70 is the new retirement age
Suze Orman, a well-known financial advisor to the general public, wants people to wait until the age of 70 to retire.
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Suze Orman, the famed financial guru from “Oprah,” strongly advised in her column published online in the Oct. 23 edition of Money that “Seventy is the new retirement age — not a month or year before.”
“Healthy people in their 60s today have about a 50 percent chance of living into their 90s,’’ Orman wrote.Another reason Orman is bullish on 70 is because “Wait until 70 [to take Social Security] and your annual benefit will be 76 percent higher than what you’re eligible for at 62. That higher payment can be a huge help in supporting you through a long life.”
Three savvy women had different opinions on retiring at 70.
Gwenne Gray is a 75-year-old Florida resident who works at fulfilling mail orders for a small business.
“Even though I took Social Security at 67, it was not because I wanted to,’’ Gray said. “I was forced by my situation. I would have much rather waited until 70. I have continued to work, though it’s part time. Many seniors can’t really retire at 70 as both the cost of living and medications are quite high.”
Maryellen Cantera is a 65-year-old resident of Florida, who works in real estate.
“I’m working full time now,’’’ Cantera said. “And, I’d like to be able to save enough money so that by the time I’m 70 I have enough money to retire on Social Security. Will probably still work part time after I retire. Both my parents lived to over 95, so knowing that I could have another 30 years the money has to go a long way … 70 is kinda like 60 now. People are living longer and with healthier lifestyles they are able to continue to work.”
Mary Weller, 69, currently is an adjunct instructor of Developmental Reading at Eastern Florida State College.
“It’s really up to each person to decide whether they want to work until age 70,’’ Weller said. “I love what I do; I’m at the top of my game, and I don’t see an end in sight anymore. Teaching is a fulfilling career no matter the challenges. And I tell my friends, ‘As long as there is hair dye and stylish shoes with good support, I’ll keep teaching.’ ”