How many here plan to work past 70YO?

[daisylu]

finance.yahoo.com/focus-retirement/article/112761/people-work-into-70s-marketwatch?mod=fidelity-changingjobs&cat=fidelity_2010_changing_jobs

Wealthy People Plan to Keep Working, Too

A separate survey found that 46% of wealthy people -- those with $3 million or more in investable assets -- said they will continue to work in retirement, according to a U.S. Trust/Bank of America Private Wealth Management survey of 457 high-net-worth investors.

Necessity isn't driving these high-net-worth people to continue working: many said they want to start a second career or new business. Fifty-five percent said they will volunteer in their community.

But the kids of these wealthy individuals might face some retirement-savings challenges of their own: Just 49% of the parents surveyed said it's important to leave an inheritance to their children.

I could see myself doing a lot of volunteer work....

[busymom]

My Great Aunt worked well into her 80's, caring for a woman of frail health in her 60's.

Never say never!

[qofcc]

Please God, I hope I don't find myself in a situation where I would have to still be working in my 70's. I've been working full-time since I was 18 and I missed out on staying home with my kids and now I'm not in a position to be home to take care of my dad. I have to keep faith that SOMEDAY I'll get to have a life. I'm sure if something happened and my retirement savings was gone and social security was gone that I'd figure out how to drag myself to work every day and keep on pushing through, but why on earth would I plan for that? I hope by the time I'm in my 70's I'll have great grandchildren to enjoy and keep me busy.

[Deleted]

May 23, 2011 8:09:44 GMT -5 qofcc said:

Please God, I hope I don't find myself in a situation where I would have to still be working in my 70's.

My thoughts exactly! But the people in the article don't have to work- they're wealthy. My Ex's sister and her husband and 63 and 70-something, respectively, they're so rich their grandchildren won't have to work, and they're still somewhat involved with their business although they're winding it down. Warren Buffet, at 80+, says he and Charlie Munger like what they do so much that "we tap dance to work every day".

I'm 58 and hoping for retirement around 65, and will happily shut off the darn alarm clock that goes off at 6:30 AM 5 days a week. I will find something else to do- college classes, more serious triathlon training, volunteering to teach ESL- to keep active. I am planning on not having to produce an income at that age.

[swamp]

I'd like to keep my law license and take a few interesting cases here and there. I want to work because I want to, not because I have to.

[daisylu]

I only quoted a piece of the article, all of those surveyed were not wealthy:

Meanwhile, 40% of workers said the recession will force them to work longer than planned -- up from 28% who said that a year ago -- and 54% said that even after they retire, they'll continue to work, according to the survey of 4,080 U.S. workers conducted by Harris Interactive in February and March.

Of those who say they'll work in retirement or after age 65, 34% said it was because they can't afford to retire and 9% said it was because they need the health benefits, according to the survey.

[muttleynfelix]

I suspect I'll work until 70. I figure there is a good chance I'll live to be 100. Do I really need more than 30 years of retirement?

[Deleted]

I expect that I will still be working in my 70s. I hope to have accrued enough seniority that I can scale back my hours, select projects that I find interesting, take longer vacations, etc. But I'll still be working.

[Deleted]

I don't plan to but I hope that if I work till I am 70 is because I want too, not because I have to.

[Deleted]

May 23, 2011 7:05:46 GMT -5 Lady Gaga Gaga Snerd said:

I think it is kind of funny in a way. We can all make all the plans we want. In reality, life happens and changes our plans along the way. Those who say " i will work until i am 90", well, i will check back in when they are 90. There are jobs you simply can no longer do if you start having physical limitations or ailments.

Actually I find people that make plans follow them even when life happens. They adapt their plan to incorporate the new situation but they don't go into a totally different direction. Like my parents. They were self employed for 30 years or so. When they each had a health issue that meant they couldn't do that particular job anymore they just picked up with another business. The other business was always in their plans they just moved it forward by a few years.

[illinicheme]

Count me in the group that is trying to plan to make sure that I don't HAVE to work at age 70. (Ideally I'll retire sometime between 55-65 depending on how exactly the next 22-32 years go.) As long as I'm in good health, I imagine I'll find something to pass the time and stay active.

[Deleted]

I know some women that have retired and get some amazing offers to consult. They travel to exotic places and work with really interesting people. And they are short term contracts so they pick and choose when they work. I want to do that!

[AgeOfEnlightenmentSCP]

I probably can't physically keep the pace I do now, but I'm a religious nut-- Christian-- and I'll be darned if I can't find "retirement" anywhere in the Bible. Now, that being said-- I mean most people's definition of retirement where you travel around the world, but mostly sit on your butt for 10,20,30 years at the end of life.

I DO believe in "seasons" but I think seasons are for the NOW. We have arranged our lives to both work AND play very hard, right now. We take about four weeks off a year. And we can prioritize our time-- any time.

