. Unfortunately that commercial about being a vampire is uncomfortably true.

[SoapBox]

15. Ditto.

...and that 150 is the minimum!

[michigandem58]

3. Folks may need to work and not be able

Once you get toward 70, the physical and mental challenges of a job may become too much. Not to mention finding an employer that wants you.

[antigop]

4. yeah...where, exactly, do people think they are going to work when they are in their 60's? nt

[SHRED]

5. hopefully next year at 57

Thank you Obamacare.

[Curmudgeoness]

6. 40% say they will continue to work because they want to????

Seriously, I want to talk to all those people. I am closing in on 60, and all I want out of life is to escape. It permeates my dreams.

[Skittles]

7. sometimes I wonder if it is a pride thing

while I'm sure there are people who claim they would work even if they won a big lottery, I think perhaps many of those claiming they "want" to work really will have no choice - I, like you, would LOVE to escape - I'm tired of days on end where it seems all I do is eat / work / exercise / sleep - that's it

[Curmudgeoness]

22. You have time for exercise????

I always say all I do is eat, sleep, and work...and wish my life away. Every Monday, I wish for Friday.

BTW, if I won the lottery, they would have a hard time getting me to tell someone where my passwords are, much less train someone to take my place!

[Skittles]

24. I work 50 hour weeks and exercise an hour a day

my secret? I don't have kids

[Curmudgeoness]

26. I have no kids either

and that does give me freedom that others do not have.....but I am just drained by the time I get home.

I know that I would feel more energy if I did exercise more. But the hard part breaks me every time.

[Skittles]

28. I exercise before I go to work

there is no way in hell I could exercise after work, no freaking way

[Seedersandleechers]

11. You can talk to me.

I'm 60 and I love my job. I work 3 twelve hour shifts a week and can still run circles around my co-workers who are half my age. I can pick the days I want to work and my job affords me the ability to do a lot of traveling. I can also choose to work part-time if I want which would be one or two twelve hour shifts a week. And my boss is a sweetheart! I could keep this up another 10 years at least.

[Curmudgeoness]

23. Wow, that is amazing.

I think that I could enjoy working 3 days a week, even if it is for 12 hours at a time. That leaves 4 days a week of freedom.

You don't know how lucky you are to have found such a great job! I envy you. Really.

[Nay]

17. I hear you. I retired at 61, having had a brush with cancer AND the luck of having

enough years at my workplace to carry my health insurance at employee rates until Medicare kicks in. Have a hubby who made a lot more $$ than I who also retired, so we are doing decently financially.

Retirement is heaven. I did not have a 'hellhole' job, although some of the ppl I worked with weren't the best in the last 5 years -- but I wanted to escape. I felt my life being drained away by work, and I just had to take the leap. I have never looked back. It took me about 30 minutes to get used to retirement.

[Curmudgeoness]

25. "I felt my life being drained away"....

that is so true. I realize that my job is much better than some, and I shouldn't complain about it, but it does just suck the energy from me. Another problem I have is that all my friends are already retired, so I am the last one with the commitment to drag my ass out of bed every day. And they all agree with you----they got used to it immediately and never missed it.

If I had a brush with cancer or another serious disease, I think that I would re-evaluate everything that was draining me. I am so glad you are happy.

[Nay]

31. Thanks...it has been wonderful. Despite the cancer (breast), I remain healthy enough to get around

easily, go powerwalking every day, do my gardening, see my grandson, basically anything I feel like doing. I have no sign of cancer recurrence and the type and stage of it along with the miracle of excellent doctors has given me a 95% of it not recurring.

What's amazing about retirement is that the stress levels go down to nothing. Both Mr Nay and I used to have high blood pressure often enough at the doc's office for the doc to suggest pills, but now that I'm retired, my BP is 120/75. I don't think most people realize just how damaging modern work can be.

My favorite coworker (we got along famously and helped each other through all sorts of crap) retired 6 months after I did, mainly because she no longer had anyone she could commiserate with. So I understand your pain.

[airplaneman]

8. I am only 59 and things are looking more grim for retirement the closer I get.

Me and my wife are both looking at surgery's this year. Although we have insurance the co-pays could climb to $20,000 this year alone. Also I have some fear I may not have employment from now to 66 when I reach retirement (100%). Retiring at 62 is out of the questions unless I am willing to have no money or insurance. I am trying to get out of debt before 66 and it does not look good if I have too many health problems especially if I am unemployed and uninsured. I guess I will count my blessings if I have a decent job with insurance for years to come.
-Airplane

[Aviation Pro]

18. Why do you think ALPA pushed so hard to have the retirement age raised...

...for pilots from 60 to 65? Because a lot of pilots bought two or three houses for women they can't stand, never planned for retirement and were screwed by all the mergers and bankruptcies that have occurred since deregulation in 1978.

Unfortunately, that extra five years won't help and I'll end up seeing a lot of them at training centers and flight schools through their 70s and 80s as they "give back to aviation."

[barbtries]

9. i don't expect to be able to retire.

i can be pleasantly surprised if absolutely everything goes my way over the next several years, but basically i expect to die at my desk.

[bvar22]

10. We didn't "retire". We went "On STRIKE" in 2006.

In 2006, my wife and I, in our 50s,
facing decreasing wages and opportunity for employment,
cashed out everything and paid the penalties,
sold everything else,
and bought Bubble Proof property in The Woods,
in a distressed area of the country,
with laughably low property taxes and CoL.

We live there now with no mortgage, debt, or credit cards.
We are self-unemployed, and use sweat and labor to rehab and improve these few acres while living here. This was a much better deal for us than working retail and paying rent.

