BLS says 20 somethings retiring at record pace

[Bestwifeever]

It always cracks me up that people get so uptight if one persons self-defined version of a word is different than their own.

I've seen folks here say anyone with kids at home isn't retired - they are stay at home parents. I've seen folks here say that if you work a side gig of any amount (an hour a month) - you aren't retired. But... as discussed- it's a self-label sitiuation.

I am going to one up bestwifeever - I'm a RETIRED supermodel. Ha!!!

A supermodel like a musician is never really retired.

I think a survey to have any credibility should define the answers for the survey (personally I don't care anymore how people want to define "retired" or anything else, but there is a credibility problem in this survey as the definition was left up to the respondent). Some of the people would give the "retired" answer no matter what, but some would have focused in on whether the survey's definition applied to them. My SIL wasn't retired even in his mind even though it made him feel better to say he was--he was desperately searching for a job and collecting unemployment for two years, and some of the respondents in this survey who call themselves retired probably are too.

 

[MichaelB]

So, reading the survey data shows the percentage of 20-24 year olds not in the labor force due to retirement did not double, as stated earlier and quoted in the article. It tripled, from 0.2% to 0.6%.

Is this number statistically meaningful? No. Does it mean young people are working less? No. It does make for good media fodder, though. There are two significant and statistically meaningful numbers in that survey. One is that a greater percentage of people age 65 and over are working. The other is that a greater percentage of people age 16 to 25 are studying and continuing their education. It seems to me that these two factors point to a positive economy and job picture for the U.S.

 

[Alan]

Look at the BLS report. Only 0.6% of 20-24 are "retired".

So roughly the top half of the 1%. Probably plenty of trust fund kids and dot com/tech entrepreneurs in that bunch. Not an entirely unreasonable statistic.

+1

At 33 our DD could now choose to ER if she wanted, but she loves her job and would probably continue doing it for free. She works for one of the larger internet gaming companies as a software engineer, and the company was bought out just before Christmas. She already had a big stash in retirement and after tax investments and the buyout doubled the company share price and dropped a load of cash into employees bank accounts as part of the buy-out. She already had 10,000 incentive share options, 6,000 of which she was already vested in and had been asking me questions about how to handle them a week before the surprise announcement of the buy-out.

She was telling us that for many of the employees (plenty in their 20's) it was a life changing event as suddenly hundreds of thousands of $ were dropped in their laps. (The company brought in HSBC brokerage agents to give presentations and advice).

 

[ExFlyBoy5]

A silly bit of journalism[/B]. Doubled from 1% to 2% and well within the error range of the survey on a self reported label that has a strong possibility to appeal to sarcastic people mismarking an answer. Nothing to see here.

Exactly what we have here. I expect this kind of crap from Yahoo, but Bloomberg? Ugh.

 

[Greencheese]

To be fair, if all you want out of life is to be a beachbum and surf it wouldn't take that much to do so. Afterall how much does it cost to live if you have a van and could catch all your own food?

I feel like many retirees work their whole lives to retire to a condo by the beach, so if you can forgo luxuries how is it any different to accept a lower standard of living and do the same thing at a younger age?

 

[FUEGO]

+1

At 33 our DD could now choose to ER if she wanted, but she loves her job and would probably continue doing it for free. She works for one of the larger internet gaming companies as a software engineer, and the company was bought out just before Christmas. She already had a big stash in retirement and after tax investments and the buyout doubled the company share price and dropped a load of cash into employees bank accounts as part of the buy-out. She already had 10,000 incentive share options, 6,000 of which she was already vested in and had been asking me questions about how to handle them a week before the surprise announcement of the buy-out.

And then there are the SF/silicon valley tech workers that bought real estate 5-7 years ago at bottom prices. A $1 million purchase plus paying down the mortgage since they bought it leaves them with over $1 million in equity (assuming a doubling in price of the real estate).

A $1 million loan sounds insane to me but if you make a pretty average salary at one of the big tech firms it's not that hard for a couple in their 20's to qualify for $1 million loan.

 

[neihn]

All the 20 somethings retire to Portland.

+1. Seems that way.

 

[marko]

To be fair, if all you want out of life is to be a beachbum and surf it wouldn't take that much to do so. Afterall how much does it cost to live if you have a van and could catch all your own food?

Sounds like a return to the late 60's where we were all going to live off the land, make our own clothes, share everything and just groove together.

Of course, once everyone got hungry, babies started sprouting and Dad turned off the spigot, our generation turned into the biggest capitalists the world had ever seen.

But I digress.....

 

[growing_older]

Sounds like a return to the late 60's where we were all going to live off the land, make our own clothes, share everything and just groove together.

OMG. This is the next billion dollar idea. Elder-communes. I better hurry up and trademark it before some 20 year old whippersnapper makes bank and retires on it.

 

[CaliforniaMan]

Sounds like a return to the late 60's where we were all going to live off the land, make our own clothes, share everything and just groove together.

Of course, once everyone got hungry, babies started sprouting and Dad turned off the spigot, our generation turned into the biggest capitalists the world had ever seen.

But I digress.....

Had a friend, a bit older than me who actually did this. Very early 70s. Bought some nice land on a rural hilltop, got it setup as a church to avoid taxes, and let anyone come who wanted to, just contribute and work as they wanted and take what they needed. They built structures, but most were just lean-tos or tent pads. The only guy who ever really put up any money, built a real structure, orchard planting or gardening, or did any real work was my friend. The rest just came and stayed, ate and lived there a while, and when asked to work, moved on. He quietly dropped the idea a few years later, but his land was gone, hot his anymore, somewhere in church limbo. Had some nice times visiting there though. One afternoon I remember one of the attractive young girls living there came in wearing a cowboy hat and boots, asking us if we wanted to have lunch Yes, just cowboy hat and boots. Things were pretty relaxed there. Oh yes, those were the days for sure.

But I digress...

 

[FUEGO]

One afternoon I remember one of the attractive young girls living there came in wearing a cowboy hat and boots, asking us if we wanted to have lunch Yes, just cowboy hat and boots. Things were pretty relaxed there. Oh yes, those were the days for sure.

What was on the menu that day?

 

[Walt34]

What was on the menu that day?

I'd think probably no one noticed....

 

[Taxman59]

What was on the menu that day?

Milk?


Have the day you deserve, and let Karma sort it out.

Sent from my iPad using Early Retirement Forum

 

[CaliforniaMan]

What was on the menu that day?

Sorry to say I don't remember that! You know one funny thing about it is that after a while you quit noticing. I mean we all sat around, talking that day, eating lunch, soon it quit being strange, all became quite normal. It was a great place to hang out occasionally, but was clear to me even back then, that long term it was an unworkable situation.

 

[Milton]

All the 20 somethings retire to Portland.

i thought most slackers live in Austin, Texas?

 

[unclemick]

Sounds like a return to the late 60's where we were all going to live off the land, make our own clothes, share everything and just groove together.

Of course, once everyone got hungry, babies started sprouting and Dad turned off the spigot, our generation turned into the biggest capitalists the world had ever seen.

But I digress.....

And then there was - off the books for cash, no checks. A wide variety of tasks. Auto repair to rock and roll bands at parties.

Two favorites - one quit 'factory work' and went back to being a pimp. The other took his savings bought a race horse and rejoined the family book making business.

heh heh heh - when I lived in the swamp - one year the IRS turds came down 'fishermens row' and took pictures of boats, house/camps, vehicles made estimates and sent out taxes due with the level of enforcement that only the IRS is capable of.