Jay Leno is Retiring ... he's one of the few who can actually afford it !
from the NY Times ...
(snip)In just a few days, Jay Leno, 63, the host of the “Tonight” show for the last 22 years, will be ceding his comedic throne to the 39-year-old Jimmy Fallon.
Not willingly, as it happens.
“It’s not my decision,” Mr. Leno said during a Jan. 26 interview with Steve Kroft of “60 Minutes.”
Mr. Leno’s reluctance to leave his job — for the second time, no less — echoes the sentiments of many baby boomers, who were born between 1946 and 1964. Although the average age at which current United States retirees say they stopped working is 61, up from 59 in 2003 and 57 in 1993, a January Gallup poll of 1,929 members of that generation found that 49 percent didn’t expect to retire until age 66 or older. One respondent in 10 expected never to clock out for good — assuming they had the choice.
Many don’t, of course. While the federal Age Discrimination in Employment Act of 1967 prohibits companies from discriminating against employees 40 or older because of their age (firefighters and police officers are exempt from this requirement), in 2012 the Equal Employment Opportunity Commission received 22,857 charges of age discrimination, up from 19,921 a decade earlier.
“Companies are metric-centric,” said Roy L. Cohen, a career coach and the author of the “Wall Street Professional’s Survival Guide.” “They base salary and bonus and even head count decisions on how significant an employee’s contribution is to the bottom line. So if there is a reduction in force, and you are older and not a big producer, your neck is on the chopping block.”
Those who do have the choice often have no idea what not working means.
“Retire? I don’t know what that would look like,” said Marcia Cantarella, a 67-year-old consultant in higher education in New York. “I don’t play golf.”
Many baby boomers cite financial concerns as the main reason they aren’t quitting the rat race any time soon. (Mr. Leno, who is reportedly receiving $15 million simply for stepping down before his contract expires in September, is clearly an exception.)
According to the Gallup poll, those who say they have “enough money to do everything” that they want to do predict they’ll retire at 66. Those who do not have sufficient funds say 73 is a more realistic number.
The findings are consistent with what financial experts have been warning: that baby boomers, who are often caring for ailing parents and supporting their fiscally challenged children while trying to navigate their own lives, are in over their heads. Medical problems, mortgages, credit card debt, student loans and the cost of living have taken their toll on many a wallet."(snip)
(snip)"“Many people in my age group missed the boat, because it’s all about 401(k)’s and the disappearance of pensions,” said George H. Schofield, a developmental psychologist whose work focuses on life after 50 and who is himself a member of the baby boom. “People 10 years older than I am were able to take their pensions from long-term employment and retire in the classic way. My age group didn’t get that, and many of us didn’t save enough money on top of it.”(snip)
(snip)"Dr. Mitchell of the Wharton School says she believes that the country needs to “revisit some of those nudges toward early retirement,” such as being allowed to take out a portion of a 401(k) at 59 ½ with no penalty, or receiving reduced Social Security benefits at 62. She suggests people amass Social Security benefits as long as possible, and not retire. “If you delay Social Security benefits to age 70 instead of grabbing them at 62, your monthly benefit is 76 percent higher,” she said. “So, it can easily pay to keep working.”(snip)
Take-aways of interest to dancers and camgirls might be ...
- lots of Americans in their 50's and 60's have little if any thought of retiring
- one reason for this is Americans in their 50's and 60's having no confidence in the ability of their children now in their 20's and 30's to completely support themselves, let alone help support a retired parent in the near future.
- with very few exceptions, Americans near or already at retirement age are NOT going to be significant strip club or webcam customers. And this is especially the case if those near retirement age Americans are stressing about the amount of money they have NOT saved via IRA and/or 401k contributions ... combined with near zero interest rates providing near zero income on those contributions ... leaving them financially unable to retire.
- If Americans near or already at retirement age keep working full time, this effectively eliminates the need for the employer to hire a younger person to fill a non-existant job opening. This of course leaves fewer guys in the 'prime' demographic for being strip club and/or webcam customers with a sizeable paycheck to allow for such strip club and/or webcam spending.
Re: Jay Leno is Retiring ... he's one of the few who can actually afford it !
Maybe FOX will pick him up.