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No Country For Young Men: 78-Year-Old Former Exec Still Flipping Burgers For Minimum Wage
We noted last week that recent job data shows a strong tendency for "hiring grandparents" as only the over-50s cohort have seen real employment gains since the financial crisis. No one epitomizes that reality better than 78-year-old Tom Palome who, as Bloomberg reports, went from VP or marketing for Oral-B to flipping burgers for minimum wage - because, like the great majority of seniors, he hadn't saved enough to retire comfortably.
As Palome notes, he is "a poster child for what a lot of folks my age are going through," as the ranks of employed Americans who were 65 and older jumped 67% last year to about 7.2 million from a decade ago, many of whom lack sufficient retirement savings. "I'm at the age where I'm not going to get out of this alive,"said Palome with a smile, "I plan to work until I can’t walk. I’m still the burger man."
“Inactivity drives me crazy,” said Tom Palome, a 78-year-old former marketing executive who works as a short-order cook and bartender to make ends meet.
The income supplements the $1,200 a month he receives from Social Security plus $600 from a pension from his last corporate job, enabling him to pay for airplane tickets to visit his children and two grandsons, home repairs and other extras.
A year ago, Bloomberg News profiled Palome’s odyssey through the working world of older Americans who haven’t saved enough to retire comfortably.
...
“It was overwhelming at first,” said Palome. “Suddenly I was the poster child for what a lot of folks my age are going through.”
As baby boomers age, the ranks of employed Americans who were 65 and older jumped 67 percent last year to about 7.2 million from a decade ago, many of whom lack sufficient retirement savings.
...
For the working elderly, in the race against the clock, the clock will win eventually.
“I’m at the age where I’m not going to get out of this world alive,” said Palome with a smile.
“It doesn’t matter what you do as long as you enjoy doing it. Otherwise you’ll perform poorly,” he said. “I plan to work until I can’t walk. I’m still the burger man.”
* * *
The most recent "good" jobs data showed the senior cohort as the big winner (or loser depending on your perspective)
Apparently someone forgot to tell those 55 and older they are retiring in droves.
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If minimum wage is increased, pretty soon robot-monkeys will be the ones flipping burgers.
How to Succeed in the World of Automation
http://www.planbeconomics.com/2014/09/how-to-succeed-the-world-of-automa...
Whichever Tyler posted this article needs to learn how to proofread and edit - whole lot of repeated stuff.
Ebola will fix this problem.
Burger flipper
VP of marketing
Which one provides more value to society?
Burger flipper
This epitomises the difference in work ethic between boomers and millenials.
What? That a millennial busts ass for 50 years so he can... flip burgers in his 70s? That whole work ethic thing is gonna really inspire them.
Don't worry. The government has a social security account with your name on it... oh wait.
This is a stupid story!
What is he doing flipping burgers when he has extensive business experience he can launch his own business with?
There's lots moar money to be made selling shit on eBay!
Pretty bad reporting. If he's only getting $1200/month SS, then he didn't work much of his life. Not really enough details, but something fishy here.
I'd say he's mentally ill. Why waste what little remains of your life flipping burgers at age 78? His SS and small pension are enough to live on in many nice areas.
Didn't a former president of General Motors end up as a dishwasher during the depression? I can't remember his name. The more things change....
Haven't found that story yet but here's a long forgotten good one from the Great Depression about GM:
http://en.wikipedia.org/wiki/Flint_Sit-Down_Strike
ebola or his cousins. The microbes totally own our asses.
By 10 to 1, conservatively, and as high as 100 to 1.
See, that's the problem with the microbes...they're leveraged way too highly. /sarc
Maybe they could get an elderly person who knows grammer and how to spell
And properly label graphs:
"55 and older" vs. "25 - 54 and older"
wtf???
It's spelled 'grammar'...
Periods are put at the end of sentences.
It is funny yet sad to me the resumes that come accross my desk for employment at my company. Public education teaches nothing of what the "Real World" needs. My question is this? How can teachers, that have chosen a shit job, and are not buissness people, nor are they motivational nor do they posses the capability to enlighten the entrpreneurial spirit in a kid going to educate? The blind leading the blind...
Exactly. Ditzy middle-aged women who suck at math and numb-nuts men who can't compete.
Carlos ..http://hedgeaccording.ly/2014/10/carlos-slim-america-movil-may-divest-on-mexico-west-coast.html
Only 3 things needed to succeed in the Obongo farceconomy:
LIE
CHEAT
STEAL
As the saying goes: Those that can, do: those who can't, teach.
