Tag Archives: Freedom 55

Working Past 70, You Cannot be Serious

Working Past 70Working past 70! let alone 75 is becoming a reality for more people than we care to think about. Due to the recession over the past several years and many people losing their jobs, their homes and their savings, it has become an unfortunate reality. Perhaps you have already noticed that there are more and more seniors working in the service industry. You see them at fast food outlets, stores even good old Walmart. They perform low paying jobs to augment their income and possibly also obtain health care benefits.

The problem is a common one in the arena of personal finance. If you are approaching the age at which you’ve planned to retire, but find that you don’t have enough money saved, do you have a plan? Are you going to work longer. Can you work longer is another question for many people as well. They may not physically be able to work as long as they want to. If you find yourself in this situation and have some ideas, please leave a comment on our blog. We all need some advice and just sometimes the experts have it wrong. Good old common sense sometimes is the best medicine for us all. Working Past 70 is becoming a reality for many people.

Working Past 70 – Other Solutions to Stretch those Dollars

If you are younger than 40, then you have lots of time to make up your losses and also save for retirement. If you are 55 , 60 or even 65 and lost a bundle during the recession, work and severe belt tightening is probably in order.  Also you may have to make some compromises as well, such as moving in with the kids or even a good friend to share expenses. Financial planners do not usually talk about these solutions since there is no business for them  and they cannot generate any income from you. However sharing expenses like we did when we were teenagers and young adults may be the way of the future for many older adults on a tight budget.

One has to be very careful if you are going to enter into this type of arrangement. There are many desperate people who would not hesitate to take advantage of someone. In addition, compatibility is a very important element that is increasingly important as you get older. We all spend more time at home as we age, which means you spend more time with the person you are sharing with. Being compatible is extremely important to ensure a harmonious lifestyle.

Working Past 70 – Sometimes Working Beyond 55 is not Realistic!

If you have your health, and can continue to work in the same environment that you are use to, then working for a longer period is probably ok. But what if you cannot work in the same job, then what do you do?

For example if you have a physically demanding job, you may not be able to continue with this type of work into your 60’s. We all get bad knees, bad hips, backs and as a general rule have less energy. Doing a construction job may mean that you just cannot do it until the age that you planned on.

It could also mean that you need to retrain yourself and switch to another profession as a result. Teaching yourself and taking courses takes time and money, but thousands of people do this every year. You can train for that new job and in some cases continue in your new profession well into your 70’s.  Financial advisers, insurance agents and many other similar types of jobs are well positioned in this way.

Stay on top of Trends

What ever profession you have, it is important to stay current. Additional training and self teaching is an absolute must. You should think about learning something new each and every day to avoid becoming out of date with your job and with younger competitors. If you are a computer programmer, learn new programs, stay current with technology and all of the latest buzzwords. If you are in fashion design, every year brings something new, so you got to stay on top of your game.

On the other hand if you just need a little bit to survive and to top up your retirement income, you may want to consider a low stress job that gets you out and mingling with people. This brings us to our last major topic. How does one prepare for retirement?

What’s the best way to manage preparing for retirement.

Plan, plan and then plan some more. Every 6 months you should be evaluating your retirement plans and have emergency plans set up so that if something does not work out just the way you thought, you will be able to adjust and utilize one of your backup plans.

This is so important. There is no one set plan or recommendation since we are different, have different needs and objectives. However if you spend some time evaluating yourself and your needs, and then take action to achieve your plans, you might be ok. Whatever you do, don’t depend on anyone else but yourself to prepare for retirement. Not the government , your friends or your family and certainly not your company. They may or may not be around when it comes time for you to retire.

Take control of your life and begin to make your retirement plan today. Set some objectives and goals and work towards them.

Are you changing your own retirement planning to deal with the new realities? Please share by posting to comments. Spam comments will be auto deleted.

Older Workers Planning Not to Retire

Older Workers Planning Not to RetireRemember the slogan ” Freedom 55″, you do not see that being advertised very much these days. Many people suffered greatly during the period through 2008 and 2009. If you did not lose your job, you lost a lot in the stock market and that usually means that Freedom 55 went out the window. The value of your home declined a great deal as well so now you are probably underwater as well in terms of your the value of your home vs. your mortgage. So now you cannot retire when you planned, but maybe it is not that bad.

It turns out that there are many older workers that are not planning to stop working even if they have the money. Many people enjoy the challenge, they enjoy the camaraderie of working with people and they enjoy some of the fringe benefits that working offers. They have some where to go every day and something to look forward too. It turns out that before the recession really kicked in, many people were already planning to work beyond their normal retirement and it was not for the money. True many have to work now whether they want to or not, but with the benefits that come with the job, it may not be so bad.

Older Workers Planning Not to Retire – Challenge of Not Retiring

Consider getting up in the morning and not knowing what you are going to do the rest of the day vs. going into work and meeting the challenges of your job. Some people would say you are nuts, you need to get a life and set your priorities. Believe it or not many people enjoy going to work, they enjoy the challenge of solving problems and dealing with issues that they can resolve. If your job involves a lot of stress, you may want to deal with this particular challenge and manage it so that the stress becomes manageable and enjoyable. We all need some stress in our lives.

Lots of people want to retire from their current job and move to something else. The changed environment is often a challenge, an enjoyable one and many people rekindle the spark that they might have lost in their current job.

Camaraderie of  Working

If you enjoy people and being around people, then you will miss your job unless you replace it with something else. Many people view their jobs as part of their social life ( they actually do work as well) because they have fun at their job and with the people they work with. Some will retire and then go back on contract to the same job and the same company. A lot of government workers seem to be able to do this quite easily at high rates of pay.  While some do this simply for the money, others do this because they love to work and they just do not see themselves spending time at home, golfing or traveling all of the time.

Fringe Benefits

There are also fringe benefits that go with work. Many people just go to work and do not have any real fringe benefits. However if you are a middle manager or senior executive your going to miss the power, the support you get from staff and the travel benefits. Quitting or retiring is tough for some who miss these fringe benefits. Even having somebody arrange your travel schedule for you can be a big issue for many executives.

If you are used to having somebody do all of this for you, then it can be time consuming and confusing as well. Computer support is a big issue. Now you have to do your own, there is no one to set up and configure your computer or support you when you have a problem with your computer. The best advise is to learn how to do all of this stuff before you retire and be able to do most if it yourself!

Looking Forward to Going to Work

If you look forward to going to work, then you are enjoying work and all that it offers. Everyone is different. For some, work may offer the challenge they are looking for, for others it is just plain interesting. For many people they really like the social time at work were they interact with other people. This can be really important for many people if they do not have a lot of outside activities they participate in.

We know some people who have no hobbies and do not belong to any clubs. They do not go out much and as a result, work is the social outlet for them and the opportunity to interact with people. So if you really like going to work, then consider carefully what you will do after you retire and if you really need the outlet that work offers.

Self Worth

Self worth is also very important. Many people identify with their jobs. They measure themselves and others by the type of job they do and the amount of money they earn. Once you retire this all goes away. You can only identify with your past achievements. Unless you get involved in other activities such as volunteering and supporting organizations that help people. Unfortunately not every one can or wants to volunteer. If you are the type of person who really identifies with work and measures your self worth against the job, they you may not want to retire just yet.

Retirement is a very personal decision. Make your decision carefully. Work is good for all of us under the right conditions. If it is not fun it is time to change.

Feel free to leave your comments and suggestions that will help those who are getting ready for retirement. Spam comments will be deleted!