Why Working Longer Won't Close Retirement Shortfalls

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Considering the lack of adequate funds we boomers will have as we age, it would be to our advantage if we teamed up to create communal living spaces so we will be able to afford to have decent living quarters, adequate food to eat, activities that are meaningful, and a real sense of community. Maybe the old '60s and '70s hippies had a good idea, even though we would need to choose our house companions wisely. Some people are already planning these cooperative communities and a few of them are already thriving. Not a bad idea if we intend to keep active and living relatively comfortable lifestyles so we can stay vibrant and active with the added bebfit of loved ones (friends and family) under the same roofs or next door to provide emotional support and share expenses. This is something we ALL need to plan on so we can survive out later years in order to stand a good chance of actually enjoying them.

Lisa Hanson of CA 11:42PM November 16, 2011

Its not even that easy to move to a cheaper country. A lot of them require a certain income for permanate residency.

of 7:43PM July 03, 2011

Problem is that big changes are coming with Medicare and probably Social Security. And if you do not have back-up insurance to Medicare you pay out of pocket now, now a good 20%. Most companies stopped or never offered medical in retirement, and if they do know you pay at least 50% of the cost. Many companies offered a 401K but no other retirement plan.
And, who can work until they are 70 let alone 84. You cannot get a job now and back when I was in Human Resources for 25 yrs if you were over 50, forget it. Very hard to prove discrimination, very hard.
Those already retired lost a bundle when the market went down and that was what 20 to 30 years to make that money. Never get that back in time or ever with the way things are going.
Sad, sad is that only the wealthy in this country can afford to be here any more.

Chris of FL 3:45PM July 03, 2011

really, if you are making 240 k per year, are you so cheap to care?! If so, you have bigger problems to worry about. -Dr J

Mark Jacobson of NY 9:49AM July 03, 2011

The longer you work and the longer you postpone collecting social security, the more you will make on a yearly basis.
Since your MAGI (Modified Adjusted Gross Income) is now higher, the chances your premiums will increase is very high. If you make less than 85,000 individually or 170,000 as a couple, your premiums for Medicare B will be 115.40 / month.
If you make 85,001 or 170,001 per year, your premiums increase 46.10 up to 161.50 / month.
If you make >170,000 individually or >240,000 collectively your premiums for Medicare B increase 115.30 to end up being 230.70 / month
-HealthView Services
www.hvsfinancial.com

Mike of MA 10:13AM June 20, 2011