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Friday, October 9. 2015

The End of Retirement As We Know It?

The End of Retirement As We Know It? - As Chairman of the Milken Institute Center for the Future of Aging, Paul Irving wonders if retirement actually makes sense today.


Retirement is a modern concept, dating back only to the 1930s in the US. I have an IRA for tax purposes, but we have no retirement plans of any sort. We enjoy like life as it is, she enjoys my being out of the house all day, and if I quit working some things would need to change. Making income and being out in the world is a good thing at any age. I see plenty of guys working in their mid-70s, sometimes doing much less prestigious jobs than they once had. Clearly good for their mind, body, and soul.


Example: sales guy at our local Jos. A. Bank used to sell bonds. He's 72. Wife died, decided he had to get out of the house and off the golf course and away from the bar there. Top salesman, loves seeing people all day. Bought 3 suits from him for my lad.


Also, people who have paid lots of tuitions probably still need some income to maintain their lives as they like them.

Posted by The Barrister in The Culture, "Culture," Pop Culture and Recreation at 15:38 | Comments (19) | Trackbacks (0)

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When watching old movies (1920s - 60s) and TV shows from the 50's and 60's I'm always struck by the number of older ladies and gents playing roles as bartenders, clerks, cops, etc. -- in other words, ordinary working people that you might run across anywhere during the day. Of course in those days people looked older at any given age than they do now (which is a fascinating subject for another time), but surely some of them really were 70-plus. Was that the norm in the mid-20th-century?
#1 Gene on 2015-10-09 17:14 (Reply)
Sure it was.

Consider your grandparents.
#1.1 the b on 2015-10-09 17:36 (Reply)
One of my gramps was making house calls when he was 85.

My other gramps worked until he sold his 2 main businesses (but not his boat dealership) in his early 70s and then quickly succumbed to heart disease. Alas. A good friend to me.
#1.1.1 bd on 2015-10-09 17:41 (Reply)
After raising 5 children all over the world as a military couple, my Dad retired and enjoyed travel, visiting friends and family, and puttering. He still got up early, after going to bed early. It's been some of the best years of their lives. He's finally slowing down at 88. My brother in law, a machinist, can barely stand after 40 years in the shop. Another brother in law, after 35 years of shop work has a back so bad he can't drive more than 15 - 20 minutes. And I outweight either of them by 20-30 pounds, but I can easily keep going to my desk job and 10-15 years. Sure, some want to work well into their 70s, others physically and mentally can't. One size doesn't fit all.
#2 Mark on 2015-10-09 17:57 (Reply)
True, but they can do other things if they want to.
#2.1 Bird Dog on 2015-10-09 17:59 (Reply)
That's a fallacy. A LOT of people are physically and/or incapable of doing any kind of job by the time they reach 70.
And a lot of people reach that point earlier but are forced to go on anyway, in constant pain and stuffed full of medication in order to keep up a semblence of being able bodied workers.

And even if they are capable of doing a job, they never get hired because they're too old, employers think they will become too expensive because of needing special equipment soon, are too slow, unwilling and incapable of learning new things, not willing to work under people half their age, etc. etc.
All of which is in part true, at least for some people.

Don't get me wrong, I wish I were in any shape to be able to do an honest job by the time I reach retirement age.
But I also hope I will be able and allowed to retire and actually have some years left to enjoy life beyond the constant drudge of "wake up, make breakfast, go to work, work, drive home, eat dinner, read professional papers, go to bed" that's the life for a large part of the working age population.
Slaves have more free time than your average working person who's supposedly free...
#2.1.1 J.T. Wenting on 2015-10-10 01:06 (Reply)
I've been retired for 16 years and love it. I really enjoyed my job until the day I stopped enjoying it. Now I enjoy my retirement.
#3 GoneWithTheWind on 2015-10-09 19:11 (Reply)
For me there is no retirement. I have nothing to retire on.
I just missed the pensions in the private sector and my 401k has been less than a replacement for that.
So I can't retire but oops. I can't find a job. The economy is not growing. And I have no pension. Poor me and at 67 I'm at the bleeding edge of the Boomers.
#4 Gina on 2015-10-09 20:55 (Reply)
Just to be clear, I started working when I was in 7th grade at the local library shelving books for 40 cents/per hour. I've worked every day since then. I put myself through school to a MS and then worked for 30 years i publishing.
That I can't find a job now is not because I have nothing to offer.
#4.1 Gina on 2015-10-09 21:11 (Reply)
Just to be clear, I started working when I was in 7th grade at the local library shelving books for 40 cents/per hour. I've worked every day since then. I put myself through school to an MS in Psychology and then worked for 30 years in publishing.
But the outsourcing of professional jobs caught me in my early 60's and I had no notice or warning. I knew I was training kids in India. I did not know that I was training them to take our jobs.
#4.2 Gina on 2015-10-09 21:23 (Reply)
I'm b.1949. I'm looking forward to working backwards. Looking forward to working at McD's (if they'll have me) Looking forward to working with kids. Looking forward to the struggle of keeping up. Just don't ask me to work more than five hours.
#5 Estoy Listo on 2015-10-09 21:49 (Reply)
Spouse is "retired" but was fortunate in that after 35+ years with a company there was a nice pension. I say "retired" because is very involved with grandbrats and their parents, and is really "on call".

I still have my small business, which I developed when was the "child on call" to an elderly mother and aunt. Suppose could quit, but enjoy the work (part-time) and am still able to give value.

There are moments when we both fantasize about downing tools and moving far away, but not going to happen. So long as we can contribute, we'll stay the course.
#6 Frances on 2015-10-09 21:51 (Reply)
Retirement? Sure, I'd love to. Keep working? I'd love that too. It would be nice to have the choice.

But what about those who aren't working because of this obamanation economy?

Sorry; but the "older" folks are often the first to be laid off and the last to be rehired.

Since they cannot find work I see many being forced to live off social security because of the mess this current administration has done to us.
#7 charles on 2015-10-09 22:01 (Reply)
As a dentist, having paid for years of private schools, i will need to work until 75. Flip side is I love it right now. :Cutting edge stuff, digital dentistry. Wish I were 25 years younger.
#8 Stephen Lawrence on 2015-10-09 22:25 (Reply)
Most of the parts delivery guys are retired men.

They work part time and the parts stores don't have to pay benefits (health insurance) for them. And yeah, we talk politics with them when they come in.

Alot of our customers are truckers 65+ yrs of age. Long haul and local. Some are being forced to retire because DOT pulls their CDLs because they have 17" necks or diabetes. NOt because they've had accidents or near accidents.

They will be replaced by illegals who don't speak or read English, because it's cheaper to do so.
#9 fjord on 2015-10-10 06:43 (Reply)
I remember a salesman at JosABanks of that age. He said, the wife told him, I took you on for life, but not for lunch. Get a job.
#10 PK on 2015-10-10 07:40 (Reply)
Yes, keep working well into your "golden" years to stave off boredom. It's not like young people need jobs, is it?
#11 Dogger on 2015-10-10 10:47 (Reply)
I am not sure why retirement is a bad thing.

Vacations to exotic places, an arguably short retirement from work, are relatively new as well. They date back to the invention of steam trains and ships, and yet no one says you can't take fabulous vacations.

In fact, back when everyone farmed it was nearly impossible to leave as there was always livestock to tend.

So BD, why don't you advocate the opinion that it is virtuous to work year round without taking a vacation?

Oh wait . . .
#12 feeblemind on 2015-10-10 11:52 (Reply)
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#13 ZMyPxPwDVQswwPT (Link) on 2015-10-11 21:12 (Reply)

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