2010 , that peak moved past age 50 . Further , wages rose in that interim , so workers over 50 are now earning far more than they would have 25 years ago , and workers in their 60s now earn 30 % more than a comparable employee in 1990 . In other words , you have nothing to lose and literally everything to gain by staying in the workforce .
From a professional perspective , men in their 50s are at the top of their game , a sweet spot from which they can place a hefty price tag on their innate combination of mental acuity , original thinking , sage wisdom and ability to mentor younger colleagues . Plus , a current downward trend in the jobless rate means employers are eager to retain workers – especially those with institutional memory . Why on earth would you want to give that up ? Instead , start planning today for how you ’ ll transition into a job that ensures you remain relevant past the age of 65 or 70 .
You may not want to stay with the company you ’ ve worked for during the last 30 years ( unless you built it yourself , in which case you might decide it ’ s time to sell ).
But you will need to decide how to deploy the capital from a pension that will now commute to your use . You ’ ll also have to figure out how funds from an IRA or other savings should be used to supplement your lifestyle costs , instead of viewing it as your sole source of income . Lastly , put off taking payments from Social Security until absolutely necessary , because the later you start taking payments the larger the monthly check .
The stats are with you According to the Bureau of Labor statistics , the trend to working longer is well underway . It finds nearly 20 % of Americans aged 65 or older are still in the workforce – the highest percentage since before the U . S . enacted Medicare when older people had to keep working to pay for healthcare .
Further , a 2015 study from the Federal Reserve found 12 % of respondents saying they don ’ t plan to retire at all . The reasons varied . Some said they needed the money because of poor financial planning or losses sustained in the 2008 financial meltdown ( they sold low , which is a story for another time ).
But most said they wished to remain physically and mentally active – this answer was especially common for knowledge-based workers with college degrees , which accounts for about a third of Americans over age 60 , and entrepreneurs who felt they had something to offer to people just starting their careers .
You may need the money Another thing to consider : Most conventional retirement savings plans , including those offered by employers , are designed to fund your lifestyle up to age 85 . Meanwhile , medical science is doing all it can to ensure you ’ ll live well past that mark . In that light , it becomes clear most people won ’ t be able to generate enough cash to permit them to spend 30 years out of the workforce .
When you couple expanding life expectancies with current declining trends for investment returns , it becomes clear that spending a few extra years earning the weekly pay envelope is the best option .
And that ’ s okay , because if you ’ re not dying , you shouldn ’ t be retiring . The easiest way to get off your ass is to ensure you don ’ t sit on it for too long in the first place .
FROM A
PROFESSIONAL PERSPECTIVE , MEN IN THEIR 50 ’ S ARE AT THE TOP OF THEIR GAME . .
HOT RUSSIAN BRIDES ® - MEN ’ S LIFESTYLE MAGAZINE 27