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Thread: Lots of 60+ would-be retirees are not retiring ... with consequences

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    Banned Melonie's Avatar
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    Default Lots of 60+ would-be retirees are not retiring ... with consequences

    (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

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    Banned Eric Stoner's Avatar
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    Default Re: Lots of 60+ would-be retirees are not retiring ... with consequences

    I told you so; I told you so; I told you so.

    This is one reason why i think Eagle was so off base when he predicted that retiring Baby-Boomers would generate employment demand. The obvious problem is that many of them are NOT retiring. They can't afford to.

    Secondly, as your link points out, retirees taking part time jobs at Wal-Mart and elsewhere are squeezing out youth and single mothers who normally would get those jobs.

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    Banned Melonie's Avatar
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    Default Re: Lots of 60+ would-be retirees are not retiring ... with consequences

    They can't afford to.
    Obviously this 'unintended consequence' isn't too hard to figure out ...

    - 'retirement' savings produce next to nothing in the way of interest earnings while the gov't follows a ZIRP policy to support the mortgage market / Fannie / Freddie / FHLA.

    - income tax rates applying to 401k / IRA withdrawls are increasing significantly next year, thus 'confiscating' an additional percentage of 401k / IRA balances.

    - property taxes are increasing thanks to 'technically bankrupt' local gov't budgets.

    - utility bills are increasing thanks to rising oil prices / decline in coal fired electricity etc.

    - food prices are increasing thanks to US dollar devaluation and rising energy prices.

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    Default Re: Lots of 60+ would-be retirees are not retiring ... with consequences

    It's the kids moving back with the parents that are causing a lot of this. Plus the changes in retirement plans and their curent valuation.

    But in my opinion many of the kids starting to work have quite an expanded sense of entitlement to where they will not give a days' work for a days' pay.

    Advice : you work for someone else for their business and profit, not for your own sense of pleasure. Expand your sense of self so that you can find enjoyment, creativity. and fulfillment in supporting the business you are working for. If I have been able to do it all these years, so can you.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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