Or as someone asked an interviewee for a job once, "do you have 20 years' experience or do you have one year's experience repeated 19 times?"
And those who can't teach, consult.
Or do all three, run your own business, consult and teach.
You're just pecking away at the symptoms, not the causes. The 'real world' is not an infinite and unsustainable growth paradigm built on a ponzi. We've been leading very un-natural lives for generations. In the land of the blind a one eyed man is king. ;)
Does he have an obamaphone? eBT? Subsidized cable? Dude is not working the system
Does he have an obamaphone? eBT? Subsidized cable? Dude is not working the system
Does he have an obamaphone? eBT? Subsidized cable? Dude is not working the system
Does he have an obamaphone? eBT? Subsidized cable? Dude is not working the system
Tom is my hero. No sarc. Best to you and your family.
Ón one level he is a hero but on another level he is a man who made foolish preparations for old age. He is fortunate his health allows him to do what he is doing.
It's telling to see jobs that were once the starting point and bridges for the young, now becoming the life line of the old.
How many of us can make really good decisions in a world like this? The best course is usually the financially conservative one but its not much fun, so not a big seller.
The best decision is to be born with a silver spoon in your mouth. If that doesn't happen, then one can decide to marry into money. If you don't marry into money, then enlist in the FSA.
If a dude flipping burgers in his 70s is your "hero" than this human society is truly fucked! Heroes used to be scientific geniuses and industrial titans; then in the 1980s and 1990s it was professional athletes, nowadays its burger flippers. Mike Judge's Idiotcracy is actually coming true.
/sarc
Hugh Akston knows something about flipping burgers as a post-executive career.
Historically low interest rates do wonders for savers, AKA people who are fiscally responsible. I FKing hate what has happened in my lifetime.
Everyone laughed at Robert Kiyosaki in the mid-1990s for making the then-bold claim that savers are losers, and they will be wiped out. Well, here we are in the new normal.
and it's a manufacturing job!
hooray!!
He's a workaholic.
You're telling me a VP of marketing isn't getting enough S.S. to shack up somewhere?
$1,200/month? As a VP of marketing his S.S. would be based on income of his last job.
Somehow, this story coming from Bloomberg about "people not saving for retirement" doesn't ring true.
No doubt there are many, many people who really need to work to survive - I don't think he is one of them.
Agreed. Something doesn't ring true in this story. SS is based on your highest 40 quarters of earnings. You telling me this guy didn't max it out (which isn't that difficult for an exec who spent years/decades working through the ranks)?
Just damned odd.
He has 1800 beans coming in every month and works so he can visit his kids. Have one of the kids put 10k into their house and add a room for gramps and he pays them 1k a month in rent and they make it back year 1 and gramps saves the travel money and when he is too old and needs help he is already living with the kids.
Yes but can he find a job flipping burgers near his kids' home? Those jobs are hard to come by these days. Maybe a job at Subway but flipping burgers? Not so easy.
Burger flippers in California usually come from somewhere else where English is not the primary language...
http://www.csmonitor.com/USA/Politics/2013/0508/In-Los-Angeles-1-in-10-r...
http://rt.com/usa/185188-immigration-statistics-california-us/
This one time in college I was pulling an all nighter with a couple of dumbass CS students who didn't do their part of the project. It was 3:30am and we were hungry as hell. The only to-go place open was Jack in the Crack. I pulled up to the drive-thru window. An overweight latina shows her face, and doesn't say anything. "Uhh.. I'd like to order something please." ... .. .. .. no response. Then she mumbles something - I can understand Spanish, but this bitch was speaking gibberish. Drove off in frustration to hit the Safeway instead. That was my last experience with fast food.
I never pulled an all-nighter, but I had a roomate who did in order to study for a test. He slept through his 8 am exam the next day. He then switched from electrical engineering to accounting or something.
Everyone is a VP in a small company or start up (and in banks, by the way). It may be a pipe dream operation.
come on...it's a Bloomberg article. waste of time
Oral-B is not a small company. Something fishy here.
Well, here is the calculation sheet. I'm about to have a steak with a glass of Cabernet so I'm not in the mood to do the math but a VP of Marketing had to be making at the least $100K.
My shit jobs at $40K will give me ~$1,600/month or so the S.S. Administration says.
