General Discussion

steve2470

(37,481 posts) Sat Apr 21, 2012, 05:14 PM Apr 2012

Retirement bottom line: Many will have to work until 70 [View all]

http://www.usatoday.com/money/perfi/retirement/story/2012-04-21/cnbc-retirement-blues-for-boomers/54383224/1

Will the old thirtysomething gang still be showing up for work at seventysomething?

That could be the case if they hope to enjoy a financially secure retirement.

Baby Boomers, with their inheritances, homes, and old-fashioned pensions, may appear to be on track for a solid retirement — but some experts say the forecast for the generation born from 1946 through 1964 isn't necessarily so rosy.

While Boomers are more likely than younger workers to have defined-benefit pension plans and certain other advantages — that's particularly true of older Boomers — many may wind up financially ill-prepared for retirement unless they work longer and save more.

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42 replies

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Retirement bottom line: Many will have to work until 70 [View all] steve2470 Apr 2012 OP

I'm already planning to work to 70.... Sancho Apr 2012 #1

Military costs way less than 20% of GDP - more like 5%. Yo_Mama Apr 2012 #29

I've always thought this was a bad scenario. xchrom Apr 2012 #2

I had planned to work past 70, RebelOne Apr 2012 #3

well, I'm sure that THIS round of voting for neoliberal hacks, Wall Streeters, and yuppies MisterP Apr 2012 #4

IF anyone will employ them. patrice Apr 2012 #5

I have two relatives in their mid 60's with no prospects of ever retiring tularetom Apr 2012 #6

That's certainly how John Boehner wants it. Yo_Mama_Been_Loggin Apr 2012 #7

You can keep right on working and get social security at 65 lunatica Apr 2012 #8

If you were married to him for more than ten years, you are entitled to a stipend based 1monster Apr 2012 #12

It is called the Widow's share" of his SS Survivor's benefit happyslug Apr 2012 #19

Actually, it's called a spouse's benefit. charlyvi Apr 2012 #20

NOT in the Actual Regulations, 20 CFR § 404.336, listed herein: happyslug Apr 2012 #21

UM....the woman's ex husband is not dead. charlyvi Apr 2012 #22

Survivor's benefit is one lump sum divided among ALL survivors. happyslug Apr 2012 #23

Do you mean that I can apply for spouse's benefits when I'm 65? lunatica Apr 2012 #32

So should I apply when I'm 65 or when he is? lunatica Apr 2012 #36

According to the regulations, apply at age 62 happyslug Apr 2012 #37

Thanks. I'll do that. lunatica Apr 2012 #38

I'm collecting Survivor's Benefits kskiska Apr 2012 #24

May or may not, depends on 20 CFR § 404.403 (d) happyslug Apr 2012 #26

Thank you for all the information lunatica Apr 2012 #34

Thanks for this info lunatica Apr 2012 #35

I was married to him for 15 years lunatica Apr 2012 #31

66 and that's going to 67 Yo_Mama Apr 2012 #30

Are you saying that it's best to wait until I'm 66 or 67? lunatica Apr 2012 #33

Once you pass your full retirement age, you can work without penalty Yo_Mama Apr 2012 #39

I did. I started collecting social security when I hit 65. RebelOne Apr 2012 #41

Not this guy secondvariety Apr 2012 #9

I don't think I could stand being retired. baldguy Apr 2012 #10

That's BS about baby boomers. I've already told my husband he can't 1monster Apr 2012 #11

I'll be working until I am dead Marrah_G Apr 2012 #13

Good luck getting hired after 55. nm rhett o rick Apr 2012 #14

It isnt how long you will "have" to work, it's how long will you be able to work. rhett o rick Apr 2012 #15

Most will be unable to find work beyond 50 ProfessionalLeftist Apr 2012 #16

Work 'til you drop. Literally. marmar Apr 2012 #17

Yup- I've always figured it's best to drop dead at work- then someone's there to deal with it NBachers Apr 2012 #18

Yeah, but will employers permit it? Ilsa Apr 2012 #25

That sucks pondwater sylvi Apr 2012 #27

I was planning to retire at 55 but thanks UpYourMedsNow Apr 2012 #28

I won't have to, but I will FreeJoe Apr 2012 #40

What is this "retirement" you speak of? Bake Apr 2012 #42