Retirement age - is 60 still correct?

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Retirement age - is 60 still correct?

Unread post by Roger » Thu Jan 10, 2019 10:30 am

With our longevity increasing, is 60 still the correct retirement age?

I (hopefully) still have at least a decade to go, but am acutely aware that humans are generally lasting longer than before and hence retirement funding may be placed under pressure as those additional years were never envisaged in our traditional retirement funding when we began contributing almost 30 years ago. (Not to mention the shrinkage through market crashes)

Families are also starting later and end up with kids still in education phase when parents hit 60.

Am I alone in this concern. Misery needs company :wink:
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Re: Retirement age - is 60 still correct?

Unread post by Fransw » Thu Jan 10, 2019 10:38 am

Easy, stop buying avgas! :wink:
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Re: Retirement age - is 60 still correct?

Unread post by Iceberg » Thu Jan 10, 2019 10:42 am

Roger wrote:
Thu Jan 10, 2019 10:30 am
With our longevity increasing, is 60 still the correct retirement age?

I (hopefully) still have at least a decade to go, but am acutely aware that humans are generally lasting longer than before and hence retirement funding may be placed under pressure as those additional years were never envisaged in our traditional retirement funding when we began contributing almost 30 years ago. (Not to mention the shrinkage through market crashes)

Families are also starting later and end up with kids still in education phase when parents hit 60.

Am I alone in this concern. Misery needs company :wink:
You're on the right track. My wife and I both still work and are past 60.
Last year was the first where all the kids were independent in every way - not a cent from my pocket - what a pleasure!
So after we really chilled out this holiday we said to each other - we'll go mad if we keep on lounging around like this - back to work!
So we'll just keep on trucking till we drop dead.
My AMO who is 72 says the same thing. They'l carry his body from the hangar...
The sky is not the limit....
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Re: Retirement age - is 60 still correct?

Unread post by cage » Thu Jan 10, 2019 10:52 am

Roger wrote:
Thu Jan 10, 2019 10:30 am
With our longevity increasing, is 60 still the correct retirement age?
UK have raised it over the years, heading for 67 in the next year or two.
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Re: Retirement age - is 60 still correct?

Unread post by Dish » Thu Jan 10, 2019 11:03 am

Well interestingly in South Africa anything over 50 and you are going to struggle to find a job. so planned or forced retirement ??
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Re: Retirement age - is 60 still correct?

Unread post by Christo Kritzinger » Thu Jan 10, 2019 11:20 am

The 60 age retirement is not very clever for those of us earning an average income. Many moons ago that was my target but I am 64 now and not even thinking about it. Unless you have a second occupation waiting. The lifelong experience which no book or varsity can teach you is what our country needs now. I am also of the opinion the the brain must stay active and be stimulated continuously.
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Re: Retirement age - is 60 still correct?

Unread post by HJK 414 » Thu Jan 10, 2019 11:26 am

Roger wrote:
Thu Jan 10, 2019 10:30 am
With our longevity increasing, is 60 still the correct retirement age?

I (hopefully) still have at least a decade to go, but am acutely aware that humans are generally lasting longer than before and hence retirement funding may be placed under pressure as those additional years were never envisaged in our traditional retirement funding when we began contributing almost 30 years ago. (Not to mention the shrinkage through market crashes)

Families are also starting later and end up with kids still in education phase when parents hit 60.

Am I alone in this concern. Misery needs company :wink:

Roger,

The key questions will probably come down to funding and other interests.
If you can afford to retire at 60 - and have enough funds to pursue your "other interests" without having to combine that with a wage earning job - you are at the right age to have some fun whilst doing it.

I retired - we bought a second home in Spain - play a bit of Golf - and restore classic cars - purely as a hobby to keep my hands and head busy......Can not imagine having to work through to 67 or even further - then the time "remaining" becomes a concern / and the time for all the other interests may becomes infected with health and mobility concerns.

JK
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Re: Retirement age - is 60 still correct?

Unread post by V5 - LEO » Thu Jan 10, 2019 11:31 am

...not even close, for starters it should be raised to 65 as the majority of people live longer, healthier and can still contribute to the coffers. When retired the contribution to the coffers shrinks and old not looked after people becomes a burden on society (Please I say this with the utmost respect), thus it would be of benefit to the country and the person to work longer, harder. On your average policy return you will not be able to maintain your lifestyle and it will not last for 25 years.

....unless, and there is a portion of them, you have all the bucks in the world, retire at 55 and live the dream of travel, fly, play golf, fly, snorkel, fly, camp, fly - you get the drift....... :mrgreen: :mrgreen: :mrgreen:
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Re: Retirement age - is 60 still correct?

Unread post by Jack Welles » Thu Jan 10, 2019 11:45 am

Iceberg wrote:
Thu Jan 10, 2019 10:42 am
You're on the right track. My wife and I both still work and are past 60.
Ditto my wife and I.

My tax/business practise (a big company thing) is slowing down as my "client base" retires/resigns/goes overseas so am working on a new speciality in Sectional Title Law by writing a book about it and then take it from there.

A caveat might be as long as you enjoy what you do.
Jack Welles (thriller_author pen name)
https://www.amazon.com/Jack-Welles/e/B073VJQTTX
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Re: Retirement age - is 60 still correct?

Unread post by Fransw » Thu Jan 10, 2019 12:54 pm

700px-Countries_by_average_life_expectancy_(2015).png
Look at Chile. Interesting! Hakuna matata.. :mrgreen:
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Re: Retirement age - is 60 still correct?

