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Old 06-19-2009, 10:34 AM   #21
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Well, I guess I had better hope so too! At one time it sure looked like there were - we were running really low unemployment numbers for a long time. And there have been lots of fears of not enough workers in the future due to low population growth so I've tended to believe older workers will be needed. Maybe this current high unemployment won't last that long.

Audrey
I've never believed this for one moment... Everywhere I look, I see companies getting rid of older workers as fast as they can boot them out the door.

I've heard all the "we can't get good help" bullsquat. What they can't get are experienced, stable employees for MickeyD wages...
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Old 06-19-2009, 10:40 AM   #22
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I've heard all the "we can't get good help" bullsquat. What they can't get are experienced, stable employees for MickeyD wages...
And then there's the tech companies pushing for more H-1B visas and more "cheap imported labor" even as they lay off their better-paid (and often older) workers in droves.

The only way boomers working longer can really be good for the economy is if the rampant age discrimination goes away, and I don't see that happening. Until then all it will do is increase unemployment, IMO.
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Old 06-19-2009, 10:47 AM   #23
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Would you like fries with that?





...and I'm a boomer who's increased his 403b contribution, to 20%. I'll only be able to have a decent retirement if the stock market grows really spectacularly over the next fifteen years or so.
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Old 06-19-2009, 11:27 AM   #24
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The only way boomers working longer can really be good for the economy is if the rampant age discrimination goes away, and I don't see that happening. Until then all it will do is increase unemployment, IMO.
I don’t follow you. Business will attempt to exploit the labor pool to it’s advantage, and a larger pool of skilled labor – although I sometimes wonder about those skills – means downward pressure on skilled labor costs. The US has always had a predisposition toward young workers – perhaps something to do with being such a “marketing culture” - but business will usually gravitate toward the most profitable labor options. In addition, the evolution from business-based defined benefit to individually managed defined contribution relieves some of the imbalance of more senior vs less senior wage earners.

Increasing or declining employment is more a factor of the cost of not working vs the cost of low wages for the exploited worker. What will keep unemployment higher are public subsidies.
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Old 06-19-2009, 04:48 PM   #25
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Many of my fellow boomers seem to be, once again, making some very poor investment decisions that will make them look to Uncle Sam even more in the yeas to come. No doubt, my future federal income tax will be paying for their retirement as well as mine.
Actually you may be the one that is not so smart. With the majority of Baby Boomers having to keep working and paying taxes and not drawing social security, the stress on the Federal Budget will be less not more. If you are feeding at the Public Trough drawing a Military Pension or Social Security (Both come out of the same Socialist Federal Pot) you should be thankful that the masses need to keep working to fund your lazy lifestyle. And my Lazy Lifestyle.

BTW- This is what I have been predicting years. Social Security will not Bankrupt the U.S - Healthcare Will Bankrupt it, unless something is done very, very soon.
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Old 06-19-2009, 04:59 PM   #26
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And increase the unemployment rate, meaning more tax money going out for unemployment benefits.

Plus, with age discrimination as rampant as it is (particularly over 50), I am skeptical of the modern economy's ability to keep the older segment of the work force fully employed.
I agree with your comment on wasted tax money going for unemployment comp (even tho employers contribute) Ziggy.

Here's a crazy example. I like to w**k temp j**s from time to time. I may earn less than $10k each year and use the money as spending $ or to add to my cash reserves. I can take it or leave it, but I seem to go back once and a while for a little more $ out of habit I guess. I was advised by someone years ago that temp workers are eligible for unemployment comp (UC) but I never filed for it until last year. I honestly thought that it would not be approved.

Well it was approved. I began to get money until the well ran dry. I got another letter advising that more money was available in December, so I filed for it and got all of it too until the well ran dry again. A few months ago I received another letter advising me that a was eligible for another batch of new money, this time it was $25/week more (I believe that this was stimulus $).

Now mind you, I do not want to w**k (that's why I RE) but if they want to keep sending me money for minimal effort, I guess I will still collect it. All reporting is done thru the internet or phone call to the computer, so I doubt that any human is even monitoring this thing.

In 2008 this UC was taxable, but in 2009 the first $2400 is not taxable which makes it even more of a bonus.

A big, big waste of my own tax dollars.
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Old 06-19-2009, 05:11 PM   #27
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A little feedback on the original USAToday story and AARP report.

Cafferty File: - How has your definition of ‘retirement’ changed? « - Blogs from CNN.com

Be sure and read some of the feedback that follows the story. It doesn't look too good from the boomer's perspective.
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Old 06-19-2009, 07:03 PM   #28
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Hey Cutthroat; how's it hangin'?

