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Two Thirds Of Americans Aged 45-60 Plan To Delay Retirement
With today's jobs number due out shortly, it is worth pointing out some of the key trends that we have observed in the underlying data stripped of month-to-month seasonal variance, which expose the "quality" side of the US non-recovery, instead of the far more manageable "quantity" side. First and foremost, as we showed over two years ago, and as the mainstream is gradually picking up, the US labor force is increasingly transitioning to one of part-time, and temp workers, which has key implications for wages, worker leverage, and overall job prospects, all of which logically are negative. But perhaps an even more disturbing trends is the conversion of America into a gerontocratic worker society, where the bulk of jobs are handed out to those 55 and over, which puts all young workers, not to mention college graduates, at a major disadvantage relative to far more experienced older workers, who are willing to work for less as they scramble to compensate for retirement shortfalls, and which prevents the natural rotation of the US labor force from older to younger.
And as the WSJ today reports, there is zero hope that this trend will change in the near of far future, as nearly two-thirds of Americans between the ages of 45 and 60 say they plan to delay retirement, according to a report to be released Friday by the Conference Board. This compares to 42% of respondents expecting to put off retirement just two years earlier.
The WSJ explains how the "recovery" is anything but especially to those who may have hoped to be able to afford a peaceful and quiet retirement:
Nearly two-thirds of Americans between the ages of 45 and 60 say they plan to delay retirement, according to a report to be released Friday by the Conference Board. That was a steep jump from just two years earlier, when the group found that 42% of respondents expected to put off retirement.
The increase was driven by the financial losses, layoffs and income stagnation sustained during the last few years of recession and recovery, said Gad Levanon, director of macroeconomic research at the organization and a co-author of the report, which is based on a 2012 survey of 15,000 individuals.
Matt Stern, 51 years old, a former analyst at a Manhattan hedge fund, met with a financial planner in December, days before he was laid off and the fund announced its imminent liquidation. At the meeting, the planner projected that Mr. Stern could retire at age 62. But now, with his assets down 10% to 20% from their 2008 peak, he is looking for a job and retooling his expectations for retirement.
"I might have to prioritize income over whatever calls to me on other levels," such as travel or being involved in nonprofit organizations, Mr. Stern said.
The labor force has been getting older for decades for reasons that range from longer life spans and better health to companies' replacement of defined-benefit pensions with higher-risk 401(k) plans.
But the stark increase in workers expecting to stay on the job—now 62%—was a surprise, Mr. Levanon said. After all, the stock market has largely earned back its losses, home prices are rising, and the unemployment rate is creeping down, all of which suggests workers should be feeling more secure.
Yet, lo and behold, just the opposite is happening, at least for US workers, if not for those 1% whose primary source of wealth is the stock market:
Many middle-aged Americans, though, drew down their savings during those lean years and now find that leaving the work force on their original timeline is no longer viable, he said.
They are also facing low interest rates, an uncertain future for Social Security, and a lower likelihood of receiving employer health insurance after retirement.
We suggest readers keep the above in mind once the spin brigade comes out full bore later today to spin the "great" jobs number which will add barely enough jobs to keep up with the population growth of the US.
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That ain't shit!
3/4ths of those under 35 understand we will have NO retirement.
Suck it up, grandpa.
Living the American dream......
Should do wonders to under 30 unemployement rate too.. Naaaat..
i ain't 1 of them. right on target for 62...
Retiring at 49, sick of the rat race.
a lot of retirements are going to be delayed till half past never
Even Mikey knows you don't want to work one day longer than you absolutly have to.
The funny part is that your average monkey spends about 8 hours a week engaging in actual work activity in order to survive. I think we humans have regressed.
Gonna get me a retirement job traveling with a circus or something so I can see the country.
I turn 55 in a couple weeks, canned two years ago after 34 years. So I'm zero income. I can draw $575/mo pension (70% penalty for early retirememt) starting March 1, but that would knock me off of $20 co-pay medical through local charity.
My pension has no COLA and with inflation running 10%-15% and zero hope of finding a job at my age, I'm just gonna have to cut back on my cocaine and Ferrari habit.
While student loan delinquency goes hyperbolic...
i ain't 1 of them
Brought to you by the progressive republicans and democrats. See.....we didn't get all of them!
it's called a multi-million $$ lump-sum payment from our good folks at pfizer...
Same here, 21 months to go and then some whippersnapper can have my job....please, take it.
march 30, 2013...
Bullish for Walmart greeters
No Walmart, in Canada over 60% of people retiring will start their own business according to survey. Ha Ha, what kind of business? Resale of Chinese goods, nail polishing or consultancy or something very orginal like sale of magic cow dung.
