# Expert: Retiring at 65 is 'a thing of the past'



## Robert59 (Nov 4, 2019)

More Americans are working well into their 60s and 70s than in the past — often because they have to — according to one retirement expert. And he expects that trend to continue.
In 2018, 27% of workers 65 to 74 held a job, up from 17.7% in 1998, according to the Bureau of Labor Statistics.The labor participation rate for those 75 and over has almost doubled, increasing to 8.7% in 2018 from 4.7% in 1998.

https://money.yahoo.com/retiring-at-65-144703214.html


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## Ruthanne (Nov 4, 2019)

Robert59 said:


> More Americans are working well into their 60s and 70s than in the past — often because they have to — according to one retirement expert. And he expects that trend to continue.
> In 2018, 27% of workers 65 to 74 held a job, up from 17.7% in 1998, according to the Bureau of Labor Statistics.The labor participation rate for those 75 and over has almost doubled, increasing to 8.7% in 2018 from 4.7% in 1998.
> 
> https://money.yahoo.com/retiring-at-65-144703214.html


Three of my siblings are now working at ages of 65 and older.  One doesn't have to but loves his job, the other two need to.


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## Don M. (Nov 4, 2019)

Less than 15% of the companies currently have employee pension plans, and most have replaced their pensions with participation in employee 401K plans.  If a person working today chooses Not to get into a 401k, or some similar self financed savings program, they may well find that they have little other than SS to count on when they retire....and SS is headed for some serious trouble in coming years.


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## AnnieA (Nov 4, 2019)

I never want to retire.  Didn't want to go part-time but my body said otherwise.  I tried to push through the psoriatic arthritis and fibromyalgia pain for almost too long before quitting my full-time job  ...as in lying in bed sleepless from pain and seriously thinking I'd rather end it than push through the next day and night and day and night in pain.   I finally had to quit and lived off savings for a little over a year until my current part-time job that thankfully pays pretty well came up.  Was absolutely miserable not working.


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## Capt Lightning (Nov 5, 2019)

Retiring early at 56 was the best career move that I made, but I appreciate that it is not always possible.  I'm probably from the last generation that receive a good (well reasonable)  pension from my employer.  Being in the UK, I'm not familiar with 401k, but I think it must be similar to the 'workplace pension' that many firms now offer.

UK State pension is one of the worst in the civilised world, so additional income is an absolute necessity.  Still, I always recommend retiring as soon as you can.  Unless you love your job, life is to short to spend it working.


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## OneEyedDiva (Nov 5, 2019)

This would be a good post for the Retirement section of the forum.  It's sad but true...so many Americans did not (or were not able to) adequately prepare for retirement.  I know a couple of people myself who must continue to work.  One enjoys the work, the other hates her job where it seems she encounters unfair practices.  I retired at age 50 and have never regretted it. My son turned 51 this year and if things don't get better for him, he may be one of the ones that has to work well into his 60's.


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## chic (Nov 5, 2019)

Can't afford it but wish I could. There would be so much to do, but you can do nothing without money.


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## 911 (Nov 5, 2019)

After 37 years (12 more than necessary to get my benefits) I was ready. I only sat behind a desk for 2 of my years and was not thrilled doing it. I had to get back to the streets and roads.


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## Capt Lightning (Nov 5, 2019)

chic said:


> Can't afford it but wish I could. There would be so much to do, but you can do nothing without money.
> 
> View attachment 80340



Not totally true, but not far from it.  I "retired" rather underfunded and both Mrs. L and I looked for part time work.  It was only when it came to interviews, we accepted that we didn't really want to work, so we made do on a much smaller budget and drew down on our savings and became more self-sufficient.


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## rgp (Nov 5, 2019)

Capt Lightning said:


> Retiring early at 56 was the best career move that I made, but I appreciate that it is not always possible.  I'm probably from the last generation that receive a good (well reasonable)  pension from my employer.  Being in the UK, I'm not familiar with 401k, but I think it must be similar to the 'workplace pension' that many firms now offer.
> 
> UK State pension is one of the worst in the civilised world, so additional income is an absolute necessity.  Still, I always recommend retiring as soon as you can.  Unless you love your job, life is to short to spend it working.




  I agree 100% . I retired @ 50, and spent about 16 years traveling , enjoyed every one of them. Only stopped due to arthritis .


