Common Cents # 38 - Retirement

 

Retirement

 A common discussion at our house is how much longer we are going to work on a full-time basis. My wife and I are both in the 15% of the population that are over 70 and still in the workforce. Of course, there is no law nor any requirement that we should quit working just because we attained a certain age. And just because we are no longer working at our current occupation, we may not consider the new opportunities we have in front of us as retirement from an active life.

There are some arbitrary numbers out there. We became eligible for Medicare when we turned 65 which means that we don’t feel the pressure to work at a job that provides health benefits. It is possible that the government will lower that age in the future because it causes a barrier for those who wish to retire earlier and then have to pay very high premiums for individual medical insurance. For many, they continue to work for an employer perhaps doing work that is not as satisfying as it once was simply to cover the cost of health benefits.  Medical care costs usually do rise as we age even if we can maintain good health.

We became eligible for full Social Security benefits at age 66. There is plenty of discussion about when to start taking Social Security because the monthly amount received goes up if we wait to as late as age 70. Generally speaking, I believe that the best idea is to start drawing Social Security at full retirement age and invest any received that is not needed to live, but that decision varies for each person based on their specific situation.

But those are just technical issues. The bigger question is, “What would I rather be doing?” If our self-worth and social life are connected to our job or profession, there may be no good reason to quit. There are plenty of people who continue to work at their chosen profession well into their 80’s and older. Dr Anthony Fauci, the infectious disease expert, just turned 80 and has accepted a new role in the Biden Administration.  He is in remarkable health and is obviously providing a great service based on his expertise and years of experience in his field.

If there is something we would rather be doing and we can afford to do that when we are 58, by all means we should do it. The point is, we must not let arbitrary numbers like 62, 65, 66, or 70 control the decision.

A few years ago, I wrote a book titled, “The Fourth Quarter” for people who are in the fourth quarter of life. We don’t head for the showers in the fourth quarter of a football or basketball game, we keep playing until the final whistle. Why should we live our life any differently?

For a copy of the book, “The Fourth Quarter,” go to: MathisBooks.com