Selling vegetables from cart on street, booming business in 3rd world countries.
I personally will go for robberies.
Don't forget Herbalife!
lol
Screw that....100 ounces of gold, 2500 ounces of silver, and 250,000 in cash. I ain't working no mo.
Government workers "retire", collect their pension, then contract themselves back to the government. Been going on for years. Draining the taxpayer dry.
This gov't worker ain't gonna do that. I am going to be so glad to be rid of that employer.
In ancient Rome, they would work a person in the mines of Sardinia until they died. So what's changed?
now the tax the slaves and tell them they are free citizens and of course double their output quota. They also give them inexpensive tvs so they are immersed in an illusion that they are free and striving for a dream.
mmmm I saw a typo, think you meant American Nightmare.
Get back to work.
And most of the people in your age group voted for Barack Obama so, stop complaining, you hire a clown, expect this sort of result. Further, get your people organized and March on Washington to get rid of a corrupt banking system that is enriching a handful of Jews while killing the world economy.
I would suggest that, had the Republicans nominated Ron Paul, our age group would have swung pretty solidly Republican.
Because retirement is a natural right............... /s
Frankly, boys and girls, I was supposed to retire this year at age 55. The stinking real estate and stock market crashes, the loss of real income, the outrageous inflation (I know, there is no inflation--uh-huh, and of course I have waterfront property in the middle of the Mojave Desert I want to sell you. . .), the increase in all sorts of taxes and fees (I know, Obama "did not raise taxes on the middle class" blah blah blah), and now I am prepared to work 12 more years--until AT LEAST 67.
Sorry. It would be great for me if I could retire, and it would be great for you, as you could get a job, start a career, start saving, and get out of mom's basement. But the evil monsters in office in DC and the evil monsters stealing our money on Wall Street and the evil monsters in the MSM that cheer them on instead of holding them accountable, have ensure that it just ain't going to happen.
Well, that may or may not be true. But I do KNOW this--as long as those under 35 continue to agitate and vote for a radically Progressive, theft-from-working-Americans agenda, things will not get better.
There hasn't been a good President since, who, Washington? About right. And a good Congress? Maybe never. Bush I, Clinton, Bush II--all bad enough. All crooks and thieves and fools. But none of them--hell, all of them together on their worst days--did not put us on the glidepath to Hell that Obama has set out for us. IF YOUTH KEEP ELECTING these sorts of evil monsters, then YOUTH HAVE NO HOPE for their future.
Get rid of Obama, Clinton, Bush, Cheney, Biden, Pelosi, Reid, Boehner, McConnell. . . STOP ELECTING THEM. STOP SUPPORTING THEM. STOP ARGUING WITH EACH OTHER ABOUT THEM. JUST GET RID OF THEM.
Build your own futures based on liberty and an absolute commitment to the sanctity of private property.
Well the Baby Boomer generation and Echo Boomers plus the old ***ks love TV and loved Cronkite. The idiots who watch TV and Hollywood's crap have helped put themselves in the gulag. Keep watching because your viewership of Operation Mockingbird has made it possible. Amnesty Limbaugh is another fake too.
'Retirement'? Crazy fuckers are dreaming!
More talk by Clinton and Jesse Jackson of seizing retirement funds. They raided Social Security and the public pension funds.
It makes sense. In order to keep, and even better get, a voting demographic, make them dependant on the government. By seizing accounts, these people will vote for the party who promises more hands-outs, since they will now need them! Who needs dictators when you have democracy!
Seizing a 401K account presupposes that they don't already de-facto have it in their possession. I would suggest that you control the flow of funds from that account only to the extent that they choose to allow you that control. IRA accounts, same deal. Tax exemptions have a price.
My guess is that there are several triggers to total social chaos. One is theft of 401ks and IRAs by govt. Another is diminishment of 2nd A rights. Either of these, or several others, occur, all bets are off. Lots, and lots, and lots of people will oppose and defy by whatever means necessary. Perhaps the TPTB want these triggers pulled, as an excuse to install a genuinely complete control. But, for as long as they want things to remain normal, they had better stay away from these and certain other triggers.
100% of Americans 20-40 years old plan to never retire
20-40 yr olds dont plan much of anything actually.
When you have homicidal maniacs running the world, what exactly is there to plan?
"..what exactly is there to plan?"
Project Mayhem?
Agenda21?
I just want to say
Big Bro
Anyone get it?
Well that's why they call me the bus driver.
Cause i'm about to take you to SCHOOL.
And add in 30 million illegal aliens to the mix......its not 11 million.....well that is going to be good for the labor market...
Just getting our priorities staight....and doing the people's work.
I took out my 401K for $3000 in 2009 after being jobless for about a year and almost broke.
