Posted on 12/30/2018 6:14:10 AM PST by Galatians328
A new data analysis by ProPublica and the Urban Institute shows more than half of older U.S. workers are pushed out of longtime jobs before they choose to retire, suffering financial damage that is often irreversible.
(Excerpt) Read more at propublica.org ...
Same here. I retired 10+ years ago and took it at the first opportunity. I spent uncle's money while my investments grew and grew.
As far as moving goalposts goes, the SS Trustees issue an annual report. For several years they have been warning that the "SS Trust Fund" will be completely depleted in the 2033-2034 time frame and benefits will have to be reduced to ~77% of current levels.
Over the past few years, the depletion date has kept getting sooner and sooner. The current date seems far in the future, but is actually within the expected lifespan of someone retiring today.
My personal opinion is that they will do nothing until a full blown crisis is on us, and then will add:
1. Even more means testing than they have now, and
2. Even higher SS taxes for those still working, and
3. Even less inflation adjustment of payments than we now have.
I strongly suspect that the means testing will be based on total net worth rather than retirement income. The reason is that government workers will be the only ones left with pensions in 14 years, and they are notoriously bad at saving for retirement. So, they will be exempted from the cuts by leaving their pensions out of the calculation.
When is welfare going to go broke?
Ditto here.
That was a common phrase when we played Buzzword Bingo.
So far, only twice for me...
Liberals can’t have it both ways. If we desperately need workers, then there is no reason for employers to be kicking out experienced, skilled and productive people at 50-60. But you can’t add illegal immigrants to the labor pool and decrease unemployment for older adults.
The same issue arises with their contradictory demands for a higher minimum wage and open borders. You can have one but not both.
“Every person who is 50+ drives the average age up considerably.”
Have too many 50+ and they won’t insure you at all.
ProPublica and the Urban Institute, a Washington think tank, analyzed data from the Health and Retirement Study, or HRS, the premier source of quantitative information about aging in America. Since 1992, the study has followed a nationally representative sample of about 20,000 people from the time they turn 50 through the rest of their lives.
Through 2016, our analysis found that between the time older workers enter the study and when they leave paid employment, 56 percent are laid off at least once or leave jobs under such financially damaging circumstances that it’s likely they were pushed out rather than choosing to go voluntarily.
Of possible interest, who were our presidents from 1992 to 2016?
Well, Bill Clinton, GW Bush and Obama were our presidents.
Does anyone think that any of these elite Deep State thugs really cared about American Workers aging in their jobs to be fired and laid off before they retired?
That Kernighan, not Kernagie, and don’t forget Ken Thompson!
What’s sad is thinking you’ll be able to work until age 70 to retire if need be. Your employer almost certainly has other ideas. I found this out the hard way in my mid-50s.
I guess this means we need more illegal immigration and legal H1B’s, right?
They didn’t care at all. Just brought in more foreign workers and outsourced even more jobs. I love reading the nonstop drumbeat for increasing h1-b numbers... while there are so many incredibly gifted over 40 tech workers ready and willing.
Conservatives say that they are against totalitarianism by government, yet many capitulate when they’re served it under the veil of capitalism. There are dozens of ways to apply leverage and, of course, reprisal.
I think it’s about time we start pressing back. And I’m not talking Avenetti-ish...
At 60, I am still getting calls from head hunters. There is apparently a shortage of programmers, especially ones who have used COBOL, CICS and JCL. I’ll stick with Java.
Thank you! It’s a tough decision since knows when “kick the bucket” time occurs. My financial advisor says to wait but when I do the math, I basically come out even. Unless I make it to 90+.
I worked for a total of 12 years for a well-known Silicon Valley company that is now gone. The Sr. VP was a Harvard Grad. So we got a succession of HMBA’s brought in by this guy to “lead us.” I was in charge of Procurement. One night I was sitting around with my boss and he exasperatedly said, “Maybe we should quit and come back at three times our salaries as “consulants.” Then maybe management would actually listen to us!” They were willing to spend loads of money on nonsensical, non-productive ideas so long as they came from the HMBAs, but they wouldn’t often give those of us who were actually running the place the time of day. Funny though, they are now out of business.
“I started my own brokerage business, doing the same things I was doing for a major energy company.”
Hope that company wasn’t Enron!
Just kidding. I bet running your own shop give you a much higher level of satisfaction than being a cog in the corporate wheel.
Most big health care expenses for companies revolve around pregnancies.
To keep the pyramid going, you need to keep expanding the bottom. And since natives are not having large numbers of babies, the only way to do that is bring in young immigrants, and get them paying into SS.
I think it’s a mix. Yep many drop seniors for youts to lower costs.
But, I’ve read that the majority of new jobs get filled by the over forty crowd.
I’m decades past that and still desirable (mechatronic skills, experience).
https://www.cnbc.com/2018/03/20/the-suddenly-hot-job-market-for-workers-over-50.html
55+ hold 36% of jobs:
https://www.bls.gov/cps/cpsaat03.htm
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