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40 percent of the U.S. workforce to retire over the next five years.
Atlantic Journal Constitution Blog ^ | 6/8/2012 | Ed Rust Jr. CEO State Farm

Posted on 06/11/2012 9:03:07 AM PDT by ExxonPatrolUs

We need you in America’s workforce. Some of our aging baby boomers may be delaying their retirement because of current economic conditions, but eventually they’ll step away. In fact, we expect 40 percent of the U.S. workforce to retire over the next five years. What kind of workers will replace them? Where will the U.S. stand in the global economy if we don’t have skilled and knowledgeable people to take their place?


TOPICS: Chit/Chat
KEYWORDS: baby; boomer; bubble; retire
Check out blog post "Our shortcomings cast long shadow" By Ed Rust Jr. CEO of State Farm and chairman of the U.S. Chamber of Commerce.
1 posted on 06/11/2012 9:03:15 AM PDT by ExxonPatrolUs
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To: ExxonPatrolUs

Count me in. I turn 62 in 2016. Assuming we still have a country then, I’m going for the early retirement. I can still augment my income via contracting a few months out of the year (so I don’t make too much money). Those typically pay between $40 and $75 an hour.

Then I can make quite a bit buying and selling used stuff. It’s something I discovered is a huge cottage industry here in rural KY. We already have a booth at a local Antique mall. We could end up with a couple dozen.


2 posted on 06/11/2012 9:09:09 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: cuban leaf

I pulled the trigger on SS at 62 and never looked back. True, this costs me about $10/month for every month till I reach 65 but I concluded that there will likely be a means test or something like it by then.


3 posted on 06/11/2012 9:13:14 AM PDT by Eric in the Ozarks
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To: ExxonPatrolUs

Which means if Obama is reelected the unemployment rate will continue to drop as people leave the workforce.


4 posted on 06/11/2012 9:17:06 AM PDT by magellan
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To: ExxonPatrolUs

By choice?


5 posted on 06/11/2012 9:17:13 AM PDT by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: ExxonPatrolUs

You should see the building I work in. It is a geriatric place. The number over 60 are astonding. I am looking forward to the promotions as they bail. I am the thrid youngest in the building and I am 43....Tons of Baby Boomers.


6 posted on 06/11/2012 9:18:42 AM PDT by napscoordinator
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To: ExxonPatrolUs

Not altogether bad, considering we have shipped 90% of our industrial expertise out of the country in exchange for a fatter profit margin for a few.


7 posted on 06/11/2012 9:18:52 AM PDT by arrdon (Never underestimate the stupidity of the American voter.)
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To: ExxonPatrolUs

Not gonna happen.

First, there’s no money for all of us to retire.

Second, in too many companies there is nobody to replace us.

As I tell my wife, “the day they put me in the pine box, I AM taking sick leave, I don’t care who it pisses-off”


8 posted on 06/11/2012 9:35:04 AM PDT by I cannot think of a name
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To: ExxonPatrolUs

I’m almost 62 and plan on working until they take my ID away and I can’t get to work.


9 posted on 06/11/2012 9:35:20 AM PDT by stuartcr ("When silence speaks, it speaks only to those that have already decided what they want to hear.")
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To: ExxonPatrolUs

40 percent of the workforce? Seems a rather high estimate.


10 posted on 06/11/2012 9:39:25 AM PDT by tflabo (Truth or tyranny)
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To: stuartcr

—I’m almost 62 and plan on working until they take my ID away and I can’t get to work.—

I feel the same way. But I won’t be working a “job”. I’ll take the SS at 62 (while I can still get it) and earn any other money in all sorts of ways. Everything from selling my fruits and vegetables at farmers markets, recording bands, teaching, selling used stuff, repairing cars and lawn mowers - you name it.

And that is why I bought my small town in central KY. I see the land (and sheet metal buildings) as tools.

We’re putting in a small vineyard next year. Apparently wineries are up and coming around here...


11 posted on 06/11/2012 9:50:42 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: cuban leaf

Small town = small farm.

Hehehe. Freudian slip, I guess... ;-)


12 posted on 06/11/2012 10:02:04 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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I plan on not relying on Social Security in my old age, if I get that old.

Planning now just as my father planned, and he doesn’t need a penny of it even after starting dirt poor as 1 of 9 in nowhere Louisiana.

I don’t care about the argument that I paid into it. I’m not going on the gov’t dole.


13 posted on 06/11/2012 10:23:36 AM PDT by AlmaKing
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To: tflabo

Rather high estimate is a polite way of putting it.


14 posted on 06/11/2012 10:30:42 AM PDT by Darth Reardon (No offense to drunken sailors)
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To: ExxonPatrolUs

I just hope the younger set can handle it, but I have serious doubts. We designed 386 & 486 mother circuit boards. Only took one designer. I know of one company that is designing boards like that and they have four designers working on the design and they take the same amount of time one of my designers took. I hope companies keep some of the old timers around to train the younger ones. Work ethics aren’t the same though.


