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re: The amount of old people I see working menial jobs these days is way too high
Posted on 2/27/23 at 11:22 am to Rhino5
Posted on 2/27/23 at 11:22 am to Rhino5
quote:Some of them, yes, but y’all do realize how little retirement savings the older generations have, right?
Some of them are bored and don’t want to just sit at home. I doubt it’s a monetary issue for them.
Wish this current workforce generation had the same drive, but they’re lazy as frick.
quote:That is not a good sign.
Research by the Insured Retirement Institute (IRI) from 2019 also suggests trouble for many retiring Boomers. IRI found that 45% have no retirement savings. Out of the 55% who do, 28% have less than $100,000. This suggests that approximately half of the retirees are, or will be, living off of their Social Security benefits.
People keep acting like they “just want to work”, but the data points to a situation where they HAVE to work.
And that research was prior to the current market downturn. It is probably even worse.
quote:SS pays nothing as well.
According to the Social Security Administration, 90% of retirees today receive Social Security benefits, in contrast to only 69% of retirees in 1962. The average Social Security benefit was $1,555 per month in 2021, substantially less than the average wage, which was approximately $3,990, according to the Bureau of Labor Statistics. 8 9
This post was edited on 2/27/23 at 11:28 am
2
Posted on 2/27/23 at 11:23 am to GetCocky11
Because zoomers have a meltdown at getting a cardboard box off the top shelf.
Posted on 2/27/23 at 11:24 am to fallguy_1978
quote:
Health insurance will probably prevent me from retiring early. I'm sure I'm not the only one either
This. Health insurance for a family is as much as a beach condo now. We get punished for having kids.
Posted on 2/27/23 at 11:26 am to Rhino5
quote:
Wish this current workforce generation had the same drive, but they’re lazy as frick.
That's what J-1 students and H-2B visa holders (immigrants) are the future of the USA. They tend to blow away natural born Americans with their ethics and knowledge.
For America to survive, raw talent will have to be imported.
Posted on 2/27/23 at 11:26 am to GetCocky11
Sucks
Posted on 2/27/23 at 11:26 am to GetCocky11
quote:
The amount of old people I see working menial jobs these days is way too high
Inflation has made them nervous about retirement savings. They need to supplement their income.
And...they are taking those jobs from younger people that also need them, but might have less flexible schedules around school or university. And that includes people on student visas that also need to help pay the bills.
This post was edited on 2/27/23 at 11:27 am
Posted on 2/27/23 at 11:26 am to Scruffy
Yea for some reason a lot in this thread are convinced all of these elderly workers are working at walmart and win dixie for fun.
For every 70+ year old that is doing it for the reasons most in this thread seem to think, there’s probably another 4 or 5 who are doing it because they can’t miss a paycheck.
For every 70+ year old that is doing it for the reasons most in this thread seem to think, there’s probably another 4 or 5 who are doing it because they can’t miss a paycheck.
Posted on 2/27/23 at 11:27 am to JohnnyKilroy
quote:Exactly.
For every 70+ year old that is doing it for the reasons most in this thread seem to think, there’s probably another 4 or 5 who are doing it because they can’t miss a paycheck.
All the data points that way.
Posted on 2/27/23 at 11:28 am to GetCocky11
I just retired at 62. I'm not going to get bored. I would maybe if there wasn't internet and cable and cars.
I have always been a loner. I am made for this.
I have always been a loner. I am made for this.
Posted on 2/27/23 at 11:28 am to Rhino5
quote:
This. Health insurance for a family is as much as a beach condo now. We get punished for having kids.
Yep. I've saved as much as I can towards retirement and I've been accelerating that in recent years but I'll never be able to afford the premiums on a fixed income, not for long at least.
Posted on 2/27/23 at 11:28 am to Scruffy
quote:
Some of them, yes, but y’all do realize how little retirement savings the older generations have, right?
If you are about to retire....you have to be nervous about these inflation numbers. Even if you thought you are ready, your expectations are going to have to change.
And you also have people that are nowhere near ready to retire and are starting to realize that.
