(snip)"Inquiring minds are noting More Than Seven-in-Ten Workers Age 60+ Are Putting Off Retirement Due to Financial Restraints, According to a New CareerBuilder Survey
The economy continues to change the retirement timeline for many mature workers, leaving them with tough decisions about their futures. More than seven-in-ten (72 percent) workers over the age of 60 who said they are putting off their retirement are doing so because they can't afford to retire financially, according to a new survey by CareerBuilder. When comparing genders, the survey found that three-quarters (76 percent) of female workers over the age of 60 who said they are putting off retirement are doing so because they can't afford it, while 68 percent of males said the same.
Note: The title of the article on Yahoo Finance: More Than Seven-in-Ten Workers Age 60+ Are Putting Off Retirement Due to Financial Restraints, According to a New CareerBuilder Survey is misleading.
The correct take-away is "Of those putting off retirement, 7.2 out of 10 do so for financial reasons". Another key number is how many are putting off retirement. That the article does not say, but unprecedented debt levels are no doubt a big problem, with serious implications.
What Are The Implications?
This is proof of a statement I made years ago that boomers would be competing against their kids and grandkids for jobs at Walmart.
Other boomers in good paying jobs are reluctant to give them up.
Implications
•The labor pool participation rate will stay elevated instead of contracting as much as one might have thought. In turn ...
•The unemployment rate will stay elevated longer than economists think.
•Kids out of college will have a harder time finding jobs.
•Kids out of college will be forced to move back in with their parents.
•Kids out of college will have no way of paying back college loans.
•Parents who co-signed for their kids education will come to regret it.
•The above factors will pressure discretionary spending of both boomers and those just out of college.
•Those out of college will postpone family building.
•Postponement of family building will further pressure housing prices.
•Bankruptcies, foreclosures, credit card defaults, and walk-aways will continue longer than economists think.
The deflationary pressures of the cycle described above are immense."(snip)
from



Reply With Quote

Bookmarks