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## fuzzybuddy (Nov 10, 2019)

Since this is the midst of the "boomer' generation retiring. More retirees working is due to the population growth that spurred  the "boomer generation".  I'm disabled so I had to leave the workforce early. I was devastated by that. I lost my job and a lot of friends. I wanted to be 102 and drop dead at work. Looking back, it was a bitter pill, at the time, but It was medicine that I needed. There was a lot more to being me, than punching a time clock. It may sound selfish, but now was "me" time.


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## WhatInThe (Nov 10, 2019)

Some will have to go past 65 and others will be able to retire before. 

My recommendation to young people is start saving and investing conservatively as early as one possibly can. And don't spend everything no matter how much one thinks they have in the bank. I learned early always plan for the worst and hope for the best. It gives you realistic expectations. 

Many kids follow platitudes like 'you only live once', 'spend on quality' etc but it actually what one can afford without risking financial catastrophe is another story.


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## Ladybj (Nov 15, 2019)

Capt Lightning said:


> Retiring early at 56 was the best career move that I made, but I appreciate that it is not always possible.  I'm probably from the last generation that receive a good (well reasonable)  pension from my employer.  Being in the UK, I'm not familiar with 401k, but I think it must be similar to the 'workplace pension' that many firms now offer.
> 
> UK State pension is one of the worst in the civilised world, so additional income is an absolute necessity.  Still, I always recommend retiring as soon as you can.  Unless you love your job, life is to short to spend it working.


I retired young at 56 as well and have NO regrets. The best decision I made as well.   I knew early on that I was not going to work until 65.  I find that some people are envious because I chose to retire early.. that was my decision and it's their decision to continue working.  When people ask me, what do you do, my response is whatever I want


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## Ladybj (Nov 15, 2019)

fuzzybuddy said:


> Since this is the midst of the "boomer' generation retiring. More retirees working is due to the population growth that spurred  the "boomer generation".  I'm disabled so I had to leave the workforce early. I was devastated by that. I lost my job and a lot of friends. I wanted to be 102 and drop dead at work. Looking back, it was a bitter pill, at the time, but It was medicine that I needed. There was a lot more to being me, than punching a time clock. It may sound selfish, but now was "me" time.


Sometimes we need a little nudge in the right direction.  I know I did and it worked out well.


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## treeguy64 (Nov 15, 2019)

Interesting, reading about those who have retired. I never had to retire, because my whole life has been integrated with doing things to make money, every so often. Being self-employed, I pick what I want to do, and when I want to do it, and always make good money when doing so. Of course, investing in real estate and the market, panned out very well for me, at a young age, so I knew that I never really had to work steadily at anything, past the age of around thirty-five. I had good luck, to be sure, and that assisted my good planning and research.

I really can't conceive of living a life with a sharp dividing line between work years and retirement years. Like my father before me, I will work, and do things that interest me, right up until the time that either Fate decides it's time for me to fold into eternity, or I make that decision, myself. 

My Dad was on the go, working and chasing women, until about a week before some doctors killed him, at 85, the result of deadly chemo and radiation for a cancer he probably never had. The luxury retirement villa and their hack doctors wanted his condo unit because they could get far more money for it, at the (then) current rates. I would have gone after those shysters, in court, but I was on the other side of the US.


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## Ladybj (Nov 15, 2019)

treeguy64 said:


> Interesting, reading about those who have retired. I never had to retire, because my whole life has been integrated with doing things to make money, every so often. Being self-employed, I pick what I want to do, and when I want to do it, and always make good money when doing so. Of course, investing in real estate and the market, panned out very well for me, at a young age, so I knew that I never really had to work steadily at anything, past the age of around thirty-five. I had good luck, to be sure, and that assisted my good planning and research.
> 
> I really can't conceive of living a life with a sharp dividing line between work years and retirement years. Like my father before me, I will work, and do things that interest me, right up until the time that either Fate decides it's time for me to fold into eternity, or I make that decision, myself.
> 
> My Dad was on the go, working and chasing women, until about a week before some doctors killed him, at 85, the result of deadly chemo and radiation for a cancer he probably never had. The luxury retirement villa and their hack doctors wanted his condo unit because they could get far more money for it, at the (then) current rates. I would have gone after those shysters, in court, but I was on the other side of the US.


