70, the New Retirement Age, will You work for Uncle Sam that Long?

Is Your financial future Really Secure?

I remember when my folks looked forward to reaching age 65, a time when they could Relax, Travel and have Fun without the pressures of the J.O.B..

One of the top stories on MSN.com today hinted at the fact that Retirement would be moving up to age 70 very soon. The article cited recent surveys that showed more than 28% of folks age 55 and older had less than $10,000 in the bank and would need to work well into their 70's to make it financially.

I remember my father talking, not too many years ago, about his plans for retirement at age 65 and how he looked forward to relaxing, enjoying himself, taking on hobbies that he didn't have time for, traveling and just plain having fun. Today my dad is still working, two years beyond the so called current "Retirement Age" and is uncertain that he can maintain the lifestyle that he has been accustomed to. Will he have to work till the new 70? Will you?

If you are age 55, have little savings set aside, and still want to retire at age 65 you many need to save nearly 34% of your income each year to pull it off, that's if you make an average of $60,000/year.

What if you are age 40 and you have little to show in the way of savings towards that golden goal of retirement? According to this same survey, it may get even rougher for you. If you make $40,000 per year, you would need to save almost 15% of that income each year to enjoy the same lifestyle at age 65 as you do now.

When it comes to your financial security don't bet your future on playing the Lottery!

Security heightens as Powerball Lines Grow!

Powerball 172 Million, Could that be the Reason the Line is so long at the Gas Station?

Most folks don't have the ability to sock away 15%, 20% or 34% of their hard earned money each year so that they can retire comfortably at age 65. Heck, for most Americans, it can be hard to end up with anything due to economic challenges and how those challenges directly affect us.

I am not a Lottery player, but Saturday I stopped at my favorite local gas station to grab a bottle of water and me being the hermit I am, had no clue what was going on, but there was a line out the door and down the front of the building. It's a fairly small place so I thought, maybe they are having a sale on something, I better check it out. I waited in line for 10 minutes and when I was finally able to step in the front door with one foot I realized I was in the line to buy a lottery ticket. Boy was I not paying attention.

Of course I slipped out of that line and over to grab my water, but I took some extra time before I approached the counter to watch all the excitement. What a sight to see. People were dropping $10's, $20's, one guy even bought a $100 worth of tickets claiming he was in a poole at work.

Did you know that your chances of winning the Power Ball are 1 in 146,107,962,000,000,000..., ..., ...? Dont' ask me how big that number really is.

I am not a wagering man, but those kind of odds don't attract me at all.

I understand the excitement folks have when the Power Ball gets high, it's fun, who knows, they might just win. Like they say in the advertisement, "You can't win if you don't play." I want you to remember that slogan, I will reference it more below.

I think I'm really going to get my kids This T-Shirt

"Why do it Today if I can put it off 'till Tomorrow?

The Internet is full of ideas for those who have not saved enough for retirement or even the young folks who are just getting into the work world and need to start thinking soon.

What's challenging for most is not finding the "101 Ways to Save for Retirement", it's actually just plain taking ACTION!! What do I mean? I mean actually putting together a sensible plan and following through from Day 1. It's easy for me to relate this to my kids. As much as I love them to death there are times where I would like to buy all three of them matching T-Shirts with the slogan printed on the front, "Why do it Today if I can put it off 'till Tomorrow?"

It may make you laugh, but it's true, most people feel comfortable with how things are going which makes it easier to fall into that same trap as my kids. If it isn't getting me in trouble right now, I'll just put it off 'till later and worry about it when later comes. That same analogy holds true to saving money. When people feel comfortable then saving money doesn't always take priority, it's only in bad times that they panic and scramble to do everything they can.

If Saving money is the problem, why not look for a way to make money for your Retirement?

Your can secure Your financial Future with the right Vehicle

Saving for Retirement might be as simple as Finding the Right Vehicle...

Sometimes focusing on saving money can seem insurmountable, so the flip side to that might be, "Looking for a vehicle to produce the money you need to save."

It's no wonder that today Small Businesses and Home Businesses are springing up like wild fire. People not only are looking for ways to reduce their debt, maybe even just to survive, but also saving for retirement after realizing that they haven't planned well for that day to come.

It's the same analogy as I mentioned above, some people play the Lottery because it's fun or they dream of a better life, other's spend their hard earned money hoping and praying that the big one will come in and their lives will be changed forever.

If the slogan for the Lottery holds true, "You can't win if you don't play", then apply that to learning how to generate income in multiple ways, and start producing the money you need for retirement instead of saving it. The great thing about getting in this game is that AGE doesn't matter!!!

Sincerely,

Mike Witt

www.Mike-Witt.com

Our Online Internet Business - Proof of Income

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WIll you work until age 70?

RSS for comments on this Hub

Brandon Mendelson says:
10 months ago

70? If the life expectancy hits 120 for people currently in their twenties (lucky me), the odds of us retiring at 70 are pretty slim.

People should be saving and trimming everywhere they can. Just freezing most of your food does wonders.