This guy doesn't pass the sniff test.
http://www.ssa.gov/pubs/EN-05-10070.pdf
I did not read the article, does it say where he lives? If he is not on the coasts I can see his title sounding fancy but maybe only being good for 60k or so top end. If he was making good coin I think he would be rockin a bigger pension than $600 a month
Plant City, FL. It's ~30 mins away from Tampa.
I can tell you for a fact that when your time comes to collect you either won't be getting $1600 per month or your $1600 won't buy shit. Not your fault but just the way things will work out thanks to US politicians.
I agree.
lol...they're probably garnishing his unpaid student loans from his SS check...
I was thinking the same thing. He's the burger guy.
SS is not based on your last job, but your average contributions over the years. Having said that, however, it does seem a bit strange that he would only have about $1200 in SS coming in....very strange indeed.
I think the current maximum monthly payment from SS is $2600. Tom is 78 and probably retired 15 years ago. The Cost-of-Living increases are based on the falsified CPI. He was probably VP in a small company and he had a title, but not a high salary. So $1200 is believable.
Crazy.
I could live comfortably on $1200 a month.
I could too, down by the river.
I could as well - if I didn't eat.
So he has no student debt, owns a home with no mortgage, covered by medicare, $20k per year income for sitting on his a$$ and I'm supposed to feel sorry for him when his hobby is flipping burgers for minimum wage? poor baby, que the world's smallest violin...
Something tells me that the Stupid Donkey has student debt, a mortgage, no Medicare coverage, earns less than $20k per year and busts his ass for it.
Am I close?
No student debt because he worked his ass to pay it off. Covered by medicare because he paid into it for all of his adult life and is deserving of its protection now. $20K income not for sitting on his ass but as a return for the work he did over the years and paid into it. And maybe he is flipping burgers to feel useful and to supplement his income - what is wrong with that?
No one asked for your sympathy which a person like you seems to have little of anyway.
i think a lot of retired folks would rather keep working because it provides some structure and responsibility to their lives. i have watched many people retire and many retired people live out their retirement. there is a chilling stat out of florida that the mortality rate for retired men within a year of moving to florida was very high. women of the generation studied had mostly been homemakers and not career women if they worked so their seque into retirement was not as severe. that was the reason given for their longevity. it seems the key to a successful retirement was/is activity. sitting around the house watching tv was/is a killer. once your legs go you are done. establishing a regimen of daily activity was/is the key to a long retirement.
in this current age of career women retiring it will be interesting to see if they keel over at the same rate and age as men.
retirement is a recent development, anyway. you were never suppose to retire unless you had the money to. otherwise you were expected to work until you died.
I just don't get that. There are so many hobbies and things to do out there, I don't know why anybody would want to work at a job to "pass the time". Unfortunately a lot of folks need to cling on to metaphoric handrails, and need an authority figure (a boss) constantly telling them what to do, to give their existence some type of meaning.
Bloomberg is so lazy they reword this same story at the same time every year, with the same guy.
"I plan to work until I can’t walk. I’m still the burger man."
If you look at the individual, of course he is responsible for his circumstance.
Once he can’t walk he’ll want us to flip his bills and replace joints because of pain he didn’t plan for.. .
Euthanasia now!!!
guys like this are the type of worker bees the powers that be loooooooooooooove- people who feel the only purpose in life is to work until they die rather than just sit back and relax when they are able to. It is frustrating s bit to me to see many seniors who don't HAVE to work still working just because it seems to make them feel worthwhile. Give me their free time they don't want as there is a lot of stuff I have a backlog of doing because the majority of my life is spent at my job.
Me personally, I don't see the point in being born just to spend an entire life working. I'm not a worker bee looking to be a slave to the queen and to me work is a means to make money to do stuff I enjoy and if I were to come into millions of dollars tomorrow I would never work another day in my life and I am in my mid 30s.
The great question is : If Robots replace all the minimum wage workers - who will buy the burgers?
I guess the last few working people in society - the men who maintain and sell the burger machines and it's supply chains.
Once these machines come in - they can get rid of the buildign as well. Just have a vending machine serving McDonalds and Burger King out of the same dispenser.
No one ever asks if these expensive robots are financially feasible. When you have old farts like the former VP in this story working for minimum wage the robot can't compete.
When unemployment is 100% because of the robot revolution, everything will be "free"
You don't pay for the air you breathe because it is abundant, and there will be such abundance in tangible goods that the concept of money and currency will be obsolete.
