Posted on 04/02/2024 9:59:07 PM PDT by SeekAndFind
Twilight zone
With markets rising, consumer confidence holding up, and a wave of companies enforcing return-to-office mandates, for many Americans, it seems like the perfect time to finally hang up their hats. Indeed, the US recorded 2.7 million more retirees in December than were predicted in models from economists at the St. Louis Federal Reserve, as reported by Bloomberg.
The recent upswing mirrors the ‘Great Retirement’ wave of 2020, when the pandemic saw the actual share of retirements swell and the labor force participation rate fall by 3.2% in the space of 2 months, the largest drop on record. However, rather than a deadly virus, what’s driving a significant portion of today’s retirees seems to be bolstered 401(k) balances.
Silver tsunami
With many already enjoying their golden years, a record 4.1 million people are set to celebrate their 65th birthday in the US in 2024 — as the mid-century baby boom ripples into a wave of present-day pensioners, dubbed the ‘silver tsunami’.
But, while there has been a spike in retirees, many in that age group aren’t looking to stop working any time soon. Indeed, over a longer time frame, the proportion of Americans aged 65+ who are employed has actually risen. A Pew Research study found that, 40 years ago, ~11% of Americans aged 65+ were working; today, it’s 19%... so there might still be a couple of years before the US hits peak retirement.
“ A lot of these so-called retirements were forced on people. Ageism became a real issue in the jobs market in the past 20 years, and a lot workers in their 50s and early 60s were phased out of the job market and pretty much blocked from other jobs within their career field.”
I was phased out for being too successful and making too much money. I’m done with them and much better off on my own. They’ve since sold out to Chevron
As many of us would have liked to have retired earlier, we can not due to those changes. Here's why we HAD to wait for full retirement age (FRA) after age 66. The law change states that if you retire BEFORE your specific FRA (see www.ssa.gov for more informatioin on that), you will not only receive a reduced benefit, you will be subject to the income limit established by the Social Security Administration (Who gave THEM the right to set that income limit amount, hmm???). So, per that law, for every $2 you earn above the income limit (about $21,000 last year I believe.), the Social Security Administration will reduce your Social Security benefits by $1.
So, if you earned, let's say $41,000 last year while receiving SSA benefits, your SSA benefits WOULD HAVE BEEN REDUCED BY $20,000!!! So, when you most need money in old age to be able to invest as needed to provide steady income so you CAN QUIT YOUR REGULAR JOB, now, you can't because ESPECIALLY WITH THE RECENT, PRESENT AND SURE TO BE ONGOING INFLATION, some of us WILL NEVER BE ABLE TO RETIRE. This very thing is unforgiveable even if you're holding a gun to my head. The physical pain I suffer every day going to work, having to put up with Godless customers (many of whom are illegal aliens with almost NO values), traffic and a host of other problems that come with having to leave the house every day leave me without words.
The straw that finally broke the camel's back is the Biden Administration's declaration of March 31 as Transgender Visibility Day. Those perverse people, some of whom I serve at my job with respect and dignity (they have no idea how I think), absolutely hate white males, hate Christians and have killed (documented) and want to kill us are honored for something they never did - become part of our social fabric and supposedly major contributors to our nation. Just for disagreeing with their lifestyle or criticizing them, they have killed good, innocent people (and little children) and want to kill more of us. If we were to express the same hatred for them or kill them and still want to kill them, the government (read FBI) would be sent to deal with us. YET, THE GOVERNMENT HONORS THEM AND TRIES TO FORCE US TO DO THE SAME WHEN THEY ARE POTENTIALLY PSYCHOPATHIC MURDERERS (read about Sodom and Gomorrah).
You Fedboys don't have to worry about that with your special retirements, superb health benefits, free education, long vacations and PHENOMENAL SECURITY AT YOUR FACILITIES set up for you. You have it made AT OUR EXPENSE AND I KNOW FIRST HAND ABOUT THAT. You know what the government has done and is doing is wrong. If you have any conscience left, remember that as you keep working for them my FBI friends. You have sold your soul to the devil.
It's not so much what you don't know that will get you in trouble, it's what you know that ain't so.
~Mark Twain
Yep.
Answer is simple—raise retirement to 70—three scorn and ten. The raise it in five years to 80. That would do the trick.
It is already happening big time.
I hear ya. I’m 40 now and would like to get to the point some day where I don’t have to work for income, but can’t see myself ever quitting all work and sitting around watching TV. I’d be dead within a year.
I’m in that demographic.
L
Same here. Gimme my money back in one lump sum you Gubmint THIEVES!!
Yes except they do not reach full retirement until almost 70
dental hygienists are in such short supply that most dentists are scheduling over a year out
Directly related to the decrease in quality of corporate America and small business service and outcomes.
Most doctors are 3-6 months out. It has finally gotten to America, healthcare rationing.
“a lot of them overstayed their welcome and were able to deny opportunities to more qualified younger folks.”
The folks who got my workload when I retired found out just how “more qualified” they were when it took three of them to barely do my job.
Lol.
And over 4 million people over age 65 will die....
“A lot of these so-called retirements were forced on people. Ageism became a real issue in the jobs market in the past 20 years, and a lot workers in their 50s and early 60s were phased out of the job market and pretty much blocked from other jobs within their career field.”
I’m dealing with that right now.
L
I will be 61 in about a week. I started working outside of my parents house when I was 14. I was told in 1977 that Social Security would run out of money BEFORE I could retire at 65. So, you better plan ahead.
So, I have been planning for retirement since I was a teenager.
I started putting money into an IRA when I was 18.
Not a lot. Some accounts I started with $250 and contributed $25/month. I never drove fancy cars. I have always lived conservatively.
IF you have been planing on collecting SS YOU ARE A FOOL. It has been a PONZY SCHEME for 50+ years. IF you were planing that SS is going to be a part of your retirement and you are my age IT IS YOUR FAULT. You had 50 years to plan for it and you did not.
While I agree with you on politics, it’s impossible for me to feel sorry for the Baby Boomers as a generation. Impossible. They are the largest demographic cohort in history. They had the power to do anything they wanted and they used that power to game the monetary and political system to their benefit and the detriment of every one that came after them. Most of what you complained about was caused by the boomers.
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