E-mail updates
Follow on Twitter
Subscribe to RSS
Source: U.S. Government Accountability Office
The tough job market has been so hard on some Americans that they have dropped out of the running altogether.
But here’s a surprising twist: Generally, that’s not been true of older Americans.
The labor force participation rate, or the number of Americans who are working or looking for work, has declined in recent years for every age group except those who are 55 and older, according to a report released this week by the Government Accountability Office.
Older Americans generally have a lower labor force participation rate than other age groups, and for good reason: That’s the point in life when most people retire.
But the percentage of older Americans who are choosing to remain in the labor force, or to get back in it, has steadily been rising over the past 20 years and even continued to increase over the course of the recession and recovery.
About 40 percent of workers age 55 and over were working or looking for work in 2011, the GAO analysis found, compared to about 30 percent in 1990.
That’s in contrast to young and prime-age Americans, who have seen declines in labor force participate rates in recent years.
Ninety-two-year-old May Lee has been working for the State of California for more than 70 years, has served under 10 governors, and has no plans to call it quits. Early TODAY's Lynn Berry reports.
A closer look at the data shows that the real increases are coming from some of the oldest workers. Phillip Levine, an economics professor at Wellesley University, noted that labor force participation among 55- to 64-year-olds has generally been flat in the last five years, at about 64 to 65 percent.
But for workers 65 and over, labor force participation has increased from 15.5 percent in 2007 to 18.4 percent now. Levine’s analysis was based on the Bureau of Labor Statistics data.
There are a number of potential reasons why the labor force participation rate has increased for people who we traditionally think of as being in retirement age.
One explanation may be that older workers are choosing to work longer to make up for investment losses and other financial woes as a result of the recession. Some people age 65 and older also may be getting back into the labor force because they can’t make ends meet on Social Security and retirement savings.
The GAO report said other factors keeping older workers at work may include better health and life expectancies, the increasing number of older women in the labor force and the need to stay at work to retain health benefits.
That a larger chunk of older people are working doesn’t diminish how tough the recession has been on people aged 55 and over, Levine notes.
Although the unemployment rate for older workers has generally been lower than the broader population, a job loss in that age range can be particularly devastating. That’s because it generally takes older workers longer to find a new job, and that long gap in employment just before retirement age can have a harsh impact on their retirement plans.
The GAO report to the Senate’s Special Committee on Aging focused mainly on the effect of long-term unemployment on older workers.
For many Americans, the dream of a worry-free retirement remains elusive. NBC's Anne Thompson explains why.
In testimony before the committee last week, the National Employment Law Project noted that many older workers face the double-whammy of a big employment gap and a resume that gives away their age. Both can be a turnoff to some potential employers.
Levine, who has done extensive research into older workers and the recession, said many people in that age range are “limping across the finish line.”
“They find some way to make ends meet from whenever they lose their job at 58 or whatever, and finally when they get to 62, Social Security provides them with a lifeline,” he said. “It provides a means of getting by.”
Related:
Americans expect to work longer, retire later
Long-term unemployed losing benefits as job picture improves
Out of work, out of options, into retirement
Leave a Comment:
Welcome to our "Brave New World" As much as I would like to blame this on the current admin, it is just a part of a larger problem. Corruption, lies, greed, (both governmental and corporate), have contributed to this state of affairs. Strong leadership is needed in Washington and currently we have NONE. And libs before you go off on me, the blame is with BOTH parties. Putting party above the needs of the country is just plain wrong. Both that is what we have. Human beings are subject to corruption at all levels. Only the strong can resist. We do not have many strong people in either government or corporations anymore. Was not this bad in the 50's and 60's. Special interest groups, unions, and Marxists have permiated our highest levels of Government and industry. ALL have tried to destroy what we stand for. Bring us back to our Constitution, Declaration of Independence and Bill of rights. Our founding fathers are crying in their graves.
Greed is the problem - The CEO of Whole Foods caps his salary at 14 times the average workers salary.
Some of these CEOs are making 400 to 1000 times the average employees' salary. If we all got rich together we wouldn't be in the shape we are in.
You always hear on the news that the economy is affected by "consumer confidence" or "consumer spending"
The truth of the matter is if you gave more money to your employees they would spend it (instead of hoarding away pennies) and this would get us out of our depression. Because face it - it's only a depression from the middle class down...the 1% are doing just fine.
