Another day older, and still at work

  • Article by: DEE DePASS and KARA McGUIRE , Star Tribune
  • Updated: January 8, 2012 - 11:01 AM

Retiring at age 65 is a fairy tale for millions of baby boomers who would love to relax but need the income.

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chevyedfJan. 7, 1211:13 PM

The Teapublican dream. Everybody works their entire life for $1.90 hour and has no benefits. 2% owns 98% of the wealth. Please vote for them if this is your vision of the American dream.

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Thumper5316Jan. 7, 1211:23 PM

There has never been any guarantee that one could retire at 65. I probably won't be able to and I have only myself to blame.

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gloatorventJan. 7, 1211:38 PM

One would think by the commercials that everyone retires at age 65 with $1.5 million, and takes it easy playing golf, travelings, playing with the grandkids, and going on camping trips with the guys. Retiring should not be so much about an age, but once one has saved enough to be financially independent. It has always been difficult to do, and is no easier today.

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tigerstarJan. 8, 12 1:45 AM

When the retirement age was set at 65 for Social Security purposes back in the 1930s, the life expectancy for an American was 67. On average, half the population died before collecting 2 years of Social Security. Now, the life expectancy is closer to 80. The "retirement age" should be moved up to 78. By the way, my grandparents all were blue collar workers and SAVED and actually worked instead of collecting welfare and both sets of grandparents left estates valued in the neighborhood of half a million dollars. Perhaps some of you have read stories about janitors and other lowly workers who saved their whole lives and died millionaires? If you foolishly spend your money or are lazy you will never amass any wealth.

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tigerstarJan. 8, 12 1:48 AM

My brother is 32 years old and owns his own home already (paid off the mortgage) and has well over $100,000 in the bank (he won't tell me how much) in addition to a nice retirement plan. How did he do it? HE WORKED! Wow, what a magic formula for success! My brother went to school, got a skill, got a job, got a better job, worked a second job to earn more money weekends during the summer, got a better job, etc., etc. Anybody can be middle class in America unless they are extremely lazy (like the Occupy Wall Street crowd and most liberals in general).

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lluna001Jan. 8, 12 1:54 AM

My mom retired at age 65. She expected to live a nice life of visiting the grand kids, traveling, visiting all her kids and having a good time. At least that is what she told me when she left her job. 6 months later she is working as a nanny. I asked what what happened? She said "Retirement is boring, working all my life and now I do nothing, not for me." She has been a nanny for about 7 years now. 72 and going strong. Nobody ever said 65 was the rule for retirement. Keep moving, keep breathing.

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arch0049Jan. 8, 12 4:43 AM

I am in my 30's and am just speculating. But, I would say the biggest barrier most people have to retiring is planning. (I know the Great Recession has a lot to do with our current 60+ year olds now). Lots of people my age, and in their 40's and 20's really have no plan. At least, the people I work with. They just plan to keep on spending as much money as they are currently. Expecting the same amount of income - though not really saving anything - and to live in the same house or better as they age. Maybe what we need to do as a society is expect retirement to be a step backwards in consuming and forward in living. I plan on dying in the house I own, but I am a reasonable person and can see no problem is possibly having to sell, cash in and rent when I am done working. Will I need a nice car, or car at all? Probably not. Basically, we have a society/economy set up where you have 3 choices if you want to retire "successfully." A) save/invest a considerable chunk of your income now and pay off all your debts before you retire. B) Plan for a much lower standard of living in retirement and find a way to just buy consume what makes you happy. c) work in retirement. Right now and for the last couple of generations too many people have tried find a magical fourth way involving not saving, not continuing to work, consuming more year over year and holding debt when retiring. AND THAT DOESNT WORK!!!

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talktalkJan. 8, 12 5:09 AM

"One thing it did do was absolutely cream interest income . . . " No kidding. It should be illegal for the Fed to push interest rates (through manipulation of the Fed funds and discount rates as well as rampant money creation) below the rate of inflation plus 1 %.

btw, SS was never intended to be the sole support of retired people; it was intended to be a supplement to savings.

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aonealphaJan. 8, 12 6:16 AM

Work with a trusted personal financial advisor. If you start saving 20 or more years from retirement, there is no reason a competent professional cannot help you achieve the savings you need to retire at age 65. This is true if you earn $20,000 per year or $80,000 per year assuming that you plan to lead a similar lifestyle after retirement as you do before retirement. Most people would need to save no more than 5% of their income if they start in their 20s.

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anna1899Jan. 8, 12 7:22 AM

So many factors are a part of this problem. Basic necessities when we were growing up were a roof over your head, food on the table and clothes on your back. Basic things like electricity and running water enhanced the basic. The optional things were tv (no satellite), phone (land lines only), and to go to the movies once or twice a month. And even on low income my folks saved some money, paid for their home and paid cash when they bought a used car. 1 car per family. We were happy, and considered upper middle class! My how things have changed. No wonder we cannot keep up with paying the bills today.

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