Posted on 12/16/2009 6:06:47 PM PST by BenLurkin
It's time to retire the idea of retirement--or at least push it back by a few years. Although it's fun to dream about a permanent escape from a grueling commute or an overbearing boss, think about how much you gain from your friendship with coworkers and having a daily routine where you feel useful. The financial incentives to delay retirement are obvious and dramatic. And recent research even suggests that working part time in retirement can improve your health. Here are 10 reasons you shouldn't quit your day job.
Your health. Seniors who work part time in retirement experience fewer major diseases and are able to function better day to day than people who stop working altogether,
Your marriage. After years of spending mostly nights and weekends together, being together all day every day can be stressful.
Delay taxes. If you delay tapping your retirement accounts, they have more time to compound, tax deferred.
Higher Social Security checks. Social Security eligibility begins at age 62, but your checks are reduced by 25 to 35 percent if you sign up at this age. For each year you delay signing up for Social Security between ages 62 and 70, your benefit will increase by 7 to 8 percent
Work adds meaning to your life. Retirees sometimes lose the sense of purpose of getting up to go perform a necessary role in society and being an active member of the community.
Your social life.
Health benefits. Those who retire before age 65 have to worry about how to pay for expensive health insurance premiums and what to do if they're excluded from coverage because of a pre-existing condition.
Society needs your skills.
Job perks. Pick out a part-time job that comes with perks.
Haven't saved enough. You probably haven't saved enough to retire.
(Excerpt) Read more at finance.yahoo.com ...
Yeah, the government needs those taxes!
I’d like to have a nice big nest egg and live off the interest generated from that principal amount. I can deal with the rest of that list just fine with plenty of things to do.
Lets face it...they know better.
Too late, Elvis has left the building
How many good years do you have left after 70? I’m drawing all I can from SS at 62 before it’s busted
I’ll be at least 60 when Frank leaves home, and there’s no guarantee he’ll be our last child. I expect to be going back to paid employment around the time others expect to retire!
From the perspective of a couple of years now:
* The government will cut your ration of gruel.
* If you don't work, the overseer will donate your body to the Obamacare system for spare parts.
* How are you going to retire? The government confiscated 401Ks years ago.
* Where do you want to die? On the job or in a hospital ? *Shudder*
* Silly peasant! Retirement is for Democrat politburo members!
By the time we get there the ‘Rats will have raised the retirement age to 72. Forced slavery to pay for their socialist hellhole of a nirvana. Then we can retire...(or death panel quickly) to save them even more $$$$$ to pander for more power votes via entitlements to the masses!
Argh!
RE: “How many good years do you have left after 70? I’m drawing all I can from SS at 62 before it’s busted”
*******************
Agree — my CPA said he advises almost everyone to take SS at 62 unless they have a career they absolutely love and don’t want to leave it.
I’m counting the months until I can take this ‘ponzi scheme’ money.
retirement ought be at 90 if it were to be equal to 65 when SS started to adjust for longer lifespans. wasn’t much of a safety net back then...
Slow down there champ, save some for us middle aged!
Winters in Mexico.
“How many good years do you have left after 70? I’m drawing all I can from SS at 62 before it’s busted”
I also started early, at age 63.
I have not been in the USA since Jan. 2005.
After spending 4 years in Central Europe, I moved to
the Philippines this past Jan.
I live quite comfortably, at a beach, on about $500 per month.
That would be good for about one week in the USA?
With the US now under Marxist control, there is no way that
I would return, but I still have to worry about SS ending or going broke.
If your marriage cannot take spending time together — you need to spend time together to work on your marriage.
If you haven’t saved enough, why are you considering retirement? Why even entertain the line of questioning? Were you expecting the government to bail you out? [Incidentially, if you’re young (as I am) PLAN for retirement! Save early, save often. Pay off debt. Live on 75% of what you earn — give 10%, save 15%. Have a big rainy day fund. Live like no one else — then live like no one else!]
If you’re not retiring because of the taxes on retirement accounts — why have a retirement account? You knew it was going to be taxed ... and, the bigger it gets, the bigger the tax. For what its worth, a Roth is a better idea. After-tax contributions are better than “tax-deferred” contributions ... I’d rather pay taxes on a couple of grand now than taxes on several hundred grand (or more, ideally) later.
The world needs your skills? Maybe, maybe not. Plenty of greeters at the WalMart.
I’m only 30, and not necessarily fully pro-retirement — but, some of these reasons are stupid. I think work often gives life purpose. I think retiring without a plan for somethiong to occupy your time during retirement can make it like waiting to die. And, if you don’t have enough money, don’t retire.
But, don’t delay retirement for stupid reasons like taxes or the world “needing” you. You’ve made your contribution — if you have the wherewithall to do so, take some time to enjoy life.
SnakeDoc
Please freepmail me the details, I’ll be there in 2030.
i’m almost there
62 in 12 days!!!
already made my application, got my “award” letter
payments start in Feb...the first one is always delayed
they go direct deposit into my account
why now?
i am self-employed...that means i can work all the time 24/7 and no one can stop me...so i will...but the trick (see Mike Mann’s Nature Trick) is to work without making any income. that’s right...no income. no taxes...and especially no SSI...
it used to piss me off that i paid 15.3% straight off the top to Social Security...and then, paid the Feds and the State...talk about carrying water for everyone...then i realized the secret....work for free!!! make no money...no income that is....
it took a long time and a lot of effort, but i am finally able to say “i did it.” now, i work as much as ever, but my work goes into equity in property...the equity i access by aquiring loans...loans are not income...they are loans...but its money!!!
if this is too complicated for you let me explain it again...i have rental properties that all lose money...a little bit each month....that’s because i got the equity out and bought more property that loses more money...but catch this...the equity is there.
now this was really fun when you could get no doc loans...and the property values were rising...equity just appeared by magic, and it was accessable. this credit crisis put me in a real bind...without income, no loans...all that equity but no way to get it...and if i sell, capital gains (uuugh...and the rate goes up to 25% in 2010) so now what?
one loan left. age 62...same as Social Security. thank you...the reverse mortgage. no qualifying. slam dunk. a few problems...50% loan to value ratio, heavy front load...7% or more depending on loan amount (more loan, less load because of the service set asides) but its NO DOC, NON QUALIFYING, SLAM DUNK....and again...its money!!!
so i take the Social Security and the Reverse Mortgage right now....before the world collapses and they change the program again...good for a couple of years at least...and thats time to plot the next move.
not home free, but have some breathing room.
“Please freepmail me the details, I’ll be there in 2030.”
I am afraid that 2030 will be too late for you :(
Anyone who waits until they're 70 is going to find a means tested system. You've got the right idea, kempo.
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