Vampyroteuthis ... No one ever asks if these expensive robots are financially feasible. When you have old farts like the former VP in this story working for minimum wage the robot can't compete.
----
No, actually over the long term, a robot is more feasible. You may have the occasional repair. But a robot does not require a wage which is generally the one of the highest cost to a business (labor). No breaks, no health insurance. No call ins for sick days or personal days. No vacation days. No bitching.
The only thing the old fart is displacing is a younger worker. A robot displaces both.
Once the meat is made out of landfill and cemetary plots, the bread from cardboard. That push button dollar menu will look simply delicious. Better that than carving-up one of the millions of homeless people living on the street. Only savages eat people, raw.
Let's recap here. This gentleman worked as a VP at Oral-B. He gets 1200 in Social Security and 600 from an annuity he picked up along the way. You'd think a VP would do fairly well, so what was he doing with his money? Women? Booze? New cars annually? Multiple alimonies? That's how I spent my money in my youth. What were we thinking??
All of the above. I've seen it up close and personal.
I'm a saver -- I commented about this in another thread today -- and people who aren't actively saving mocked me back in '07. In the area I lived with my now-ex-GF, in 2007/8 there were families with multiple $1M+ homes, driving new Escalades and Porsches every year, and they'd get all snooty about my driving a 10 year old Jeep and try to embarrass my GF about living in a rental house in a $600K neighborhood with no guards controlling entry. Just fucking insane. In '09 after the collapse, one of the worst offenders had three 1M houses in foreclosure, was in bankruptcy, and the snooty wife was working at starbucks as a barista.
I'm willing to bet the common thread to most of these stories will include being massively underwater in real estate and having almost no savings when things went south, and maybe having a wife bail out when it goes south. I was floored by how many marriages "suddenly" fell apart (with wifey leaving with whatever cash was in savings) in this wealthy neighborhood in '09. Safe to say the vows were meaningless.
What always shocked me is i could always tell it wasn't going to work out but no one else would even hear of it. As if faking it was good enough.
It really was surreal. I still see some of that thinking creeping back into the world in my area, but nowhere as bad as it was.
The hard part was the faking it had gotten to such a high level that there I was, pulling in well into the six figures annually, and looking/feeling like a failure in comparison. One of my lessons learned was to never live in a community that caters to the nouveau riche. When it all blew up (both with the economy and my ex) thanks to savings I was fine, and just moved back into my shithole ranch house on a few acres that I got in my early 20s. I'm way better off psychologically and financially today than I was five years ago, with no thanks to anything but savings and escaping the insanity.
It was when the new hire, FOB from Asia, was sitting for her RRE license, and the cleaning lady was MLMíng NutriSystem, and I could see the median income in my area but the house prices were way out of whack, that I knew it was off.
That was middle of 2006. I sat and waited for 2 years or less waiting for it to fall apart.
Then when it did I called the owner and gave him the ''Come to Jesus" speech. The one I had practiced from reading ZH, TF and ML-Explode. It was one of the better moments of my life.
Guys like that are flawed optimists, could not see that The World Had Changed and that what worked last Friday no longer worked this Thursday.
I had stashed and stacked, was driving a used car, renting nearby, did not buy, pulling in just under 6-figures. I bailed when stress levels went parabolic and salaries imploded. I did not have as much as some, but I had enough to lay around for 18 months, drive the continent, live in a few places and decide my next move.
This line applies precisely to me as well:
I'm way better off psychologically and financially today than I was five years ago, with no thanks to anything but savings and escaping the insanity.
Fucking love stories like this.
Nothing better than when the snooty nouveau debt get their comeuppance.
He could have been a VP of Sales, over rides, cash payments 1099's and other perqs that did not show up on his check.
$1200 a month is low. A fulltime worker who did 30 years in SS would get the maximum of $2500 a month, a VP definitely should. So he may have only worked that VP gig for a short time, put away some of that money from his high earning years.
He is likely just a normal guy who had low income years, paid his dues, and then made big money for only a few years.
That annuity suggests he was a cash only worker, and that has its rewards and risks. Up front more take home, back end lower SSI dispensations.
fuck off bloomberg..
Only in America!
The guy is 78 years old. He has kids and grandkids who don't give him a penny.