Bea O'Problems - I am a staunch democrat... but I can see past the short sightednessof the party. I agree 100% that both parties have to much greed, corruption, and lobbyist pac money 'NASCAR' like patches on their clothes. I think they in general have failed to serve, protect, and defend the Constitution and apply "We the People". I wish there was an easy solution to fix this... but we all know...
I say we fire them all and start over again
We're talking about ideals or lack thereof in this article, right? Too much of what I prefer to do doesn't cover the bills so as far as desires go, I'd love to call it quits on the grind right now. I'm not going to because I want the money. But if I didn't have to worry about that, no, I have no need to be forced to show up for a job every day with people I don't like.
Retired at 40? I would have loved that.
Retire at 40? and do what? I despise Obama and democrats. I despise large corporations as well.
But the paradigm needs to shift right now. Today's kids don't get done with college and advanced degrees and start working until their mid to late 20s. Many take even longer. Life expectancy at age 65 is well into your mid 80s.
The notion that you don't start working and saving until you are nearly 30 and then want to retire at age 40 or 50 or 55 is ludicrous. It is called math and statistics. It has nothing to do with Obama, Bush, or those evil corporations.
YOU are responsible for your life, your saving, your home, your education, your health care and your retirement.
Get out of corporate American and start your own business. Work part time at Wal Mart or the local movie house. Do something productive.
The idea that people are going to lay around for 40 years and be a burden to the rest of us is crazy stuff.
You know, there are those of us, who despite good educations, despite good work ethics, despite multiple jobs at one time.....have never seemed to make it out of the starting gate on that nebulous goal of career. We are working to meet obligations, such as place to live, food to eat, clothing, medical insurance. We don't go on vacations. We don't own RV's or time shares. We have to say alot of "no" to our kids because the extra income just isn't there. For us, it is not a case of irresponsibility, but rather, during our prime earnings years, we simply didn't have enough to meet basic expenses, let alone start saving aggressively for retirement. We were actually paying our student loans off in our 20's instead of picketting Wall Street, and then perhaps, we married, started families, and actually paid for that too....I am not blaming anyone for the fact that I "didn't get the big break", but I do resent generalizations that I was somehow lazy or didn't behave responsibility....Also, for many of us, we are the sandwich generation, not only having to field responsibility for dependent children, but also for dependent elders in our family who are unable to support themselves. And by the way.....what about the 401K losses....which took what seemed like a pretty nicely developing nest egg for the future and smashed it like Humpty Dumpty. Even if I had 30 years to fix things, the fact is that we are probably never going to see economic expansion like we had again, because so much of it was predicated on false notions. I cannot begin to recoup what is gone. As my Grandma used to say: "Got into a bad habit, years ago-Eating!"
I totally agree with you, except I think it is as much about them worrying about losing THEIR job that they will literally do anything, vote any way the people with money want them to, that they really forget about we, the people. It is truly time for another revolution...AND, term limits...it won't solve everything, but it would hopefully get them back to working and less time hawking for money for their next election...if something is not done quickly, we will be just like Greece
Do people even realize the concept of buyer power. If shoppers had a little consumer ethics they would come together and say "We wont buy your products until you lower the pay gap between your CEO and employees" Guess what.....no matter how much that CEO thinks he's worth...when the board hears a potential loss of sales on the horizon they will act. Its called hitting them in their wallets. People never think like that though, they just keep feeding the machine. In the day and age of the internet people can come together and do amazing things.
It's a customers best interest to get the lowest price for a given quantity. That has nothing to do with CEO salary. I'm not about to pay more for a product to support your jealousy. I doubt many others will either.
The three financial classes all have their legs tied together.
Typically, only one can be shoved off to retain stability; id est the poor. However, if another is shoved off- the middle class currently- the short sighted final class shall fall alongside all of them.
Retirement is your responsibility and your plan should start as soon as your career does. If you want to count on the gov or handouts well then prepare to be let down. If you want to start your planning at 59 well then, enjoy your cat food!
Meow. LOL.
My advice is to do no investing at all because it will all be used by the Banksters to pad their own pockets.
