Readers responses to WaPo opinion piece

[EastWest Gal]

I have an online Washington Post subscription. There is an opinion piece entitled,

"Opinion: The Great Resignation is also the Great Retirement of the baby boomers. That’s a problem."

You know the blather. I enjoy reading readers' opinions, which is why I have the subscription. The response to this article was reader after reader writing about how wonderful retirement is and how awful w**k is. I felt all the readers were ER forum members.

 

[RobLJ]

It was an interesting opinion piece. While she did a good job of sketching how the older boomers' sudden retirement was a problem, she didn't have many ideas on how to convince them to keep working, which I think was the nit that a lot of the responders picked.

I'm a younger boomer who semi-retired at 57 and fully two years ago. 6 years of peace. This issue has been smouldering for a good decade or so, but COVID fanned the fire and there aren't many solutions other than better work conditions (or slavery, I suppose).

 

[VanWinkle]

I always enjoyed working, and now I am enjoying retirement! It is not that complicated for me.

 

[casole]

EastWest at first glance I thought you said "I have an opinion piece on wapo" and that you wrote it!

My 2 cents, the boomer generation was always going to retire, either according to societal determined norms (65 ish, always outliers younger or older) or age discrimination. Both are real things.

But now GenX like me and younger are questioning work as determined by societal norms and Covid disrupted our thinking even more. The "social contract" and loyalty no longer exists (if it ever did really but at least pensions were an actual thing in the past, I know unions still have them).

Anyway it's kinda just a perfect poop storm. Lots of disruption to come.

 

[CRLLS]

I think that the corporate world has finally reaped what they sowed. After years of treating employees as commodities, when the employees have tasted the freedom, they feel no compulsion to help the company. They have seen the green grass on the other side and decided they like it.

In addition, some of those baby boomers and early Gen-Xs are, let's face it, in an age group that could not find another job due to continued age discrimination still being the norm. Even if they wanted to find another job, retiring is about the only thing they can do.

 

[casole]

I have an online Washington Post subscription. There is an opinion piece entitled,

"Opinion: The Great Resignation is also the Great Retirement of the baby boomers. That’s a problem."

You know the blather. I enjoy reading readers' opinions, which is why I have the subscription. The response to this article was reader after reader writing about how wonderful retirement is and how awful w**k is. I felt all the readers were ER forum members.

There's another one today with many fire 'esque' comments .

https://www.washingtonpost.com/business/2022/02/18/fidelity-401k-millionaires/

 

[Winemaker]

CNBC had a comment on Wednesday about how the formerly employed are now presently entrepreneurs hanging out their own shingle, and are classified differently. I can't find the video for it, as I think it was a reporter reading a report and not a continous new story.

 

[Chuckanut]

I read the article yesterday. It makes sense as far as it goes. The trouble is it doesn't go as far as it should.

For example, I think that in 2020 a lot of us learned that if we watch our spending on smaller less important things, we can live on significantly less money. Several people I know finally ditched their on-going monthly charges for services they rarely use, if at all - streaming services, gyms, 'clubs' that ship monthly items like fruit, wine, etc., pest services, lawn spraying, etc. Others did things like combining trips to use less gas and put fewer miles on the car. IOW, they chose to stop working to finance things of little value to them, and instead have more leisure time which they value more than all the 'stuff' they were paying for with their labors.

Personally, I spent the first month of my lockup time shopping for better insurance for my home and car.

 

[disneysteve]

Another factor that I really haven't heard any discussion of is the fact that over 900,000 Americans have died of COVID. The vast majority of them were elderly. How much accumulated wealth has gotten passed down as a result? How many people in their 50s and early 60s received inheritances upon losing parents to the virus that suddenly made retirement achievable? Even getting a couple hundred thousand dollars, maybe inheriting the parent's house, could easily tip the scale and allow someone to leave work for good years earlier than planned.

 

[disneysteve]

For example, I think that in 2020 a lot of us learned that if we watch our spending on smaller less important things, we can live on significantly less money.

So true. Our spending in 2020 was over $1,000/month less than our norm, and I really can't say we were unhappy. Sure, we missed going to restaurants and traveling and theater and stuff, but we were far more content than I thought we would be.