I live in China. My 88 year old mother-in-law takes turns living with three of us on a rotational basis. Everybody visits her at least once a week, bringing gifts and snacks and placing money on the kitchen table. There are seven kids and she wants for nothing.
What are this guy's children doing? Are they such failures that they can't chip in?
I'm sure they are preparing to send him to senior housing to die and snatch his home.
The difference is that Americans don't consider their children their property and don't run their lives, tell them who to marry, where to go to college, which subject to major in.
All things have positive and negative sides. With that freedom comes responsibilty for your elder years.
With your way of doing things, you have no life until you are 23 years old and even then you have to marry, then have a child.
Since your relatives ran your life, you can look forward to running your children's lives. In return they take care of you when you are old.
In America the parents DID NOT pay for school and house and car. There is NO big money gift given at graduation or at the wedding. So that lack of money has a downside, you are on your own when you are old.
It's slightly different.
Americans think that the government will provide them money and shelter when they are old.
In other countries adults give money to kids when they work and have good salaries, then kids provide care and money in return.
Most older people would have enough if it was not for taxes (real estate and w whatever) ... It is the toafy banker government that takes away the security that people have built over time.
Bloomberg's recycling stories; they ran this a year ago.
Mike must be back in the saddle busy "adding value." The billionaire fascist is also cheap.
http://www.bloomberg.com/news/2013-09-23/why-100-000-salary-may-yield-re...
Not long now before fire and brimstone destroy Sodom
This story reminded me when I was in a supermarket a while ago and this old guy (must have been in his 70st) was stocking cans on the shelves. I asked him why he was still working and he said that it wasn't for the money, he just needed something to do. I thought how pathetic that the only fulfillment this guy can find in life is stacking can in a supermarket. Life has so many thing to offer, people just need to be able to shake off their chains and live.
That is pathetic.
Maybe he was too proud to tell you the truth?
He needs the income.
Poor people still have some pride left.
True CK and many people have enough retirement to exist but cannot afford do anything other than watch TV. To jump on anyone's shit because they work is F'd up. this old man never would have been able to get the job if it wasn't 'beneath' today's youth.
It could be that he's only getting 1200 from SS because he earns to much. He bartends as well as flipping.
Well, somehow I have a feeling that some time in the future, there will be more widespread diseases that target the elderly..
And just happened with the epidemic, US is saved from bankruptcy. Medicare and social security is saved.
And around the same time, similar spread of disease will also eliminate a lot of the elderly populations.
OK this guy is 78. He should have been able to buy a nice home at very affordable prices back in the day - 2 times salary at the max. Now those 40 - 60 k homes go for 400 - 600k in areas where the jobs are, but they are at least 4 times the salary of the equivalent job.
Paying the current bubblelicious real estate prices will guarantee you will be worse off than this man, he was able to at least pay off his mortgage, just not much left over. Most people will not be able to save any money, let alone pay off thse enormous mortgages on these insanely priced crap shacks.
and you never really own them, real estate taxes in many states are worse than a mortgage and you are never, ever done paying government for the 'privilege' of living in the home you 'own'.
Who does Palome vote for?
The way things are going, 78 will not be most peoples chart.
Fuck this jerk-off and the rest of his "I need something to do" ilk.
I have many friends - let's just call them "associates" - with substantial savings now turning 61-62-63 who haven't gotten a clue and continue to slave away for retirement, which, for many of them, means continuing to work.
What a bunch of saps. I stopped working full time in 1999. I will turn 61 this year. Of course, I've always been beyond the curve and outside the mainstream. Stopped working for major corporations in 1978. Ran my own business from 1982-94, changed locales and worked for small companies for five years, returned back to the area in which I grew up and just simply walked away from "chasing the dream."
I won't get much from SS, since I never put much in, and I'm perfectly fine with that. Have two small businesses on auto-pilot, need about 3-4 hours per day total to operate and I have 2 1/2 acres to farm. I have more than enough to do to keep me "occupied" and more than enough money from savings and continuing earnings. Not rich, but not poor, either.
Many of my associates have upwards of $500,000 in stocks, savings, etc., plus will be looking at SS and pensions, yet they can't take the leap to retirement. Total douche-bags, many of them insist on financing new cars, doing kitchen and bathroom makeovers, taking expensive vacations, and the rest of the muppet-like activities that typify moron baby boomers.
