Originally Posted by
ghilis101
eh. now that people have B funds and 401k's, and in the event of BK that money is yours to keep, you wont see people desparate to stay til 70 because they lost their pensions, like what happened this past decade. Those of us who are coming into the industry knowing we don't have a pension, but instead have defined contributions, will hopefully be able to escape by age 60 to 65. If you want to fly to 70 "for the fun of it," well, that's great. but essentially it would be like working for free, and then dying. haha.
How is it working for free?
You'd still be earning a salary and contributing to your 401k. You'd be deferring consumption of said 401k. Then when you do retire, you'd have more of it and need it to last for less time (or be able to pass it along to your kids).
It's when one has a pension and is eligible to collect and keeps working, that they are working for less.