People who say they don’t plan to ever retire

[Anonymous]

My grandfather worked until the day he died. It was a family business so my father and a couple of my brothers were there so he was happy to be with them. My grandmother was a recluse so work was his outlet.

[Anonymous]

Also in academia and I have seen plenty of people work too long, including one who died the week after her last class. I personally find academia so soul sucking that I can’t wait to get out. I have so many valuable things to offer the world that aren’t tied to my profession, I don’t think I’ll be bored or feel like I don’t have a purpose.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What does this mean? I understand liking to work, but at some point you aren’t going to be as productive or efficient right?

Speak for yourself.

There are people who get well into their 80s or even older who remain more "productive" and "efficient" than the average person.

This is not true at all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My DH says this and hates his job. Why do you think people say this because they like their job? Maybe they fear they will never save enough or maybe realize they do not have enough to retire? 1%ers have more than $10M saved for retirement. (It may be $5M.)

OP - there were people saying this in another thread on money and retirement and they had plenty saved up to retire.

people say that but i often wonder whether they really know what's up.
At the current rate, my parents will spend $6m on care for my mom if she lives another 20 years.
That's not even counting care for my dad if he needs it, and them just being alive.
general tax and inheritance tax will eat a huge amount of the rest. So unless you have a $20m+ nest egg you can't count on being able to leave your kids much, which is super important to me. I feel like i will never be able to retire based on their experience.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH says this and hates his job. Why do you think people say this because they like their job? Maybe they fear they will never save enough or maybe realize they do not have enough to retire? 1%ers have more than $10M saved for retirement. (It may be $5M.)

OP - there were people saying this in another thread on money and retirement and they had plenty saved up to retire.

people say that but i often wonder whether they really know what's up.
At the current rate, my parents will spend $6m on care for my mom if she lives another 20 years.
That's not even counting care for my dad if he needs it, and them just being alive.
general tax and inheritance tax will eat a huge amount of the rest. So unless you have a $20m+ nest egg you can't count on being able to leave your kids much, which is super important to me. I feel like i will never be able to retire based on their experience.

How?? What kind of care does your mom require for 20 years?

The average long term care stay is less than two years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH says this and hates his job. Why do you think people say this because they like their job? Maybe they fear they will never save enough or maybe realize they do not have enough to retire? 1%ers have more than $10M saved for retirement. (It may be $5M.)

OP - there were people saying this in another thread on money and retirement and they had plenty saved up to retire.

people say that but i often wonder whether they really know what's up.
At the current rate, my parents will spend $6m on care for my mom if she lives another 20 years.
That's not even counting care for my dad if he needs it, and them just being alive.
general tax and inheritance tax will eat a huge amount of the rest. So unless you have a $20m+ nest egg you can't count on being able to leave your kids much, which is super important to me. I feel like i will never be able to retire based on their experience.

How?? What kind of care does your mom require for 20 years?

The average long term care stay is less than two years.

Not the PP but my parents were responsible children of the Depression and lived very modest, thoughtful lives. They each retired at 65 with a solid financial plan. Combined, they had about 17 years of long term care that, of course, burned through every penny they had saved plus some from us.

I'm just a wage slave and don't even have my parents level of resources and have no plans for retirement as I hit my early 60s.
Like trips to Europe and playing golf, a "comfortable retirement" is for other people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH says this and hates his job. Why do you think people say this because they like their job? Maybe they fear they will never save enough or maybe realize they do not have enough to retire? 1%ers have more than $10M saved for retirement. (It may be $5M.)

OP - there were people saying this in another thread on money and retirement and they had plenty saved up to retire.

people say that but i often wonder whether they really know what's up.
At the current rate, my parents will spend $6m on care for my mom if she lives another 20 years.
That's not even counting care for my dad if he needs it, and them just being alive.
general tax and inheritance tax will eat a huge amount of the rest. So unless you have a $20m+ nest egg you can't count on being able to leave your kids much, which is super important to me. I feel like i will never be able to retire based on their experience.

How?? What kind of care does your mom require for 20 years?

The average long term care stay is less than two years.

Not the PP but my parents were responsible children of the Depression and lived very modest, thoughtful lives. They each retired at 65 with a solid financial plan. Combined, they had about 17 years of long term care that, of course, burned through every penny they had saved plus some from us.

I'm just a wage slave and don't even have my parents level of resources and have no plans for retirement as I hit my early 60s.
Like trips to Europe and playing golf, a "comfortable retirement" is for other people.

What's the point of even saving if it's all used for long-term care? Might as well be broke and go on Medicaid.

[Anonymous]

Anonymous wrote:Also in academia and I have seen plenty of people work too long, including one who died the week after her last class. I personally find academia so soul sucking that I can’t wait to get out. I have so many valuable things to offer the world that aren’t tied to my profession, I don’t think I’ll be bored or feel like I don’t have a purpose.

This will be my DH - he will die at his bench. (Meanwhile I am 1/2 retired and loving my life)

Q for PP - are you in teaching or research?

We find research very stimulating (DH is in research, I am adjacent) but i hear teaching at a big U is a real grind.

[Anonymous]

For a lot of people, retirement officially acknowledges a phase of life they don’t want to accept. It’s depressing and they feel like they’ve lost purpose and value. Lots of older people suffer from depression.

[Anonymous]

Anonymous wrote:In denial or defensive about their financial problems.

