What If The Retirement Age Was Moved to 85?

CrimsonTide4 · #1 02-25-2006, 09:43 AM

What if an announcement was made that the new retirement age was no longer 65, but 85? What would you do? Can you even imagine working until you are 85?

It is a possibility. I read this yesterday at work:

http://www.livescience.com/humanbiol...ire_later.html

ST. LOUIS—A person entering the workforce today in America might face a much longer career than Mom and Dad.

Life expectancy in the United States is now around 78 years. But if anti-aging therapies prove to work as well for humans as they have for worms, flies, and mice in laboratories, by the year 2050 people might routinely reach the ripe old age of 120.

That could place a tremendous burden on the economy if people continue retiring at 65 or earlier.

The retirement age might have to be boosted to 85 to prevent economic collapse, figures Shripad Tuljapurkar of Stanford University.

Do the math
There are 285 million people in the United States, with the median age around 36. Every two people over the age of 65 depend on money garnered from the wages of 10 working people age 20 to 65.

Honeykiss1974 · #2 02-25-2006, 11:06 AM

I wouldn't be surprised IN THE LEAST that this would be the retirement age when my time comes (I'm 31 now).

That's why I financing my retirement through alternate means as much as I can. I do not plan to depend upon social security nor have them dictate when I can retire. A sistah is SERIOUSLY looking to be retired by 50.

mulattogyrl · #3 02-25-2006, 11:08 AM

I could definitely see the retirement age moving up. The cashier in my cafeteria at the hospital will be 81 this year. More and more 'seasoned' people are working past 65. I don't know how long it would take retirement to get to 85, but people are living longer, and one of the many complaints I hear from my clients, who are mostly in their 80's, is that they're not doing anything. Many people retire and then go on to do something else, like a less stressful job or volunteerism. So, if you choose to stay active, why not work? Just a thought.

Honeykiss1974 · #4 02-25-2006, 11:11 AM

Quote:

Originally posted by mulattogyrl
Many people retire and then go on to do something else, like a less stressful job or volunteerism. So, if you choose to stay active, why not work? Just a thought.

You're right. That's the other part of my plan. To retire and do everything I've always wanted (travel, chill, etc.) and then do something less stressful than working in corporate america - like be the church secretary or something.

btb87 · #5 02-25-2006, 11:32 AM

Quote:

Originally posted by Honeykiss1974
You're right. That's the other part of my plan. To retire and do everything I've always wanted (travel, chill, etc.) and then do something less stressful than working in corporate america - like be the church secretary or something.

Girl, being church secretary is not as unstressful as you think!

honeychile · #6 02-25-2006, 01:10 PM

<---- has worked in geriatrics for oh, too many years.

If the retirement age becomes 85, my retirement plan may become Smith & Wesson...

mulattogyrl · #7 02-25-2006, 04:17 PM

Quote:

Originally posted by honeychile
<---- has worked in geriatrics for oh, too many years.

If the retirement age becomes 85, my retirement plan may become Smith & Wesson...

I work in geriatrics too!
LOL@ Smith & Wesson....

Tickled Pink 2 · #8 02-25-2006, 07:05 PM

Quote:

Originally posted by CrimsonTide4
What if an announcement was made that the new retirement age was no longer 65, but 85? What would you do? Can you even imagine working until you are 85?

It is a possibility. I read this yesterday at work:

http://www.livescience.com/humanbiol...ire_later.html

ST. LOUIS—A person entering the workforce today in America might face a much longer career than Mom and Dad.

Life expectancy in the United States is now around 78 years. But if anti-aging therapies prove to work as well for humans as they have for worms, flies, and mice in laboratories, by the year 2050 people might routinely reach the ripe old age of 120.

That could place a tremendous burden on the economy if people continue retiring at 65 or earlier.

The retirement age might have to be boosted to 85 to prevent economic collapse, figures Shripad Tuljapurkar of Stanford University.

Do the math
There are 285 million people in the United States, with the median age around 36. Every two people over the age of 65 depend on money garnered from the wages of 10 working people age 20 to 65.

That's horrible. Think about it - you have a retirement account or pension plan that you have been contributing to and you have to wait until you reach 85 just to draw a monthly income? And if you're in Corporate America you're doomed. What kind of job could you possible do in "fast-paced" Corporate America at 85? Especially if you work in a numbers driven environment where speed earns higher rewards.

I don't think it'll happen. There's also something called minimum distribution - (basically a forced distribution for those who are past the retirement age and have yet to retire). Would that go away, or would it be raised to like 90 yrs old?

CrimsonTide4 · #9 02-25-2006, 07:39 PM

It sucks. No matter if you are in Corporate America or if you work in the service industry -- restaurants, janitors, auto repair, etc.

Can you imagine still having to be a janitor at 85?

I know a lot of people who retire a month or so after they turn 65. Can you imagine the day after you turn 65 and being told that the retirement age is now 86? Now you have to work for 20 more years!!!

And for the vast majority of people, working is their ONLY option of survival because they don't have alternate sources of retirement income.

My grandmother retired at 53 and then worked for a number of years as a church secretary to help out us kids in college.

mccoyred · #10 02-27-2006, 02:14 PM

I understand that the retirement age is already creeping up. I think for my age bracket (mid 30's), I can't collect Medicare until I am 67 years old.

Frankly, I feel that after people retire, that should be the opportunitiy to do something that they have always wanted to do (ie travel, teach, volunteer), ALL of which I plan to do when the time comes.

I have more thoughts on this subject but I will need to come back to it.

Steeltrap · #11 02-27-2006, 08:05 PM

For me, I wouldn't mind. My work is not physical. I use a computer and the telephone. The only thing I'd be fearful of is driving.

BLUTANG · #12 02-28-2006, 04:58 PM

i PRAY TO GOD that i don't have to work until xyz retirement age. I'm not even 30 and the thought of working until 55 (much less 65 or 85) is dreadful! I'd like to be able to do my job until i just don't want to perform/fight traffic/deal with office politics.

i am a librarian, so i'm SURE i could always work in a public library or something even when i'm 100... that is if we still hold on to the "traditional" library... but I don't want to be the old lady in the office who doesn't know how to operate any technology, or who has to ask for support EVERY DAY for assistance with something simple. i don't want to HAVE to work.

HIJACK-VENTING-RANTING
not trying to be funny or age-ist... if that's even a word

i just left a job because my "retirement age" coworkers WEREN'T retiring... just staying on and complaining about everything, and missing every other day of work because of doctor's appointments. They were technologically challenged (i can't get the printer to work! my email isn't doing anything! why won't this light switch flip on!) and it was driving me CRAZY.

i mean, these coworkers were MISERABLE at work, but couldn't afford to retire... so that fueled my desire to work somewhere where (1) i'd draw a higher salary (2) have better benfits (incl. pension) and (3) be able to put away more $$ for the future.

/HIJACK-VENTING-RANTING