Good thoughts though.

mikewitt says:
10 months ago

Hey Brandon,

Thanks for the comment, I like that a lot. You might be right, the new Retirement age for you might be 120 :-). Thanks for the comment, I will try freezing more food, but with three teenagers in High School it's hard enough to keep it around long enough to freeze it.

Thanks,

Mike Witt

Judy Jackson says:
10 months ago

Great Hub, Mike. Enjoyed it. I laughed when you wrote about the long line for the lottery. I had the same thing happen. Except I thought the line was for the restroom.

With the first wave of baby boomers hitting retirement age (62), there is going to be a scramble of people looking for extra income. Those who start younger to build something of their own from home will be rewarded with freedom to choose how they spend their retirement.

mikewitt says:
10 months ago

Hi Judy, Thank you for the comment, and you are right, I think the scramble is already a foot. Sometimes we get caught up in our daily lives so much that before we know it the years slip by and all of a sudden things like retirement stare us in the face.

Thanks again, appreciate the note,

Mike Witt

Eddie Perkins says:
9 months ago

Mike,

Very true, I worked a year past my retirement age and still not financially ready because of all the volunteer work I had done in my life and for lack of planning. Now I am enjoying myself, doing what I love to do.

Thank you for a great article Mike. Thumbs up and digg. ~ eddie

Brenda Franzo says:
9 months ago

Wonderful hub, Mike. And how true, even the lines for the lottery :) I'm thinking the new retirement is going to be above 70...guess we'll all see. Thanks for the great post. Brenda

mikewitt says:
9 months ago

Hi Eddie,

Thanks for the comment, I appreciate that. I think working longer in life is a good thing, keeps us young and active, but it all depends on what the definition of working is to you. It may not be the J.O.B, it might be, like you say, volunteering, connecting with your interests and hobbies or just doing the things that you love.

Thanks again,

Mike Witt

mikewitt says:
9 months ago

Hi Brenda,

Thanks for the comment and smiley face. I think you are right, that age 70 may be even higher in the future, but if folks keep thinking about it and planning for it, they may not have to worry.

Thanks again,

Mike Witt

Lissie says:
9 months ago

A couple of years ago we had 2 friends die without even reaching 60 - one at least had retired in his early 50's. So at 45/55 we took off camping around Ausrtralia for 8 months! When the retirement age was set at 65 - the average life expectancy was 66 - that was on coincidence! Even now though I think its foolish to put off living until 65. Find a job you love, start a business so you have a passive income or downsize your life so you don't need so much income - get a life now not later!

mikewitt says:
9 months ago

Hi Lissie,

Thank you for the great comment and those are sure words to live by. The more people learn to live life to the fullest, no matter what their passion, the longer they will truly enjoy what this earth has to offer.

By the way, I love your picture, it shows how much you love the life you are living :-)

Thanks again, great to get to know you.

Mike Witt

glassvisage says:
9 months ago

I agree that this is a very funny Hub about a serious issue :) It's sad that my dad is nearing the retirement age, but he's afraid to retire because he wants his insurance to cover the family longer :(

mikewitt says:
9 months ago

Hi glassvisage,

Thank you for the comment and I understand your Dad's fears, insurance is a major factor in why folks stick around a little longer than maybe they would have. Times are definately not like they used to be that is for sure.

Thanks again,

Mike Witt

morrisonspeaks says:
5 months ago

Mike,I like your thoughts and your approach! It is so wonderful to meet knowledgeable people here whom I can share thoughts and ideas and learn from them at the same time.Cheers,Debra

mikewitt says:
5 months ago

Hi Debra,

Thank you very much for your nice comment. Hub Pages is a wonderful place to meet people and you are right, there is a ton of great information to learn from.

Great to meet you, hope to connect in the future.

Mike Witt

issues veritas says:
4 months ago

Mike

If you are a government employee, retirement at the age of 55 is possible.

Age 70 plus for the rest of us.

dandoun says:
2 months ago

Mike.. Great Hub ...Nice style :)

mikewitt says:
2 months ago

Hi dandoun,

Thank you for the nice comment, I appreciate that very much.

Nice to meet you, thank you for stopping by.

Mike Witt

grant1 says:
2 months ago

Hello Mike

I thought you had dropped out of sight. I am a Hub fan of yours and should be notified when you publish a new Hub, but I haven't.

I came across some of your hubs this morning and have read every one. I always learn new things from what you write and your style is great.

I thouroghly relate with this article, I just turned seventy seven. your observations of older people and their problems and priorities are right on the mark.

Your professionalism is quite obvious and I wish you much success

Grant Logan

That "old" marketing man

mikewitt says:
2 months ago

Hi Grant,

Thank you very much for you wonderful comment, I appreciate that a lot.

Nope, still kicking and loving life.

I am glad that you enjoy my hubs, it is so much fun sharing information, connecting with people and improving their experiences online.

Great to see you again, I will have to shoot you an email and see how things are going with you.

Mike Witt