Why don't old folks retire when they can?

[tzjung]

Something switches in your head at that moment that you realize you no longer NEED to work. Now you GET to work. When you take that "need" away, every thing you do is because you love it. When you love it, people, whether its clients or management, can see that value you add and you can receive compensation for it. I know plenty of people who went on to be make more money in retirement because the did something they were passionate about. Sure there are people who did a **** poor job of planning for retirement or had some sort of extenuating circumstances that lead to them NEEDING to work in "retirement" but many move on to other callings. I for one (in my mid 30's) have a hard time visioning a complete retirement. Why would I? I LOVE my career and there is no need for me to ever leave it. I in no way would work 50 hour weeks but would still work in some capacity. I have the freedoms to continue my hobbies and family life as I so choose.

This right here...I love what I do. I'm sure even after I hit retirement age, I'll still do it as a consultant so I can work part time doing something I love in an industry I love AND still get paid for it.

I mean..if you're participating in something, and you feel like you add value...AND you get to be paid for it? Win-Win right?

 

[acody]

This.

If you enjoy what you do - for the fulfillment, social connections, etc - then it's not much different than an enjoyable hobby.

Absolutely. If you are healthy, enjoy your work, your work is not stressful and the management you report to is fair, then keep working. Most long term employees have plenty of vacation time earned and can take time off to do what they want. Also, each year you delay collecting social security, you get approximately a 7.5% increase in your monthly benefit. When I do decide to retire or re-focus as I'd like to call it, I want to make certain I either have a part time job lined up or plenty of volunteer work or travel. I want to stay "plugged in" because I've seen too many guys retire and die within a year. I suspect they wasted away with nothing to do.

 

[BCClone]

I didn't want to bring up another touchy point, but we're else is an easy place to find that trophy wife. Going to shaker joints in your 70s by yourself is a little pathetic, but you can always land that nice young receptionist and get paid to show up versus paying to get in.

 

[ISUME]

I see you haven't planned a poo into your schedule. From what I hear, that's a key issue at that age.

That is built into the 5 am to 8 am coffee routine.

 

[bos]

I didn't want to bring up another touchy point, but we're else is an easy place to find that trophy wife. Going to shaker joints in your 70s by yourself is a little pathetic, but you can always land that nice young receptionist and get paid to show up versus paying to get in.

Mail order.

 

[CyDude16]

not judging. I just don't understand. I guess I just wouldn't want to put up with the bull **** of bosses and management at that age

I can see your point. If I were you, I'd get tired of being told to add more salt on the fries for 50 years, too.

 

[BCClone]

Mail order.

Darn russian chicks may be hot but take your money I heard. And I guess I should have said paid to get in the building. I guess I did phrase that poorly. I will probably just stick wife my current wife, maintenance is getting a little higher, but already through that break in mode.

 

[Entropy]

I hear about a lot of kids continuing to live at home while they go to community colleges or colleges/universities within 20 miles of where they grew up. Not sure about percentages or anything like that.

According to this paper: http://education.stateuniversity.com/pages/1875/Commuter-Students.html
86% of students commute (they don't live in university housing).

For my undergrad, I lived at home and commuted and saved a lot of money. Where I teach currently, I'm not sure what the breakdown is.

There's more interesting data coming out that also shows it's more about what you study than where you go.
http://www.economist.com/news/united-states/21646220-it-depends-what-you-study-not-where

This might be why you are hearing more about commuting from home. Or they don't have the resources to live on campus. I know the local 4 year university was considerably more affordable than the private 4 year across the state. That was a major factor in my decision.

 

[urb1]

yeah I would definitely agree that this is the mentality - work to live - but whether or not it's a financial option is another thing. Though I actually think the Gen X-ers may be worse off in that regard. They already had mortgages, student loans, kids, etc. when the recession hit. I would guess they are further behind on retirement - and they have less time to have compounding on their side. Millennials have put off home buying and having kids (though they still have the whole student loan thing). Quite a few of my friends (who are able to) have started putting money toward retirement - you see that on the financial threads here too sometimes. The 20-somethings talking about what they are invested in and their retirement savings. I think of a lot of them don't expect to see social security and are more financially conservative so they are trying to start on retirement now. Whether enough of them are saving enough is the question.

What I find humorous is when I started my first job out of college in '81, everyone said the same thing. By the time I retire, I'll never see social security.

 

[cycloneworld]

Let me pull out my broad brush here....

I also work with Millennials and find them to be a mixed bag. On one hand they are uniquely qualified to function in the global world. The Millennials I deal with are educated, many are multilingual, tech savvy, and aware.

On the other hand they march to their own drummer and demand flexibility to work when they want, use company assets as they see fit, and generally need seasoning.

FWIW the Millennials are great! A game changer of a generation.

I'm right on the edge of Gen X and Millennials (Gen Y) but identify much more with millennials. Our company has done extensive research and the three main things millennials want are: 1) Flexible schedule (no more 8-5 requirements), 2) Good benefits, especially vacation time (salaries are still important but we would actually take a lower salary for better benefits), and 3) Opportunity/Path for advancement.

Provide those things and companies will be ahead of the game.

 

[WooBadger18]

*ahem*

well obviously there are exceptions :wubclub:

but I would say that the older generations (I'm thinking those that grew up before/during the early cold war) are more likely to see things in black and white than my generation does

 

[Rhoadhoused]

I'm right on the edge of Gen X and Millennials (Gen Y) but identify much more with millennials. Our company has done extensive research and the three main things millennials want are: 1) Flexible schedule (no more 8-5 requirements), 2) Good benefits, especially vacation time (salaries are still important but we would actually take a lower salary for better benefits), and 3) Opportunity/Path for advancement.

