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.
Someone stole the lock box D.C. turns the lights out.
***a record 4.1 million people are set to celebrate their 65th birthday in the US in 2024***
When the Social Security program was made law the retirement age was 62. But the average life span for an adult male was 57. The program would never run out of money as most were dead by 62.
Then came Penicillin.
https://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
https://freerepublic.com/focus/chat/4226332/posts?page=105#105
Pp is a troll, but they aren’t dedicated to it enough.
And now for something completely irrelevant:
68% of senior pet owners have dogs, while 48% have cats.
https://www.moneygeek.com/insurance/pet/taking-care-of-a-pet-as-an-older-adult/
Woof and meow!
Until the boomers start dying off in significant numbers, it’s only going to get worse. That was probably the intention of Covid-19, but didn’t have the effect off killing off millions of seniors.
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