Are You Ready to Work Until You’re 80?

[freeatlast]

A seemingly off-hand remark made by Robert Benmosche...
http://finance.yahoo.com/blogs/breakout/ready-until-80-172821954.html

 

[matt wade]

You'll have to remind me again how anyone is forces you, or anyone else, to work until a certain age. Is someone forcing you to not save for your retirement and plan properly?

 

[HankD]

Are You Ready to Work Until You’re 80?

Yes!

My first job was shining shoes at the age of 10.
Later I worked in a Mexican restaurant at 13.

Went into the srvice at 17, finished my college degree at 30 years old.

I'm now in my seventies and want to work at my profession - Mainframe Software Architect/Engineer - but no one will hire Father Time.

So I work at home (Garden, Greenhouse, etc).

HankD

 

[targus]

Ditto.

I hope very much that I am still working at age 80 - or longer.

 

[freeatlast]

Yes!

My first job was shining shoes at the age of 10.
Later I worked in a Mexican restaurant at 13.

Went into the srvice at 17, finished my college degree at 30 years old.

I'm now in my seventies and want to work at my profession - Mainframe Software Architect/Engineer - but no one will hire Father Time.

So I work at home (Garden, Greenhouse, etc).

HankD

Hank that has nothing to do with the OP article.

 

[HankD]

Hank that has nothing to do with the OP article.

Please go back and read my response FAL.

You labeled the OP

Are You Ready to Work Until You’re 80?

I answered yes and gave the reason(s) why addressing comments made and written in the article.

HankD

 

[freeatlast]

Please go back and read my response FAL.

You labeled the OP


I answered yes and gave the reason(s) why addressing comments made and written in the article.

HankD

No you did not respond based on the article. The article is about the government and peoples Social Security and at what age.

 

[webdog]

I plan on working even after social security eligible. One can still continue to work a certain amount of hours even when eligible.

 

[HankD]

No you did not respond based on the article. The article is about the government and peoples Social Security and at what age.

Yes I did, I addressed the age issue as it relates to me as Munson and participants related it to themselves.

The article and video is NOT just about government and people SS and at what age but also involves the sociological issues.

From the article

As it is, the retirement age is already creeping higher and is up to 67 now for anyone born after 1960. In fact, one of the reasons people like Munson (and me) "don't think it's going to work" is as much about mortality rates as it is about expectations.
"The mortality curve is starting to flatten out," Munson says. "I wouldn't expect 20 years from now we are all going to live to be 100 or 110."
...
Interestingly, his final point regarding unemployment would likely be the worst unintended consequence of sentencing grandma and grandpa to an extra 15 years of hard labor. In fact, delayed retirements brought on by a deep and prolonged recession and plunging asset values are already gumming up the normal and orderly transference of jobs from old to young. The latest payroll data released last week showed an 8.2% unemployment rate—but for individuals under 20 the rate tripled to 24.6%.

In addition you did not specify such in your O/P anywhere but simply asked Are You Ready to Work Until You’re 80?

So again, yes. Although I am healthy enough and I want to work until 80 and beyond (Lord willing), I am not allowed to work because of my age. I can't prove that because it's illegal to discriminate because of age and other reasons are given.

The plain fact is that the public sector does discriminate as I have been told that privately by Christian friends in management who do the hiring.

So it won't do much good to "up" the age for more that one reason (health, mortality and discrimination issues...) apart from governmental issues.

HankD

 

[Bluefalcon]

That's funny. I doubt I'll make it to 80! What jobs can 80-year-olds do, anyway? Test new depends diapers?

 

[HankD]

That's funny. I doubt I'll make it to 80! What jobs can 80-year-olds do, anyway? Test new depends diapers?

You have proven my point Bluefalcon.
The public view is that we (The "elderly") are not capable of meaningful work. Actually - some are and some aren't because of several peripheral issues previously mentioned including mortality which the article addresses.

To "up" the age of retirement may not have much of an impact because as you say and the article and video indicate - what good will it do because there seems no way to externally test the do-ability of it in a cost effective way. Although a mathematical model could probably be made.

I hope this reasoning is more to FAL's liking.

However, my own feeling (as well as Munson's and others): I want to keep working until 80 and beyond I just don't want to be told that I have to, especially after signing up for a contract that comes due on my 65th birthday (62nd for early out).

HankD

 

[billwald]

A person who works behind a desk could work until he died. Would anyone fly with an 80 year old pilots locked in the cockpit?

Retirement kills some people. It is a skill which must be learned.

Silly people think they are important to their employer.

 

[Jim1999]

Despite age, we all have something to offer. We just have to change direction as we age.

Cheers,

Jim

 

[Mexdeaf]

I fully plan on it- I am in my mid-50's. My parents are in their late 70's and in excellent health. Dad still works as a Habitat for Humanity volunteer. I am working on my MS in Counseling so that I can begin a new career in teaching. I plan to do that until I am either mentally or physically unable to do it any more. My hope is to be carried out with my boots on unless the Lord comes first.

 

[menageriekeeper]

Considering I don't expect to be finished with my degree until I'm 50, I find it very likely that I'll still be working at 80. 'Course I also tell my children that I plan to live til I'm 103 so I can be a bother to my great grandchildren.

Still, I don't see myself doing nothing for the next 50 plus years, money or no money. That would be like BORING!

As far as having to work, well, I've been told since I was high school that a family couldn't live on one income, but my husband and I have raised 3 children and a god child on just one. He's about to retire from one job (and yes begin to draw a pension after 25 + years in) and go on to the next where he'll be putting money into a second plan. All this stuff about one HAS to do.....bleh. This is America and Americans have enough ingenuity to fix the problems IF given enough incentive. problem is, a good many Americans have no incentive to do better.

