"Welcome to Wal-Mart, get your ____ and get out!"
Posted on 05/02/2019 9:36:34 AM PDT by Vigilanteman
When older workers participate in the job market, it not only lowers unemployment rates but, in an economy like today’s, it fills a vital skills gap in the labor force.
A recent article from Reuters suggests that the economic boom of the past few years has been buoyed by Baby Boomers who have found their way back to the workforce. The report cites data from the Bureau of Labor Statistics that says 3 million Americans over the age of 55 joined (or rejoined) the workforce over the past three years. For perspective, that makes up approximately 60% of the total volume of new and returning workers between 2016 and 2018.
But Reuters cautions that “the trend may have run its course,” citing the shrinking of the U.S. labor force during the first three months of this year. BLS data says that the labor force – people working or looking for work – has been slowing since the baby boom post-WWII. Despite the recent rebound, it’s unlikely to be sustained long term considering an aging population, says the report. Additionally, 226,000 workers who are age 55+ exited the labor market last month, the highest rate in three years.
Outside of raising wages, businesses may find themselves in a position where they need to expand their criteria for eligible workers or face an employment gap. These might include considering candidates with unconventional backgrounds – even criminal records.
Not many years ago, we were in the midst of the ObaMao Era where older workers were discarded like so much used tissue.
Now that they are literally fueling the labor force participation rate, Reuters has to remind us we are running out of such workers. Part of the reason we are running out is because more of them can AFFORD to retire. As if that is a bad thing.
Nobody but idiots (and, sadly, we have plenty) wants to go back to where older workers were forced to hang-on and/or deplete social security faster because there were too few jobs.
Sure, if you’re a former CEO who’s willing to bag groceries at Kroger.
it fills a vital skills gap in the labor force
**************
Perhaps even more importantly, most older workers have a good work ethic that is a product of an earlier age. They will show up for work, take direction from managers, do their best, and not spend the entire day on their cell phones.
People my age, 63, will work and actually have a work ethic.
“”Sure, if you’re a former CEO who’s willing to bag groceries at Kroger.””
I clean a school cafeteria weeknights for $10 an hour but I do it for the exercise. My day job I make over 100 grand annually so it’s not a money thing.
Coming out of retirement....
If you are 70 1/2, you may collect your full Social Security check and still work full time. You may still contribute to a new 401k plan, but I am not sure if you would have to also make a minimum annual withdrawal on it.
If you live to be 141, 70 1/2 is only middle age.
Today, I am in the same profession and making over $7K annually than what I used to make, less than three years later.
Oh, and the jag-offs who thought I was so easy to replace? They had to hire two people to do the same job and are on their third replacement, last I heard. The $10K or so they stole from me didn't go very far, did it?
A couple of months ago, my wife and I bought a new home freezer to replace our older one.
Our salesman at Home Depot is 82,and we had bought several big ticket items from him in the last 5+ years.
Again, he offered me a job at 80 and my wife one at 78.
HD has hired many retirees from our church and other circles.
HD offered our grandson a job when he turned 18.
Of course the snarky haters of Trump and capitalism will find fault with these realities.
"Welcome to Wal-Mart, get your ____ and get out!"
Love your post! Glad I wasn’t taking a drink when I read that.
Already indicated to management I was retiring at 66 years 4 months for max SS, and they are in a panic. They hire younger people (technical assistance), and either they turn their noses up, or learn just enough to get them into the next job, and leave. Had one perp-walked out the door after 1 day due to total lack of work ethic (not a good way to start a new job). In that case, they were a hire via phone interview, and we now suspect the one on the interview was a ringer...sweet!
Just don't want to see jobs like mine going overseas, but already see that happening (to the detriment of US workers)...
Baby boomers have knowledge, skills and ability. The show up for work and they do a great job. If I wee hiring I would go against conventional wisdom and hire a baby boomer over an out of college millennial who doesn’t want to work unless it’s from the CEO’s office.
Congratulations. I wonder if yours is a common story...
Hey, don’t be a piker. If you live to be 750, you’re middle-aged at 375.
Good for you. It’s not a money thing. I wonder if that’s the case for most over-seventies?
Saw Chuck Yeager tweeted out recently how to live to be 120.
Step 1. Live to be 119.
Step 2. Be very careful.
Yeah. That Chuck Yeager.
That’s it entirely and I’m one of those ‘’older workers’’(I’m 63.) I work with kids from 18 to 35 and the 18 to 25 crowd is almost entirely useless. I work in a hospital. They are for the most part unreliable, insolent, petulant, unable or unwilling to take simple direction or even show up consistently or on time. And quite a number of them obese, walking down a hallway leaves many of them gasping. A minority of them, particularly the RN’s and CNA’s(nursing assistants.) do have some positive qualities but there is a gulf between two entire generations of young Americans to whom the idea of a work ethic is utterly incomprehensible.
you will have to take the IRS mandated distribution or pay a penalty.
I am still working and have been getting SS for 9 years. SS is not enough for anything beyond watching TV and getting fat at home.
I retired the month I turned 60. I have zero interest in ever going back to work. Which is a shame for employers, as I’m punctual, honest, can always pass a drug test and can always pass a background check.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.