I went into semi-retirement 15 years ago with less than $2000 in cash, lived frugally, happily, took care of my aging parents until their deaths. Maybe I'm wrong, but I stopped chasing the almighty dollar a long time ago. When people ask me about farming, they ask if there is any money in it. I tell them, "no, there's food in it."
If the SHTF, they'll be at my doorstep for handouts because they haven't a clue of how to fend for themselves and I'll happily trade them a few hours of work on the farm for some fresh produce. Maybe some will actually enjoy putting sinew to hoe and earth, fresh air, clean water and delicious, nutritious food. Others, like current GF, will complain that they eat plenty of vegetables but still feel like shit. I've commented that the vegetables she's been eating are coming from the mega-farms and are all GMO with virtually no nutritional value.
My produce is all non-GMO from heirloom seeds, grown without pesticides in pure, rich soil and mulch from leaves.
Sorry form rambling, but this ass-hole (seriously, what a fucking moron), who flips burgers and bartends for extra cash, enabling him to pay for airplane tickets to visit his children and two grandsons, home repairs and other extras
is the typical sick American for whom I have little to no use. Bet the guy doesn't even drink or smoke. Worthless. My advice to him is to get some weed and a bottle of some decent whisky, a few porn tapes or magazines, grab his pecker and jerk himself gracefully into retirement. Fuck the kids and grandkids. They probably hate when you come to visit, just don't have the nerve to tell you you're a pain in the ass.
Fuck this guy, fuck Bloomberg, fuck the government and the bankers who made this kind of lifestyle not only acceptable but desirable. Yeah, and fuck Hallmark, too. Too many damn holidays.
Fuck off.
I don't agree with some of what you said.
But I wholeheartedly admire the spirit with which you said it.
I don't buy new cars. My wife is the 'vacation' nut. I haven't taken more than three or four days per year in decades.
The work life sucks. But I have to do it for a reason I can describe in one word: MORTGAGE.
Used to dream about buckling down and paying it off before my 40's.
Now in my mid 40's and have another 30 years to pay. Work has moved me every four or five years since I came from the womb.
Every home sale has been a loss. Even when I took a capital gain, after realtor's fees, taxes, etc it was a loss.
I'd have been financially better off if I'd have taken a job for half the money, and stayed put.
Oh well.
Barley planting is due this week... Maybe I'll get something to malt out of it next May.
"like the great majority of seniors, he hadn't saved enough to retire comfortably."
When interest rates are held artificially low by the Fed and their ilk it does not take long to burn through principal in order to survive. No one foresaw these current communists and fascists taking over America and it's economic system so easily.
I agree on the low interest rates impact on seniors.... but I think a lot of people saw this coming.... for a long time. We've been heading down the japanese path for a long time. What's that? a central bank putting it's banking clients out of business? We can't have that.... we need zombie banks so banker buddies can continue to get their billion dollar bonuses. winning!
Many older folks are still working because they actually know how to do their job, were raised with a work ethic. and are willing workers that have a tradition of taking pride in their work. Given the choice between such an employee and one from the younger generations, who only think in terms of maximizing their paycheck, think of their employment as a "position" rather than a job, regard their employer as their personal ATM machine, and believe that the watered-down education that their parents paid for in the hope that it would change their pattern of total useless dependence is an entitlement, it is little surprise that older workers are in demand.
I never really understood retirement......when they asked Duke Ellington when was he going to retire...
he looked bemused and asked 'And do what?'.
no wonder it's hard to understand. It was yet another invention of government to herd the cattle, apparently originally by Chancellor Otto Von Bismarck of Germany in 1883.
I agree, it makes no sense. Not only that, but I've seen it literally kill retirees.
To make things worse an American born in 1945 can expect nearly $2.2m in lifetime net transfers from the "state" far more than they pay in, and far more than any previous group. A study by the International Monetary Fund in 2011 compared the tax bills of what different age citizens pay over their lifetime with the value of the benefits that they are forecast to receive.
The boomers are leaving a huge bill. Those aged 65 in 2010 may receive $333 billion more in benefits than they pay in taxes.This is a heavy burden to place upon the young. The article below delves deeper into this subject.
http://brucewilds.blogspot.com/2013/03/the-young-will-be-burdened.html
this is one off the reason the economy is bad is because if people dont retire there no jobs opening for people coming out of college in high school to fill because there all being fillied by people who should be retired
If I were 78 y.o. and flipping burgers was all I could get, Instead I'd rob and kill every living douche who ever pissed me off. Whats the law got on you when you're 78?