Working until you're in your 80s? (credit card, debt, 401k, average)

[RedJacket]

Many of us won’t be able to retire until our 80s

You’ll probably have to work much longer than you anticipated

Many of us won

[manderly6]

The average life expectancy in the US is about 78 years old. So many of us certainly won't be working in our 80's.

Of course those of us not dead would be in no condition to work anyway.

[RedJacket]

Originally Posted by manderly6

The average life expectancy in the US is about 78 years old. So many of us certainly won't be working in our 80's.

Of course those of us not dead would be in no condition to work anyway.

True, but there are going to be more and more people that need to work until they drop.

[NJBest]

Many of us will retire prior to 65. Which side of the coin do you want to be on?

[statisticsnerd]

If you are disciplined enough to save money all through your career (try to save 1/3-1/2 your income) and invest it wisely, you can easily retire comfortably at 55 with just a joe job, or maybe even 45 if you are in a high paid profession like a lawyer or engineer.

[gardener34]

You would likely have to go on disability if your health, ability to get to a job, eyesight, etc. does not hold out. Which is likely.

[NJBest]

Originally Posted by gardener34

You would likely have to go on disability if your health, ability to get to a job, eyesight, etc. does not hold out. Which is likely.

People currently under 30 will most likely be physically able past 80. We're more conscious about our health nowadays and are under constant monitoring of a doctor, nutritionist, fitness expert, etc. Add medical advancements to this and we're almost set to live until 100.

[Ron.]

Originally Posted by RedJacket

Many of us won’t be able to retire until our 80s

You’ll probably have to work much longer than you anticipated

Many of us won

1-Speak for yourself
2- If you don't like your current financial situation, it's up to you to change it.
3- See number 1 and 2.

[Ivorytickler]

Originally Posted by statisticsnerd

If you are disciplined enough to save money all through your career (try to save 1/3-1/2 your income) and invest it wisely, you can easily retire comfortably at 55 with just a joe job, or maybe even 45 if you are in a high paid profession like a lawyer or engineer.

Sound advice. If you plan to ever retire, you need to save, save, save and start early. If you save 25% of your pay, you save enough to live off of for one year every 3 years you work (because you're used to living off of 75% of your pay). If you start at age 22, and retire at 62, you will have saved enough to live off of for 13 years assuming all you ever earn is enough to keep up with inflation (you're quite likely to earn more than that).

I know a woman who left her job in her 30's and is set for life. She knew she wanted to stay home with her kids and she didn't want to have to restart a career after a break so, from the day she got married, 100% of her check went into savings (including maxing out a 401K). They did this for several years then used the money to pay cash for a house. They then took the money that used to go for rent and started saving that too. By the time her second child was born and she was ready to quit, she didn't need to ever think about working again. Not having a house payment is a real asset. It allows you to save and pay cash for just about everything else. Think about how little you'd need to live off of if you had no mortgage payment, no car payment and no credit card debt.

I don't have car payments and pay my credit cards off every month but if I had no mortgage payment, I'd save enough to buy a brand new luxury car every three years (I woudn't but I could).

[RedJacket]

Originally Posted by Ron.

1-Speak for yourself
2- If you don't like your current financial situation, it's up to you to change it.
3- See number 1 and 2.

I didn't write the article. You're whining to the wrong person.