Saying that to communicate to others that they don't plan to be available for caregiving.

Wow, way to make it about you. Plenty of people's desire to keep working has nothing to do with caregiving or not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH says this and hates his job. Why do you think people say this because they like their job? Maybe they fear they will never save enough or maybe realize they do not have enough to retire? 1%ers have more than $10M saved for retirement. (It may be $5M.)

OP - there were people saying this in another thread on money and retirement and they had plenty saved up to retire.

people say that but i often wonder whether they really know what's up.
At the current rate, my parents will spend $6m on care for my mom if she lives another 20 years.
That's not even counting care for my dad if he needs it, and them just being alive.
general tax and inheritance tax will eat a huge amount of the rest. So unless you have a $20m+ nest egg you can't count on being able to leave your kids much, which is super important to me. I feel like i will never be able to retire based on their experience.

How?? What kind of care does your mom require for 20 years?

The average long term care stay is less than two years.

Not the PP but my parents were responsible children of the Depression and lived very modest, thoughtful lives. They each retired at 65 with a solid financial plan. Combined, they had about 17 years of long term care that, of course, burned through every penny they had saved plus some from us.

I'm just a wage slave and don't even have my parents level of resources and have no plans for retirement as I hit my early 60s.
Like trips to Europe and playing golf, a "comfortable retirement" is for other people.

What's the point of even saving if it's all used for long-term care? Might as well be broke and go on Medicaid.

Easy to say when you're young. You need to see what many Medicaid facilities are like. It's like jail for old-people. No personal agency. Surrounded by the smell of ur*ne. Nicer ones frequently aren't much better, but it is all very much $$$ dependent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH says this and hates his job. Why do you think people say this because they like their job? Maybe they fear they will never save enough or maybe realize they do not have enough to retire? 1%ers have more than $10M saved for retirement. (It may be $5M.)

OP - there were people saying this in another thread on money and retirement and they had plenty saved up to retire.

people say that but i often wonder whether they really know what's up.
At the current rate, my parents will spend $6m on care for my mom if she lives another 20 years.
That's not even counting care for my dad if he needs it, and them just being alive.
general tax and inheritance tax will eat a huge amount of the rest. So unless you have a $20m+ nest egg you can't count on being able to leave your kids much, which is super important to me. I feel like i will never be able to retire based on their experience.

How?? What kind of care does your mom require for 20 years?

The average long term care stay is less than two years.

Not the PP but my parents were responsible children of the Depression and lived very modest, thoughtful lives. They each retired at 65 with a solid financial plan. Combined, they had about 17 years of long term care that, of course, burned through every penny they had saved plus some from us.

I'm just a wage slave and don't even have my parents level of resources and have no plans for retirement as I hit my early 60s.
Like trips to Europe and playing golf, a "comfortable retirement" is for other people.

What's the point of even saving if it's all used for long-term care? Might as well be broke and go on Medicaid.

But I might not! Maybe one of us will die suddenly and the other will get some life insurance, plus the other's retirement savings. This is my version of looking at the sunny side of life

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My DH says this and hates his job. Why do you think people say this because they like their job? Maybe they fear they will never save enough or maybe realize they do not have enough to retire? 1%ers have more than $10M saved for retirement. (It may be $5M.)

OP - there were people saying this in another thread on money and retirement and they had plenty saved up to retire.

people say that but i often wonder whether they really know what's up.
At the current rate, my parents will spend $6m on care for my mom if she lives another 20 years.
That's not even counting care for my dad if he needs it, and them just being alive.
general tax and inheritance tax will eat a huge amount of the rest. So unless you have a $20m+ nest egg you can't count on being able to leave your kids much, which is super important to me. I feel like i will never be able to retire based on their experience.

How?? What kind of care does your mom require for 20 years?

The average long term care stay is less than two years.

She won’t go into a care home but needs round the clock care which is about $300k per year

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What does this mean? I understand liking to work, but at some point you aren’t going to be as productive or efficient right?

Speak for yourself.

There are people who get well into their 80s or even older who remain more "productive" and "efficient" than the average person.

No they don't. I work in a field that's similar to the PP who talked about academia. We have tons of very elderly people - late 70s, 80s, and even mid 90s - who literally refuse to retire. It is not because of the money; some of them work FT even though we no longer have funding for their roles.

I genuinely respect the expertise of older people - I'm in my mid50s myself, and I now appreciate how clueless I was in the first decade of my career - but no one who is 75 or older is more productive or efficient. Most of them are recycling knowledge that they acquired decades ago and/or relying on armies of assistants. Time to step back and make room.

Yep, you're right. People like Dr Fauci and RBG didn't have much to contribute. Their work would have been better left to an inexperienced 20 year old. (This is sarcasm btw).

There is a world of difference between someone like Dianne Feinstein being propped up like Weekend at Bernie's and someone in their 70s who is still sharp. They were clearly referring to the former.

That said, if we're bringing up RBG, while she was nowhere near Feinstein's level, she absolutely should have retired.

Or Biden who teeters around like a 2 year old toddler with a fully loaded diaper.

Not here to body shame, but only one of the major party prez candidates looks like they are "fully loaded."

[Anonymous]

66 and my wife is making my life miserable because I'm not retired. Looking to do two or three more years. Need to money. What happens if I live to 90?