Survey - Recession Turns a Graying Office Grayer

[MichaelB]

A new Pew Research Center survey on working and retirement.

The American work force is graying -- and not just because the American population itself is graying. Older adults are staying in the labor force longer, and younger adults are staying out of it longer. Both trends took shape about two decades ago. Both have intensified during the current recession. And both are expected to continue after the economy recovers. According to one government estimate, 93% of the growth in the U.S. labor force from 2006 to 2016 will be among workers ages 55 and older.

./.

According to the Pew Research survey, nearly four-in-ten adults who are working past the median retirement age of 62 say they have delayed their retirement because of the recession. Among workers ages 50 to 61, fully 63% say they might have to push back their expected retirement date because of current economic conditions.

The summary is short, well written and easy to read. It can be found here Recession Turns a Graying Office Grayer - Pew Research Center

 

[Orchidflower]

I hope this trend continues. 'bout time. Always hated that mandatory retirement at 62 and often at 52 with megacorps.

 

[ziggy29]

I hope this trend continues. 'bout time. Always hated that mandatory retirement at 62 and often at 52 with megacorps.

Mandatory retirement at 52? Where is that? Wish I worked there -- I assume they must also have pretty good pension plans if they put someone out to pasture at 52.

 

[Bikerdude]

I hope this trend continues. 'bout time. Always hated that mandatory retirement at 62 and often at 52 with megacorps.

Me too! More workers to pay SS and Medicare taxes and they won't be in my way during the week.

 

[travelover]

Mandatory retirement at 52? Where is that? Wish I worked there -- I assume they must also have pretty good pension plans if they put someone out to pasture at 52.

At MegaMotors they just made you wish you were retired after 50. Pension plan is (was) good, which is why it was tolerated.

 

[Goonie]

Me too! More workers to pay SS and Medicare taxes and they won't be in my way during the week.

Ya got that right!!! I picked up the same view years ago from my Dad. After he retired, every time I'd head out to go to work, he'd thank me for my support..."Thanks for donating to my retirement fund today....keep on paying in so I get my SS check next month! Hahaha!"

Although I've got several more years to go before I can collect SS & Medicare, I routinely thank those who put their noses to the grindstone everyday, to help support me down the road in my 'golden years'! LOL!

 

[ls99]

Me too! More workers to pay SS and Medicare taxes and they won't be in my way during the week.

What he said.
I'll be collecting SS starting December.

And as Ed says: we thank you for your continued support.
(from the cranberry commercial)

 

[CuppaJoe]

This looks like a job for Clairol.

 

[freebird5825]

One half of me says ...maybe there will be some SS left for me in 11 years.
The other half says ...they've put in their time and need a break.

MUST RESOLVE inner conflict...

 

[hankster]

Ya got that right!!! I picked up the same view years ago from my Dad. After he retired, every time I'd head out to go to work, he'd thank me for my support..."Thanks for donating to my retirement fund today....keep on paying in so I get my SS check next month! Hahaha!"

Although I've got several more years to go before I can collect SS & Medicare, I routinely thank those who put their noses to the grindstone everyday, to help support me down the road in my 'golden years'! LOL!

Goonie, You're welcome

 

[W2R]

Ah, but you all missed the best tidbit in that article:

According to the Pew Research survey, nearly four-in-ten adults who are working past the median retirement age of 62 say they have delayed their retirement because of the recession.

(emphasis mine)

This means that I really AM retiring early, since despite having a later retirement than most here, I will only be 61.4 in November when I retire. Now there's a reason to smile!

I have assumed for the past 20 years that when the baby boom reached retirement age, there would be multiple crises that would affect retirees and would keep people working longer (due to the sheer numbers of us). Seems to have happened, though I wish it hadn't. And then there are those people who just wouldn't have retired by 62 no matter what generation they belonged to. We all know people who died without ever retiring. To me that is sad, but to them? I do not know.

 

[CuppaJoe]

....

I have assumed for the past 20 years that when the baby boom reached retirement age, there would be multiple crises that would affect retirees....

I've been thinking that way ever since high school; it seemed like when my class got to a special perq point, the perq would disappear. I was, like, "say what, the senior bench is no longer restricted to seniors, hey!"

 

[clifp]

Ah, but you all missed the best tidbit in that article: (emphasis mine)

This means that I really AM retiring early, since despite having a later retirement than most here, I will only be 61.4 in November when I retire. Now there's a reason to smile!

We always knew you were way above average W2R.

 

[W2R]

I've been thinking that way ever since high school; it seemed like when my class got to a special perq point, the perq would disappear. I was, like, "say what, the senior bench is no longer restricted to seniors, hey!"

EXACTLY.. Every time we reached an age, it was a problem. In 1975 I defined this sort of thing to myself and my ex as my theory of "baby-boomonomics". This is why I have been expecting a market crash and runaway inflation at retirement, and a health care crisis, all along. I have to admit that I didn't think about a real estate crash, though. Real estate seemed immune (oh well). Also I expect a crisis in long term care in about 20 years.

 

[W2R]

We always knew you were way above average W2R.

Aw!!! Thanks. At least this one time, I am retiring before most people can.

 

[WhoDaresWins]

Like Want2Retire, I also expect a crisis in long term care in the next 20 years. We have a huge swell of baby boomers who haven't saved enough for retirement and state governments on the ropes financially. There is going to be a real Medicaid burnout coupled with the fact that there are not enough direct care workers. Stay healthy.

 

[ziggy29]

Like Want2Retire, I also expect a crisis in long term care in the next 20 years.

The traditional media definition of "baby boomer" is those born from 1946 to 1964. Being born in 1965, I have long assumed that none of the government cheese being given out today will be around for me because the Boomers will have bankrupted the systems before I can collect.

 

[REWahoo]

... I have long assumed that none of the government cheese being given out today will be around for me because the Boomers will have bankrupted the systems before I can collect.

I'm doing my part!

 

[W2R]

The traditional media definition of "baby boomer" is those born from 1946 to 1964. Being born in 1965, I have long assumed that none of the government cheese being given out today will be around for me because the Boomers will have bankrupted the systems before I can collect.

This is one of the advantages of being a leading edge boomer (born 1948). The challenge has always been to scoot in under the wire before the door closes. Later boomers just have to wait and cringe, as do just barely post-boomers like you.

 

[freebird5825]

The traditional media definition of "baby boomer" is those born from 1946 to 1964. Being born in 1965, I have long assumed that none of the government cheese being given out today will be around for me because the Boomers will have bankrupted the systems before I can collect.

Aha! I got 7 years on ya, whippersnapper.

So I'll save you some of the cookies*. Maybe.




*You didn't know about the cookie handouts ?

 

[Goonie]

....Being born in 1965, I have long assumed that none of the government cheese being given out today will be around for me because the Boomers will have bankrupted the systems before I can collect.

I'm doing my part!

I'll try to do my best! I wouldn't want any of that cheese to end up getting moldy, and then expect any of the younger folks to have to partake of it! That just wouldn't be right, would it?