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User,
Is your job sedentary in nature? You can't assume you won't get some chronic illness and will have to leave the workforce. 40% of working adults leave for disability and those checks are very small to try to live off.
But, if you love working then I don't see anything wrong with cont to work. My parents died at 76-d,79-m. I would be happy to see 80 and I am not going to assume I will make it past my 80th birthday. It doesn't work that way in my family. Plus I have worked in a nursing home and being frail, near blind and wearing diapers, just to be able to say I am 99 yrs old--no thanks. I want to pass on before any dementia hits or I lose a leg to diabetes.
I find it interesting that people assume they will have the option to keep working until the day they die. In in most companies interest to weed out older workers to save costs. Older workers tend to be paid more because of their experience and time served and, cost more in health care related expenses so, its in most businesses interest to get rid of older workers at a certain point. So, you might enjoy working and want to work but there is no guarantee that you won't be let go. Not a problem for me since I have never wanted to work and plan to retire by 63. You can never have too much money saved. There are always unexpected expenses and, if you don't have decent long term care insurance, you stand a good chance of spending your savings to pay for home care or custodial care for yourself or spouse eventually. I'm not someone who lives a frugal lifestyle to become wealthy but, you have to put away a good bit of income to deal with the realities of old age--its never pretty those last couple of years.
Well, I suppose if someone doesn't like work then retirement makes perfect sense. But for people that enjoy what they do, what's the purpose?
I agree, retiring wouldn't make sense if you enjoy what you do. My Dad is a good example of this, he is well into his 70s and can afford to retire but keeps working.
I suppose saving for retirement provides a hedge against that changing, maybe twenty years from now you will no longer like work or won't like what your career has become and can't find an alternative that you enjoy. If you got to that point it would be nice to have a "f*ck this sh*t" option available.
I agree, retiring wouldn't make sense if you enjoy what you do. My Dad is a good example of this, he is well into his 70s and can afford to retire but keeps working.
I suppose saving for retirement provides a hedge against that changing, maybe twenty years from now you will no longer like work or won't like what your career has become and can't find an alternative that you enjoy. If you got to that point it would be nice to have a "f*ck this sh*t" option available.
Yeah, my Dad retired about a year ago at 73, he liked working, but said he was just getting too tired day in and out. I actually asked him about retirement this weekend and if he liked it and what it was like. He said you won't really know what its like until you pass 70, because he said he found his energy level dropped fairly significantly at about 70, and he is a very active man. I still expect to retire somewhere in my 60s...
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