Banaschar, in the "ideal" world you would be correct however your naivete is showing my friend. I had a nice nest egg set up for retirement but due to having to take care of my in-laws for the last 5 years of their lives because they did not "qualify" for assistance over $100k came out of my pocket and then came the BushyDick economic policies which wiped out the balance. So my advice to all of you - eat, drink, and do Mary for tomorrow your government will toss your ass in the landfill along with our dead military heroes (actually pretty good company come to think about it) but don't bother planning because we do not have anyone in this country any longer that is capable of the honesty and integrity to be our leaders. NOT ONE! Party Hearty folks.
You can't forget the Clinton years because that is when the investment firm that covered our company's 410K plan got wiped out because of Enron, WorldCom and a few others. Uncle Sam said we couldn't recover our loss but we might hope to get a nickle back on each dollar lost. Never saw any of even that. During the Obama years our new 401Ks suffered great losses but we are starting to see some gains but even with my military pension I could not retire with all the other losses until I am 70. DOD and Congress are betting I won't survive that long. We have on the back of our "retired" Military ID cards what we call the "death date". The cards have an expiration date (even though they are supposedly good for life) 2 months prior to the 65th birthday. As we put it they are betting you won't live that long. At one time (before Rep Charlie Norwood R-GA stepped in and changed it) we would stop receiving half of our pension when we became eligible for social security, only pension in the US affected by that, in order to receive social security payments. I do appreciate your comment that you would be in good company with us in the landfill. Since most of us are there or will be there soon from the military (the Obama administration has cut to the bare bone military funerals for vets and retiries) we would enjoy your company knowing that you had appreciation for our service.
You sound like a government retiree !
Skaard4Life.........you may be the only person in America whose investments went DOWN since Obama took office ! That is almost an impossibility unless you have the worst people in the world doing your investments ! The overall market is up over 30% since Obama took office, what did you invest in ?
Hey Scaard4life - try getting married when on Social Security. One of you will lose your SSI pension as well. Why do you think Senior citizens are shacking up instead of marrying? If they have only SSI, they will be screwed. (And I don't blame them one bit for not getting married, the govt. should not force poverty upon them.)
BTW - I will have to work until I die, there will be no health care of pension for me either. Working in the private sector, there is no pension, and my IRA has never performed up to the levels the broker said it would, (even taking the recessions out of the picture.) But then and again, I may not make it to retirement age due to Obamacare anyway. Maybe that is the govt's big plan. Kill off a bunch of us so they can pay for those that survive.
Banaschar
With one caviot... If I pay into a program (SSN), then I fully expect to get it back. If someone doesn't pay into the system, then they should not receive a dime. SSN is meant to be a supplemental income only.
We "Boomers" are blaming wall street and government for this economic mess? Wake Up and just admit the TRUTH! We are at fault here! Banksters and Wall Street robbed us of our Retirements, but that's what they do and have always done without Regulations or Oversight by the Governments! We ELECTED all these Politicans that allowed this to happen! Richard Nixion, Ronald Reagan, Ford, Bush I @II, and now you stupid "Crybabies" are wanting to add ROMNEY to the list for our final "Kill Shot"!
We can ALL point fingers are ourselves, too...we just LOVED JR Ewing and how he liked to screw over everyone, including his own family to make 'mo money, 'mo money, 'mo money...we all love people who have money regardless of how they came by it...WE are to blame...we need a set of new priorities and goals for this country AND it shouldn't be based on greed and hero worship for anyone who can make money by selling them derivatives or other nonsense that has NO value...we used to have a moral compass in this country and now, we celebrate the guy with the most toys...look in the mirror for the villan folks, for it is us!
It's democrats that sank the economy not Bush. Congress passes budgets, not the president.
Reagan Clinton, (after republicans took over congress), and Bush 2, (before democrats took over congress), were great for the economy. I was able to retire at 55 thanks to Bush.
Bush 1 was bad, Carter and Obama are complete disasters.
In case no one can put 2 and 2 together, the more conservative a president is the better the economy, the more liberal the worse the economy.
Just like we have mouths, we have feet. They are depreciating at that age, but so is your voice.
It's time for the feet to feel the stress of an exodus.
I think the "marxist" part is a bit overdone but go along with the rest. We don't have "Americans" as leaders anymore we have Republicans or Democrats and both are corrupt. I hope people will stop voting for people who take pledges to other and just pledge to do their best. We are a very divided country and they will have to be comprimise to actually get something done. Take your religion and social issues and shove it and take government always being the answer and do the same.
