Yes. 70 IS the new 65, at least for retirement planning purposes.
This should not surprise anyone, as retirement at 65 implies that we are kids and/or students for 22 years or so, work for 43 years to age 65 and then live another 15 years to 80. Sorry, but planning to spend 43 years working and 37 years being supported by others is impossible as a normal thing in any economic system.
In reality I am presently 67 years old. I was laid off from my (6-figure) Engineering job in 2003 after 36 years. My performance reviews were still excellent. The division I worked in simply ran out of money. Nobody wanted to hire any of the 55+ guys, except as part timers.
Fortunately, I had gotten some good investing advice long ago from the manager of my work group. He was not really a Boglehead, but he had similar ideas.
So when the end came, I wasn't totally out on a limb. A friend encouraged me to become a Math teacher. I volunteered at a local High School for a while while I took the required courses at Florida Atlantic University. I then started daily substitute teaching at $10.50 per hour, no benefits. After a couple of years of this, a local High School hired me as a full-time sub at $12.67 per hour with retirement and optional health insurance. My first assignment was for about 3 months in the class for kids with Autism and Downs Syndrome.
After teaching Algebra 2 and Geometry for 6 months for a teacher who was out on a prolonged family leave, I discovered that getting to bed after midnight every night and getting up at 5:45 wasn't for me. So I never did look for the full-time teaching job, but stayed as a full-time sub after that interim position finished. I had other interim assignments over the years, but the others were 3 months or less, and so less stressful.
Then the IT guy for the school quit, and I was named (still as a full-time sub) as the interim IT guy. This lasted for a couple of months, but continued after the hiring of a new IT guy due to the fact that IT support at this school involves way more work than one person can do. This is not surprising given the fact that most of our computers are about 10 years old.
As an unpaid part of my job I serve as Algebra 2 coach for the math club, serve as a chaperone at competitions, take part in school activities and last year I played "Pop" in our school's production of "The Pajama Game". As I tell the students, I am a "Senior" in High School.
And if you haven't sung at Karaoke night at a high school, you haven't lived. see "My Poetry"
So how did this work out for me? I still make $12.67 per hour (a little less than half of what new Math teachers make based on 7.5 hours per day and 180 work days per year), but I think I died and went to heaven.
There is no free lunch. When you are over 55 you will make a LOT less money than you did when you were younger and all of us who live long enough will have to re-invent ourselves at some point. I was fortunate that, for me, this happened in a fun and constructive way.
- Bob Beeman.