Wednesday, August 17, 2005

Your Seventh Decade: Career Conclusion, Change or Continuation?

(Note: Obviously the above title does not apply to those whose health has failed.) Almost 70% of workers surveyed in an AP report plan to continue working after reaching retirement age, with an increasing number doing so to make ends meet. Among those continuing for financial need reasons, one factor mentioned was the need to continue health insurance. It should also be noted that a sizable number of continuing workers plan to do so for self-realization reasons.

Two points become clear in looking at the article: [1] many more people need to be reading personal finance blogs such as Consumerism Commentary, Financial Rounds, Free Money Finance, In Cash We Trust and PF Blog (see links at right) to get good ideas for managing their present income and [2] there will be increasing pressure on Congress to increase benefits for Social Security at a time where the long-term solvency of Social Security is in legitimate question. I hope that this is reason to institute partial privitization of Social Security; I fear instead another round of increases in Social Security payroll taxes; especially to taxpayers earning over $60,000 per year.


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