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 ...
I’m one of them
i never left
That’s plain wrong.
Neither have I..........and I don’t intent to.
Yeah, it is. Life can really suck sometimes.
Sorry to hear that we too lost a little money but I was so scared of the stuff going on I pulled almost every single thing before the disaster or else I would be with you.
Only if you value the wrong things.
My Dad worked full time till he was 65. I’m still shocked when I see a 55 year old retiree.
I retired at age 50 at the end of 1994. I’m almost 66 now and not about to go back to work...period!
Retirement? What the H is retirement?I am 58 & will be working till the inevitable dirt nap.
Me either I do not want to give them anymore money then I have too :)
My father is 78. He still works full time. Not because he has to but because he wants to. He’s already travelled just about everywhere for work and on vacations. He doesn’t believe in being idle.
Back to work!!?? I haven’t stopped yet...
Pretty good slam...
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
I leaned my lesson years ago when counseling new retirees who would show back up at work two weeks later griping about having nothing to do. The only reason to retire is if you hate your job or profession and are looking for a productive change to something else, be it carving lawn flamingos or starting a vineyard. If you love what you do (and I do), “eligibility” for retirement should be based on drooling and wet pants....and I am not so sure about that! Likewise, while a lot of younger workers want jobs, they don’t want to work, so someone has to do well what they won’t or can’t.
I think it is different if people want to than being forced to because all their money was looted though and I find plenty to do and I am so sick of paying so much in taxes I don’t feel like feeding the government hogs anymore than I am forced to now.
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.
Read the rest of the replies and the number of ‘die in the saddle’ types is heartening. We didn’t get to this place by going out to pasture (ie giving up). I still have lots of good yrs left in me...why waste them moldering around waiting to die. My hats off to you guys!!!
My dad’s been doing it for 29 years. Best thing he ever did. Mellowed him out and smoothed off the rough edges.
I retired at 61, got layed off, as a manager the best way to go. Told my sister and my old Ma to get out of the market in 2005, they didn’t listen, I can’t stand the weeping and knashing of teeth.
You make an intersting point about the sitution of death before having an opportunity to retire. That circumstance illustrates very well the preoccupation that Americans have about rainbows or at least the end of them. We forget to live each day as it may be our last and somehow transfer the notion of mortality to an envisioned time of rest, choice and pleasure (ie. retirement). Unfortunately, as you observed, it does not always work like that.
What's worse IMO is parents retire and expect the kids to come checking on them all the time while they sit and complain. lol
I think they're too young to retire anyway. Same with the majority of Baby Boomers, if they're still productive, why retire?
I think the state needs to stop being so generous with retirement packages.
I retired at 62, five yrs. ago, work part time 12-20 hrs./wk. My call.
It’s my ‘mad’ money. But I went a few yrs. doing nothing, for money anyway.
As long as there is Free Republic I’ll never be bored.
I’m 54 and I never plan on retiring. I fight fire and do sports photography. It’s more fun than a vacation.
“What’s worse IMO is parents retire and expect the kids to come checking on them all the time while they sit and complain”
I can’t keep up with my parents, who octogenarians. They go all time, volunteering here, serving there. About 20+ years ago newly retired couple bought the farm next door to my folks and the man and my father are like peas and carrots. Always something going on from cutting down trees to building stuff, digging holes, cruising town,— a real difference from my dad’s earlier life as a business man. Of course, he’s slow down now, has to take naps every day but that’s par for the course at that age.
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