It's hard to feel sorry for many Boomers. They've had plenty of opportunities to save a few bucks...
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Old 06-19-2009, 07:28 PM   #29
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Hey Cutthroat; how's it hangin'?

It's hard to feel sorry for many Boomers. They've had plenty of opportunities to save a few bucks...
I'm doing fine - thanks for asking.

I don't feel sorry for other Boomers, I've always relished in the fact that many would have to keep working to support my fishing habit. I just returned yesterday from a couple weeks in S.W. Alaska.
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Old 06-19-2009, 11:07 PM   #30
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[...] It's hard to feel sorry for [...] Boomers. They've had plenty of opportunities to save a few bucks...
Hey hey hey!! I started saving young, and consistently. Never been in debt. Always lived modestly, and still do. I've invested pretty conservatively, in the no-load mutual funds that all the advisors recommended. The idea: to have a completely self-supporting retirement, even free from needing Social Security.

Even doing all that, the market meltdown of the last two years has effectively destroyed my savings; so now I'll have to work at least a decade-and-a-half longer, and I'll need that S.S. ...lots of it.

So get to work, you X'ers and, er, Y'ers. At a second job, if necessary. Daddy (or Granddaddy?) is gonna need that monthly COLA'd check from Washington.

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Old 06-22-2009, 05:45 AM   #31
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I think it's so sad. Makes me wish I could draft a realistic budget for each of them and make them stick to it and like doing it! But you can't change people.
The Los Angeles Times does money makeovers. A financial planner does it for the publicity, the people being made over bare their finances because it's free. I thought it was the funniest thing in the Sunday Times.

It wasn't just a matter of changing people, it usually was that they were blind to their problems. On the one hand there were the occasional folks who realized that buying coffee every workday morning at starbucks cost them more than it would if they made it at home or bought it at dunkin donuts. They could be changed.

My favorites were those who were deep in debt and didn't know why. One plan laid out a set of reasonable changes for a couple that included selling both their cars (which were between 1 and 3 years old) an buying a couple used toyota corollas. They were horrified: 'We can't be seen driving those' was the essence of their response.
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Old 06-22-2009, 08:25 AM   #32
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They were horrified: 'We can't be seen driving those' was the essence of their response.
Kinda makes you long for the return of debtors' prisons...
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Old 06-22-2009, 09:21 AM   #33
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Thus, as the recent AARP survey showed, 35% of those between the ages of 45 and 54 have stopped 401(k), IRA and other retirement account contributions. Twenty-five percent have withdrawn money from a retirement account, 56% have postponed a major purchase and 24% are planning to retire at a later age.
From my perspective, too many Americans try to "fly now, pay later".

But, if many have stopped making 401(k) contributions, that may be a rational response to this:

Quote:
About 23 percent of employers eliminated matching contributions to 401(k)s, and another quarter limited enrollment rather than open the retirement savings plans to all employees, according to a study conducted for Charles Schwab (SCHW) by CFO Research Services. ....

When people were asked to identify the most important feature of their 401(k), 87 percent of them said the company match was the key aspect of the plans,
Almost 50 percent of employers cutting back 401(k) plans

I'd say that if you take away the company match, many people are better off using their money to pay down debt, rather than investing for retirement.
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Old 06-22-2009, 09:33 AM   #34
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Within 20 years we are going to have the most overqualfied retired folks in history working at the local fast food restaurants..........
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Old 06-22-2009, 09:35 AM   #35
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Soooo - how many of those in the survey spoke Norwegian?



How about pssst - Wellesley set to music?

heh heh heh - actually I wasn't happy at the 'old age' of 49. I mistakenly thought I missed the cut in 1992. The 90's went on to be a good decade for my ER portfolio. Luck of the fickle finger of fate?
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Old 06-22-2009, 09:58 AM   #36
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I've heard all the "we can't get good help" bullsquat. What they can't get are experienced, stable employees for MickeyD wages...
That's what I ran into when I first started looking for a job. I wanted to say to some of them: "Listen dude, I'm experienced, stable, solid work history, can easily pass any background checks you want to run, never did drugs, and have a BS degree that I worked for and paid for myself. I am NOT working for eight dollars an hour. That won't even pay the commuting costs!"
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Old 06-22-2009, 10:41 AM   #37
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That's what I ran into when I first started looking for a job. I wanted to say to some of them: "Listen dude, I'm experienced, stable, solid work history, can easily pass any background checks you want to run, never did drugs, and have a BS degree that I worked for and paid for myself. I am NOT working for eight dollars an hour. That won't even pay the commuting costs!"
Exactly, though many boomers can't afford to say "no"...
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