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Will you be able to physically and or mentally work until 70?
Yes 39%  39%  [ 14 ]
No 58%  58%  [ 21 ]
Other (explain pls) 3%  3%  [ 1 ]
Total votes : 36
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 Post subject: Re: Work until 70 - Poll added
PostPosted: Thu Oct 05, 2017 10:55 pm 
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And maybe a load of up and coming geniuses never got anywhere because of the bottleneck

There are many unintended consequences here. Take these kinds of situations for example:
https://www.irishtimes.com/news/ireland ... -1.3074538
https://www.irishtimes.com/news/ireland ... -1.3193646

The unintended consequences are that working until you`re 70+ becomes the norm.

Some more situations to consider, Australian examples but relevant for some:
http://www.news.com.au/finance/money/co ... ed91603121
http://www.afr.com/personal-finance/sup ... 502-gvwzej

Do we all really love work so much that we want to do it until we drop dead?
Some do and some simply need the money. Is it really the case that people prefer to work than have free time to do hobbies?
Or is it the lack of money for the hobbies? i.e lack of a pension ?

http://www.thejournal.ie/poll-retiremen ... 5-Feb2017/

Quote:
THE RETIREMENT AGE in Ireland is currently 65. But a new bill tabled by Sinn Féin aims to abolish retirement age altogether.

The bill, brought forward by John Brady and Denise Mitchell, was debated on Tuesday.

It has received widespread welcome from older people’s groups.

However, others believe that a retirement age is necessary for some types of jobs – and that abolishing retirement age could make it more difficult for younger people to enter the jobs market.

http://www.thejournal.ie/poll-retiremen ... 5-Feb2017/
Poll from the journal.ie

Should the retirement age be abolished?
Image

This is all well and good until we are all working until 70+ and 40 year mortgages make a come back and become the absolute standard. A possible unintended consequence.

Quote:
Gap between rich and poor extends to views on retirement age

The data from the ANU poll provide some insights into this. Just 24% of those living in the poorest quarter of households and 28% of those in middle income households support an increase in the Age Pension age

https://theconversation.com/gap-between ... poll-55020


Quote:
Respondents making at least $100,000 a year were the biggest group who expected to retire in that 60-65 age range, while those making $30,000 or less were most likely to say that they might never retire. Similarly, 22 percent of those who describe themselves as lower class don't expect to retire, a six- to 12- point gap among those who identified themselves in higher class groups.

https://www.theatlantic.com/business/ar ... ge/425496/


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 Post subject: Re: Pension Time Bomb Dwarfs Banking Crisis
PostPosted: Fri Oct 06, 2017 8:11 am 
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ps200306 wrote:
Blindjustice BATONEFFECT wrote:
Yeah, I`m mid 30s and starting to get repetitive strain injury in my mouse hand. I cant see myself doing this until 70.

Just think how the mouse feels !!! :-GC


:lol: :lol:


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 Post subject: Re: Pension Time Bomb Dwarfs Banking Crisis
PostPosted: Fri Oct 06, 2017 8:20 am 
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ps200306 wrote:
I saw Freeman Dyson interviewed a couple of years back and he was still sharp as a razor ... he's 93 now. He's been at Princeton since Einstein's time and is still professor emeritus. John Archibald Wheeler was also there and he kept going until age 97. He studied with Bohr, tutored Feynman and Thorne (who got the Nobel prize this week) and many other luminaries. Maybe it's something in the water at Princeton :D



You've hit the nail on the head there.
The brain is like any muscle, without constant work it withers.

My gut feeling is that when people hear you have to keep mentally stimulated into old age, they imagine travelling the world and having new experiences.
Whereas I think it has more to do with real mental exertion, like barbells for your brain.


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 Post subject: Re: Pension Time Bomb Dwarfs Banking Crisis
PostPosted: Fri Oct 06, 2017 9:54 am 
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ps200306 wrote:
Blindjustice BATONEFFECT wrote:
Yeah, I`m mid 30s and starting to get repetitive strain injury in my mouse hand. I cant see myself doing this until 70.

Just think how the mouse feels !!! :-GC

Blindjustice BATONEFFECT wrote:
I also cant see how I`d be much use then either. I work in statistics and coding. You need a sharp enough mind... People slow down in body and mind, fact of life... How many pinsters think they`d be ok working until late 60s or even 70? How many could survive financially until pension pay day if they quit or were forcefully retired in their mid 60s?

I already retired at age 47. Five years later I'm still pursuing my neglected education which I may keep going with all the way to doctoral level. I'm not depending on staying sharp for career reasons, but I sure as hell hope not to fade away mentally for a while yet.