I don't think we should stop voting.... to many people have died to give us that right. Maybe we can vote "no confidence" instead and send a powerful msg to our 'leaders' that we demand fiscal responsibility, a balanced budget amendment, cut the fat in all programs (social/corporate), stop paying for the security of the world, and to focus on our countries declining infrastructure.
As for the religion and social issues... Everyone in this nation has the right to worship whatever religon they choose. Conversely, everyone in this nation is entitled to equal civil rights. That the government is responsible for doing at all times.
Sorry, I WILL vote for anyone who signed a pledge not to raise taxes. Government is so corrupt and wasteful I don't want to give them another dime until they clean up their act first.
Why should we give them even more money to waste? Does anyone think new money we give them will be spent any more wisely than the rest? Get real!
What? Did retirement catch up to these oldsters by tricking them? The most wealthy and most welfared up generation ever (todays seniors) don't need our help...we've paid for the greatest generation and the early boomers in spades over the decades with Socialist security, medicare, medicaid, meals on wheels....and on and on...
I want my turn at the trogh...oh wait the seniors already took everything and now they say eff you socialists for wanting the same thing...
Well, there was this sweet spot in 2008 when Citibank turfed my husband's 100k+ a year job out to Singapore for someone who could do graphics design and interface for 20k and since he was already 61, no one would hire him. Then, having held on with the severance benefits that included paying $1700 a month in insurance costs, we finally had to look at the 401k that went from 300k at time of "retirement" to 11k because, well because Citi (Jamie Dimon - sound familiar) was headed by thieves of the first order.
I had two 401k's the first dissipated into thin air when our office administrator of 25 years, retired and a month later we found that no one had a 401k; so that was about 100k gone; but the firm started up with a new one and that one got to about 56k when I became disabled and we need the money for living.
So, now we have Social Security - and that's just fine because we can live with what we have for now. BTW, we pay into social security, and while I don't consider the generation before me the Greatest in any way, the early boomers paid hefty amounts into the system and we are going to get what is ours. We also pay premiums for medicare, etc.
You have a lot of right wing talking points there that are so not true and are geared to make low information righties see red. Please stop.
Rick - would you and your right-wingnutjobs prefer that we were 100% non-socialist? Because if we were then this country would descend into anarchy very quickly. We'd all have to work until our dying day, and if we'd get layed off we'd starve to death. If this is the America you want then you don't love your country or your fellow countrymen.
In 1935, Social Security began with it's foot in the bucket by distributing benefits to those who had never contributed while at the same time taking from every working person.....If you start eating a pie before it goes into the oven, it certainly isn't going to offer the number of servings advertised when it comes out.
If you were able to put your money in a private account instead of SS it would double your retirement. Countries that have done this have 2x to 5 the rate of return SS does.
The only reason this country would sink into anarchy is if the lazy a$$ leaches tried to steal what they wanted from those who actually earned it.
Many of you are saying you will work to your dying day now! A private account would allow you to retire earlier and or better.
If your ideal is to steal from your neighbor then YOU don't love your country or you fellow countrymen. Last I checked you don't steal from someone you love.
Valhalla Phil,
For someone like you to blame the democrats for everything. You either have no memory or selective memory. It was under Reagan and the republican congress that gave up pensions and started the giveaway of our money to wall street. People were able to retire and live comfortably.
Wall Street and the Federal Reserve run this country now. The political partys are BOTH bought and paid for. This so called goverment no longer represents the people of this country.
You cannot have a society without a middle class. And that is exactly where this country is headed.
Why do we complain?
Do we plead for a solution?
I'm 56 and was laid off in 2009. I had worked as a aerospace financial analyst for over 20 years. My unemployment lasted the 99 weeks and ended last year. Luckily, I have a frugal lifestye, had a good 401K which was not too affected by the recession and had $20K in available monies.
Lately, I have started a second career as a substitute teacher. I have a BA/MA and find this new career perfect for the next ten years or so. The new career has responsibilities but nothing compared to the stress I experienced in my previous career. I can choose to work a week or not and can take trips (I love to travel) without jeopardizing my ability to get work when I return from wherever. I buy my health insurance through the state of CAlifornia,using my IRA funds so this does not affect my monthly budget.
