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I'm a 40 year old guy working with twenty somethings, and run rings around most of them.
And I expect to keep doing so, because I am in good physical condition. I'd say top physical condition, but that would seem too much like bragging.
40 year olds and 65 year olds are light years away in physical fitness and mental capacity-- I think he was talking about comparing 20-30 year olds to 65 year olds. (no offense to 65 year olds!)
40 year olds and 65 year olds are light years away in physical fitness and mental capacity-- I think he was talking about comparing 20-30 year olds to 65 year olds. (no offense to 65 year olds!)
Wouldn't you suppose that 20-year olds and 40-year olds are "generally" different in terms of physical fitness?
But I'm an exception, because...that's what I do. My job depends on my ability to do it.
Wouldn't you suppose that 20-year olds and 40-year olds are "generally" different in terms of physical fitness?
But I'm an exception, because...that's what I do. My job depends on my ability to do it.
I would assume that a 40 year old who does work out would be in much better shape than a 20 year old who doesn't work out
But as far as for this discussion, at 40 a lot of ailments that affect 65+ year olds haven't set in yet. (i.e. dementia...etc)
At 40 people should be able to do their job just as good as 20 year olds (if not better because of experience!)
But at 65 it is probably harder to do the job just as well (no offense to anyone who is 65!!!!!) due to all the possible mental and physical conditions that can set in when you are that age or getting very near it
1.) One does not need to rely on employers, 2.) You can change professions.
The latter issue effects everyone, its not like professions magically start to become irrelevant after 30~40 years of working in them, they become irrelevant with new technologies/industries which can occur at any point during your career.
Tell that to the folks who used to work in the steel industry (or a hundred other industries). Professions also become irrelevant when they're shipped someplace with cheaper labor.
It's none of my business, but your generation, more so than mine, should be worried about what you're going to do when you hit 60. I've got a feeling the opportunities are going to be quite scarce. If certain politicians get their way, defined pension plans, Social Security and Medicare will be nothing but a memory.
Tell that to the folks who used to work in the steel industry (or a hundred other industries). Professions also become irrelevant when they're shipped someplace with cheaper labor.
Professions don't magically get "shipped someplace", when a US company starts to source steel from another country someone in that country is sourcing some other product from the US. Jobs in the steel industry declined due to increased global competition (from new technologies etc) and the jobs have been long since replaced.
Regardless, the point is the same though. Job displacement can happen any time in your career not just when you are older.
Quote:
Originally Posted by vaughnwilliams
If certain politicians get their way, defined pension plans, Social Security and Medicare will be nothing but a memory.
If I had my way defined pensions would be nothing but a memory, but social security and medicare aren't going anywhere. The voting bloc that depends on these resources is too powerful, Bush didn't even get close to privatizing them. Now the strategy is to issue tax cuts to the rich, etc to worsen the deficit so the government will be forced to change these programs, but I don't think this strategy will come close to working either.
social security and medicare aren't going anywhere. The voting bloc that depends on these resources is too powerful, Bush didn't even get close to privatizing them. Now the strategy is to issue tax cuts to the rich, etc to worsen the deficit so the government will be forced to change these programs, but I don't think this strategy will come close to working either.
Indeed, starve the beast and bankrupt the programs. Hopefully, I'm long gone when that happens. Social Security is more than 50% of my retirement income because my employer reduced my pension 75% when they converted to a defined contribution plan. Could have easily grandfathered the older employees - money was not an issue. They didn't bother. But Aetna, IBM and others did grandfather. Gotta love those capitalists - some of 'em at least.
I did utilize all tax-deferred vehicles. The 25% tax savings absolutely could not be left on the table for me. That was NOT an option. Maxed out 401K, HSA, IRA and worked 18 months past full retirement age until job was eliminated. Would have worked another three years if they had let me.
Actually, any sensible person should max out tax-deferred retirement vehicles. Even if you're not intentionally 'saving for retirement,' why pay more taxes than you need to?
Whether or not one works into ripe old age depends on one's health for the most part and whether or not you like what you do.
People who really LOVE what they do and derive great joy from their work - musicians, composers and the like - often live very long, very happy, productive lives - into their 90s. Also, Supreme Court Justices - haha - they just fade away in their late 80s. But that's pretty darn good. I think the intellectual disciplines produce many examples. Einstein and Edison for a couple of others although they didn't live as long as a few artists (music) I've read about recently. Or, Georgia O'Keefe, died at 98 and very active until only the last couple of years. Just read an article about her - woman after my own heart. Health nut, grew all her own food, painted. She had a great life.
I think this thread was started just for the conversation. No right thinking person of any intelligence believes they will have a comfortable old age without planning for it one way or another - whether you want to call your asset accumulation retirement planning - or something else.
I'm sure glad I did what I did. Wished I could have kept at it a while longer.
Last edited by Ariadne22; 10-29-2010 at 08:07 PM..
Indeed, starve the beast and bankrupt the programs. Hopefully, I'm long gone when that happens. Social Security is more than 50% of my retirement income because my employer reduced my pension 75% when they converted to a defined contribution plan. Could have easily grandfathered the older employees - money was not an issue. They didn't bother. But Aetna, IBM and others did grandfather. Gotta love those capitalists - some of 'em at least.
I did utilize all tax-deferred vehicles. The 25% tax savings absolutely could not be left on the table for me. That was NOT an option. Maxed out 401K, HSA, IRA and worked 18 months past full retirement age until job was eliminated. Would have worked another three years if they had let me.
Actually, any sensible person should max out tax-deferred retirement vehicles. Even if you're not intentionally 'saving for retirement,' why pay more taxes than you need to?
Whether or not one works into ripe old age depends on one's health for the most part and whether or not you like what you do.
People who really LOVE what they do and derive great joy from their work - musicians, composers and the like - often live very long, very happy, productive lives - into their 90s. Also, Supreme Court Justices - haha - they just fade away in their late 80s. But that's pretty darn good. I think the intellectual disciplines produce many examples. Einstein and Edison for a couple of others although they didn't live as long as a few artists (music) I've read about recently. Or, Georgia O'Keefe, died at 98 and very active until only the last couple of years. Just read an article about her - woman after my own heart. Health nut, grew all her own food, painted. She had a great life.
I think this thread was started just for the conversation. No right thinking person of any intelligence believes they will have a comfortable old age without planning for it one way or another - whether you want to call your asset accumulation retirement planning - or something else.
I'm sure glad I did what I did. Wished I could have kept at it a while longer.
Good post. The part I highlighted is especially true.
I think this thread was started just for the conversation. No right thinking person of any intelligence believes they will have a comfortable old age without planning for it one way or another - whether you want to call your asset accumulation retirement planning - or something else.
The thread was created to talk about retirement savings, or the lack thereof. I'm not sure whether you are trying to conflate planning for old age with retirement savings/retirement, obviously the latter is just an example of the former. I'm certainly planning for old age, but I don't plan to retire.
Anyhow, if one doesn't desire a traditional retirement then one does need to save for retirement.
The thread was created to talk about retirement savings, or the lack thereof. I'm not sure whether you are trying to conflate planning for old age with retirement savings/retirement, obviously the latter is just an example of the former. I'm certainly planning for old age, but I don't plan to retire.
Anyhow, if one doesn't desire a traditional retirement then one does need to save for retirement.
Having retirement savings is planning for old age, we get that you dont want to retire, but that doesnt mean that people who save for retirement are planning on sitting in a rocking chair for the rest of their life. This is a dumb thread.
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