 

[Teacher Terry]

Chuck, I think you are correct about people reducing their bills. When I wanted to divorce my husband I looked at my income without him. So it was cut in half but then I remembered that if we each signed off on the others survivor benefit then both our pensions would increase. That 300/month was a big help.

Then if I stayed in the house I would need a roommate. Decided moving to a condo was better as I was done living with people. If I hadn’t bought right away with prices going up in the last year I would have been in a 1 bedroom instead of 2. I reduced other bills as well. I can still do things important to me such as travel and easily afford my doggies.

 

[statsman]

My Megacorp pushed me out the door after 30 years with the company. I didn't want to leave at that point. The decision was taken out of my hands and for many other workers in their 50s and early 60s.

I had two jobs lined up with another company at the time of my layoff, but then the government during Obama's second term decided to cancel the programs.

I have some unkind words I wish I could say about my prior employer and the government, but it wouldn't change what's happened.

 

[brett]

Megacorp pushed me out the door at 58. They were a great employer and I loved my job. Downsizing had been going on for years. As a regional director I knew it was coming. I was prepared-financially and emotionally.

The separation agreement was golden. The after tax dollars more than supported our living expenses and travel for four years until my full DB kicked in at 62. My remaining stock options became vested.

I intended to work again but never did. After six months the desire to get on with our lives, downsize and travel, overcame any desire to work.

What surprised me the most in my last few years is the number of financially unprepared colleagues in their fifties who, despite years of downsizing, thought that the company would not sever them. Not certain if they believed they were critical to success or that the company would be 'loyal' to them.

 

[daylatedollarshort]

I read the article yesterday. It makes sense as far as it goes. The trouble is it doesn't go as far as it should.

For example, I think that in 2020 a lot of us learned that if we watch our spending on smaller less important things, we can live on significantly less money. Several people I know finally ditched their on-going monthly charges for services they rarely use, if at all - streaming services, gyms, 'clubs' that ship monthly items like fruit, wine, etc., pest services, lawn spraying, etc. Others did things like combining trips to use less gas and put fewer miles on the car. IOW, they chose to stop working to finance things of little value to them, and instead have more leisure time which they value more than all the 'stuff' they were paying for with their labors.

Personally, I spent the first month of my lockup time shopping for better insurance for my home and car.

Living a low consumption life and watching our spending to live well on less has been the focus at our house the last ten years. It does my heart good to see a nationwide interest in the same thing.

 

[daylatedollarshort]

So true. Our spending in 2020 was over $1,000/month less than our norm, and I really can't say we were unhappy. Sure, we missed going to restaurants and traveling and theater and stuff, but we were far more content than I thought we would be.

I noticed the same thing. We plan to start going to some concerts and plays again soon, but I think it will be much scaled back than how we used to live, which was often having some event every day of the week.

 

[NameTaken2]

Wasn't pushed out the door. My employer continuously added to my responsibilities while cutting costs by eliminating other positions, which led me to exit. I was still working mainly to enjoy the fulfillment of using knowledge and experience gained over a long career, but the stress and hours became too much and impacted my health.

That was almost 4yrs ago.

Enjoying retirement, but would probably still be working if expectations remained reasonable.

 

[Pellice]

My 2 cents, the boomer generation was always going to retire, either according to societal determined norms (65 ish, always outliers younger or older) or age discrimination. Both are real things.

Yes, I don't know what the news is here. I'm a middle boomer and I'm past full retirement age. Boomers are retiring right on time, though unevenly distributed. And who would want it otherwise? Should boomers be blocking 40 and 50-year-olds from their peak earning years?

And what will be the result? Hopefully, it will be full employment for everyone in their working years. The issue of youth unemployment, will, I hope, go away. The "we need more babies" crowd never addressed the issue as to how many young people were un- and under-employed, and therefore not only not paying into the tax rolls, but themselves drawing upon them for subsidies, for education, for earned income tax benefits, for child supplements. They never addressed how many parents were hanging on to jobs only "for the health insurance" in order to keep 21-26 year-olds in some decent health insurance status.

Now, with no surplus workers, those who are there will be at full employment with better wages. Ok, so my grocery opens up at 8 am several days per week. OK, so Home Depot doesn't have a greeter at the door. OK, so my bathroom improvement is delayed four months. We will adjust as the boomer generational bulge gradually passes on.