I went to AC with it, played poker, and won $5200. #bestdecisionever
Good move on the 401k; removing it that is. Why let the government keep your money hostage?
In a few years, when the handouts are gone and the currency debauched, retirement will go the way of the dodo.
Retirement is a myth. All good Ponzis come to an end.
Welcome to the new American Dream - Lasciate ogne speranza, voi ch'intrate.
Retirement? What is this word? "Retirement?"
Its one of those 20th century trems. The "old American" verison of "old English". Use of the word in the 21 century vernacular is quite out of place.
I've been saying for years. The FED has sold a whole generation into retirement poverty. This is a global problem. As the Japanese have said, the old should hurray up and die to make room for the young.
America Land of the Free, Litterrally!
Won't have to worry about what 45-60 yo's think when we go to Carousel...
Retirement! What a joke in my case it is work until I drop.
Pension funds are fooked. SS is fooked, 401ks are fooked. The frn is fooked.
That is just the way it is.
Looks like someone isn't running for public office.
The models of growth that 'economists' based these 'investment vehicles' are only possible under the best conditions- low energy costs, booming productive capacity, and an ever expanding employee supply(bottom level pyramid players) The deviation is now so out of whack on all of these levels, the only thing they can do is print print print. But what the fuck does that do? I don't need some asshole giving me twice as many dollars that are worthless. Of course, this is the design that our retarded society has been indoctrinated to accept.
Article:
Jesse Jackson Calls for Looting Pension Funds
Thursday, January 31, 2013 11:10 http://beforeitsnews.com/opinion-conservative/2013/01/jesse-jackson-call...
The liberal agenda is a long term move toward a socialist society. August 1993, Hillary Clinton proposed "Univeral Health Care." People scoffed....It will never happen.. they said. Affordable Health Care Act passed March 2010. 1997, Barney Frank "Every American is entitled to the American Dream of owning a home." People scoffed..Impossible they said...it's not realistic. The housing bubble of 2008. In the 1960's, marijuana was considered a drug. Today, it's a medicine.
Float a concept. Over time, let all the negativity dissipate. People become inoculated to the down side. The liberals then bring it to the mainsteam as a worthwhile endeavor. Today, what do we see? They are floating the concept that 20% of 401-K's need to be invested in US Treasury instruments. Think about this. The Federal governemnt is buying 90% of the debt that they are issuing. In other words, only 10% is being absorbed by real buyers. So when the Fed wants to ease back from Quantative Easing, who in the world is gong to bailout the Fed? You got it, your 401-K. The idea of cutting back our spending is not seen as an alternative by the boys in DC.
There are 10K Americans reaching retirement age every day. Right now the US pays around $800B in SS benefits annually. Within 5 years, it is projected that the US will pay out $2Trillion annually in SS benefits. Think about it. In 2011 the TOTAL amount collected by the USA in taxes was 2.5T. Huh?
One last thing....where does Jesse Jackson derive his income?
Marijuana is a medicine, the U.S Government evens holds a patent on its medical use:
http://www.mcsocal.com/blog/united-states-government-owns-marijuana-pate...
patent number is 6630507.
Marijuana was listed in the U.S. Pharmacopia until Harry Anslinger who was married to Treasury Secretary Mellon's niece, acted at the behest of Dupont and others and had it outlawed.
In the 1820's several American medical societies created the first edition of the United States Pharmacopoeia (U.S.P.).
The purpose was to identify and standardize the till then mostly botanical drugs in medical use. The book dictates the exact formula, parts of the plant, and the exact method of preparation of base drugs for pharmaceutical use.
Between 1850 and 1937, marijuana was widely used in American medical practice for a wide range of ailments. In 1851 Marijuana is admitted as as a recognized medicine in the 3rd edition of the U.S. Pharmacopoeia under the name of Extractum Cannabis or Extract of Hemp and listed until 1942.
The National Formulary and United States Dispensatory, less selective, also included monographs on marijuana and cited recommendations for its use for numerous illnesses. In 1851 the United States Dispensatory reported:
"Extract of hemp is a powerful narcotic [here meaning sleep-producing drug], causing exhilaration, intoxication, delirious hallucinations, and, in its subsequent action, drowsiness and stupor, with little effect upon the circulation. It is asserted also to act as a decided aphrodisiac, to increase the appetite, and occasionally to induce the cataleptic state. In morbid states of the system, it has been found to cause sleep, to allay spasm, to compose nervous disquietude, and to relieve pain. In these respects it resembles opium; but it differs from that narcotic in not diminishing the appetite, checking the secretions, or constipating the bowels. It is much less certain in its effects, but may sometimes be preferably employed, when opium is contraindicated by its nauseating or constipating effects, or its disposition to produce headache, and to check the bronchial secretion. The complaints in which it has been specially recommended are neuralgia, gout, rheumatism, tetanus, hydrophobia, epidemic cholera, convulsions, chorea, hysteria, mental depression, delirium tremens, insanity, and uterine hemorrhage."[2]
http://hempshopper.com/19th-century/92-1851-marijuana-is-listed-in-the-u...
