Streams

Retirement: Can't Wait or Quit Pushing

Wednesday, June 18, 2014

Where are you on the spectrum between “I can’t wait” and “Don’t make me”? Have you been polishing your shuffleboard skills or filling out your PeaceCorps application? Or are you planning to stay working as long as you possibly can, out of passion or financial necessity? Call and share your feelings about retirement.

 

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Comments [20]

Colin H from Harlem

Okay, So I'm not retiring age, but I wonder how many people consider climate change when thinking about where they're retiring? Moving to cities that are predicted to have cooler climates not warmer climates than usual.

Also, how much are people considering that we're on the cusp of some major breakthroughs in regenerative medicine/medicine in general. How do you plan for retirement when your life expectancy might drastically increase?

Jun. 18 2014 11:45 AM
thatgirl from manhattan

jm - I have to ask--where do you work with this range of ages? It sounds so ideal.

Otherwise, what retirement?? I'm Gen X, and at every juncture where my work status, since college, should have advanced, my industry's been hit by a recession (three of them), 9/11, and the financial industry meltdown--all which have seen me either laid off or part of an organization that's flattened. My income has been stalled for almost a decade now, and I have to consider something more sustainable (if that exists), so I can keep working until I drop.

I like working, and sincerely like my job, but it's not an industry in which people can age easily. I have sound skills, but feel if I don't transition now, I'll be less marketable with time.

I honestly don't think anyone who didn't join the banking industry in my age cohort can anticipate retirement, really. And because many Boomers in my industry aren't giving up the reins readily, many of us have to anticipate shifting industries. Doing so in one's 40s is rather daunting.

Jun. 18 2014 11:40 AM

both my parents died at a young age, 44 and 59, and never lived long enough to retire. i always said i would retire at 62. I retired at 62 1/2, in december 2012. the first year was difficult but now..... i am really enjoying it. i have stayed in NYC. no car. i am looking forward to my senior citizen metro card discount. my only issue is that i live in Astoria, which i love, but i feel like the oldest person in my hood, it is filled with young young people.... they feel they own the hood.

Jun. 18 2014 11:26 AM
jm

Kate: I work with incredible people who range in age from their 20s to their 70s. The balance of energy and wisdom is essential to a well-rounded work environment. Those who choose not to retire and want to remain in a traditional job scenario are not at all taking your "spot," since you're competing with your generational peers.

Jun. 18 2014 11:22 AM
Kate from Manhattan

As a young person, it really scares me to hear people saying they will never retire. What kind of jobs will be available to my generation if no one ever retires? This gives the lie to the idea of upward mobility for us.

I love to hear that people are passionate about their work and, on the other hand, I understand that many people lost their savings during the financial crisis. But, from my perspective, the idea of people not retiring is really alarming.

Jun. 18 2014 11:14 AM
Shawn from NJ

To the guy who left finance and started his own business: Your comment regarding how you can predict what your thoughts will be in the future, which leads you to just live for today. You are looking at it backward.

While I agree that today is great and you should enjoy it, you are already making a decision for your future. If you aren't saving, you are making the decision that you can NOT retire at a young age. So if you think that living just for today leaves your options open, you couldn't be more wrong.

You can either decide to save or not. If you save and decide to retire really late, then you just saved too much. If you don't save and decide you want to retire, then good luck. That ship has sailed. You have closed doors for yourself by not saving.

So just understand that you have made a decision for your future self, and that is that you are not able to retire young.

Jun. 18 2014 11:13 AM
jm

I hope to be in Emmanuel's position when I'm 64. The idea of completely dropping out of the workforce at the arbitrary age of 65 and taking pottery classes in a gated community doesn't appeal to me. I also made the decision to take career breaks in my 20s and 30s so I could travel while my body was in top physical shape, so I consider it a trade-off.

Jun. 18 2014 11:12 AM
Karen from NYC

I am 64 and can neither afford nor want to retire. I feel tremendous pressure -- by my employer, by society -- to leave the job market. I run, do yoga, eat healthy and do not look or feel my "age." My husband -- self-employed -- tells me to ignore the naysayers and go my own way.

How to do this when the pressure is so great and age discrimination is rampant?

Jun. 18 2014 11:08 AM
David from NJ

Will die with my tools in my hand ! Have nothing for retirement. At 50 years old had to buy my ex. out of the house when she decided to leave. Luckily I have my own business and I love what I do and will be working forever. I build and restore wooden boats.

