Golden Years... Or Tears: More US Seniors Are Still Working Than At Any Time Since The '60s

Long walks on the beach, holding hands in a hottub overlooking the ocean, working on your golf game...in Hawaii, treating the kids and grandkids to treats and trips - we have all seen the commercials of how great 'retirement' can be (or could have been), if you just put a little more money into the stock market via your friendly local asset gatherer.

Well, sad to say, as Bloomberg reports, more and more Americans are spending their golden years on the job.

Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to the U.S. jobs report released on Friday. The age group’s employment/population ratio hasn’t been higher in 55 years, before American retirees won better health care and Social Security benefits starting in the late 1960s.

And the trend looks likely to continue. Millennials, prepare yourselves.

Older Americans are working more even as those under 65 are working less, a trend that the Bureau of Labor Statistics expects to continue. By 2024, 36 percent of 65- to 69-year-olds will be active participants in the labor market, the BLS says. That’s up from just 22 percent in 1994.

A number of factors are keeping older Americans in the workforce. Many are healthier and living longer than previous generations. Some decide not to fully retire because they enjoy their jobs or just want to stay active and alert.

Others need the money. One glance at the chart above may help indicate one big driver of pain - notice that as each major market crash occurs, the prime-working-age cohort and the senior-generation cohort inflects and diverges, as the wealthier, older generation comes face to face with reality as their long-term savings are decimated by reality stepping into stock markets.

The share of older people in the workforce is higher than at any point since before the creation of Medicare. Even more older Americans might be out there working, though, if they were healthier and had better job prospects.

And it's not just Americans that are 'not' living-the-dream they were sold by various asset managers...

Around the globe, workers of all ages are moving their retirement goals later and later in life.

If Yellen will just keep the dream alive for another 30 years then the enitre boomer generation can retire wealthy... right?

Comments

vato poco Arnold Tue, 07/11/2017 - 19:33 Permalink

silly serfs! peasants don't get to retire. who do you little people think you are, anyway? but hey! tonight on the kardashians show, kimmy and her sisters are gonna fuck a *donkey*!!! Much better than any boring ol' life of leisure ... so we're good, right? no more of this troublesome 'retirement' talk, yes?

In reply to by Arnold

buttmint Arnold Tue, 07/11/2017 - 23:41 Permalink

.....retirement is the day you die. Much better to keep working. The adage is thus "...if you enjoy your work, you never work a day in your life." So very true. One can work half days, whatever. Get inventive. I take 6 months off each year and live in Thailand...why not? It's my life.I actually SAVE MONEY by living in Thailand. My style is called "bpai bpai-mah mah." It means "back and forth." It works well with Thailand. For a ANY falang to move and try to live in Thailand fulltime, sorry it will NOT WORK, why?Easy...we are Occidental and living in the Orient represents a STEEP learning curve. Learning that YOU DO NOT LIVE IN PATTAYA fulltime is a real breakthrough. It is wise to GO HOME. Being away from USA makes one appreciate its strengths and challenges much better. I come back revived and charged up to work on my own projects. Work at BurgerLandia? No can do. All Males are Guided by FIVE Important precepts, NO PARTICULAR ORDER. More on this in a bit. We need:1) Sex, intimacy, love, affection. Touching. Massages!2) Food. Tai food, are you kidding me, $1.20 for a huge meal? Beer is included in this food category3) Money. The ability and the means to do whatever one chooses to do. To live within one's means, to pay off debt, phoney fiat or not. Bitcoin.4) Rest: sleep without interruption. I need to get my snoring attended to......5) Endeavor: creating something. Painting, Building, doing a remodel, hanging doors, building custom doors, being a dentista, anything!Here's the kicker if you have not seen this list before: guys want ANYTHING on the list---as long as it is different from what one just had. You got it---just got laid? Hungry. Or tired and want to sleep. In USA, if you ring the bell at five outta five items, I congratulate and bow in your honor and will buy you a brewski anytime in Thailand. Or American Craft beer---really, the world's best. You are lucky to have a balanced and sane life.Generally speaking, one does well in USA items 2 through 5. The sex dept? I'll leave that one alone. Put it this way: if you have not been to Thailand, all the stories are TRUE. It is best to just know that Thailand exists as an option. It really is off the charts. Go by yourself.So---what have you done? In USA, if no lady in your life for whatever reason, you have four outta 5 chits. USA is okay.You head to Thailand and swap sex and money chits----you are still 4 chits ahead---or are you? No----you are only 3 chits ahead, why? Lack of Endeavor in the Kingdom. If you have not lived extensively in SE Asia, then you will have NO CLUE what I am talking about. If you live in Thailand, your wallet is in auto-diode mode----that is, you are always PAYING OUT. This drives most men crazy. You can only replenish your stash from overseas. Illegal to work in Thailand. No, you cannot start and run your own business in Thailand, Try it and you'll be seeing the inside of a jail cell soon enough. This "Lack of Endeavor" is only slaked by sustained effort towards a worthy goal. Maybe you are a paramedic, or handyman.It doesn't matter. Living in Thailand fulltime can grow stale for some. This would include me. I love the place, can speak and write their stunning language and take long distance bicycle treks all over the Kingdom. If you ride motorbikes, then please----head to Thailand. It is as if you died and went to motorbike heaven. Thaiand has a fantastic bus system. Incredible medical system. In many ways, it is tailor made for retiring American males. Just watch your dinero and do not fall in love.  

