Personally, I have no problem with people working longer, and at this point in my life, I’m planning to work part-time well into my retirement years myself. However, this doesn’t necessarily mean I plan to be “feeding” the economy in the process.
Getting Out of the Way for OthersI doubt that my children want to hear that I’ll be happy to deprive them of jobs by hang out in the workforce into my 70s just because I haven’t saved enough for retirement. While I plan to continue working at least part time -- if nothing else but to stay busy and because I like to be productive -- I have no desire to take jobs from those youngsters looking for work. Not only could my presence in the workforce hurt the economy by taking jobs from others who are possibly more willing, able, and needy (as we see in some cases with today’s economy and the baby boomers who are unwilling or unable to retire), but I would at least like the opportunity to enjoy my golden years without the stress and pressure of having to work.
Saving Now so I Have Options
While I do have a retirement account, it’s not funded as well as some financial advisors might like to see. Why? Because rather than focusing on putting money away, I’ve instead focused on paying down and paying off debt. By ridding myself of things like student loan debt, a mortgage, owning a vehicle outright, and not taking on credit card debt, I’m working toward setting myself up early in life to (hopefully) save more money later by not having to pay so much toward debt.
Still Earning, but Not Hurting BenefitsDuring retirement, though I hope to work part-time, I’d like to earn enough to help out with paying bills and add some additional financial cushion to our situation, but not so much that I’m affecting our financial situation negatively. Earning too much could cut our retirement benefits and add to our tax burden. Therefore, while I want to continue to earn a paycheck, I want to ensure that this work doesn’t interfere with our enjoyment and quality of life, end up actually reducing our benefits, or steal work from someone who really needs it.
Nasser, Haya El. CNBC.com. “Economy Feeds on Workers Who Delay Retirement”. January 25, 2013. http://www.cnbc.com/id/100408181. February 13, 2013.