Skip to comments.40 percent of the U.S. workforce to retire over the next five years.
Posted on 06/11/2012 9:03:07 AM PDT by ExxonPatrolUs
We need you in Americas workforce. Some of our aging baby boomers may be delaying their retirement because of current economic conditions, but eventually theyll 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 dont have skilled and knowledgeable people to take their place?
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.
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.
Which means if Obama is reelected the unemployment rate will continue to drop as people leave the workforce.
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.
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.
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”
I’m almost 62 and plan on working until they take my ID away and I can’t get to work.
40 percent of the workforce? Seems a rather high estimate.
—Im almost 62 and plan on working until they take my ID away and I cant 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...
Small town = small farm.
Hehehe. Freudian slip, I guess... ;-)
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.
Rather high estimate is a polite way of putting it.
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.
“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.
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.
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.)
Well, if they ever legalise it, you can grow and sell some ‘kentucky blue’ grass.
Hey, I call my spread “Copperhead Road”. ;-)
FrogDad and I will both retire at the end of this year.
Post of the Day.
We are only 18 to 24 months behind you. In fact sweetie has already done the “you can kiss...” thing to her place.
Up in Santa Clara, CA I saw one farm/vinyard called "Oleo Acres - The Cheaper Spread".
I turn 62 in 2011, so that's like what ? ... two, three years away ?
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.
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.
The jobs will got overseas. Simple.
We don’t have the will to keep them here.
Yeah that number doesn’t pass the common sense test...