I guess it’s a question of quantity versus quality.
Here’s a little follow-up to my post last week about those studies showing that if you retire later you’ll live longer. Now I know for sure. Despite the headline touting this amazing benefit of working longer--it’s a bad deal.
Studies and research by actuaries — the professional mathematicians who advise pension funds — show that working longer and retiring later improves life expectancy. In a report appearing on British website The Telegraph a year ago, Andrew Gaches, a longevity consultant for actuaries Club Vita, said that "retiring at age 70 rather than 60 adds around 13 months to men's life expectancy — and 12 months to women's longevity — even after allowing for differences in individuals' health, wealth and lifestyle.”
So by working TEN more years (until you’re 70) you can get another 12 months of life (13 if you are a man). Sorry that just doesn’t sound like a good deal to me.
A woman in the U.S. can expect to live to about 82. That means she’d get to 83 if she stayed at her job until she was 70 instead of 60. By living that extra year, she’d get 13 years of retirement—from age 70 to 83. But if she retired at 60, she’d get 22 years of retirement. I think you have to really like your job for that to be worth it.
As for me, I just took this longevity quiz (try it here, it’s fun). It says I’m going to live to 102—and it knows I’m already retired. But perhaps they were not aware of this recent research, so maybe I should assume 101. The retirement study didn’t say what happens if you retire at 44, but even assuming I get docked a year for each decade before 70, kicking the bucket at 99 seems long enough for me. My retirement spreadsheet only gets me to 100 anyway.
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