Editing Baby Boomers are Retiring Later
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A current study by the Federal Reserve showed that more folks 55+ years are now working longer. This is a turnaround of the trend of a couple of decades back. It seems the Baby Boomers are not retiring as early. There are a couple of factors: 1. They can not afford to retire. Between greater living expenditures as well as wages not increasing to stay on par with inflation, there are fewer folks able to save for retirement. 2. In the United States the size of the national debt might suggest a loss of social security benefits at some point in the future. The large number of folks qualified for payments is increasing too. Federal government benefits may not be a reliable source of revenue. 3. With such a number of retiring workers as well as fewer more youthful workers to fill the work, it leaves work vacancies for the older workers to take. What company would certainly not really want seasoned, already trained workers in every field? Josh Zumbrun writing for "The Wall Street Journal" has pointed out that Americans are working longer yet eventually they do get around to retirement. We have not returned to the Dark Ages when folks functioned till they collapsed and died. <<blockquote>The change in labor force participation that has happened at each age has been biggest for workers in their mid-60s. From age 62 to 65, women are about 10-12 percentage points more likely to work today than in 2000, and men about 6-8 percentage points more likely. These are precisely the years when decisions to continue to work help optimize the size of Social Security payments and the years where some workers may choose to continue working until becoming eligible for Medicare. Americans’ retirements have been delayed, but not abandoned entirely. Having the financial means to retire is a big part of the story. But the vast majority are still getting to their golden years eventually.</blockquote> It needs to be pointed out that the trend to work longer applies for both males and females. What will the future hold for those reaching their 60's? Will they retire at 65 as their relatives did? It's doubtful as folks are also living longer now. Retirement for 30 years is expecteded to be expensive and also for some folks, somewhat tiring. I presume there will be more folks changing jobs in mid-life, much as the retiring military do now. The community colleges already supply excellent training and also correspondence courses. We see an increase in online courses too. What do you think is ahead for retiring workers and exactly what do you plan to do? Lillie Lacy writes for the website, Web Based Opportunities which markets educational courses to learn how to market online as well as several shopping networks. The quote in this post can be found here: <a href=""http://blogs.wsj.com/economics/2014/08/14/the-truth-about-retirement-for-baby-boomers/">The Wall Street Journal</a>.
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