And, if employers get their way, they'll force an adjustment via relaxed "work visa" requirements, bringing in more immigrants, while swearing they are only temporary. But in the end, many will stay, as is the normal progression of migration.

 

[brett]

What is interesting to me is that my father was able to retire early in 1980. He was 58. Loved his job however it was also stressful. I was the exact same age when I retired.

He was in poor health. After retiring early his health improved drastically-almost overnight. He lived an active life into his late eighties.

Friends told me I looked so much better, more relaxed, after six months or retirement.

 

[casole]

Now, with no surplus workers, those who are there will be at full employment with better wages. Ok, so my grocery opens up at 8 am several days per week. OK, so Home Depot doesn't have a greeter at the door. OK, so my bathroom improvement is delayed four months. We will adjust as the boomer generational bulge gradually passes on.

This exactly!! I feel like we need to get back to a less "urgent" way. 24/7. Now now now. Veruca Salt "I want it now Daddy!". It's not life or death in 99 % of situations. Ambulance driver shortage is one thing. The screws I need for a project not so much!

 

[Out of Steam]

In addition, some of those baby boomers and early Gen-Xs are, let's face it, in an age group that could not find another job due to continued age discrimination still being the norm. Even if they wanted to find another job, retiring is about the only thing they can do.

I retired at 60 in 2019 with the idea that I might return to work after a year away. That plan was scuttled by the pandemic. It appears that I could find a job at about 60% of my previous salary, but it would have to be full-time to get that much. Having gotten through to age 62 not working at all while taking <4% a year from retirement savings, that appears unnecessary.

With enough income from other sources to get into the 22% Federal tax bracket, the economics of working for $20 an hour or less are unattractive.

 

[disneysteve]

This exactly!! I feel like we need to get back to a less "urgent" way. 24/7. Now now now. Veruca Salt "I want it now Daddy!". It's not life or death in 99 % of situations. Ambulance driver shortage is one thing. The screws I need for a project not so much!

We’re already seeing this. We used to have two pharmacies in town open 24/7. Now we have none. Our nearest Walgreens is now closed on weekends all together. Numerous stores and restaurants have reduced their hours. Our urgent care also did occupational health at three locations. They recently cut one of the sites due to staffing shortages.

Will all of this stuff come back? I guess that will depend on if the labor market allows it to.

 

[Markola]

Here’s an article on the same topic in the BBC News, and I thought this comment really captured the times. It seems there are interesting employment renegotiations happening all over.

“With Covid there was an interruption of work as we knew it,” says Tom Juravitch, a professor of labour studies at the University of Massachusetts, Amherst, US. “In moments like this, people have time to reflect. Working has been degraded for so many people. The authority structures that we’re in have gotten more draconian and more controlling than ever. People really felt that in a new way.”

https://www.bbc.com/worklife/article/20220126-the-rise-of-the-anti-work-movement

 

[RobbieB]

I beat the rush.

 

[Octogirl]

COVID and FIRE

Another factor that I really haven't heard any discussion of is the fact that over 900,000 Americans have died of COVID. The vast majority of them were elderly. How much accumulated wealth has gotten passed down as a result? How many people in their 50s and early 60s received inheritances upon losing parents to the virus that suddenly made retirement achievable? Even getting a couple hundred thousand dollars, maybe inheriting the parent's house, could easily tip the scale and allow someone to leave work for good years earlier than planned.

Agree. I would like to read an article summarizing the effect COVID had on wealth redistribution. I Know several 30 somethings who received unexpected money and left jobs they did not enjoy to explore other options.

Among my friends in their 60's, many had friends/family die of COVID and decided to retire NOW, because they realized life is short.

 

[Jerry1]

I hope there is a large number of people in two income families that realized that the second income wasn’t all that great given the benefit of having one person home with the kids and doing the majority of what we commonly refer to as home making. Obviously that has historically been the women in the relationship, but I sincerely hope the decision was based on more than gender. I think once a household is forced to live on one income, they realize that it’s possible and that what they have to give up wasn’t really all that important. Not saying easy, but hopefully worth it. Quality over Quantity, Time > Money type of thing.

The pandemic probably made a very large number of people reevaluate many facets of their life. Working and finances was no doubt in the mix.