We grow much of our own food,
cut our own firewood for heat in the Winter,
keep Chickens and Honey Bees,
build or rehab everything ourselves, preferring to buy tools and learn how,
instead of hiring someone else.

We buy nothing NEW if we can avoid it.
Instead, we buy 2nd hand or salvage and make it work,
or do without.

Over the last 6 years, we have joined a rural Barter network
where we have traded our goods and labor for goods and labor.

Last year, I started early drawing Social Security,
and my Wife will do so in two years.
Occasionally, we pick up a few dollars working temp jobs,
but there is more than enough work around here to keep us busy,
and keep us investing sweat equity.

We live well on a very low "taxable" income.
Very little of OUR money and sweat is going to Bail Out Wall Street
or keep the Pentagon funded.


We are Wealthy beyond our dreams,
but have few dollars in the bank.
It is not for everyone.
My Wife & I are fit and healthy, with strong backs
and have no dependents.
Between the two of us, we have a complimentary Skill Set that makes this fun (most of the time),
but we work harder today than when we worked for someone else.

We are currently harvesting Asparagus and Strawberries,
and they are To-Die-For.

[snot]

12. And then, some retire early, involuntarily.

[hotrod0808]

13. I know

that I will never retire. My employer offers a 401k plan, but no pension. The Republicans will not be happy until they abolish Social Security, and they will, since no Liberal politician will stand up to them. I am still in debt due to the failure of my business, which caused me to take this crummy job to begin with, Also, even with government assistance, my family has accrued massive amounts of debt taking care of our terminally-ill infant. The bottom-line is that I will work until I die, and that is just pure fact.

[snappyturtle]

14. I'm so sorry to hear this. I hope you can find a not so crummy job...that might

ease things a bit for you.

Welcome to DU!

[SheilaT]

16. I'll be retiring in a few more years.

I have chosen to work only part time since 2010, and therefore I'll probably work another five years, until I'm 70. But I chances are I could quit in a year or two and be just fine.

With the exception of serious medical stuff, I honestly don't get the people who keep on claiming they can never retire. Did they only ever work at minimum wage? Did they never save any money at all?

We always saved. Every year there was bonus money, and we never spent it, but put it aside and invested. There was an inheritance, which again, was not spent, but saved and invested. In the divorce, while I did not get as much as I thought I should have gotten, my share of what we had was enough that so long as I live somewhat frugally, I can work just part time and still postpone collecting social security for a bit longer.

There was never a time when we earned as much as $75,000 a year, and yet we still saved. Sometimes when I see hypothetical budgets for retirees, I'm amazed at how much money it's assumed they'll have to have.

I know that I actually have a lot more than many people, but that's thanks to the diligent savings described above.

Because I've never had a job that I've really loved, I'm in awe of those people who do love their jobs and sincerely want to keep on working as long as possible. For me, work has always been just that: work. My current job is bearable mainly because it's part time. I work the information desk at the local hospital, 4-8pm Mon through Fri, and I often put in extra hours for one reason or another. It's easy to the point of mindlessness, and thank goodness I have access to the internet and can read while on the job. I've also been working on a novel, which is a good way to spend the shift.

The only reason I'm not retiring as soon as I hit 66 is that I really do need the income. I love to travel, and if I weren't working at all I wouldn't be able to travel much. Since my current job has benefits, health and paid leave, I'd be a bit of a fool to leave it too soon.

But if someone gave me a winning lottery ticket (I don't buy them myself) I would quit in a heartbeat.

[rhett o rick]

19. Sadly, with the lack of jobs, you may not get a choice when you "retire".

Many will want to work after 55 for financial reasons but find that jobs are not available to their age.

[OmahaBlueDog]

20. My dad still works full time at nearly 80

Truth be told, I think it's better for his health. It's certainly better for his pocketbook, but he can afford retirement if he wanted to. Without getting specific, his earnings are on the north side of $75K (and before anyone draws the wrong conclusion -- he's a staunch Dem. He still proudly shows off his Stevenson tie tack with the hole in the shoe).

[kelly1mm]

21. Wife and I are retiring June 2014. She will be 46 and I will be 44. No kids and ACA (Obamacare)

are the keys along with a paid for farmette, wood heat, solar panels. It is possible but it takes WORK and LUCK.

[Trajan]

27. I am one of the fortunate ones ....

I latched onto a defined benefit plan with a major aerospace company, and though they have frozen further accrual, I managed to get 24 years vesting ....

My problem is: Can I overcome my health issues and actually survive another ten years to reach retirement ?

That ball is in my court ...

[Hoyt]

29. I plan on working until I can't, maybe parttime at some point.

When I get too old or ill, I will quit. But, I had to help my mom as she aged (glad to do it) , and unless you have support from kids, or savings, I'm not going to walk away from some extra money unless someone ticks me off.

[tularetom]

30. If you were born before WWII you have probably already retired

If you were born after the end of the war it's iffy.

In many ways those of us born in the late 30's/early 40's had it very easy. We grew up in a time of economic expansion, found jobs easily after leaving school, we were too young for Korea and too old for Vietnam and we spent our working lives in the era of defined benefit retirement plans.

Not so for our kids. Our daughter is a young boomer (born 1963) and while she has never been unemployed, she has been unable to fund a nest egg for retirement, and as she approaches 50 she is afraid she will be working for the rest of her life. Our son is not much better off although he seems less concerned about his prospects for retirement. Of course they will inherit something from our estate but it won't be sufficient to support a happy retirement.

It's anecdotal for sure, but IMO it reflects the situation of many boomers and gen-Xers. It really is true that people born after 1960 are the first generation of Americans who will not be better off than their parents.