Good job for fighting on when you were shot down!
Why retire at all? People who stay active stay younger and healthier. I plan on not retiring.
True for people who have been lucky enough to "follow their bliss" (See Joseph Campbell). But for many people who have demons from hell for bosses, there is no staying younger and healthier as these types of bosses work you to death for little money and prey on the workers. Nope, not all people like what they do. For the majority, it is just a job.
Where did I say I like what I do? It's just been my observation that people who retire become "old" very quickly. Even working for "demon from hell" bosses stay stimulated and younger than someone who is sitting at home staring at the walls.
If you're a construction worker or work ina warehouse.there's only so much your body can take before it finally breaks down.
Any career that requires extended physical labor demonstrates this effect.
I have NEVER understood anyone who chooses to 'sit around staring at the walls and I have NEVER understood anyone who would choose a 'job' over retirement (with the exception of people who NEED to work for financial or medical insurance reasons). I guess some people just have extremely boring personal lives.......
Severed Head - Who said you had to keep working at the SAME job? I didn't.
Never said you did, but if you spent 30 years moving boxes around in a warehouse and raising a family you may not have had the time, money, or ability to train for a non-physical job. So now you've turned 60 your body is giving out. Sure you're going to find a nice job indoors where you can sit and work with your mind all day.
Be realistic; changing careers at all isn't easy intoday's job market and it's nearly impossible when you hit 60.
I'm lucky enough to be working in a profession where I can work with my mind and not my back, but many others aren't.
It may not be easy, but if you are persistent, it is possible - with good results.
Time to take back the tax breaks for corporations who have NOT produced jobs (in THIS country). The middle class works it's collective a$$ off for greedy corporations who in turn eliminate jobs, take those jobs overseas, and then brag about their record profits. Of course that's after they've also eliminated all pension plans they used to lure good employees. Retirement was intended to be planned for as a 3 legged stool; Social Security, corporate pension plans, and then individual retirement savings; take away one of the legs and the stool collapses. Quit slamming all the baby boomers... I am one of the last of the boomers, and despite having to make major sacrifices to save for retirement and financial stability, did everything on my part to ensure my own financial stability... and then corporate america and the teabaggers want to take it all. Funny how that works, huh? This is a great big FU!!!
And since the wealth of the 1% has increased by 285% in the past 30 years, there should be a giant surtax on their holdings. Maybe like Eisenhower's 92% after a million dollars.
And that 2 trillion the corps/Banksters are sitting on - just dragoon that right back into the economy.
Can you list any companies who have sales & income and pay taxes in this country that don't have any employees in this country???
Why would a company create jobs if there hasn't been an increase in demand for their services? You think companies should just create jobs (where people have nothing to do) just because? Thanks for the amusement.
Why would there be a demand for products and services if unemployment is so high that people can't afford them?
glimmmer
You neglected to mention that 2 of the legs of the stool have been taken away. Corporate pensions converted to profit and what was originally designed as a supplemental savings system, the 401K, has been looted by Wall Street. After the election politicians, from both parties, will go after social security.
Wall street has not looted 401K's. Take some responsibility for your investments, if you trusted someone else you have no one to blame but yourself. Anyone who knows anything about investing didn't suffer that bad and has long since made it up and then some.
No one will go after SS for anyone 55 and older. Younger than that neither party has a choice. When it started there were 17 employees/retiree and life expectancy was two years past retirement. Now there are 3 employees/retiree and life expectancy is two DECADES past retirement. The math no longer works.
That's why many call it a ponzi scheme, when there aren't enough people at the bottom of the pyramid it collapses and the last ones in are left holding the bag.
Wall Street has not looted 401ks. Get real. When the market tanked in 07. People lost their a$$. BTW I did and aways did take care of my investments. I and most of the people I know lost a pile of money. But thanks to the GREEDY Wall Street scum bags. They along with the Federal Reserve have all but screwed the other 99%.
