BLS says 20 somethings retiring at record pace

[marko]

Quote:

Originally Posted by Senator True, but if you can 'retire', and live like many seniors, what is the difference? Many people that have worked their entire lives retire on just SS at age 65+. They live a minimal existence, dependent on whatever programs they can qualify for. Others figure out the programs that are available in their 20s, and can live 60 years without working and have virtually the same, or better, life style.

Oh! I get it now!

We're talking about welfare recipients.

Quite seriously, I see these kids all the time and wonder how they support themselves. They don't live extremely well, but have food, shelter and enough to get by; spend their days at the local cafe and hang out with their friends at the beach.

I've just been looking at this thread subject from the wrong end of the binoculars.

As I've noted in an earlier thread of my own, I've discovered on this forum that 'early retirement' encompasses a wider range of lifestyles and economic groups than I'd imagined.

[pb4uski]

I suspect those 20 something retirees are a combination of trust fund babies, entrepreneurs who were successful early and pulled the plug and are truly retired, and respondents who were either uncomfortable with the other choices they were given or are pulling our leg characterizing themselves as retired.

Or perhaps mom and dad are retired and they are unemployed and they like the sound of retired rather than unemployed.

[Bestwifeever]

Son-in-law was laid off and unable to find work for almost two years after 2008--very tough time for him and DD. He always called himself retired and I am positive would have called himself that on a survey.

I will be calling myself a supermodel on any survey I get.

[rodi]

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!!!

[Neill]

I thought 2% sounded like a large number.
I am kind of embarrassed to say I am retired at 51. Have to say I am doing my maths research and if I get bored I can get another job.
I love it though. Got to take the wife to a movie in a bit while the kids are in school.

[Bestwifeever]

Quote:

Originally Posted by rodi 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]

Quote:

Originally Posted by FUEGO 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]

Quote:

Originally Posted by growing_older;1677902 [B 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]

Quote:

Originally Posted by Alan +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]

Quote:

Originally Posted by Fermion All the 20 somethings retire to Portland.

+1. Seems that way.

[marko]

Quote:

Originally Posted by 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?

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]

Quote:

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]

Quote:

Originally Posted by marko 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]

Quote:

Originally Posted by CaliforniaMan 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]

Quote:

Originally Posted by FUEGO What was on the menu that day?

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

[Taxman59]

Quote:

Originally Posted by FUEGO 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]

Quote:

Originally Posted by FUEGO 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]

Quote:

Originally Posted by Fermion All the 20 somethings retire to Portland.

i thought most slackers live in Austin, Texas?