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Of the things I have learned from HumbleDollar, and more specifically from Jonathan, is that increasing birthrates and immigration alone won’t solve our Social Security and Medicare quandaries. People need to work longer.
I have pushed back on that idea by pointing out that for many employed in what I call the brutal occupations, working longer is easier said than done. While I stand by that sentiment, I know people who have changed lanes, expanded their wheelhouse and learned some new tricks.
I know an old plumber who got a job with the county as an inspector. An electrician who went into sales for his employer. A carpenter turned foreman. A sheet metal worker who took a job with the city rooting out un-licensed contractors. A steelworker who got a job in a supermarket’s produce department. My brother became an attorney after a disability caused early retirement from the police department.
The moral of my story is just because you’re not a Rhodes Scholar doesn’t mean you don’t have options. Heck, I know a guy that drove a beer truck for 30 years who ended up owning an income tax practice. Perhaps you know someone who could benefit from a little encouragement.
Having paid 50 years into SS, I was happy to work until I reached 70 and then decide – what next? As it turned out I was let go in a downsizing at the age of 66. So after getting my head screwed on straight again I decided to retire. This personal experience left me with the thought that…
Everyone should work as long as they have to in order to receive a secure retirement. After that, everyone should work as long as they want to. For each one of us it is different and I would not presume I know what is best for you or anyone else or the circumstances driving those decisions. I did what worked for me
I’m one of those who decided to work well beyond the age at which I could have claimed social security. I worked 12+ years longer, for a total of 58 years in the work force and with 196 quarters accruing social security benefits.
I stopped in 2022 because of health issues and switched to volunteering, and to writing more.
No one forced me to do this although economic factors when I was much younger did incentivize me. As I approached early retirement age (63) I switched to consulting in my field of expertise. I’d planned and prepared for this. As a consultant I was able to reduce my annual work hours. I called that a “phased retirement”. The freed-up time allowed me to travel, and continuing to work allowed me to contribute to my Roth-IRA each year and save even more.
I did not consider working that way to be a burden. It allowed me to contribute in a meaningful way to society, and I spent a part of my semi-retirement time training others and young engineers. It also allowed me to gradually shift from being a net saver to a net spender. That shift was difficult; habits honed over a lifetime can be difficult to break.
I retired with my savings, a SEP and 401(k), as well as social security. The SEP and 401(k) were accrued at companies I started and ran. My employees benefited from these plans and when the Roth became available, I encouraged people to contribute bonuses, etc. to a Roth.
I’ll admit I’ve been lucky because I have never been unemployed. [I began working full-time at age 17]. I’ll take some credit for that because over the decades I transformed my company several times, and I have spent a lifetime of continuous learning, too.
I’m very much in agreement with you Norman. I also worked long and made the most of my options on the jobs. All the overtime and shift differential bonus over the decades really added up. I maxed out my retirement opportunities as far as I could, and didn’t have to think about that much.
For instance, with S.S. my official ‘full retirement’ age was 66. BUT, at 67, I would receive more, 68 even more! My FULL retirement was 70 for me. I did what I could to get the most and then not have to worry about it. Of course, married folk have many options and having a plan for that circumstance is prudent.
So, yes, work long, work wise and enjoy the freedom of time and money in retirement. Freedom to be productive as you want and decide to do.
Norman, I’m no engineer, not even close, but there’s much that I identify with in your post. For example, cutting back on hours, the good feeling of helping others, volunteering after retiring. The thing that hits home the most is continuing to learn.
My brother was a police officer turned lawyer in his 40s. I acquired accounting and tax preparing skills, became licensed in insurance and securities over a period of 30 years while driving a truck.
By continuing to learn we give ourselves the ability to walk through a new door after an old one closes.