[Waffle]

I plan to retire the minute I think I have enough money

Hopefully by age 60 (I'm 50 now). But health permitting my retirement will include working my antique business and more church volunteering . - Hope that's ok Paul. ;D

[lynnerself]

We hopefully are on track to retire at 62. My DH is dead set against any part time work after retirement. Even though he could easily set up as a consultant. He would rather scale down our life style than work longer.
I would consider a little side income, but only if it doesn't interfere with my travel plans

[cronewitch]

I plan to retire at 65 or shortly after if investments do well. I will not work after retirement, if I want to work longer for more money I will keep my career job.

[dancinmama]

DH is planning to take early retirement next year at age 55 after having planned for it since we were 24 years old. Despite our best plans, the government just dropped this Medicare turd in our punchbowl. We're not sure how that is going to pan out since we are not now at the magical age of 55 for full Medicare, so our job in retirement will be to make sure that all of our retirement funds see us through the rest of our lives DESPITE THE GOVERNMENT!!

[nalto]

Depends. If I love what I'm doing, and I mean REALLY love it, maybe. I don't considering volunteering as work, since I'm donating my time instead of getting paid for it. Then again, the world is gonna end in 2012, so what does it matter?

[swamp]

I'm going to be one of those old ladies who bitches about everything. Right now, I don't have the time to fight bad customer service, but when I actually do have the time, watch out, crappy merchants!!!

[gsbrq]

Personally I don't think it's realistic for most folks under 50 to set a hard & fast date when they plan to retire, unless they already have huge savings or a good pension. I put 20% of my gross income towards retirement savings, but whether that's "enough" depends on many unpredictable factors.

I'll work when I'm 70 if I have to, but I'm hoping it won't be necessary.

[Phoenix84]

Well, I’m 26 so retirement is a long ways away.
For now, I’m planning on 62-65, but who knows. If I’m still single and have nothing else to do with my time I may work into my 70’s. I just don’t want to plan on having to work that late. Of course, who knows what will happen with the federal employee retirement system and/or SS by then. By the time I’m that age 70 might be considered young to retire.

I agree with Cronowench. Once I retire that's it. I don't plan on doing the part time or consulting thing afterward. If I still need a paycheck I'll keep my career job.

[midjd]

I'm like phenoix, right now I'm 27 and working in a job where I'll be eligible to retire with a small pension at 55. I would like to be ABLE to retire at 55, but I doubt I will - that's only 28 years away! And most of my family has lived to 90+, so I don't think I want to spend almost half my life in retirement, tempting as it sounds.

I suspect that by the time it comes around, the minimum retirement age will have been moved back to at least 60. I'm OK with that.

[Regis]

Currently 47 years old and plan to work another six to ten years. As they say however, "The best laid schemes o' mice an' men..."

[azphx1972]

I guess it depends on your definition of work. I'm sure I will be doing something instead of sitting around on my ass, but it sure won't be because I need the money.

[Deleted]

I plan to retire promptly at age 66. Although that will give me approximately 30 years of retirement given the longevity of my family, I want some "good" years where I feel good and can enjoy my grandkids, etc. I might substitute a little or even become a Walmart greeter, but I don't want to worry about IEPS and standards and school improvement programs, etc.

I actually SHOULD retire at age 66. Although I didn't work continously, I started teaching when I was 20. I'd think after 46 years off-and-on in the profession, it might be time to move aside for you young'uns. (Unfortunately, I won't have 46 years toward retirement . . . wouldn't that have been awesome? Hindsight is always 20/20.)

[jeep108]

My boss is 72 and works 6 months out of the year, we have a salesman here that just turned 65 and hasn't retired. I guess they like what they do. I'm 37 and hope my husband and I can retire in our 70's.

[debtheaven]

There is a HUGE difference between planning and wanting to work in one's 70s, and NEEDING to work.

[cronewitch]

Without pensions their isn't a single day when you have enough to retire. I might have enough, might have had enough last year but can't really say what investment or my health will do the next 40 years.

What if I retired then find in 20 years I am 83 without enough money? or in 30 years 93 without enough money? What if I work an extra year or two then have too much money? Even when you are 93 you don't know if you have too much money assisted living and caregivers can cost over 150K a year.

[LlamaLlamaDuck]

Age 52 here, hoping I only have to work another sixteen years, depends on how my investments do.

[april47]

May 23, 2011 10:40:16 GMT -5 dancinmama said:

DH is planning to take early retirement next year at age 55 after having planned for it since we were 24 years old. Despite our best plans, the government just dropped this Medicare turd in our punchbowl. We're not sure how that is going to pan out since we are not now at the magical age of 55 for full Medicare, so our job in retirement will be to make sure that all of our retirement funds see us through the rest of our lives DESPITE THE GOVERNMENT!!

I'm not sure if that was just a typo or what but full medicare is 65 not 55. I wanted to wait until full retirement at 66 or at least to 65 when medicare kicked in but my health and sanity were in question. Made it to 63 & 4mo and am on Cobra right now. I wish it was 55 for medicare!