#SuzeOrman #WorkUntilAge70 #retirement
Suze Orman has made a fine career of giving retirement and other financial advice.
But when she advises people to work until age 70, Wes Moss, who writes the Money Matters column in The Atlanta Journal-Constitution and also has a radio show of the same name on WSB AM, begs to differ.
Moss discussed the matter in a Nov. 7, 2017, column.
Certainly, medical advances and the like have made living longer possible. Some folks may even enjoy their work to the point of never thinking about giving it up. Others may believe that the longer they are able to keep working, the better off they will be financially.
Moss points out that the latter is pretty much Orman’s philosophy. He quotes an old joke in financial circles: “How do you never run out of money for retirement? Work until you die,” Moss writes.
In Moss’ mind, perhaps the most important reason for not setting 70 as a retirement age is that “you may lose the sweet spot of your retirement – the years when you are healthy and active enough to live out your post-career dreams to the fullest,” he writes.
Certainly, the Social Security Administration has inched up the “full retirement” age to 67 from 65, where it was for decades. But Moss points to a Bloomberg News article that says Americans are retiring later, dying sooner and are sicker in between.
Here’s something else Moss points out: companies largely do not want older workers around. Younger workers are generally cheaper. So, even as workers approach middle age, they become vulnerable to being forced out of their jobs for one reason or another.
If you are among those who are nearing retirement, and don’t have lots of money saved, take heart. There are many ways out there you can make money in your spare time, say, a couple hours a week, without taking a second W-2 job, or working overtime (if available) in your first job. To check out one of the best such vehicles, message me.
In short, unless you really love your job, think about retiring as soon as you are able. If you can foresee your job going away before you want it to, take measures to soften the blow when it comes. If you do the right things – spend less without depriving yourself, save more money, invest well etc. – you might even be able to walk out of your job with a smile.
As Moss says, you shouldn’t make it a goal to sacrifice the best years of your retirement by working those extra years. And, once you do retire, you shouldn’t waste time sitting at home, and not venturing out of your comfort zone. Have dreams. Fulfill them. Retire with no prejudices, no pretenses and no burdensome obligations.
That isn’t to say that there are some jobs that are so great, you don’t want to give them up unless you have to. But, chances are, no matter how good you are at what you do, eventually your employer is going to want you gone.
If you’re lucky, when your employer wants you gone, he or she will offer you a package to leave. If you get an offer like that, remember that few people who take them ultimately regret that decision. If you are being paid to leave, the message you should hear is that the employer want you out.
So, if you are a Suze Orman devotee, remember that not everyone agrees that one should work until he or she is 70. A better philosophy might be this: when is the SOONEST I can retire? Once you’ve determined that, think about not only how you are going to pull it off financially, but also what you will do with your new-found time.
Work, dream, save and retire.
Peter
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DANCING TO ONE’S OWN TUNE
Marina Shifrin quit her job for a Taiwanese animator and created a video of her dancing in celebration.
Naturally, the video caught on and was not only an online hit, news organizations showed it repeatedly on television.
Some of us fantasize about quitting our job and celebrating. Perhaps we have a job that we’ve hated, but suddenly find ourselves able to unload it from our lives. Some may come into a little money, so therefore they don’t need to work anymore.
Dancing your way out the door may look like fun to some, but some may need to take pause.
As an employer, would you like to see anyone so happy to quit a job? In Marina’s case, she was fed up with the long hours she was putting in. She made that video at 4:30 a.m. when she finally finished work. In fact, her employer made a follow-up video wishing Marina luck.
If you are an employer and are not bothered by such a stunt, perhaps you need to evaluate your workplace, and how your employees really feel. If you don’t care how they feel, then hopefully all your workers will dance out the door.
Departing a job is often sad. As an employee, you’ve given your heart and soul to something, and for whatever reason you have to leave reluctantly. Or, you get laid off unexpectedly, and don’t know what your next step is. All you know is that you need the paycheck to pay bills.
Leaving a job can be sad, too, because of the people you’ve befriended, but may never see again. Some pleasant workplaces are difficult to leave. Perhaps you are retiring, because you’ve reached a certain age. Yet, though money may not be a problem, you may not know what you’ll do with your time.
We have a barrage of emotions about jobs. There are those who want to spend as little time at work as possible, and more time with the rest of their lives. There are also workaholics, who never leave work, even when they are home. Regardless of your situation, you have a lot of yourself invested in your job.
Even a “dream” job may not be your dream. There may be other things you want to be doing, even if you love your work. If you win the lottery, but say you won’t quit your job, chances are, you will after a while. Let’s hope you have the good sense to manage your good fortune so it can last into perpetuity for your family.
Winning the lottery is not the only way to create a fortune outside of work. For one of the best, visit www.bign.com/pbilodeau. No matter whether you do a happy dance, or leave with great sadness, your job will probably not last forever. Everyone needs a Plan B for when the day comes that work and paychecks end.
We’ve all been told that having a job that you can work at for all of your adult life is the key to success. Those days are not so gradually coming to an end. Jobs come and go, sometimes without you knowing. Just when you think you are valuable enough to your employer that he’ll never want you to go, suddenly, you’re gone. All that hard work you put in suddenly means nothing.
But most people work hard for their own purposes, and their employers benefit. You don’t have to dance out the door from your job, but hopefully you can leave your job with a smile on your face.
Peter