And then you have some really old farts in medicine or law that might be ready to retire, but have always been married to their job and have no hobbies. They'd be lost without their job.
Posted on 2/27/23 at 11:32 am to goofball
quote:
If you are about to retire....you have to be nervous about these inflation numbers. Even if you thought you are ready, your expectations are going to have to change.
Elevated inflation over the past 2 years has 0.0 to do with most of the 65+ cohort having barely anything in retirement savings.
Posted on 2/27/23 at 11:32 am to GetCocky11
I plan on playing golf and working at Lowes or Home Depot in the next 12-18 months. Downsized house in much cheaper geography with great healthcare. Downsized house is paid for and placing current family home on market in March. No way I am staying home and just playing golf. Want to have good healthcare benefits and enjoy being around others in a work environment where I no longer run the show and can just be an active and productive employee.
Posted on 2/27/23 at 11:34 am to Rhino5
these polls and studies are so funny. Read one and it sounds like Covid was the boomer apocalypse, read another and it sounds like they're all forced back into work by economics.
What you hear and believe depends on what you want to believe. Its a great job market for older people simply because the 18-30 year old group is lethargic. Lot of people "retired" during covid but were enticed back into the market at least part time. The State is bringing back a lot of retirees because younger folks will not work.
Get it while you can, because no one else is doing it.
quote:
Labor economist Teresa Ghilarducci said, “Older workers are losing their jobs at a faster rate, relative to younger people.” She added, “A total of four million people potentially pushed into retirement before they are ready.”
What you hear and believe depends on what you want to believe. Its a great job market for older people simply because the 18-30 year old group is lethargic. Lot of people "retired" during covid but were enticed back into the market at least part time. The State is bringing back a lot of retirees because younger folks will not work.
Get it while you can, because no one else is doing it.
This post was edited on 2/27/23 at 11:37 am
Posted on 2/27/23 at 11:37 am to BluegrassBelle
quote:
Again, have to disagree. It’s not uncommon, particularly for middle class/blue collar folks, to see their savings wiped out over medical bills.
This!
My mom outlived my dad, and was thrifty. The health care and medical the last 2 years cleaned out her life savings. Quite literally if she had lived another 6 months she probably would have to declare bankruptcy. What she sold her home for (no debt) went to pay about 2 years of the assisted living place (not covered by insurance).
Posted on 2/27/23 at 11:37 am to GetCocky11
Just you wait another 30 years. could you imagine without SS how many more elderly folks would have to be working right now? And throw a worsening economy on top of it and all those surveys that show 50% of Americans aren’t saving for retirement, etc etc and there’s your answer for why you notice it already these days.
Posted on 2/27/23 at 11:42 am to goofball
quote:
And then you have some really old farts in medicine or law that might be ready to retire, but have always been married to their job and have no hobbies. They'd be lost without their job.
My dad is 87 and still goes in to work most days. He used to hunt and fish lot but he can't really do that any more. If he could, he probably would have retired by now. He doesn't need the money. He mostly just likes interacting with people.
Posted on 2/27/23 at 11:44 am to danilo
quote:
quote:
Wtf happened?
Corporations told us to go frick off.
Remember when a single income home could support a family of 6?
Part of the reason single income homes could support a family of 6 back then is that a lot of family expenses we have now didn't exist back then. No cell phones, no cable bill, no big screen TV (in fact some didn't have TVs that far back), no Central Heat or AC. Meals consisted of mostly beans, rice, cornbread, gravy, pork or other cheap meat, and lots of vegetables from the home garden. No designer clothes, instead a lot of jeans and hand me downs. Basically no savings at all, either, people mostly lived paycheck to paycheck. I lived through a lot of that (we did have a black and white TV with rabbit ears) as a kid. It didn't kill me, but I'm not exactly waxing nostalgic over it, either.
Posted on 2/27/23 at 11:45 am to Tupelo
Another thing that happened is that 2 income families became the norm vs the exception.
Posted on 2/27/23 at 11:45 am to FreeState
quote:
And by the way for you young whippersnappers, we don't have a Sonic where I live but I will meet you at the Tastee Freeze and I can probably kick your arse.
My kind of guy!
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