In reply to by Arnold

garcam123 Arnold Tue, 07/11/2017 - 19:31 Permalink

You are so RIGHT! I'm sitting here waiting to die.........how fuckin exciting is that?I made a concious decision when I was young, and I got out of a lovely prison for smoking pot, that I would not be the same old slug working at some shit job.  I sold cars for fun and money when the mini-vans first came out. Seattle and North County San Diego.....the weed, the MONEY, anybody know what a laydown is? The fine hot ass, I talked my wife into to trying swinging.....wasn't really for me.  She later married a tranny who could fit into her clothes....my daughters hated the ducker from day one.I went off and worked my way up through construction and travelled the world smokin weed, taken acid and rockin and rollin......never fell, cut nothing, did high end metal stud work at Disneyworld and EPCOT.  I was the guy they came to for all of the trick stuff.....China and Japan Pavillions, Mexico too!  It was a fucking HOOT! The overseas and it suddenly ended about 2009 and that was it...........I'd almost go do an interesting project for nothing......You can't even imagine the cool projects I have run from Historical and structural renovations to remote, and I mean fucking remote techinical projects in BFE!I am so fucking sick of doing nothing and losing my stamina.  I sit and drink and watch SPEW TUBE and smoke bunky fucking weed all day. I keep thinking I can go back to the ocean and surf.......I better hurry the fuck up orit's over, maybe already............Yea, I'm fucking ready nto go.  I wish I had the balls that Robin Williams had.  I need a fucking dress!

In reply to by Arnold

garcam123 Arnold Tue, 07/11/2017 - 20:30 Permalink

yea a life ruined by living!.....just a part of life that has been wonderful in an explore the experience kinda way.  I guess of you're gonna go around once, may as well live it..........I really have!Just wanted to share some of the wonderful adventure with all of the industrialists and investors here......who may have suffered way through a rotten life 9-5in it for 40 fucking years!  2 weeks in bum-fuck somewhere, ......Dear......how exciting...can I log on at the hotel?

In reply to by Arnold

silverer garcam123 Tue, 07/11/2017 - 20:11 Permalink

Now ask yourself what your life would have been like if you were born in Rhodesia (now Zimbabwe). More excitement, adventure, and bugs. I couldn't predict if you'd feel the same way now, but hey! You never know what life will bring. That box of chocolates thing. Just be glad you weren't born Barack Obama. He'll never make it to the gates.

In reply to by garcam123

chosen (not verified) Tue, 07/11/2017 - 19:11 Permalink

Nothing wrong with working if you like your job.  Better than sitting home watching tv and listening to the wife all day.

izzee Tue, 07/11/2017 - 19:20 Permalink

They'll have to carry me out.
Anyway, what else is there to do.
He Died On His Feet.
They carried him out.

My dad...1911 - 1992

But then He owned the business, so there was that stake thing.
In these days to the Waltons and Jeff Bezos, that is getting ...Hen's Teeth.

wisehiney Tue, 07/11/2017 - 19:16 Permalink

Huffing and puffing and sweating and toiling to turn this place into a mostly self sufficient and  beautiful parkland is one hell of a lot better than stressing and rotting away in an office cage.

junkyard dog Tue, 07/11/2017 - 19:18 Permalink

Damn Tyler, cut me some slack. I am not poor and therefore need a part-time job. I need a part-time job to keep my mind and maintain a healthy lifestyle. I need a job where I move around, rarely sit down. I will do it for minimum wage, seasonal, I do not care. Job recruiters state you must have a social address. Only applicants with social media addresses are processed forward. Small businesses in this county need to look at what makes part-time help profitable. Stop letting hired guns decide from what you have to chose.

squid Tue, 07/11/2017 - 19:32 Permalink

I got news for Y'all.....The best way to dimentia is to stop doing anything when you no longer need to work.Best way to stave off dimentia, keep working...at something. That's just how it is. Squid

HRH Feant2 (not verified) Tue, 07/11/2017 - 19:42 Permalink

I just got a bid from a painter to do two small decks, no railing, flat. They need to be stripped, sanded, stained. One deck is 4X6 with one step the other is 4X8 with one step. The bid? $900. Neither deck has a railing.

Shit with a bucket, some chemicals, and stain you could make a killing in my neighborhood.

Am I going to pay $900 for those two small single level decks? Oh hell no. I am going to be doing that shitty job myself. Guessing it will cost $100 for materials. I may end up hiring a day laborer to do the job for another $100.

I appreciate small businessmen / businesswomen. But get fucking real.