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Old 11-18-2012, 07:57 AM
Roger Roger is offline
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Join Date: Dec 1999
Location: McMurray, PA
Posts: 5,891
Those are the kind of statistics I was thinking about. Yes, they have been circulated for a long time, and obviously most don't listen because the statistics don't change.

I agree that "retirement" is not an appropriate word for a change of seasons in the workforce. I smile when I read comments about those intending to work until their final breath, hoping they will pass while sitting on their ZTR. There are way too many unknowns, including financial setbacks, family situations, and health.

As people reach 60, 65, and 70, the #1 concern, "Will I run out of money?" This is a well-known statistic. When the safety net becomes necessary, an individual looses all control. Others are making decisions for you, decisions that may be very disconcerting.

As for "working until I die," that takes many forms. There is great value in remaining active. I've seen too many people my age "fold their tent" after work life, and their name is in the obit column a few months later. On the other hand, I've seen others take on a new career, remaining productive, keeping physically active, and keeping mentally active. Family situations vary greatly. I saw an article this past week that said 30% of those over 65 are active in the workforce, a percentage that is higher than ever, and continues to grow. The reason is financial, not a desire to remain active.

Two of my present customers are cases of "warehousing Mom and Dad." Adult children are buying houses for their parents, as a place to have them close, and live out their last season. I use the term "warehousing," because that is exactly the nature of the issue. Adult children need to find a place close by, so they can care for their parents, yet giving the parents some independence. It is the next step to moving to a structured home, either as independent living, or assisted care living.

The demand for financial resources in later years has risen steeply in recent years, and will continue to rise. The average cost for a care home is $96,000/yr. With continued changes in medicine, and the desire to remain living longer, the costs to support elderly will grow.

Also, the costs for professional help are significant. Accountants and financial planners are necessary to navigate the complex taxing structures regarding retirement monies. The government rules in handling these matters is a maze. Attorneys are necessary to assemble documents associated with trusts, foundations, living wills, etc.
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