Not Everyone Wants to Work Into Their 70s

We’re aware of the rising retirement age. Some of us are just staying in careers longer, some need the money and some are bound by government changes. But not everyone can actually work into their 70s. You might want to prepare for a premature retirement in case your body has other plans.


Does $1 million sound like a lot of money? Probably, to some people. But if that’s what you’ve got in retirement savings, you might go broke more quickly than you think. To round out Save for Retirement Week, here’s how long $1 million will last in your retirement in each state.


“Elderly Americans have mostly adapted to a sustainable lifestyle and have accepted the need for continued frugality.”

So concludes the latest in a series of retirement studies by the Society of Actuaries. In this one, the researchers set out to find a small but representative group of Americans and Canadians age 85 and older.

They conducted in-depth interviews last spring with 62 elderly people — or in some cases, their adult children — in five major cities. Only a handful had more than $400,000 in home equity. None had more than $400,000 in non-home assets. And none had pension income exceeding $2,500 a month.

A typical response comes from this woman in Baltimore, MI: “I don’t worry about money… Well, I don’t spend a lot and I watch what I spend.”

“Neither one of us, my wife or I, are country club people,” says a woman from Chicago. “So we don’t live too extravagant a life. But we can buy whatever we want to buy, and we are just not extravagant.”  [IL is at the top of the list for states that will be unable to pay state government pensions unless they come up with a fix].

“In the main I’m not too concerned,” says a woman in Vancouver, “but I am being a little more careful because my concern is just what you’re asking about. Things that occur in the house that you absolutely have to do. Or I have a tooth that had to be pulled.”

Summed up the researchers: “Most [of the people interviewed] had ‘made peace’ with their standard of living a long time ago and learned to live within its constraints.”

A columnist at MarketWatch, reviewing the study this week, concluded the “retirement crisis” is overblown. “You simply do what humans do well, you adapt. You maintain a short-term focus and make sure what goes out each month is no more than what comes in.”

5 Expenses That Vanish During Retirement

A few key costs disappear once you quit the 9-to-5 grind. Find out how you’ll save during your golden years.

Find Great Jobs With Companies That Want You to Work From Home

Seeking better work-life balance? Really hate to fight rush-hour traffic? Here are 100 employers that will hire you to work from home.

The Consumer Bureau provides a valuable service to older consumers, along with all consumers. Attempts to weaken or eliminate the Consumer Bureau could risk the financial wellbeing of millions of older consumers.


Older consumers face unique challenges and threats in the financial marketplace.

  • Older consumers can make tempting targets for predatory behavior in the financial marketplace. Scammers may look to take advantage of their savings, home equity, or guaranteed income. Older consumers facing a savings shortfall may be harmed by low-balance or overdraft fees at banks, or be tempted to take on credit or use products such as reverse mortgages, whose risks may not be fully understood. Payday lenders offering risky loans have been reported to cluster around senior housing to target seniors that receive Social Security or disability benefits.
  • Many older consumers are at increased risk because of health or living conditions, including cognitive decline, isolation, disability, or the recent loss of a loved one. These conditions can make seniors more appealing targets for scammers, more susceptible to misleading advertising, or more prone to misunderstanding confusing terms or fee schedules. A study from the American Journal of Public Health estimated that each year, 5.4 percent of older consumers are affected by financial scams or fraud.
  • Mortgages are the leading source of complaints to the Consumer Bureau’s Consumer Complaint Database among older consumers.
  • Mortgages account for 31 percent of complaints by older consumers.
  • More than 80 percent of mortgage complaints relate to problems with existing mortgages, rather than applying for or closing on a new mortgage. This percentage is nearly identical to mortgage complaints submitted by the general public.
  • Five percent of mortgage complaints by older consumers relate to reverse mortgages, loans solely available to older consumers that allow them to use their home equity as security. The risks of such products are not always fully understood by consumers, and the Consumer Bureau has taken action against reverse mortgage companies for misleading consumers about risks.
  • Older consumers report a variety of problems with reverse mortgages, including trouble keeping up with property taxes and other payments, and trouble accessing credit. In one complaint, a consumer alleged that he or she could no longer access a reverse mortgage line of credit, after his or her loan was sold to a new mortgage company that did not provide accurate contact information.   More at:


  • Thanks to Perfectus Elder for sharing this bit of humor…

>> When my wife said that she was going to purchase a lottery ticket for the upcoming $200 million drawing, I sarcasticastically responded, “Yeah, let me know when you win.”

With a side glance, she replied, “Oh, I’ll leave you a note!”


Resource Roundup – Share with your friends!


Could Debts Ruin Your Retirement?
While you’re working, you can handle a little debt, but that might not be true once you retire. We get retirement debt advice from a CFP®. Read more.
Budgeting for Travel as Part of Your Retirement Planning
You always wanted to travel and now is the time. We talk with a travel blogger about how to make sure you have the money to take your dream trips. Read more.


How to Distribute Heirlooms
Making everyone happy after you’ve gone Read more.



[Call us to sell your goods or if you have an entire estate to sell, call our friends at Rowley Auctions]


One thought on “Not Everyone Wants to Work Into Their 70s

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