I saw Freeman Dyson interviewed a couple of years back and he was still sharp as a razor ... he's 93 now. He's been at Princeton since Einstein's time and is still professor emeritus. John Archibald Wheeler was also there and he kept going until age 97. He studied with Bohr, tutored Feynman and Thorne (who got the Nobel prize this week) and many other luminaries. Maybe it's something in the water at Princeton :D


Not many Brickies or Painters in that list PS, nor mouse and keyboard jockies for that matter.

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 Post subject: Re: Pension Time Bomb Dwarfs Banking Crisis
PostPosted: Fri Oct 06, 2017 9:58 am 
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mr_anderson wrote:
ps200306 wrote:
I saw Freeman Dyson interviewed a couple of years back and he was still sharp as a razor ... he's 93 now. He's been at Princeton since Einstein's time and is still professor emeritus. John Archibald Wheeler was also there and he kept going until age 97. He studied with Bohr, tutored Feynman and Thorne (who got the Nobel prize this week) and many other luminaries. Maybe it's something in the water at Princeton :D



You've hit the nail on the head there.
The brain is like any muscle, without constant work it withers.

My gut feeling is that when people hear you have to keep mentally stimulated into old age, they imagine travelling the world and having new experiences.
Whereas I think it has more to do with real mental exertion, like barbells for your brain.


The Brain is not like other muscles, you don't hear of many septuagenarian competitive discus throwers and we all know why.

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 Post subject: Re: Pension Time Bomb Dwarfs Banking Crisis
PostPosted: Fri Oct 06, 2017 10:10 am 
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tulip wrote:
The Brain is not like other muscles, you don't hear of many septuagenarian competitive discus throwers and we all know why.


True.
But my point is, the brain needs a significant workout, not just an occasional stroll.


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 Post subject: Re: Pension Time Bomb Dwarfs Banking Crisis
PostPosted: Fri Oct 06, 2017 11:02 am 
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mr_anderson wrote:
tulip wrote:
The Brain is not like other muscles, you don't hear of many septuagenarian competitive discus throwers and we all know why.


True.
But my point is, the brain needs a significant workout, not just an occasional stroll.


Maybe we're talking at cross purposes. My point is that most jobs are not totally Cerebral like academia. Most jobs are actually physical jobs and as you get older your capacity to do them lessens. Laying brick, painting, stacking shelves, collecting bins and nursing sick people are all physical jobs and your effectiveness at them will lessen as you get older.

Going back to the point of raising the retirement age but your company not upping the retirement age of your contract. That should end. It should be put into law that any new contracts must have the retirement aligned with the national retirement age.

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 Post subject: Re: Work until 70 - Poll added
PostPosted: Fri Oct 06, 2017 11:11 am 
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I think an issue is the assumption baked into employment law and common practice that people get better (or at least no worse) at their job as time goes on.

I wouldn't mind getting a pay cut as my mental or physical faculties diminish (although there's not a lot to spare) but it's very difficult to achieve in practice unless I volunteer for a more junior position.

The mandatory retirement age is a crappy catch-all solution to this problem, although maybe in the evolving gig economy the post-65s will all just work as contractors with state supports to fall back on.

I've worked with some excellent software engineers in their sixties.

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 Post subject: Re: Work until 70 - Poll added
PostPosted: Fri Oct 06, 2017 7:43 pm 
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I would have no real difficulty in working in a less stressful situation with reduced hours, as things stand I only have 10 years left until retirement, I work in IT with a broad range of skills but I do find that many of the younger team members are overtaking me in terms of being able to keep up with the technology. As for software engineers, the older ones usually have a better understanding of the underlying code than many of the recent graduates who probably never touched machine code or used compilers.

I hope that i would be able to do part time for as long as I am physically & mentally able to do so to earn that little bit extra to enable me to actually enjoy the extra time off.

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 Post subject: Re: Work until 70 - Poll added
PostPosted: Sat Oct 28, 2017 8:27 am 
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Not sure whether this should be in the threads on UK-is-fucked or Australia-is-fucked, but it's pension related so I'll put it here.

UK pensions among the worst in the developed world, study finds
https://www.theguardian.com/money/2017/ ... -australia

Quote:
The payouts from the Australian “super” scheme, on top of the country’s basic state pension, mean that a 50-year-old female in Sydney today can expect to retire at age 67 with an income of 72% of her current salary, compared with 41% in London.

72% of final salary seems completely nuts. With annuity rates of about 4% that would require a pension pot of 18x final salary. Those savings are someone else's debt.

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