"Where does Jesse Jackson derive his income?"
Corporate extortion?
Surely that # is a lot higher. 2/3?
2/3rd plan to delay retirement. 1/3rd are too stupid to figure it out.
Delay retirement? WTF are they thinking? They'll be put out to pasture long before they have any say in the matter, unless of course they run their own businesses, in which case they'll simply be Obama-cared, taxed and otherwise over regulated into oblivion.
I'm in that group, I knew 25 years ago that retirement was a pipe dream, and it still is. Nothing has changed, it has only gotten worse.
The new normal started a long long time ago. . .
And the other third will be jumping off a bridge. It's less work that way.
I plan to work till I drop because I know some pathetic mouthbreather entitlement-monkey college grad whose blank face is buried in his latest overpriced iMadolt device paid for by mommy will be unemployed and have a worse life as a result.
Besides, recent college grads coming out expecting $100k/year in tech with an MEMS (Masters Of Ethnic Masturbatory Studies) can kiss my ass.
I retired early .... because I noticed that "big guys" don't live as long .... and Social Security doesn't recognize that essential unfairness of life .... although, they do give preference for the stupid, the lazy and the black .... and because I refused to pay the AMT .... Alternative Minimum Tax !
That's because the lazy bastards planned on retiring at 50 and now have delayed to 55.
Plan to delay?....You mean plan on not having at all.
The only people I know who can comfortably retire are government workers. We have hordes of them around here.
Yup. And the very next day get another public job with a new pension.
Retirement will come when one is canned for being too freaking old. Then, no soup for you.
I will have plenty time for retirement , when I'm dead.
I blame fracking and falling gas prices for these stubborn bastards refusing to die. Screw you man!
Young people need jobs too. If it wasn't for the 1%, strategically driving down the cost of natural gas then these old bastards would die and the unemployment rate would be a lot lower. Grrrrrr, where's my heavy assault rifle man? I can barely afford a dozen mags.
Grrrrr, it makes me so angry! It's my god given right to own a home and to defend that home with automatic weapons. These 1% pricks are getting in my way, when is it my time?
Screw you man! Screw the 1% and their corrupt abundance of natural gas and their enslavement of the young on government hand outs...
Screw you all!
etc, etc, etc, and other consipracy nutball American bullshit.
It's a right to own a home? Where do I sign up?
Hopefully management will get out-sourced and filled with temp workers.. Then we might start a recovery
Charts are an interesting thing. I read about people going on Social Security or Social Security disabiliy because they can't get a job, then a chart shows that they are the ones that are supposed to be getting the jobs. An amazing contradiction.
Not really...you can work for low wages and get SSD or regular SS too. But early retirement limits what you can make.
Most working-class Americans will find they have to delay retirement - until death.
Grandma and grandpa are getting their ZIRP on!
People are clueless. The banking cartel sold the dipshit Americans as well as the whole world on creating debt in order to prosper. The people bought it. You see, it not only a behavior that affects Wall st. Greed is universal and makes no distinction on class.
It was in the mid-sixties that the banksters sold the sheep;
"Hey America! Guess what? Have we got a deal for you! You know that house you grew up in? The one that your dad paid for in just 10 years on a factory workers salary. Yeah, I know he only made $6,000 per year, and his wife didn't have to work. Well, what if I told you if you just take out a 30 year morgage, you will have a slightly bigger house. Sounds good doesn't it? Why on earth would you want to pay a house off in just 7-10 years like your dad? Wouldn't you rather be an occupant of a bank owned slightly bigger house for 15, or better yet, 30 years? Here now. You've been approved! All you need to do is sign your own, and your future generations quality of life away on this dotted line. Alright! I new you were a smart person the moment I saw you. Congratulation!"
tl;dr
Did they mention that a lot of the ones "delaying" retirement are already drawing SS and working too? You can do that if you make shit money.
I make shit money, but will wait until 70 if I can.
I was going to retire but think I will have more fun hunting central banker hyde
Wall St. is greedy, but so is main st. The only difference is that Wall St. is smart. Or more accurately, devilishly clever.
2/3 plan(key word here plan...I suspect half of those will be added to work until dead) to delay and the other 1/3 will never retire...work until they die.
I can but won't, still love working!