I have worked since age 16 when I started at a new franchise called Kentucky Fried Chicken. I have paid my fair share into social security. I am sooo ready to retire-no more work schedules, no more dealing with dysfunctional coworkers & bosses-I plan on growing a garden (organic & to help with grocery bill) traveling, long motorcycle rides with my better half, enjoying the sunrise on a beach, reading & watching movies (library is best free entertainment), socializing, and walking on nature trails, and treasure hunting in thrift stores. And anything else that takes my fancy. I will be delighted to pass the torch to a younger generation-and since we own our house now and have always budgeted our money we both plan on getting out at 62. OH HAPPY DAYS!!!!!
reminds me of an old friend, who thirty years ago explained to me that while she worked and saved, her friends went on lavish vacations and wore mink and jewels. Today they are all retired, her friends in low income senior housing with utilities, and she in her penthouse apartment and paiding her own ever increasing property tax, insurance, utilities and maintenance. In her view, it was all a wash - and in retrospect she thought that perhaps she should have enjoyed her youth more and worried less about old age. Interesting advice that I've not adopted, but her sentiments are well understood - and that I think is part of what is wrong in the US. Too much reliance on the Government. As my husband observed in the 90's, our daughters could not avoid to have children, they were too busy paying for other's children through higher taxes. We are all sympathetic to those who are suffering due to matters beyond their control, but not lazy, and not making a living off welfare and other charitable organizations. And not those like my friends, who lived it up and then relied on the Government to bail them out in their old age. And speaking of my own post 65 age group, we all knew years ago that social security was not intended to fund a fun retirement, you still needed a retirement plan. It is unfortunate however, that our Government was unable or better said "unwilling" to protect their retirements and social security benefits. It is an absolute breach of faith! And so is the current recession, even I could see housing as a bubble that would eventually burst, so where again was the Government and the banks, oh I forgot, just waiting to get bailed out once again by us, the taxpayers!
My fear is that as us boomer die off so does the education, training, and experience that gave our ungrateful, selfish, self centered offspring their BMW's and 4 years of parties (called college) that we paid for a golden opportunity to move this nation forward but instead no nothing but to bitch and whine about we older generation folk who have paid into SS and Medicare by forced mandate while their so called leaders send the ACA mandates to SCOTUS in the hopes that they won't be mandated to pay their fair share of medical care just leaving it to be paid for by responsible more mature people carrying ungodly premiums used to pay the freeloaders care.
PLEASE STFU!
Well, I don't have offspring with Beemers; but I sure agree with your last sentence.
My wife and I were both managers for a large telecommunications company. In 2002 the company made an retirement offer for managers with over 30 years, so we both turned our papers and retired. I took a part time with a large home improve store, but part time quickly turned into full time without anyone asking if I was interested and working every weekend. Then I attended my first early Sunday morning rah rah session where the store manager had to explain that being scheduled to work 8:00-5:00 meant you were supposed to be on the job at 8:00 and with that I knew the next generation of workers were pretty much worthless. A month later I re-retired. The vast majority of younger workers just don't get it. I can see why employers like older workers.
We Gen Xers will be there to pick up the pieces. We will have no pensions, no SS, no 401k (not for lack of trying), and with ever decreasing wage depression, not much personal savings. enjoy your retirement, as we will never see one. we paid into the same programs you did, but will not see any SS or medicare, so you please STFU.
i can assure you my parents which i don't have never paid for any of my parties in college
shaking - If you have no pensions it is your own fault. If you rely on the gov't for your retirement - it's your own fault. Thwere is an old saying "pay yourself first". You probably haven't a clue what that means - put money in your pension first; then pay your bills, party, etc. If you don't you'll end up just like you said living for today and feeling screwed about tomorrow. When you learn the difference between "need" and "want" life will be so much easier.
Thinker, I can tell you don't do much of that.....How is not having a pension my fault? They don't exist anymore, unless you want me to become a leeching govt worker. Would you like to pay my pension from your tax money? Fool. I have no debt, besides my mortgage. I would love to invest/save the money take from my paycheck for SS and medicare, etc. , that I will never get to see, but I am not given that choice either, because it is needed to pay for you Boomer's cushy retirements. In that respect , please do so now, so we don;'t have to listen to your doddering rants in the work place anymore. You're time is over. Go away now please.
You don't need a company to have a pension, there are 401K's, IRA's, and Roth's. As said, pay yourself first.
We paid for our own retirement and it should have been earning interest, but the government chose to add a bunch of people to the list that never contributed. That is not our fault, it's the government's.
