Hey! If this Washington Post article is right, I’m the wave of the future:
Life after 65 is starting to look a lot more like life at … 64. The percentage of Americans working past the traditional retirement age hit new highs in the most recent jobs numbers, according to recent reports, with 19 percent of those 65 and older working at least part-time. And it’s only expected to increase: The over-65 set is expected to be the fastest-growing demographic in the workplace by 2024, according to the U.S. Bureau of Labor Statistics.
So what are companies doing to respond? A few have redesigned manufacturing plants to adapt. Some lucky employees are getting higher 401(k) matches to help them save. More recently, many companies have launched financial wellness programs to help employees of all ages make sure they’re better prepared to retire on time.
I think that’s wishful thinking. My real estate taxes went up 10% from last year to this. My state income taxes will increase 32%. My income doesn’t rise to make up the difference. It reduces my savings.
How can you plan for retirement these days? I don’t think you can. My retirement plan is not to retire until the last possible minute.
Yet another example of the Boomers screwing over younger generations. Just kidding…kind of.
My father in law is 72 and still working at the steel mill. He recently had a small heart attack though, so he’s burning through several months of sick leave (he’s got over a year saved up since he rarely used it.).
And then there’s me – quit my career in my peak earning years in order to travel which could kill future earnings potential. Fortunately I can live cheap and I married well.
My experience is different but parallel. I left the corporate world to start my own company. When it was clear that had failed (after almost 30 years), I went back to working for somebody else. After 30 years I had less than when I started.
For those 30 years I earned a lot less (a lot less) than I could have if I’d stayed in the corporate world. The job I have now is at a much lower level than would have been the case if I’d stayed in the corporate world.
Choices have consequences.
“How can you plan for retirement these days? I don’t think you can. ”
You can only overwhelm the numbers. And even then, don’t think that I don’t follow economic and investment issues closely. Value can go up in smoke quickly.
My condolences on the state of IL. Your issue is made all the more difficult by their gross mismanagement and crass disregard. My River Forest buddy is just remarried to a successful businesswoman in Hinsdale, and even they are looking out of state. This issue is broad. It takes a long time to kill a state, but they are doing their damndest up there.
Dave,
Hopefully the non-monetary benefits of your own business were worth the financial cost.