Oh, Wise One, I am turning 62 this year. When should I apply for Social Security?
I have no idea when you should apply because each unique situation is just that - unique! However, you should know that the number of people applying for Social Security benefits before full retirement age is rising. This is happening in spite of the fact that we are living longer, much longer, than ever before. Good idea? Bad idea? It depends. Applying for benefits at the earliest opportunity may cost you money because when you take benefits early you reduce your benefits. You may want to make a choice based on your best bet for your “break even” age. For instance, if you (and your spouse) are 62 this year, there is a nearly 100% probability that one (or both) will live to age 70 and an 81% probability of one (or both) living to age 85 and a better than even chance of making it to 90.
Are you still working? If you collect reduced benefits while still working, what you will collect on an after-tax basis will be lower (much lower) than what you may expect. Are you unable to work? Waiting is not an option unless you have substantial savings. And, of course, if you don’t make it to your “break even” age, you will have earned more money over a shorter period of time if you take benefits at your earliest opportunity.
And, here’s what the Boston Center for Retirement Research said about when people should draw Social Security benefits: “Working to age 67 — and not drawing income from Social Security or 401(k) s — would allow most people to have a secure retirement.” Is this your answer? You tell me.
You are too old to guess at your best answer as to when to apply for benefits or, for that matter, you are too old to take advice from amateurs. Go ask the experts now. As a first step, go to the Social Security Administration’s website to calculate your benefits as well as your tax situation.
When will the problem of exiting mature workers have an effect on American business?
Now. Where have you been hiding? Plus, the problem will get much worse unless we act now.
What is the most important thing for me to know about managing my career after my upcoming 55th birthday? I would like to leave my employer of 10 years and seek a new opportunity with a new employer in a new field.
You say you’ve never before felt the pain of discrimination? You say you want to slip into a new field and transfer the great skills you have learned over time? What world do you live in? This is America. We worship youth. We overlook old unless your career is so well invested in what the marketplace needs that it can’t do without your talent. Here’s my response -“If you wouldn’t start a business without a strategic plan, don’t run your mature career without one. “Read “Boom or Bust” – It will guide you through the process of developing such a strategy in preparation for your future. Do it now.
What, in your opinion, is the most significant retirement danger people face?
As you know, in addition to my wizardly intuition, I study this stuff. Consensus is that up to 75% of Americans are hurtling toward financial difficulties (in many cases, disaster) if they don’t give up the archaic idea of retirement. Study your financial situation now.
I am in the position of caring for aging parents while raising teenagers. I am concerned about the time off I am required to take. Can my employer fire me for what is really beyond my control?
The EEOC held a meeting recently on just this subject. They created a “guidance document” for employers to familiarize them with the law. This is document, entitled "Unlawful Disparate Treatment of Workers with Caregiving Responsibilities", is available online. This is also an excellent time to create a discussion with your HR leaders about flexible staffing models and telecommuting options. Point out what’s in it for them (WIIFT). The more flexible their workplace becomes, the less problem retention will be for your employer as the number of employees who share your challenges will increase exponentially over the next few years.
It is important to investigate your options now before your performance at work is characterized as something other than what it is – a growing problem the American workplace must address.
Where do I go to apply for jobs now that I am 60?
I like the following job posting sites for older workers:
www.retirementjobs.com
www.seniors4hire.com
www.retiredbrains.com
Also, AARP has loads of information on job hunting at:
www.aarp.org/money/careers/findingajob/
Many temporary staffing firms, such as Spherion, place mature professionals in the workplace. Most will help bring your skills current and many offer health insurance when you meet their qualifications.
Other than the aging workforce and demographic trends we face as Americans, what do you think are a few of the most serious threats to our workforce right now, today?
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Obesity – nearly 2/3rds of all adults are overweight or obese (up 61% since 1991, according to the National Center for Health Statistics). No need to wait for “Bird Flu” – the obesity epidemic is here and its impact as we age compounds the biases about mature workers. Which state currently ranks #1 as the most obese in the nation? Mississippi! Colorado is the leanest!
