Anonymous
Anonymous asked in Business & FinancePersonal Finance · 2 months ago

Is there any truth in this statement?: The retirement age should be 50 for everyone, it's just that people don't manage there finances well?

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  • a
    Lv 4
    1 month ago

    People should retire at 50? why? 

    When social security was first implemented, it was believed that system would be solvent only because a small percentage of people lived long enough to collect. People routinely live into their 70s or 80s now. The owner of the place I work is 73: he doesn't want to stay home 24/7.

    People might have more money to retire - if they weren't required to pay for other people's retirement through social security! But certainly, a lot of people fritter their money away on trips and stuff. I rolled my eyes at a commercial for a big box electronics store a few years ago: The music picked was Queen's "I Want It All," and showed people happily buying big screen TVs and other stuff they probably didn't need, just *wanted.* How many people repair their vacuums, fridges or stoves, and how many just put them on Craig's List and buy a replacement? How many of your friends buy a new iPhone every time a new model is produced? 

    I've replaced two elements on my 18-year-old stove, have a 15-year-old refrigerator, and my phone (no data plan, I actually use it as a phone) is almost eight years old. I have colleagues who don't know what they'd do if they didn't have cable TV.

  • 1 month ago

    My dad was self-employed as a barber, he was still going to work past age 70.  He was completely lost when he was forced to retire for health reasons, he would have went completely nuts if he was forced to retire at age 50.  His barbershop and his customers are what kept him going and giving him a reason to live.  It wasn't about the money, it was about what that barber pole meant to him.  I did notice he was trying to work fewer hours and he was more willing to take weeklong vacations towards the end.  He did say, locking up the barbershop for the last time was the hardest thing he ever did.

  • Anonymous
    1 month ago

    Not very much.  A person who wants to continue to work until the undertaker puts them in the ground should be allowed to do so  regardless of age, except when talking about federal politicians.  Some people "manage their finances" with just that goal in mind.

  • 2 months ago

    I think 50 is FAR too early for retirement. Most people will work well beyond that limit. And no, I also don't believe people are poor financial managers as a general rule--BUT some are, and even if they worked until they were 80 they wouldn't be able to manage. so your statements are just a bit over-generalized and extreme to be TRUE. 

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  • Anonymous
    2 months ago

    I retired at 39. But for most, there is no way they can retire at 50.

  • Anonymous
    2 months ago

    "The retirement age should be 50 for everyone"   No, there is no truth to that statement other than that it might be someone's true opinion. 

    "people don't manage there finances well"    That is true.   Many people do not manage their (not there) finances well. 

  • Anonymous
    2 months ago

    No.  I agree most people don’t manage their finances well, but it does not follow such people should be forced to retrieve early.  There should be no such thing as “retirement age”.  People should retire when they see fit, be it 50 or 70.  

  • 2 months ago

    No. There are some people who would rather work part time rather than retire. 

  • ?
    Lv 7
    2 months ago

    Only the part where people don't manage their finances well.

    The 65 years "retirement" age was regarded as the age where your body and mind has just about worn themselves out and you are no longer an asset to your employer.

    I retired at 55 in 2010, 4 years after becoming totally debt-free.  My net worth has tripled during the last 10 years because I have no liabilities (debt).  ; ' )

  • 2 months ago

    No healthy people should at least be able to work to 65 or 70. 

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