Workforce to Wheelchair?

Retirement is not really something I think about too much. At this point in my life, I’m more focused on finding a job I can retire from.

When I envisioned my retirement, I pictured myself lounging on the beach, with drink in hand, discussing tee times and the best seafood restaurants (I used to live in a vacation resort in FL and that’s typical retiree behavior). Now, I’m scared that I’ll go straight from my 9-5 to a wheelchair in the nursing home.

According to an article in the Wall Street Journal, many of us will not be able to retire until our 80s. So, when we finally do happen to get jobs we will have to wait a lot longer to retire than previous generations.

The Employee Benefit Research Institute released a survey showing that now only 23% of workers are planning to retire before age 65 as opposed to the 50% that planned to retire before that age in 1991. The biggest reason for this change was cited as the โ€œpoor economy.โ€

Which future do you want?

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6 responses to “Workforce to Wheelchair?

  • BonjourMissMaryy

    This is pretty sad. Most of us will continue to work simply for the health insurance…if it is still offered to us. I know personally that my parents won’t be able to retire until they are at least 74, while my grandparents were retired with the state before they were 60.

  • Kevin

    I completely disagree. People think retirement is saving until you have X years of expenses saved where X is whatever the actuaries tell us we have left.

    Change your goal to getting your expenses to less than or equal to 3% of your invested savings and you’ll find that you’re out of the rat race. You’ll be able to cover your cost of living and inflation indefinitely. You can continue to work and save more to improve your quality of living as long as you want, but you’ll have the freedom to choose not to.

    If you make an average American income and can live on $15,000 you could retire in your 30s. If you make more, live on less, have a like minded partner, or leverage exchange rates and live very cheaply in a foreign country you can retire even earlier. It is all a matter of choice and short term sacrifice.

  • Kevin

    If only one person is actively working towards the goal then you will not have financial synergy.

    However, I wouldn’t blame that person for his or her “bad” habits. It has become part of our culture to volunteer for this indentured servitude.

  • Niesha S

    Working to retire is stupid. In today’s day and age you’re liable to die before that happens. #Just saying. Going into business for one’s self is a must nowadays. My father is 50, bad health and still chugging away. I worry about him.I hope and plan to retire before the age of 65. If I can’t, then I’m in the wrong business.

  • resumesurvislady

    Not retire until 80? That scares the crap out of me! ๐Ÿ™‚ My husband and I have been planning for our retirement since our early 20’s and God willing we’ll be able to retire around 65. There’s so much more to life than working to retire. At least I’m in a career I love! ๐Ÿ™‚

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