It's funny how those that follow the rules don't seem to have a problem but those who want no responsibility always seem to.
The American dream is not dead, it has not changed, work hard, save, invest, and live within your means. You can't pick and choose, you have to do all steps!
shaking - I can tell you live up to your moniker. If you have no debt besides your mortgage then you should be well able to have a pension plan. But your idea of a pension plan is for somebody else (company, gov't, etc) to pay into it so you can retire without contributing. Even if they do contribute, you can add more. If they don't, you can make your own. There are plenty of ways to set up a program. But with your attitude, you don't have enough initiative to do more than whine. Therefore, you will wallow in self-pity rather than enjoy retirement.
A split tribe is a conquerable tribe
The "certain" politicians want to raise the Social Security age to 70 and above.....Wonder who is going to hire you till then.
BUT you all elected these turkeys in Congress and you KEEP re-electing them.
Heard Daryll Issa talking about seniors cutting back on their living expenses....That coming from a Rep. that is worth 350 million dollars.
And he represents YOU ????????
Good freakin luck Grandma>
Many younger workers can't do a good job, because their schools concentrated on diversity and green topics.
Those of us who had a real education have no problem competing with workers like that. We do a good, conscientous job, we show up on time sober and we don't spend our work day sexting our craphead friends. Competing with you is easy-peasy. Kicking you out of our basements is easy too.
Good luck timmy.
There is bipartisan agreement that the key to SS solvency is gradual raising of the "full" retirement age to 68 around 2040 and to 69 around 2075 to adjust for people living longer. You could still retire at 62 with reduced benefits. This type of adjustment was made back in the early 1980s and worked just fine because the impact was so many years out and people had the opportunity to plan for it. All pension systems must adjust for increasing lifespans and SS is no different.
And if they start raising the retirement age for SS I will retire so I can get my share of funds that I contributed. The reason for my attitude is because I know the government isn't looking out for my best interests so I'll have to look out for my own. Being retired at a younger age with reduced benefits is better than retiring older with even less benefits. At least I will be able to enjoy part of my life while still young enough to do so.
The whores on capital hill will go to bed with anybody that will line their pockets and sacrifice the constituents that hired (elected) them.
Even SS will tell you it's a better bet to retire early. If you retire late you don't make up for the money you lost until you're in your mid nineties.
There are a lot of good remarks and truth's in these post's. I am already retirement age and tried it but couldn't take it so I went back into the workforce. I finished up in Iraq and retired when I came back. Paid SS etc since way back when. Hope I can get some of it back.
I'm 58, been out of work since early 2010, and I'm planning on working at Walmart soon, which seems to be the employer of choice for older workers these days. I'm also planning to collect my SS when I turn 62, and go back to college and get my history degree (I love history). I'm thinking of teaching or doing research in my later years. If I must continue working, then I'll be damned if I'm not going to do something I enjoy. There's no way I'm going to work at some menial job busting my butt for some ahole boss who's half my age!
I look at this time as a golden opportunity to really prepare myself for my later years. You people in your late 50s should be thinking the same thing. If you must work, then try to do something you'll enjoy doing.
Always good advice but a little ageist about younger bosses. I had younger ones for the last third of my career and it's not age, it's competence. No big thing.
Retiring doesn't mean "not working". I recently retired after 50 straight years of uninterrupted employment. Not all the same job; a list of jobs. Usually 2 at a time or more. Now I work for myself, and I am a great boss. I keep my own hours, I am generous with bonuses that I've earned, and I don't have to watch my language. I can make racist remarks to myself, and I never take offense. If someone tries to steal from me, I am my own police force.
It's easy for older Americans to work, because many younger Americans are too good to dirty their hands with work. Thanks, morons!
When the tech bubble burst and San Jose began looking like a ghost town the lunch place I went to was full of balding grey haired men like me. Even though we had higher salaries, we were dependable and hard working. It did my heart good!
I really don't understand. I am 63, I still work, because at age 55, having saved money (not invested, saved). I switched to a job I love, that pays about 75% of what I made before. But, I had paid off all debts and have always lived within my means, my car is paid for and gets 42 mpg. I enjoy good health (and that isn't by accident, or luck). I receive health care through my work. So now, I will retire at 70, seven more years to go. I will have a paid for house, maximum social security, a jumbo CD, the interest is not bad, even in today's market and some 401k funds. The income will be quite adequate for my lifestyle. Oh, yes, I do vacation, twice a year and do a lot of other things. So, you see, I really don't understand.