Provide those things and companies will be ahead of the game.

That's absolutely exactly right for me.

I currently work 7-5 and I'd honestly consider switching jobs for a more flexible schedule. There is so much wasted time during "working hours".

I think a boomer would look at me like I was from Mars if I told them that. The ones I've worked with seem to get their self esteem from not only working 7-5 with a short lunch, but showing up early and staying late.

That sounds like hell to me.

 

[kingcy]

A couple reasons:

1. They didn't plan well enough for retirement and can't afford to retire
2. They are supporting their 30+ year old kids who still haven't moved out
3. I know from working with older people that they are afraid if they quit working that they will age a lot faster and die. Work gives them a reason to get up in the morning.
4. They they the younger generations are lazy and can't do it.

I wish there was a mandatory retirement age, a large % of those workers who turn 60 - just ***** and moan all day.

That maybe true for some but I know people that can retire, are very well off, as are their kids that chose to keep working in some way just because they can still work and enjoy it.

 

[ImJustKCClone]

well obviously there are exceptions :wubclub:

but I would say that the older generations (I'm thinking those that grew up before/during the early cold war) probably see things more in terms of black and white than my generation does

On an individual basis, you're probably right. My father is an absolutist, and it has become more pronounced as he has aged.

As for me, I know that I have spent years building up opinions and ethics and beliefs, and it takes a VERY strong argument to sway me on some things. Not saying I can't be swayed, but you'd better give me a damn good reason to change.

And that brings me to another ageism: Change is good...growth is good. But sometimes it's tough to keep up. I know folks on here like to poke fun at some of the issues some of us older posters have with some of the new technologies, but consider this: most of you have never known life without computers. You've probably had email and cell phones since at least your middle school years. You should see the blank looks I get when I tell some people to give me a local number where they can be reached - the concept of long distance charges is absolutely foreign to them. I have a normal desk phone in my office. Why should we pay for a call to New York when someone is in the same building as us???

Technology is ingrained in you. You were born with it. We've had to learn it all our lives. And now, technology is advancing almost as fast as my brain cells are retreating. We bought my father his first PC 20 years ago for his 70th birthday, and I had trouble understanding his struggles to learn how to use it. The man was a retired aero engineer who worked for Boeing and was loaned to NASA in the late 60s...and he couldn't figure out email.

I have a better understanding now of what he was going through.

 

[BoxsterCy]

well obviously there are exceptions :wubclub:

but I would say that the older generations (I'm thinking those that grew up before/during the early cold war) are more likely to see things in black and white than my generation does

Well, speaking from experience, TV was black and white than. :smile:

 

[isufbcurt]

I can't wait to retire. I even have the average day planned out to the hour.

4:30am: Wake Up
5:00-8:00am: Drink about 6 cups of coffee, watch FoxNews, and ***** about younger generations.
8:00-12:00: Golf, ***** about kids on the golf course.
12:00-1:00pm: Lunch
1:00-3:00pm: Nap
3:00-4:30: Take a cruise through the neighborhood on the scooter. Most likely shirtless. Make sure them Hispanics ain't stealing anything.
4:30pm: Dinner
5:30pm-Read CF, listen to FAWcast, etc.

I have no idea what I will do once I get to retirement age. Right now my racing takes up all my free time and by the time I retire I'll be to old to race.

 

[klamath632]

I'm thankful every day my parents worked as hard as they have to give me the opportunities I've gotten. My grandparents worked even harder.

Things used to be a lot tougher than what they are today. You earned what you got. If you didn't want to work, you didn't get anything.

I can completely understand loving what you do and want to continue to work. I also understand it might be tough to just hang it up.

It's good to be productive.

What the hell is this supposed to mean?

 

[BCClone]

Black and white like a Monica is still having an affair?

Many times the older you are the more trials and errors you have done. You use that experience to know if something will or won't work. Or you don't want to risk wasting time if the other way doesn't work.

My freshman son is starting to realize that his youth living in town is way easier than mine on the farm during the farm crisis and I don't point it out to him. He hears things and is starting to put things together.

 

[Jambalaya]

Says the guy claiming a decades old retirement plan is still in existence.

I think the main problem is you believe you relative has a right to the boss' job. He doesn't...grow up. If he's such a hot commodity, get the same job at a different company, or in a different department of the same company. I used to think you were a crotchety old fart, now I'm thinking you must be in your 20's, since you act like a self-entitled jackwagon.

My relative is taking over a position as soon as this person retires. No entitlement issues at all. ~a 22-yr employee. It's the progression the company has taken

Anyone who feels ''entitled' are the loads who won't retire when they are eligible, because they can't afford to, or they won't, or they have nothing else to do.

No need for the name-calling. I must of stuck a nerve

As far as I know the point system is still in place

 

[cloneswereall]

My relative is taking over a position as soon as this person retires. No entitlement issues at all. ~a 22-yr employee. It's the progression the company has taken

Anyone who feels ''entitled' are the loads who won't retire when they are eligible, because they can't afford to, or they won't, or they have nothing else to do.

No need for the name-calling. I must of stuck a nerve

As far as I know the point system is still in place

How in god's name is someone not retiring because they can't afford to retire a sense of entitlement? This isn't Logan's Run where once you hit a certain age you get forced out the door.