Call to raise retirement age to at least 70 - BBC

[cheryl]

Call to raise retirement age to at least 70 - BBC

Retirement age should rise to at least 70 in rich countries by 2050 as life expectancy rises above 100

The World Economic Forum said that employees should continue working until 70 in nations such as the UK, US, Japan and Canada.

The increase will be needed, as the number of people over 65 will more than triple to 2.1 billion by 2050.

By then, the number of workers per retiree will have halved to just four.

Michael Drexler, head of financial and infrastructure systems at the World Economic Forum, said the expected rise in longevity was the financial equivalent of climate change.

 

[cheryl]

World's Major Economies to Come up $400 Trillion Short on Retirement Savings - Bloomberg

Longer life spans and disappointing investment returns will help create a $400 trillion retirement-savings shortfall in about three decades, a figure more than five times the size of the global economy, according to a World Economic Forum report.

That includes a $224 trillion gap among six large pension-savings systems: the U.S., U.K., Japan, Netherlands, Canada and Australia, according to the report issued Friday. China and India account for the rest.

 

[brownmonster]

And the can will continue to be kicked down the road.

 

[Catatonic]

And the can will continue to be kicked down the road.

Individuals are kicking the can for sure! I never looked to the government or even UPS for my retirement.
Yep, much to my daughter's delight, I have more than twice as much to retire.
Four cornered chair - Soc Sec, UPS Retirement, 401k, outside investments.

 

[Babagounj]

I'm getting by on just my Teamster's Pension .
I'm waiting to at least FRA on SS before I tap into that pool.
However I'm think of taking out some funds (401K) for a new boat , my current rig hits 50 yrs old this year.

 

[UpstateNYUPSer(Ret)]

I'm getting by on just my Teamster's Pension .
I'm waiting to at least FRA on SS before I tap into that pool.
However I'm think of taking out some funds (401K) for a new boat , my current rig hits 50 yrs old this year.

Would the boat be considered a business expense and therefore a depreciable asset?

 

[Catatonic]

I'm getting by on just my Teamster's Pension .
I'm waiting to at least FRA on SS before I tap into that pool.
However I'm think of taking out some funds (401K) for a new boat , my current rig hits 50 yrs old this year.

Remember, you have to pay taxes on the 401k unless you put it in a ROTH IRA.

 

[oldngray]

BBC thinks retirement age should be raised to 70? Go ahead and try it out in the UK first and let us know how that works out.

 

[oldngray]

Remember, you have to pay taxes on the 401k unless you put it in a ROTH IRA.

Roth has a lot of advantages but sometimes a traditional 401k is still the better option.

 

[TearsInRain]

"you should keep your money in our funds until you're too old to do anything but die and have it taken by the government"

okay thanks BBC, great advice

 

[UpstateNYUPSer(Ret)]

SS has been slowly increasing the FT retirement age from 65 to 67. I do foresee a time when they will raise it to 70.

 

[oldngray]

"you should keep your money in our funds until you're too old to do anything but die and have it taken by the government"

okay thanks BBC, great advice

Sounds like the advice a lot of "experts" try to push for on Social Security.

 

[UpstateNYUPSer(Ret)]

Sounds like the advice a lot of "experts" try to push for on Social Security.

The "experts" may be right.

The following are my estimated benefits at:

Age 62 $1,677/month
Age 67 $2,418/month
Age 70 $2,998/month

These totals do not include the portion of my ex's SS benefits that my Edward Jones adviser and I plan to apply for as she makes more money than me and doing so will not adversely affect her benefit in any way.

 

[oldngray]

The "experts" may be right.

The following are my estimated benefits at:

Age 62 $1,677/month
Age 67 $2,418/month
Age 70 $2,998/month

These totals do not include the portion of my ex's SS benefits that my Edward Jones adviser and I plan to apply for as she makes more money than me and doing so will not adversely affect her benefit in any way.

It all boils down to how long do you think you will live. How lucky do you feel?

What is seldom factored in is possibly retiring when you are still healthy enough to enjoy retirement. What is more important ? Waiting to get potentially more money or being satisfied with less money but more time to enjoy it?

 

[UpstateNYUPSer(Ret)]

It all boils down to how long do you think you will live. How lucky do you feel?

What is seldom factored in is possibly retiring when you are still healthy enough to enjoy retirement. What is more important ? Waiting to get potentially more money or being satisfied with less money but more time to enjoy it?

Keep in mind that as retired Teamsters who (hopefully) prepared financially for retirement you and I have the luxury of having both a pension and 401k, as well as other retirement investments, so that we don't HAVE to take SS when we turn 62.

Our current plan is to wait until I am 67 to draw. That will be after I have been retired for 10 years so a lot can change in that time. I would personally prefer to wait until I am 70 but as I said a lot can change.

I have arranged a meeting for my son with my EJ adviser. My son just turned 30, has his first "real" job making "real" money ($70K+) and I would like him to get the professional guidance that I had to basically acquire on my own. They are going to sit for about an hour for a Financial Planning 101. He will be here Sunday evening through til Friday and I am hoping that we can sit down before the meeting and go over any questions that he may or may not have thought of prior to his meeting with Jim.

 

[Catatonic]

The "experts" may be right.

The following are my estimated benefits at:

Age 62 $1,677/month
Age 67 $2,418/month
Age 70 $2,998/month

These totals do not include the portion of my ex's SS benefits that my Edward Jones adviser and I plan to apply for as she makes more money than me and doing so will not adversely affect her benefit in any way.

My guess is that raising the retirement age to 70 will change Age 70 payout to current age 67.

 

[DriveInDriveOut]

I'm guessing the baby boomers will support this, but not for themselves of course. The real snowflake generation.

 

[brownmonster]

Individuals are kicking the can for sure! I never looked to the government or even UPS for my retirement.
Yep, much to my daughter's delight, I have more than twice as much to retire.
Four cornered chair - Soc Sec, UPS Retirement, 401k, outside investments.

Sounds like your daughters retirement is also secure.

 

[Catatonic]

Sounds like your daughters retirement is also secure.

Hopefully!
She ain't got aptitude for home financial stuff - 4.0 in High school and went to Ga Tech ... she is a flaming liberal too.
If I didn't love her so much, I would disown her.

 

[Babagounj]

Remember, you have to pay taxes on the 401k unless you put it in a ROTH IRA.

I am well aware of this .