How un-American can you be? Why haven't you been living well beyond your means maxing as many cards as you can, buying a bigger new house every few years despite barely affording the last one, demanding the government subsidize your payments, spending your money as fast as you earn it, relying solely on SS for your pension, etc?
Yes, and why aren't you demanding the government tax you more!!! :<O
Greed is the problem! Who the Frink are you kidding?
They work because they have to! AND if employers are hiring them over the whining brats that came after them, who need to have that 10.00 cup of coffee in the morning or can't find a job that fits into their jogging schedule or weekend travel plans, or are too to dam*ed self centered to or to lazy to find a job and take it, even if it is not in their field, then so be it.
MOST people who are retired would RATHER NOT WORK.
The money is needed because of the CEO's who raided the 40 K retirement and blew it on bad investments, and now sits in his/her million dollar house that no one can touch.
Or pay the Medical that is NOT covered by S.S. or Medicaid or Medicare, and to pay that Medical premium that is now 3 times what our government said it would be.
Money to eat, to rent, to drive, to take a day off.
YA, we all know what generation you are from. GIMME, GIMME, I AM ENTITLED TO IT!
As a supervisor I had young people and older people that worked for me doing seasonal work. There were about 85 people in our department. About 40% of them were oveer age 40, the rest were in the 18-25 range. Almost without exception all of the older folks were at work, on time for their regular shifts through the whole season (~5 months). During those same periods (~10 years) there were hardly any younger people that made it through a complete season and I cannot remember a single younger person that was there for every one of their full shifts. We did an unofficial poll as to their main motivation for being there. The older folks - the work. The younger folks - the money and limited benefits.
As a manager we had training on hiring gen x and that was the thing, boomers cared about the work and knew if the company was successful we all benefited while Xers only cared about the pay check and flex hours, etc.
I'd say if there's one failure of boomers it's not passing on a strong work ethic to the next generation.
Thinker, Valhalla, You guys better take your Alzheimers medicine or something.
Gen-X is wiser than you think. We watch all you 50+fellows get tossed out on your ass during the Recession, and know better than to trust any corporation with complete loyalty. This is why we (including myself) are still employed, and do not need to retire early. As for the being lazy, if you consider going to 8 years of night school for Engineering, then landing a job in a fortune 100 company in a Management position, then yes, I guess I am lazy. I say again, please retire now, and go away.
--
I'm 62 and pulling down six figures with a major corporation. Got the job last summer after being unemployed for 3 years. I recently visited my community's local senior center to get an idea of life after retirement. I'll keep working, thank you.
When you retire the last place you want to be is a senior center. I don't even know where ours is!
Congrats on landing your job, six figure living is great isn't it!
.
Many of those working are probably doing so to support their "entitled" children who went to college, got a useless liberal arts degree, can't find a job so they stand on the street with OWS signs.
Kind of ironic that the older people can find jobs but the younger do not even appear to be looking...
Ant their "entitled" children will continue to demand as long as parents "enable" them.
Why should the kids get out and face the cold cruel world when they don't have to?
We all feel entitlement; it's human nature.
We finally had a financial planner look at our portfolio. I actually heard the words we have enough to retire on. I don't believe him.
Our plans are to live as frugally as we can. We probably won't have any equity in the house but we have been stashing money in our 401Ks like mad the past 5-8 yrs. If we have to move to Panama and or another country further south to retire comfortably, that is what we intend to do.
There are places around the world you can live like kings on SS alone! Occasionally MSNBC runs articles on retiring abroad, check them out.
From your comment you still have a mortgage? That will really eat into your funds.
For those not immediately ready to retire, and not a huge nest egg in the market; this present downturn COULD be a blessing in disguise. NOW is the time to invest. It won't be long until the market has value again. Once you've reached a point with decent return (don't get greedy), take the money and put it somewhere safe (savings, CD, etc).
I'd wait to see how Nov is shaping up first. If Obama gets back in prepare for another downgrade and lousy market. According to the financial channels the 2nd half is tanking. Considering Greece is just the first domino, we're in for a few months of hell. People are already making a run on Spain's banks, they'll likely be next.