63 years is the typical age that the average American leaves the workforce and enters a retired life.
Even while suggesting that “70 is the new retirement age”, personal finance maven Suze Orman challenged that assumption that that’s wise last month.
However, the advice of Orman was taken a step further by Dr. Shigeaki Hinohara which was a Japanese physician and a longevity expert. Hinohara passed away at the age of 105 years in July this year. He said in an interview with Japan Times journalist Judit Kawaguchi in 2009, he had sternly advised not to retire at all. He had further advised the even if one felt that one had to retire, one should do so well after 65 years of age.
Dr. Hinohara had even pointed out during the interview that the 65 years threshold that was implemented in Japan for the maximum age if retirement was set years ago at a time when the average life expectancy in the country was just 68 years. It was just till a few months before his death that he had been working up to 18 hours a day.
But the average life expectancy in Japan has now significantly improved with men living to an average age of over 80 years and women staying alive even longer at an average age of 87 years and this has to be adjusted with the retirement age. Additionally, the physician noted “in 20 years we will have about 50,000 people over the age of 100.”
A similar point is brought in by Orman. There is now need for retirement savings of Americans to last longer because the average in the country was increasing, she wrote in an article. “You likely have plenty saved up to breeze through 15 years or so of retirement. But, people, if you stop working in your 60s, your retirement stash might need to support you for 30 years, not 15.”
She continues: “Healthy people in their 60s today have about a 50 percent chance of living into their 90s. Can you honestly tell me you’re 100 percent sure you will not run out of money if you start spending down your retirement funds in your 60s and end up living into your 90s?”
And eating well or sleeping well is not the key to the eternal question of how one would be able to maintain energy as one grows old but continues to work. “Energy comes from feeling good,” Dr. Hinohara said. “We all remember how as children, when we were having fun, we often forgot to eat or sleep. I believe that we can keep that attitude as adults, too.
“It’s best not to tire the body with too many rules such as lunchtime and bedtime.”
(Adapted from CNBC)