only 26% of those 50-62 have traditional employment

[Big_Hitter]

interesting

https://www.marketwatch.com/story/o...-benefits-2019-08-26?siteid=yhoof2&yptr=yahoo

"We just finished a paper on how older workers use “nontraditional” jobs — that is, jobs without health and retirement benefits. In the process of answering that question, we found that only 26 percent of older workers were employed steadily in traditional jobs with benefits. "

 

[gamboolman]

Dam
I knew/ know that I’m fortunate to have very good benefits with mega oil
What a change we’ve seen the last 40 some odd years in how folks are treated by employers

Come 1-Jan-20, God willing ms gamboolgal and I will be retired and enjoying some of them hard earned benefits back in God's Country, i.e., Texas

 

[ckelly78z]

I am one of the last workers who have a pension in my company (20 years so far). It's not going to make money flow from my arse, but it certainly will help at an extra $1500 a month, after another 10 years (30 years total). The benefits, and pension have kept me working for this company, and will keep me here until the end.

 

[kgtest]

interesting

https://www.marketwatch.com/story/o...-benefits-2019-08-26?siteid=yhoof2&yptr=yahoo

"We just finished a paper on how older workers use “nontraditional” jobs — that is, jobs without health and retirement benefits. In the process of answering that question, we found that only 26 percent of older workers were employed steadily in traditional jobs with benefits. "

I read somewhere this year that only 3 out of 10 Americans work for an employer who offers access to a retirement account like a 401K, 403B TSP etc.

That was frightening to me.

 

[NoiseBoy]

There is another cohort labeled "Mostly Traditional" that is not well defined. It comprises 26% of the workers in the study. If these workers have benefits, then as much as 52% of these older workers have some coverage.

 

[Teacher Terry]

I am surprised it’s that low but my husband was one of them losing his engineering job at 53. We contemplated moving to Texas where there were tons of engineering jobs but both of us have lived there before and just didn’t want to do it. Right now a tiny firm is paying him 400/bid for every time they use his name on their letterhead.

 

[Andre1969]

It sounds about right to me, although the title, "Only a minority of people ages 50-62 work steadily in jobs with benefits" is very misleading.


What they're actually saying, is that 26% of the people they sampled managed to hold onto a "traditional" job for the entire age 50-62 period, with no layoffs, cutbacks, failed attempts at early retirement, etc.


If you look at the chart on the site, at the age of 50, the majority of people are in traditional jobs (the beige/sandstone region). But, as time goes by, that reduces, as people get laid off, retire, go out on disability, etc. The "mostly non-traditional" is probably a group of people who have never held down steady employment, and bounce from gig to gig. As a result, they'll probably keep doing that, as long as they're able, and early retirement probably isn't on their radar.


The "weak attachment" looks like it was mostly people who had "traditional" jobs for at least part of that period, but had long bout of unemployment, under employment, etc.

FWIW, by age 62, it looks like a pretty good number of people are actually in a "traditional" job. Not only the 26% who survived that 12 year gauntlet relatively unscathed, but a pretty good number "mostly traditional" and "weak attachment" categories are in a "traditional" job that year, since I still see some beige in the chart for that year. And even some of the "mostly nontraditional" and a handful of the "early retirement" groups are in a "traditional" job for that year.

 

[bigcmagor]

It's not going to make money flow from my arse

I've heard of the fabled money tree, butt this prospective source is a new one!

 

[dirtbiker]

I read somewhere this year that only 3 out of 10 Americans work for an employer who offers access to a retirement account like a 401K, 403B TSP etc.

That was frightening to me.

It's actually about 3 out of 10 who don't have access to a retirement account.

https://www.cnbc.com/2018/03/12/how-many-americans-dont-have-access-to-a-401k.html

Still a high number, but not as bad.

 

[wrigley]

I am one of the last workers who have a pension in my company (20 years so far). It's not going to make money flow from my arse, but it certainly will help at an extra $1500 a month, after another 10 years (30 years total). The benefits, and pension have kept me working for this company, and will keep me here until the end.

I have been with my current company for 21 years now. The company was privately owned when I started. We had a good 401k and med/dental benefits. That was about it. Almost 14 years ago the original owners sold the company to the employees and we became an ESOP. I was in the right place at the right time. The stock has gone through the roof over the past 14 years and I am staying put for the long haul. I'll be 60 in March of 2020 and truly haven't thought about retiring.

Mike

 

[Jerry1]

I'll be 60 in March of 2020 and truly haven't thought about retiring.

Mike

But you're posting on a retirement board. I'm guessing you may have given it some thought. Of course you could just be here for FI and not RE.

 

[pb4uski]

I read somewhere this year that only 3 out of 10 Americans work for an employer who offers access to a retirement account like a 401K, 403B TSP etc.

That was frightening to me.

But they can still contribute to a tIRA or a Roth... just no match and lower contribution limits.