WOW....That is awful!!  You are right, he probably never had cancer.


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## Old Dummy (Nov 15, 2019)

I'm 69 and still running my business because I enjoy it. I wouldn't know what to do with myself if I wasn't working; it gives me a reason to get out of bed in the morning. I will likely continue until I'm no longer physically able.

Because of living frugally all my life my IRA is well-funded, so the choice of moving sideways into retirement is always there. But I will probably end up being the richest guy in the graveyard.


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## Ladybj (Nov 15, 2019)

Old Dummy said:


> I'm 69 and still running my business because I enjoy it. I wouldn't know what to do with myself if I wasn't working; it gives me a reason to get out of bed in the morning. I will likely continue until I'm no longer physically able.
> 
> Because of living frugally all my life my IRA is well-funded, so the choice of moving sideways into retirement is always there. But I will probably end up being the richest guy in the graveyard.
> [/QUOTE
> A lot of people are like that.. they would not know what to do if they were not working.  My sister is 67 and said she would probably get sick if she was not working but she plan on retiring in 2 years... I hope she doesn't get sick.  Retirement is different for each person.  I would not want to work until I am force to retire because of illness.  However, I understand if you are doing what you enjoy.  I enjoy retirement.


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## GeorgiaXplant (Nov 15, 2019)

I was 50 the first time I retired. It didn't last. 62 the second time. That didn't last, either. Then 67. After DH died, I wanted to work but that was in 2009, and at that time, like most folks who wanted one, I couldn't _buy_ a job. The third time I retired, I'd been head housekeeper in a hotel so why not be a cleaning fairy? So I became a cleaning fairy. When I finally gave it up I was 75, it almost lasted but only until a former client asked me to puh-leez come back. So I did. But I only worked for her and swore her to secrecy so that none of the others would ask me to come back for them, too. I worked for them for two years only stopped when the client's DH got transferred to PA. They had The. Best. Dog. Ever.

Best part of being a cleaning fairy was picking and choosing who I'd work for and when. My favorite clients? The ones who had dogs with good manners.

I'd go back to work in a heartbeat if somebody asked, but I'm not going to go looking.


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## Islandgypsy (Nov 15, 2019)

GeorgiaXplant said:


> I was 50 the first time I retired. It didn't last. 62 the second time. That didn't last, either. Then 67. After DH died, I wanted to work but that was in 2009, and at that time, like most folks who wanted one, I couldn't _buy_ a job. The third time I retired, I'd been head housekeeper in a hotel so why not be a cleaning fairy? So I became a cleaning fairy. When I finally gave it up I was 75, it almost lasted but only until a former client asked me to puh-leez come back. So I did. But I only worked for her and swore her to secrecy so that none of the others would ask me to come back for them, too. I worked for them for two years only stopped when the client's DH got transferred to PA. They had The. Best. Dog. Ever.
> 
> Best part of being a cleaning fairy was picking and choosing who I'd work for and when. My favorite clients? The ones who had dogs with good manners.
> 
> I'd go back to work in a heartbeat if somebody asked, but I'm not going to go looking.


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## Islandgypsy (Nov 15, 2019)

I retired at 70. Got to the point the younger employees would push me away from some jobs they knew I was no longer efficient at. I thank them for that and we joke about it still. I think my productive worth started to drastically diminish after 65. I think senior age discrimination is sensible for some jobs. I don’t want a 70 year old fireman trying to carry my ass out of a burning building


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## Liberty (Nov 16, 2019)

GeorgiaXplant said:


> I was 50 the first time I retired. It didn't last. 62 the second time. That didn't last, either. Then 67. After DH died, I wanted to work but that was in 2009, and at that time, like most folks who wanted one, I couldn't _buy_ a job. The third time I retired, I'd been head housekeeper in a hotel so why not be a cleaning fairy? So I became a cleaning fairy. When I finally gave it up I was 75, it almost lasted but only until a former client asked me to puh-leez come back. So I did. But I only worked for her and swore her to secrecy so that none of the others would ask me to come back for them, too. I worked for them for two years only stopped when the client's DH got transferred to PA. They had The. Best. Dog. Ever.
> 
> Best part of being a cleaning fairy was picking and choosing who I'd work for and when. My favorite clients? The ones who had dogs with good manners.
> 
> I'd go back to work in a heartbeat if somebody asked, but I'm not going to go looking.


