You might have to work forever: The honest reality about Social Security and retirement

[JDPriestly]

79. OK. As one who is retired.

If you want people to work longer, you have to penalize employers who lay off or fire workers before they reach the age of 70.

And you also have to enforce and raise the penalties on age discrimination both in hiring and in promotions within the workplace.

People "retire" early in many cases because their companies or jobs disappear or because they are fired in a reorganization or blatantly so that the boss or the company can hire someone younger. I recall talking some years ago to a homeless woman in her 50s back when I worked on a homeless project. She had a scar on her face and said she had worked as a waitress when she was younger but she couldn't get a job any more because the restaurants wanted to hire younger, prettier women. That is true in a lot of fields. And not just for women. If a man drives a truck, an employer may look at him as past his prime when he reaches 60.

So, if you want people to work longer, you have to provide negative and positive incentives to employers to hire and retain older employees. I've been on the laid off for age end of things myself. It's a really bitter place to be when you know that people in your family live long, healthy and with sound minds. Very bitter.

Then there is the huge problem that yes as we age we get arthritis, heart problems, etc. Depends on our genetic make-up and how we live our lives. But in most cases a person has more energy and is healthier in their 40s and 50s than in their 60s and 70s.

So if you could not just make people live longer but give them more energy, quicker movements, better balance, etc., then the idea of working longer might "work," but . . . . .

Then as to 401(K)s: if we are to rely more on 401(K)s, we need a lot of reform on Wall Street. I have a 401(K), and I don't get anywhere near the returns that the 1% and the .01% are getting. Until there is a lot more fair play and justice on the stock market, the 401(K), investment route is not going to lift very many retirement boats. The yachts maybe for those who can afford them. But not the little row-boats that people can afford on an average income of from $15,000 - $50,000.

Another problem with 401(K)s is that they require making decisions and paying attention to investments. Most people in their later years are just not up to and do not want to have to deal with investment decisions. It's hard enough getting to your doctors' appointments and balancing your checkbook and making sure you are not being cheated on your credit cards. Some older people opt for cash because keeping track of complex accounts, even a checkbook, paying bills on time, etc. can be too much at the age of 83 or 98.

Let's get real about the lives that seniors lead. The guys who write books like this one need ro visit a few senior centers in the country. They need to travel around with the Meals on Wheels folks. What kind of privileged world are they living in?

Sorry. But I don't think based on that article that the book is offering much help when it comes to funding retirement. The answer is to lift the cap on Social Security.