Jun. 18 2014 11:08 AM
landless from Brooklyn

I guess I am a baby boomer. My father was able to retire at 62, actually forced out, but seems to be doing okay at 87. He has not enjoyed retirement; but the news industry changed and he's glad to be out of it. I don't expect to retire; I never earned much and I have to help my daughter. I saw too many people work hard and lose their pensions with company reorganizations in the '70's and 80's so I cannot expect better. Also, most of my friends have died from health problems brought on by hard work. I am 59 and only half of my friends from my twenties are still alive. I don't think my generation will live as long as my parents'.

Jun. 18 2014 11:07 AM
Truth & Beauty from Brooklyn

Pablo Casals said: "Retirement is the beginning of death."

How many people do we know who retire and are dead within a year? I think people need to have something to do every day - a reason to get out of bed. I'm not planning to retire, though I can see taking more and lengthier vacations.

Jun. 18 2014 11:06 AM
grace from UWS

The OTHER consequence of the financial crisis. Everybody knows that many people had the stuffing kicked out of their IRA/401K accounts by the financial crisis, but there's another consequence for retirees that has gotten far less coverage: The fed's attempts to stimulate the economy by holding interest rates close to zero means that NOBODY gets any reasonable interest any more. The interest I expected to have augment my income totally dried up, leaving me with the options of playing the stock market for a bigger return or spending down my little bit of capital.

Jun. 18 2014 11:04 AM
Emmanuel from Wantagh NY

I'm 64 and still ambitious and energetic. I love my work and can't afford to retire: I have a son in college and went through a very expensive divorce. But I'm very lucky: I have marketable skills, work for a software start-up with a good future, and feel like I'm building something of value, as well as improving my financial situation. So I won't be retiring any time soon, although I can see wanting a little more leisure time, as long as I'm healthy I want to keep working and contributing.

Jun. 18 2014 11:04 AM
The Truth from Becky

Can't wait! To go to work for myself!

Jun. 18 2014 11:03 AM
kt from brooklyn

I love my job so much that I tell my students I am more likely to perish in front of the classroom with a marker (previously chalk) in my hand. I wish I could know how they take such a prospect, well I don't seem to be anywhere near (I am 52) but that is my plan

Jun. 18 2014 11:02 AM
J M from UWS

Who can afford to retire?

Jun. 18 2014 10:56 AM

What about those disabled prior to retirement age. They have no choice & the shortened work history affects both contributions and benefits.

Jun. 18 2014 10:53 AM
Joe from nearby

It's really alarming that the John Birch agenda that used to be considered as "radical fringe" (to the point that even Pres Eisenhower warned about their agenda) has been shoved into the mainstream by Republican whackadoodles who try to out-conservative each other so they can overcome primary challenges.
This gerrymandered political system we are suffering through needs to be changed.

Until then, all we can do is stay informed, mobilize & vote them out.

Jun. 18 2014 10:49 AM
Mike from NYC

I am the youngest son of a youngest son, so my history extends farther back than most people my age. My grandfather was a farmer in Northern Indiana. He was born in 1854 and died at age 94, two years before I was born. He retired--that was the word my family always used--at age 62, which was two years after the birth of my father. He had acquired several residential properties and anticipated living off the rents for the rest of his life. This worked well, until the depression, when his tenants could no longer afford to rent from non-family members. Over the next few years they had to sell off the properties at very low prices and finally were all but destitute. The seven members of my father's generation...having endured the hardships of both the depression, two World Wars, and the flu epidemic of 1918, all died before the age of 62. I was laid off one month before my 61st birthday and was not able to find work...even part time work...again. Fortunately, we seem to have enough money, at least while our good health holds out. What comes around...seems to come around again and again. Wars of choice and speculative bubbles that take the entire economy down, while leaving at least some of the speculators richer than before.

Jun. 18 2014 10:25 AM
Mike from NYC

I am the youngest son of a youngest son, so my history extends farther back than most people my age. My grandfather was a farmer in Northern Indiana. He was born in 1854 and died at age 94, two years before I was born. He retired--that was the word my family always used--at age 62, which was two years after the birth of my father. He had acquired several residential properties and anticipated living off the rents for the rest of his life. This worked well, until the depression, when his tenants could no longer afford to rent from non-family members. Over the next few years they had to sell off the properties at very low prices and finally were all but destitute. The seven members of my father's generation...having endured the hardships of both the depression, two World Wars, and the flu epidemic of 1918, all died before the age of 62. I was laid off one month before my 61st birthday and was not able to find work...even part time work...again. Fortunately, we seem to have enough money, at least while our good health holds out.

Jun. 18 2014 10:23 AM

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