Being a good "cleaning fairy" is a gift!  Had a housekeeper for years that had that gift.  Due to physical disabilites, she had to quit work, but believe me, its a gift to clean well.  Guess you guys are "kissed with fairy dust".


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## Nautilus (Nov 16, 2019)

I'll be 71 soon.  I walked away from corporate America in 1984 and never looked back.  I own/operate an antique boat restoration business.  We like to travel the world and we sure as hell can't do that on social security.  Sure, we could sell the house (for fairly big bucks) but apartment living is not for us.  I do what is necessary to continue our way of life.  Zero regrets.


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## Liberty (Nov 17, 2019)

Nautilus said:


> I'll be 71 soon.  I walked away from corporate America in 1984 and never looked back.  I own/operate an antique boat restoration business.  We like to travel the world and we sure as hell can't do that on social security.  Sure, we could sell the house (for fairly big bucks) but apartment living is not for us.  I do what is necessary to continue our way of life.  Zero regrets.


Hear you.  Sounds like your biz is very interesting.  Welcome to the group, by the way!


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## toffee (Nov 17, 2019)

I hubby gave up at 60 but he wished he hadn't ' retiring isn't for all people ' I gave my job up because we moved house 2yrs ago
and miss it very much ; iam a lot younger than hubby ' if I had my job of 10years I would go back …….


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## Liberty (Nov 17, 2019)

toffee said:


> I hubby gave up at 60 but he wished he hadn't ' retiring isn't for all people ' I gave my job up because we moved house 2yrs ago
> and miss it very much ; iam a lot younger than hubby ' if I had my job of 10years I would go back …….


Think  a lot of time, retiring is a "mindset".  If you look forward to something, you normally like it better than havin it thrust on you.  Takes a while to find your sea legs then.  Maybe volunteer or something?


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## Nautilus (Nov 17, 2019)

Frankly, retirement would be a "stupid" option for me.  I don't "do" football, NASCAR, play golf or bridge.  If I retired, I'd most likely buy another antique boat to restore.  If I'm going to do that, I might as well continue to get paid for it.


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## street (Dec 22, 2019)

I think the new norm is early retirement for people.  The number I see most is before 60 is starting to be a growing trend.


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## WhatInThe (Dec 22, 2019)

street said:


> I think the new norm is early retirement for people.  The number I see most is before 60 is starting to be a growing trend.


I guess it depends. Alot of companies where one can actually get 20-30 years are frequently offered buyout packages. If they manage them right yes they absolutely can retire at 60 if not earlier.

On the other hand those that can't get that option will probably have to work past 65. All I can say to the young is save and invest on one's own as soon as possible. I've seen people with less than 5 years to retirement all of the sudden worry about their savings/retirement plans etc. All that should've been at least started in their 20s and paid attention to every single year. I got laid off early in my career so I never looked for a gold watch and pension plan counting on myself/investments and savings.

 And that's another issue sometimes contributing to those plans at a job a costly, they might pay off in the end but they are costly like many have plans buy one share of stock get another free. But one still has to pay full price for one share on their terms. Sometimes years of over paying can bounce back on you.


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## StarSong (Dec 22, 2019)

treeguy64 said:


> "Being self-employed, I pick what I want to do, and when I want to do it, and always make good money when doing so."
> 
> "I really can't conceive of living a life with a sharp dividing line between work years and retirement years."





Old Dummy said:


> "I'm 69 and still running my business because I enjoy it. "



Maybe it has to do with being self-employed, but four years ago hubby and I kept the part of our business that we liked best, sold off another part and closed the rest. 

We mostly work from home or on the road via phone and internet. At most we put in 20 hours a month during peak season, less than half of that during other times. 

We say we'll stop at age 70 (presuming our health and handful of customers remain viable), but who knows if we'll be ready to give it up then? In the meantime it provides some interesting diversion as well as a little extra traveling money.


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## old medic (Dec 31, 2019)

Im very pissed at the moment... Love my job, Everyone wants me to stay at my job...
and my retirement is maxed out so I dont get anything more for working longer


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## StarSong (Dec 31, 2019)

old medic said:


> Im very pissed at the moment... Love my job, Everyone wants me to stay at my job...
> and my retirement is maxed out so I dont get anything more for working longer


You do get paid every week for your work though, don't you?


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