BLS says 20 somethings retiring at record pace

[JoeWras]

The BLS has numbers on why people are not participating in the job market. One surprising result is that 20 somethings are retiring at twice the previous pace:

Yellen's Job Puzzle: Why Are 20-Somethings Retiring? - Bloomberg Business

How come more people are retiring in their early 20s? Why are middle-age men becoming stay-at-home dads? What's keeping women out of the workforce other than illness, kids or school?

...

What's more unusual is that the share of 20- to 24-year-olds who say they're retired doubled from 2004 to 2014.

 

[ESRwannabe]

Article: Yellen's Job Puzzle: Why Are 20-Somethings Retiring?

Thought you all might find this interesting.


Yellen's Job Puzzle: Why Are 20-Somethings Retiring?

Yellen's Job Puzzle: Why Are 20-Somethings Retiring? - Bloomberg Business

"For Americans between the ages of 20 and 24, the share of those sidelined over the past decade because they were in school increased, unsurprisingly, during the decade that included the Great Recession. What's more unusual is that the share of 20- to 24-year-olds who say they're retired doubled from 2004 to 2014."

 

[LOL!]

Nothing a little immigration cannot fix.

 

[Senator]

The data also show, perhaps not surprisingly, that men and women without a high-school diploma are more than three times as likely to be out of the workforce than their peers with a college degree.

The paths to early retirement are many. Often, I wondered why I waited so long. No one in the USA needs to work, we can import all our labor needs.

 

[Senator]

Here is the USA, no one has to work. It is strictly a volunteer effort.

 

[haha]

The paths to early retirement are many. Often, I wondered why I waited so long. No one in the USA needs to work, we can import all our labor needs.

Yes, that works beautifully, just as Germany's post war program of importing workers from Turkey had no downside. A lazy nation eventually gets it in the neck.

Ha

 

[MichaelB]

Threads merged

 

[marko]

I'm not buying the "retired" label at 25.

Might be a nice word to use but unless they're trust funders it isn't reflecting what they're really doing: sponging off mom and dad.

If being unemployed/lazy/unemployable makes you feel better by calling yourself retired at 25, well, good for you but....

Retired implies a certain level of FI which I just don't see in most 25 y.o.s

 

[travelover]

Doubled - 1% to 2%

 

[panacea]

Doubled - 1% to 2%

exactly!

 

[rodi]

I'm not buying the "retired" label at 25.

Might be a nice word to use but unless they're trust funders it isn't reflecting what they're really doing: sponging off mom and dad.

If being unemployed/lazy/unemployable makes you feel better by calling yourself retired at 25, well, good for you but....

Retired implies a certain level of FI which I just don't see in most 25 y.o.s

A friend's husband almost made the 20's and retired category - he was 30 when he sold his tech business and retired. Right place, right time, frugal lifestyle. My friend continued to work till a few years ago - but retired at 50 to join her husband.

And no - he wasn't living off of her income... they had an equitable division of bills.

 

[Fermion]

All the 20 somethings retire to Portland.

 

[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.

 

[cooch96]

If I had married a highly compensated professional at 29, I'd gladly quit work to take care of the house and play disc golf. I'd probably even call myself retired. it'd still be 13 years of FICA accredited salary under my belt, plus 10 years of toiling under my mother's stern eye.

I wonder how many of these retired 20-somethings are simply married folks who decided they could live under the traditional, single salary paradigm? No need to assume a majority are sponging off mom and dad.

 

[Bestwifeever]

The BLS report footnotes say the "retired" category is self-reported and defined by no one (or noone, as it were--hi, Noone!), so as in the blogosphere, "retired" can mean anything anyone chooses it to mean.

 

[noone]

The BLS report footnotes say the "retired" category is self-reported and defined by no one (or noone, as it were--hi, Noone!), so as in the blogosphere, "retired" can mean anything anyone chooses it to mean.

Noone reads your posts.

 

[growing_older]

A silly bit of journalism. 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.

 

[Amethyst]

As long as we are speculating...to me, it sounds like "retired" may be the term of the moment for "not working." Since the people are so young, they may get a quirky satisfaction out of invoking a term usually reserved for people their grandparents' age.

But what do I know...all the 20-somethings of my acquaintance have jobs. Usually, ones that come with uniforms.

 

[marko]

A friend's husband almost made the 20's and retired category - he was 30 when he sold his tech business and retired. Right place, right time, frugal lifestyle. My friend continued to work till a few years ago - but retired at 50 to join her husband.

And no - he wasn't living off of her income... they had an equitable division of bills.

Sure. There's always some out there in that category.

When I was in high school over half the guys there were trust fund babies who never had any plan to get a job, ever; none of them were claiming to be 'retired' (and 50 years later still don't!).

I still think it's now the latest buzz word for unemployed; as noted, the 'doubling' is from 1% to 2% and likely a sarcastic mismarking of an answer.

 

[Senator]

Retired implies a certain level of FI which I just don't see in most 25 y.o.s

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. Sort of the MMM lifestyle, except more secure.

 

[marko]

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.