SHOULD WE RETIRE RETIREMENT?

boblonsberry.com ^ | 06/10/15 | Bob Lonsberry

[Billthedrill]

I'm 62 and it's time to do something else. That does not necessarily mean retire, but "doing something else" has a fairly high threshold if it entails competing for an entry-level position in another field at age 62. Best of luck with that.

That doesn't mean not to prepare. The fact that I can contemplate retirement with home and car paid off and enough savings to last (if my loving government keeps its grubby hands off it), confers a feeling of freedom that's worth working for. I evangelize this to my younger colleagues until they're tired of hearing it, but if somebody hadn't done that for me thirty years ago I'd be as stuck as a lot of my fellow Americans appear to be.

But it really is time to do something else. The flip side of all the experience I've gathered in a field in which it's still worth something (but steadily less) means that I've done it enough to be thoroughly burnt out on quite a bit of it. As my retirement mentor told me, when that becomes all of it, it's time to go. But you have to retire TO something, not FROM something, or you end up dead of boredom and senescence in five years. No thanks.

[kabar]

We have the lowest labor participation rates in 38 years for those 16 to 65. The percentage of those over 65 working has increased, which is more a function of economic necessity than anything else.

Most Americans still stop working by the time they hit 65. But about 18.5 percent of Americans age 65 and over were working in 2012, according to the Bureau of Labor Statistics. That's a nearly 8 percentage point increase from a low in 1985, when just 10.8 percent of Americans over age 65 were still at work.

A new GAO analysis finds that among households with members aged 55 or older, nearly 29 percent have neither retirement savings nor a traditional pension plan. Even among those who do have retirement savings, their nest eggs are small. The agency found the median amount of those savings is about $104,000 for households with members between 55 and 64 years old and $148,000 for households with members 65 to 74 years old. That's equivalent to an inflation-protected annuity of $310 and $649 per month, respectively, according to the GAO.

While some may consider the numbers working over 65 to be a good thing, it does have an impact on younger workers who will find it more difficult to find jobs and promotions. There are fewer native born Americans working now than in 2000 despite an increase in the working age population of 25.6 million. And add in the impact of automation and you have some real problems, economically and culturally.

[Uncle Miltie]

What proportion of the younger generation is prepared to be productive?

Damned few.

Old productive people have to work until they die to fund the young unemployable tattooed “activists”.

[notdownwidems]

(There are ways to rack up frequent flyer miles and hotel points without traveling. That’s my plan.)

Care to share?

[Maris Crane]

You are so SO right. Feeling sorry for someone who just wants to cut his lawn, or admiring someone who wants to sail around the world, it all boils down to:

IT’S THEIR BUSINESS and may they enjoy their choices.

[Mr. K]

I would LOVE to ‘retire’ to a 3, 10-hour day work week

Keep earning, give someone else a chance to work on some of the other 3 days, 4 day weekend EVERY SINGLE WEEK!!!!!!!!!!

[SeekAndFind]

RE: Number of working-age natives

What age group would that be? I hope they are not including the eligible for social security crowd or the teenagers ( most of them are in school ).

[48th SPS Crusader]

turning old age into a near useless stage of life.

Speak for yourself Lonsberry!

I have tons of things I can do if retired.
I volunteer at my church teaching children.
I volunteer with a veterans group.
I am interested in getting into couch youth softball.
We are bikers. We love to travel and see people and places through out our Nation..
I have plenty to do thank so much. You want to work for someone else until you are 90 go for it. Leave me out........

[CIB-173RDABN]

A person who see themselves as the work they do will have a difficult time in retirement.

Personally, work for me was a way to pay the bills, I always had outside interest. When I retired I just spent more time on those things that interest me.

I miss the paycheck but we did plan on our retirement and as it stands, we could live on our social security but fortunately do not have to.

[RKBA Democrat]

Social security must be getting close to insolvency. Expect more articles on “why you shouldn’t retire.”

USSAToday had a lead story today on the 15% of medicare recipients who expend 50% of medicare funds. All that was missing was the line about “useless eaters.”

[wrench]

It seems half the gov’t workers I run into are retired, retired on the job.

[HotHunt]

To each his own. My wife and I both retired from our "careers" at 62, started drawing Social Security and haven't had a moment free to rock on the front porch since.

We moved from the big city in Arizona to the country in Florida and decided to start a whole new lifestyle. We raise Angus beef cattle on thirty acres. Our days are long and filled with never-ending chores, projects and thing after another. Never a dull moment or time to sit back and rest on our laurels. We've learned to raise the cows, build and repair fences, keep our tractor and other farm implements working, built a house, two barns, a cattle management set-up in the barnyard, planted a large garden and fruit trees, got some chickens and a horse and never looked back.

We are having the time of our lives and wished we had done this sooner. Retirement for us is not traveling, golf and going to the beach. It is hard work and being productive. It keeps you young.

I have just one complaint about retirement. You never get a day off. :-)

[caww]

That's exactly right......I've thought about this too. Just go do what you might love to do....and even more than just one place ....make yourself you're own “temporary” service. On call when available...and you can decline work any time as well if it interferes with what you otherwise have planned.

[1Old Pro]

The public union defined benefit recipients are now the new elite. Retired at 50 or 55, close to 80% of salary, medical paid for.

[Kickass Conservative]

I’m taking my SS at age 62 and still working.

With my Medical Condition (Leukemia) and the fact that I am draining my Retirement Savings dry just to keep our heads above water, I had to take it as soon as I could.

The SS will cover about 3/4 of my Healthcare Premium. That will probably change to 2/3 of my Healthcare Premium once the 20% expected Premium Increase kicks in January 2016.

That Shining City upon a Hill turned out to be Baltimore and the Wizard of Oz is a Marxist Community Rabble Rouser.

[HiTech RedNeck]

If I live long enough, I would want “end of first career” to be “beginning of second career.” Until and unless I get so decrepit even that is not possible.

Contracting could also be a good way to dip back into the workforce after a conventional employment career, without expectations of indefinitely long engagement on either side.

[HiTech RedNeck]

And bored silly so they get to do lots of “liberal” things.

[Trapped Behind Enemy Lines]

Based on all of that. I would not conclude that you are “retired”.

Agriculture and cattle raising is a career and it is also very hard work.

From what you wrote, it doesn’t like retirement all to me. In addition you are a business owner. Which is also a lot of hard work.

[upchuck]

Working Retirement - is now what it's all about. Go from a job to doing something you love to do.

Agreed. IMHO, volunteering is the best way to do that.

[VRWCarea51]

The public union defined benefit recipients are now the new elite. Retired at 50 or 55, close to 80% of salary, medical paid for.

------------------------

Mine is nowhere near that. Actually the Calculation is 1.5%xYOSxFAC (Based on Highest 5 years income)

So if my FAC was 50k it would be .015 x 30 x 50k That would come out to 22,500/12 =1875 per month. Then subtract a 20% mandatory Insurance copay at approx. 300 dollars right now. It is a Medicare hybrid for Public Employees. Medicare being the Primary.

At any rate it is no where near 80% you claim.