 

[StefanM]

80 is an absurdly high retirement age. Most individuals could not effectively work in their late seventies, particularly in the fields in which the work is more physical. SOME individuals could work to this age, but I think the biggest problem (as the article mentions) is the effect on the unemployment rate. Unless people retire, job opportunities bottleneck.

 

[Walguy]

My financial situation these days is such that my projected retirement age is now 'deceased.'

 

[LadyEagle]

And so, let's look at who made this off-handed remark.....from Wikipedia:

Benmosche joined the Metropolitan Life Insurance Company in 1995. In 1998 he rose to the rank of CEO, a position in which he served until retiring in 2006.[3] During his tenure, he oversaw MetLife's successful transition from mutual company to publicly traded firm.[4] After being a member of the board of Credit Suisse AG for seven years, Benmosche resigned in August 2009.[4]

In mid-2009, Benmosche was appointed CEO of American International Group. He assumed that role on August 10 of that year.[5] During his first meeting with employees, Benmosche stated that Congress was composed of "crazies," that he would not cooperate if asked to testify before Congress, and that New York Attorney General Andrew Cuomo, who had investigated AIG, "doesn't deserve to be in government." He later asked for a personal private jet and said that he might quit over government-imposed pay restrictions.[6]

Mr Benmosche went on to be named 42nd in the list of Fortune top 50 business leaders of 2010 and also was named executive of the year by The New York Times DealBook/ Andrew Ross Sorkin for 2010.

And wasn't AIG recipient of a government (meaning us, taxpayer) bailout?

Now this is really nice, that he thinks all of us slaves who have paid into Social Security all of our lives and played by the rules should have to work until we are 80.

 

[LadyEagle]

Now, let's get to the meat of this.....

Social Security is self funded - meaning, we, the employees and they, the employers, have paid into the Social Security program all through the years. Never, has the Social Security fund ever used funds from somewhere else to pay benefits that are due. FACT: Congress and administrations have raided the SS fund over the years, leaving behind IOUs - to the tune of at least 3 TRILLION dollars - that's right, Trillion.

I found a couple of answers to explain this in detail.....but these TRILLIONS of dollars are owed to the SS fund just as much as any debt owed to China or anyone else holding our national debt and in fact, the SS fund should be reimbursed FIRST!!

Here are a couple of great explanations:

LBJ was running an expensive war in South East Asia while also attempting to launch social engineering through programs which began with his 'Great Society'. Lacking the means to pay for both, he had the Social Security Trust Funds moved into the general fund. As these funds were removed they were replaced with an IOU. Since Social Security was developed as nothing more than a Ponzi scheme, pulling the funds has proved to be particularly disastrous. The political left continuously points at these IOUs as proof that the Social Security system will remain solvent. Which is a joke; paying off old IOUs with new IOUs.

For those age 40 an younger, sorry. You will be paying into the system but are not likely to see any return from it. Plan accordingly. Also keep in mind that Congress exempt themselves from participation is this mandatory retirement program. They enjoy a much better retirement for which they are required to make no supporting payments.

Anyone who does not understand the Ponzi-Scheme/Scam of social security must either not be paying any social security currently or is one of the last few people still alive that will receive benefits. SSI was created as a method for the nation to ensure we would never leave the elderly who formerly were the muscle of our country's economy in a destitute state. LBJ authorized use of SSI funds for the Vietnam war and it has been used as part of the general-fund and discretionary spending ever since. There may be some truth that less SSI is available because people are living longer, but the the real reason SSI is running out is because it has been squandered by every administration since LBJ whether liberal or conservative. This is also why the Obama administration wants nationalized health care, to replace SSI deductions on our paychecks. They realize the scam cannot continue and now need a new one. Pay us 1/2 your paycheck and we will ensure you get to wait in a line 3 blocks long for an appendectomy, but hopefully you will die before you get to the cutting room.

Source:

http://answers.yahoo.com/question/index?qid=20110725091724AAL3nE6

Now, here are also some facts: Congress has already raised the retirement age for full benefits and my age group has to wait until age 66 to collect. Full benefits average about $1200./month. If you retire early (age 62 up to age 66) your benefits are reduced.

The average SS recipient today gets around $1000/month. Some get a little more, some get less. I know people who collect $700/month. Out of that, $350/month goes for supplemental insurance premiums (Medicare pays very little on medical expenses, so you MUST have supplemental insurance). These people live with relatives because they would not be able to be self-sustaining on this income.

Here's another fact: You can retire at age 62 at reduced benefits and you can still work but the cap is around $13k or $14k per year and for every $2 earned over the cap, you must pay back $1. Right now, at age 66, we can work and earn as much as we want.

Here are some more facts: A lot of people cannot work until they are age 80, due to declining health, worn out joints, etc. As someone pointed out, who wants an 80-year-old pilot in the cockpit? Millions of people work standing on their feet all day (hairdressers), or climb telephone poles, creep under cars, do roofing and dig ditches, how many 80-year-olds do you know who can do those physical labor tasks? Not everyone has a cushy desk job like the politicians and lawyers who think the rest of us should just keep on going like Ever Ready bunnies!!

It is a crime, a CRIME!! what politicians from both parties have done to us. They keep us divided, Republicans blaming Democrats and Democrats threatening that Republicans want to throw granny over the cliff, when in all reality, they ALL have defrauded the working men and women of this country and thrown us ALL over the cliff by robbing us. It is crime what they have done and they need to pay us back!!! With interest!!!

 

[billwald]

>Social Security is self funded

THAT is a book keeping fiction. So far it has worked out that way but it is not required by legislation.