Retire at 90?
More Americans are working well into their 80s
Hello Financial Healers,
I saw this article on LinkedIn, and it made me sad. To summarize, increasing numbers of 80 plus’ers are staying at work. WSJ writes: “Roughly 650,000 Americans over 80 were working last year, according to the Census Bureau, about 18% more than a decade earlier.”
Before I continue, know that I’m not against working in your silver years. If you love what you do, by all means, keep going. 👇
But I do think there’s a fine line between working too long and spending time with your family. God’s intention is for us to nurture our tribes, and one of our best seasons for this is in retirement.
What if I want to work?
Some people love their jobs. It gives them purpose. If that’s you, stay as long as you need. Just make sure to give yourself some time to do what you want.
Careers can also provide a form of community. Maybe a person has lost a spouse. Maybe they don’t have children. In cases where isolation is a real threat, employment can be a healthy option.
Personally, I don’t see myself retiring any time soon. I love helping families increase their net worth. But I also enjoy gardening, writing, and wrestling with my grandsons. I see myself stepping back at some point, but that season feels a long way off… at least for now.
Retiring at 90
The sad trend I see is society priming us to work well into our 80s. If you study the numbers, you’ll see why. The U.S. Bureau of Labor Statistics reports, “The labor force of people ages 16 to 24 is projected to shrink by 7.5 percent from 2020 to 2030. Among people age 75 years and older, the labor force is expected to grow by 96.5 percent over the next decade.”
With declining birthrates, Baby Boomers leaving the workplace, and younger generations lacking the funds to retire, working in your 80s is becoming the new norm.
What do we do?
Whether or not you decide to retire, craft a plan that sets your home up for success. Think about what can you leave your spouse, and your children. Regardless of what you choose, have the option to step back and rest.
God bless your Prosperous Soul,
Stephen K. De Silva
About: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s blend of experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@stephenkdesilva.com