One thing that has never made sense to me is why 401k and tIRA contribution limits are so different.... why should employees with a 401k get such a better opportunity to defer taxes vs those without a 401k?

 

[wrigley]

But you're posting on a retirement board. I'm guessing you may have given it some thought. Of course you could just be here for FI and not RE.

Lots of interesting people on this forum. I have enjoyed reading about the adventures of others. Maybe it's a little far fetched for me to say: "I haven't given retirement a thought".....I just know I'm not ready to act on it. Wife is 3 years younger, working, and enjoying her career. I very much enjoy the work I do also. I know that day will come, and we are prepared for it financially, but it's not time yet!

Mike

 

[Big_Hitter]

why should employees with a 401k get such a better opportunity to defer taxes vs those without a 401k?

they had better lobbyists?

 

[LarryMelman]

Lots of interesting people on this forum. I have enjoyed reading about the adventures of others. Maybe it's a little far fetched for me to say: "I haven't given retirement a thought".....I just know I'm not ready to act on it. Wife is 3 years younger, working, and enjoying her career. I very much enjoy the work I do also. I know that day will come, and we are prepared for it financially, but it's not time yet!

Mike

That had always been my attitude too (until recently). But it was always nagging in the back of my mind as I passed 50, 51, 52... that you only get so many years of good health. I was starting to tell co-workers "if I have a stroke or heart attack at my desk, just close my office door and leave me alone." I quit doing that when a co-worker my exact age actually had a stroke (not at work thankfully). And a cousin died of a heart attack in his mid-50's. Stuff happens.

 

[kgtest]

It's actually about 3 out of 10 who don't have access to a retirement account.

https://www.cnbc.com/2018/03/12/how-many-americans-dont-have-access-to-a-401k.html

Still a high number, but not as bad.

Aha! Had the numbers inverted. That still seems dismal, especially since I think this is one of the easiest things to remove the barrier to entry/adaptation.

Even if they have them, I've head horror stories of people who will contribute and withdraw a month later, or never contribute even with a company match. Which tells me they just don't understand arithmetic, and certainly not thinking about retirement.

 

[bolt]

Lots of interesting people on this forum. I have enjoyed reading about the adventures of others. Maybe it's a little far fetched for me to say: "I haven't given retirement a thought".....I just know I'm not ready to act on it. Wife is 3 years younger, working, and enjoying her career. I very much enjoy the work I do also. I know that day will come, and we are prepared for it financially, but it's not time yet!

Mike

Great attitude!
I'd wager you'll live longer & healthier than your contemporaries.
Good luck!

 

[calmloki]

Traditional employment? Got an early start on not having that. Just went to the SS site to check my employment history. Looks like I was 39 when i stopped doing that sort of employed by another thing. The SS site estimates my employers contributed $2109 to my SS benefits and $391 to Medicare for me. No pensions or healthcare or other retirement benefits other than my $215.60 social security check (remainder after medicare deduction). At almost 70 I continue to move money around and run 37 paid for rental doors - but that's passive income per the IRS - no work involved at all at all..

 

[jollystomper]

I've heard of the fabled money tree, butt this prospective source is a new one!

Cound not resist - this commercial is for you.

 

[Koolau]

I've heard of the fabled money tree, butt this prospective source is a new one!

Dark money?

 

[ckelly78z]

"Money out the wazzoo !"

 

[Running_Man]

interesting

https://www.marketwatch.com/story/o...-benefits-2019-08-26?siteid=yhoof2&yptr=yahoo

"We just finished a paper on how older workers use “nontraditional” jobs — that is, jobs without health and retirement benefits. In the process of answering that question, we found that only 26 percent of older workers were employed steadily in traditional jobs with benefits. "

It is unclear to me it seems they identify a subset of people aged 50 to 62 who are "retired or semi-retired" and are not including all 50-62 year olds, though it appears they ask for volunteers in the age group with the "reward" being access to the studies and conclusions and giving yourself up to 100 hours of surveys.
The entire study is here:
https://www.nia.nih.gov/sites/default/files/2017-06/health_and_retirement_study_0.pdf

Secondly the 26% as someone posted earlier is 26% of all 50 year olds make it to 62 without a job loss of benefits, which is not too surprising as a total, as opposed to making inference that 74 percent of the aged population is in non-traditional jobs. It is a click bait headline............

 

[RISP]

Dark money?

Probably needs to be laundered.

 

[Rianne]

Lots of interesting people on this forum. I have enjoyed reading about the adventures of others. Maybe it's a little far fetched for me to say: "I haven't given retirement a thought".....I just know I'm not ready to act on it. Wife is 3 years younger, working, and enjoying her career. I very much enjoy the work I do also. I know that day will come, and we are prepared for it financially, but it's not time yet!

Mike

Good health, mentally and physically, often plays a big role in RE. If you're happy in your career, life is good. You have a positive attitude about your day to day, it's a great feeling. Until it's not. Hope you continue to post. RE was not on our radar when we were 50. It's a personal choice.