15 posted on 06/11/2012 10:31:16 AM PDT by RC2 (Buy American and support the Wounded Warrior Project whenever possible.)
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To: I cannot think of a name

“Not gonna happen.”

Lets assume that they retire because they are financially prepared to do so. They’ll all be downsizing, selling assets, equities - perhaps going into bonds and generally living off of the fruits of their labor.

The likelihood of this actually happening to financially prepared retirees advantage is probably slim.

Maybe some of them will likely retire on defined benefit pensions - and maybe they will for a while.

There are so many rosy assumptions that would have to fall into place for this to happen, it’s not even worth taking seriously.


16 posted on 06/11/2012 10:34:01 AM PDT by RFEngineer
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To: ExxonPatrolUs

With the Baraqqi Depression in full bloom, it’s ugly for the folks that remain working.

The place I retired from doesn’t replace anybody, and works the remainder like rented mules.

With limited job options here in the Midwest, many are stuck.


17 posted on 06/11/2012 10:34:31 AM PDT by nascarnation
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To: ExxonPatrolUs
Maybe the idea is that if Obama is re-elected, his policies will cause the workforce to contract by 40%. That won't be voluntary retirement but people despairing of finding a job.

During the Free Republic March for Justice in October 1998 at the Washington Mall, someone from State Farm told how the Clintons had extorted a lot of money from them. (I wasn't there but watched it on C-SPAN.)

18 posted on 06/11/2012 10:36:08 AM PDT by Verginius Rufus
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To: cuban leaf

Well, if they ever legalise it, you can grow and sell some ‘kentucky blue’ grass.


19 posted on 06/11/2012 10:48:02 AM PDT by stuartcr ("When silence speaks, it speaks only to those that have already decided what they want to hear.")
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To: stuartcr

Hey, I call my spread “Copperhead Road”. ;-)


20 posted on 06/11/2012 10:53:55 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: ExxonPatrolUs

FrogDad and I will both retire at the end of this year.


21 posted on 06/11/2012 10:57:14 AM PDT by FrogMom (There is no such thing as an honest democrat!)
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To: ExxonPatrolUs
Just try being hired at age 61.

Employers want my experience, knowledge, and work ethic, but they want it in a 35 year old, whom they wish to pay like a non-degreed, inexperienced 20 year old, and whom they wish to manage and respect like a short-term fast food worker.
22 posted on 06/11/2012 11:52:09 AM PDT by Nepeta
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To: Nepeta
Employers want my experience, knowledge, and work ethic, but they want it in a 35 year old, whom they wish to pay like a non-degreed, inexperienced 20 year old, and whom they wish to manage and respect like a short-term fast food worker.

Post of the Day.

23 posted on 06/11/2012 11:55:12 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: FrogMom

We are only 18 to 24 months behind you. In fact sweetie has already done the “you can kiss...” thing to her place.


24 posted on 06/11/2012 12:06:51 PM PDT by KC Burke (Plain Conservative opinions and common sense correction for thirteen years.)
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To: cuban leaf
Hey, I call my spread “Copperhead Road”. ;-)

Up in Santa Clara, CA I saw one farm/vinyard called "Oleo Acres - The Cheaper Spread".

25 posted on 06/11/2012 1:12:36 PM PDT by Oatka (This is America. Assimilate or evaporate.)
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To: cuban leaf
Count me in. I turn 62 in 2016.

I turn 62 in 2011, so that's like what ? ... two, three years away ?

26 posted on 06/11/2012 4:45:08 PM PDT by dr_lew
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To: ExxonPatrolUs

Not very likely to happen. Most can’t afford it and it may just get worse.

80mm boomers aren’t going to be selling stock at robust prices to 45mm of the 13th generation who have missed a good part of their prime wage earning years and the 70mm millennium babies are going to arrive and start buying too late to be of much help.

Ditto on selling assets.

Once you get off the horse you’ll not get back on. Nothing worse than guessing wrong, running out of money before you run out of life and not being well enough to re-enter working.


27 posted on 06/11/2012 6:54:16 PM PDT by Sequoyah101 (You've been screwed by your government.)
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To: Nepeta

And that’s why we hear so much anecdotal evidence about age discrimination.

Yes, employers want experience when they hire people. But being of a certain age is a drawback. Part of it is that older employees expect to earn more. Part of it is that older employees cost more to insure under employee health plans

Some older employees could have a small advantage if they are management, and going for some senior level executive position, for which a resume filled with 20 to 30 years of increasing responsible experience are seen as strong qualifications.

Otherwise, employers would much rather hire someone young, say a 35 year old with ten years of experience, rather than someone 55 with 30 years experience.


28 posted on 06/12/2012 7:54:17 AM PDT by Dilbert San Diego
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To: ExxonPatrolUs

The jobs will got overseas. Simple.

We don’t have the will to keep them here.


29 posted on 06/14/2012 12:39:23 PM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: tflabo

Yeah that number doesn’t pass the common sense test...


30 posted on 06/14/2012 12:48:02 PM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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