We wrote earlier today about Americans' net household worth plummeting, and how that likely is influencing the way we see our retirement years (if we see them happening at all.)
Our Squeeze Poll: Do you expect to retire at 67 years old - the age the Social Security Administration offers full benefits? Do you believe that you need to work later than 67 to save enough money to live comfortably? Or do you expect never to stop working?
Cast your vote in the poll over to your right - and explain why here.
Last night's poll results:
With the news that the producer of Sesame Street is cutting 20 percent of its staff, we wanted to know which character you would let go.
The landslide winner: Abby Cadabby, the newest and, apparently, least popular resident of the Street. Abby received 71 percent of the votes. Elmo finished second with 8 percent, although we suspect his total would have increased had the poll included audio clips.
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7 comments:
I'm retiring this year, I think. I'll have about $20,000 less a year to live on than I would have had if I had retired last year, but I ought to squeak by. My current assignment seems to be coming to an end, and I don't see starting into a new one and ducking out after a couple of years. Paying my health insurance until I'm 65 will be the biggest hurdle.
And BTW, the SS full-retirement age of 67 is for people born in 1960 or later. Not a lot of folks are ready or able to retire before age 50.
Age 66 applies to a big swath of us boomers, most of the folk approaching retirement any time soon.
I can't afford to retire not because I can't afford my basic living expenses, but because I can't afford my health insurance.
If there were universal health care I would retire at 66.
With duel income and family emergency we left the work a day force at age 62. We now are 73 and last year moved into a retirement village expecting to sell the home to supplement the income. Didn't happen but still able to survive just fine and enjoying life to the fullest. Can't wait to long or health issues will catch up with you.
Retirement is a myth unless afflicted with illness or disease. If you dont use it you lose it is a fact. America needs more entrepreneurs of all ages to invent and create since nessessity is the mother of invention. Mom and Pop businesses have always been the backbone of America. Big business is going under. Wall St is collasping. America is collasping under the weight too much big government and taxations.
Another problem is America puts far too much emphasis on useless higher education. Those who are naturally gifted will advance but others have other uses for their skills or work habits. Diff strokes. PHDs are flippin burgers all over.
Never retire. Life is too short and you only go round once.
As big banks go under due to bad loans to irresponsible people Charlotte itself must reinvent itself or become a dying stagnant city like our old Detroit filled with slums and ghettos and homes selling for 5 bucks. Being a one horse town is a deathtrap detriment. It would be terrible to watch nice homes drop 95% or more in value. Business diversity is badly needed here.
Depending on how I feel in my 60s and 70s (I'm 47) now, I may work well into my 70s. For a couple of reasons: 1. Pensions aren't what they used to be (I do sock away a good percentage in 401K and IRA though).
2. I have known a good number of people who die soon after they retire. I'm not saying that's the cause, but it's a little too coincidental.
At 45 I don't see ever retiring. I'd be bored and I will prob. die early anyway. My generation is way too stressed out to even think about it.
Having lost nearly half of my retirement fund in less than a year, I have had to rejoin the workforce in order to supplement Social Security.
Luckily my wife is still gainfully employed with very good health benefits.
Given how long it will take this economy to recover, I suspect both of us will be working at least part-time until they apply the paddles and shout "clear"!!
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