Posted on 06/16/2009 11:07:51 AM PDT by FromLori
There's one segment of the population for whom employment is growing! As John Mauldin pointed out in his latest weekly email, there is one segment of the American population that is actually seeing strong employment growth: Those who are 55+. Specifically, older Americans and now getting out and getting not just one but sometimes two jobs. And they're doing this against a backdrop of plummeting employment among the rest of the population. Why are these folks suddenly working so hard to find work? Because the value of their twin nest eggs--houses and stocks--has been demolished. Here's John Mauldin, quoting former Merrill economist David Rosenberg: So, what does an aging population do that has seen its retirement nest egg in the form of housing and stocks go literally nowhere for 12 years? You go back to work! David Rosenberg, now with Gluskin Sheff, offers us this insight: "What really struck us in the employment report of a few weeks ago was the fact that the only segment of the population that is gaining jobs is the 55+ age category. This group gained 224,000 net new jobs in May while the rest of the population lost 661,000. In fact, over the last year, those folks 55 and up garnered 630,000 jobs whereas the other age categories collectively lost over six million positions. This is epic." [See chart below.] "Moreover, the number of 55 year olds and up who have two jobs or more has risen 1.1% in the last year, the only age cohort to have managed to gain any multiple jobs at all. Remarkable. These folks have seen their wealth get destroyed by two bubble-busts less than seven years apart — the Nasdaq nest egg back in 2001 and the 5,000 square foot McMansion in 2007.
(Excerpt) Read more at businessinsider.com ...
Losing all my savings would be a sucky thing regardless of what I value.
Then getting stuck working at Wal-Mart would be worse, since with age discrimination older folks can’t find good jobs often.
Still, if I had my family and a place to live.....life’s still worth living. Bad times aren’t permanent.
Some people have started their Social Security and take a big penalty going back to work. There should be a law allowing to stop social security and resume it later..it would save the USG money.
Otherwise..and I know several..the seniors go to work in the black economy and don’t report their income. Things like child care and elder support. Working at seasonal cash employment etc.
I can’t fathom those who retire at 50 or something. I would like to retire at 60, so a bit early.
Of course, that’s a good 30 years away.
Matthew 10:29-31
Definitely true.....God takes care of us. Then again, this life isn’t supposed to be great necessarily.....that’s the life after.
My Hubby and I did just that and had 17 wonderful years doing whatever.
My parent’s generation will be the last to have a “traditional” retirement.
Dad was a veteran of two wars (Korea, Vietnam), a 27-year Air Force vet, and a 25 year civil service worker. He retired at age 70.
After the kids were big enough (mid teens), my mother also got a job with civil service and worked for 22 years. She retired at age 70.
They have full health and dental, generous retirement packages and good savings.
Meanwhile, shulbs like me will work until we’re physically broken. One day, I simply won’t show up for work, my cubical will be cleared out, and some 18 year old putz will take over. A few weeks later, neighbors will smell a strange odor from my apartment.
I guess I could see it if you can start a business or do something hobby-wise....I know people that go part-time or even just do a second career in a kind of reduced capacity with more flexible time as a kind of early retirement. I do like that idea.
Sounds like you two have had a great time.
Thanks for the ping.
Mom was born the same year as Dad. She too taught school for over 40 years. They retired at the same time. Mom got bored and started teaching again as a substitute. She became a Stephens minister. She got elected to the condo board. She kept busy. Mom celebrated her 76th birthday this year and she is strong and active.
If you love what you do, it isn't work. In such a case, working until the Lord takes you home is a blessing. If you are so unhappy with your job that you yearn for retirement, you have the wrong job.
I'm with you, I retired at 54 and will be 64 in 2 weeks. I'll go back to work only at gun point and it has to be a bigger gun than mine.
In about 20 years I will be one of those old geezers you see working at Starbucks.
Because you have to or because you want to? Therein lies the difference. I think it is great to work if you would get to keep a little of the money you earn but if they are going to tax you death and you are getting near death anyway the heck with them.
Likely out of necessity. Not too many senior citizen print production managers/graphic designers out there in the work force.
Yes, we were blessed.
Early retirement isn't for everyone,but it suited us, and boredom? Have never found time to be bored.)
As am I.
What say the brethern?
There's another reason to risk premature retirement (if you want to call 67 'premature...')
I saw three fellow workers around me, for years planning their retirement to the minutest detail, every paycheck, and one by one they died suddenly, leaving even the smallest pleasure lost forever by default. Another instance of the perfect being the enemy of the good.
I must not be normal. I retired almost two years ago, and still have no clue as to what boredom is.
Of course, since late 2008 I have joined the lowestmost level of middle class existence, and have suspended the small trips and other pure pleasure activities I enjoyed until then.
Almost ready to find at least a part time job. Not aspiring to replace the president of any company, I should have no problems. That is until the market recovers it's pre-2008 levels...
Retired in Oct last year lost it all in the market ... Citi BAC and even Dupont ... now I'm interviewing again. I think the most stressful thing you can do as an engineer is interviewing. I literally study for 40+ hours for an interview ... Anyway I JUST got off a phone interview ... I hope I did OK .... it's the FIRST one in almost 8 months.
I'm getting WAY to old for this. My blood pressure is probably in 4 digits on both sides right now
My kind of guy!!
It only hurts if you report that extra income. Become self employed - its really simple.
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