Unread post by Roger » Thu Jan 10, 2019 1:13 pm

There are a number of SA companies that force retire you at 60, so not always an option as to whether you continue or not, well at least not with those companies. Not sure if this is based on some act or guideline.

As someone mentioned, extremely difficult to find work once you are approaching that age.
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Re: Retirement age - is 60 still correct?

Unread post by happyskipper » Thu Jan 10, 2019 1:27 pm

Fransw wrote:
Thu Jan 10, 2019 12:54 pm
700px-Countries_by_average_life_expectancy_(2015).png

Look at Chile. Interesting! Hakuna matata.. :mrgreen:
What I find interesting is the Caribbean Island of Hispaniola - it has an orange side, and a green side, Haiti on the left, and Dominican Republic on the right...... I wonder why that is? :roll:
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Re: Retirement age - is 60 still correct?

Unread post by SlowApproach » Thu Jan 10, 2019 2:25 pm

Maybe the Voodoo-resurrected zombies in Haiti tend to shuffle off and end up across the border, and are thus seen as "alive" on that side?
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Re: Retirement age - is 60 still correct?

Unread post by wasabi1 » Thu Jan 10, 2019 8:45 pm

I was retrenched at 52 by a mining conglomerate due to "operational needs". The very next day I was employed as a contractor by the same company due to "operational needs". Meanwhile, the management structure has changed and looks like mussels on a rock (lots of them and non-white). To the winner all the spoils.

Back to the topic: I've asked retirement-related questions high and low and couldn't get straight answers. By digging, reading and keeping my ear close to the ground, the following seems to be the secretive not-so-common wisdom (no guarantees):
  • You have to be 55 years or older in order to access your pension/ retirement annuity.
  • Determine how much you need a month to survive. It seems that R15k-ish after tax is the minimum provided you have no debt and no children and/ or parents sucking on your pension (and expensive hobbies/ ailments).
  • A 4% withdrawal rate of your pension is about the norm. You therefore need a growth rate of 4% plus inflation per year in order not to reduce your investment.
  • One get about R4k to R4.5k per month pre-tax for every million in your investment.
  • In the R15k example you therefore need a pension investment amount (the principal) of about R5 million and need to grow it at 10% per year. Your 10% growth and 4% withdrawal will give you automatically an annual increase for a happy ever-after life.
  • Watch out for financial advisors and keep your brain busy. Start a new career/ venture BUT DON'T RISK YOUR PENSION. Maybe become a financial advisor? :-)
  • The pension act allows you to withdraw between 2.5% and 17.5% of your investment per annum. If you can get away with 2.5% instead of 4%, even better. At 17.5% - see yourself in a SASSA queue within a few years as your pension is now gone.
  • If you don't die of AIDS or crime, females can expect a median age of 87 and males 83. Watch out for "median" - it means that half of that generation is now dead. OK if you're in the first half, big problem if you're in the second half with no pension. Also, every generation is growing older with a week each year (your younger brother of 2 years will get to be two weeks older than you on his age of death compared to your age of death, all being equal).
Go check the retirement calculator at www.10x.co.za/calculators

Medical - you'll need about another million.
Be brutal when you calculate your absolute minimum (e.g. do you really need DSTV?)
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Re: Retirement age - is 60 still correct?

Unread post by rare bird » Thu Jan 10, 2019 9:39 pm

wasabi1 wrote:
Thu Jan 10, 2019 8:45 pm
I was retrenched at 52 by a mining conglomerate due to "operational needs". The very next day I was employed as a contractor by the same company due to "operational needs". Meanwhile, the management structure has changed and looks like mussels on a rock (lots of them and non-white). To the winner all the spoils.

Back to the topic: I've asked retirement-related questions high and low and couldn't get straight answers. By digging, reading and keeping my ear close to the ground, the following seems to be the secretive not-so-common wisdom (no guarantees):
  • You have to be 55 years or older in order to access your pension/ retirement annuity.
  • Determine how much you need a month to survive. It seems that R15k-ish after tax is the minimum provided you have no debt and no children and/ or parents sucking on your pension (and expensive hobbies/ ailments).
  • A 4% withdrawal rate of your pension is about the norm. You therefore need a growth rate of 4% plus inflation per year in order not to reduce your investment.
  • One get about R4k to R4.5k per month pre-tax for every million in your investment.
  • In the R15k example you therefore need a pension investment amount (the principal) of about R5 million and need to grow it at 10% per year. Your 10% growth and 4% withdrawal will give you automatically an annual increase for a happy ever-after life.
  • Watch out for financial advisors and keep your brain busy. Start a new career/ venture BUT DON'T RISK YOUR PENSION. Maybe become a financial advisor? :-)
  • The pension act allows you to withdraw between 2.5% and 17.5% of your investment per annum. If you can get away with 2.5% instead of 4%, even better. At 17.5% - see yourself in a SASSA queue within a few years as your pension is now gone.
  • If you don't die of AIDS or crime, females can expect a median age of 87 and males 83. Watch out for "median" - it means that half of that generation is now dead. OK if you're in the first half, big problem if you're in the second half with no pension. Also, every generation is growing older with a week each year (your younger brother of 2 years will get to be two weeks older than you on his age of death compared to your age of death, all being equal).
Go check the retirement calculator at www.10x.co.za/calculators

Medical - you'll need about another million.
Be brutal when you calculate your absolute minimum (e.g. do you really need DSTV?)
excellently put!

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