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For some kinds of work, the labor cost savings of massive retirements may well provide the incentive to invest in more automation. That initial cost and maintenance is still going to work out to far less than ongoing salaries, taxes and benefits for the bottom line. Counting on the bulk of baby boomers retiring over the next 10 years may be false optimism.
At the same point though all it takes is for some businesses to add a physical component to it. If it is connected to safety then it is open ended. If someone cannot see well, hear well, have bad dexterity etc.
"The best way to help the economy thrive is to ensure that everyone who wants a job has one whether they be 18 or 80, thus enabling a greater portion of the population to continue putting money into retail, 401k, housing, etc.
But it makes little sense for someone to be withrdrawing from a 401k at the same time of paying into it. The same with social security and medicare. There's nothing wrong with taking something you earned. Consumption is mostly in 20's and 30's. After that if there are no children it kinda fades and is just retirement. The largest things people can spend on would be a car, an education, a child, a house, a retirement. So if they graduated, have a car, rent in a city and don't want kids then it's just retirement.
"Many who would consider retirement as an option aren't able to retire for various economic factors, and as well, there is no incentive for people in their 60's to retire when the maximum SS payout doesn't come until age 70. "
But the life expectancy varies quite a bit. Women more then men. Not everyone lives to the age of 65 let alone 70. Tomorrow I'm going to the second wake in the past four months for a former coworker and neither one of them reach 70. One just turned 65 and the other I believe was 55. When you look at some of the obesity problems in the USA let alone alcohol problems (10% of all deaths now) not everyone is really going to reach 65.
At the same point though all it takes is for some businesses to add a physical component to it. If it is connected to safety then it is open ended. If someone cannot see well, hear well, have bad dexterity etc.
"The best way to help the economy thrive is to ensure that everyone who wants a job has one whether they be 18 or 80, thus enabling a greater portion of the population to continue putting money into retail, 401k, housing, etc.
But it makes little sense for someone to be withrdrawing from a 401k at the same time of paying into it. The same with social security and medicare. There's nothing wrong with taking something you earned. Consumption is mostly in 20's and 30's. After that if there are no children it kinda fades and is just retirement. The largest things people can spend on would be a car, an education, a child, a house, a retirement. So if they graduated, have a car, rent in a city and don't want kids then it's just retirement.
"Many who would consider retirement as an option aren't able to retire for various economic factors, and as well, there is no incentive for people in their 60's to retire when the maximum SS payout doesn't come until age 70. "
But the life expectancy varies quite a bit. Women more then men. Not everyone lives to the age of 65 let alone 70. Tomorrow I'm going to the second wake in the past four months for a former coworker and neither one of them reach 70. One just turned 65 and the other I believe was 55. When you look at some of the obesity problems in the USA let alone alcohol problems (10% of all deaths now) not everyone is really going to reach 65.
What about medical consumption? This is often one of the most expensive, if not THE most expensive, item people consume, and the rate of consumption usually increases drastically with age.
That is true but the other factor is these days we can identify diseases and conditions that we could not before and that can happen on all ages. Some of the most expensive people have actually been much younger.
41 and costing millions. I could argue that a legal organ trade could create more possibilities but that's actually a whole paper.
I personally know a man who received a heart transplant. Prior to that he was alive but not really active. After getting a new one he said he felt like a new man and wanted to get back to work and do things.
At the same point there are different costs with aging. Medicare does not cover dental care. Dental care easily can get into the thousands even with healthy people.
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Since I last posted here we have had 4 more retirements in this location. So far this year there have been 12 that I know of, and we have several locations. That's about 3%. Here at least, the boomer exodus seems to have started. Most of these are middle-upper management, and many openings will probably be filled by promotions, creating lower level openings that generally pay $25-30/hour. For those that I have spoken to, all are in the 60-65 age range, and some say they would have left sooner but for uncertainty about the economy which seems to be smoothing out now. They also are almost all planning to stay in the same home, rather than downsize, which I thought was interesting.
Exactly. What some do not get technically is although the number of jobs might not be going technically up retirements are. As people retire those jobs are filled and the unemployment number drops.
Make no mistake it is a sensitive subject. Not everyone has kids or attends higher ed but eventually I would argue people want to retire someday.
I plan to retire by age 50. I am 34 now. I currently own my own home and have 3 rental properties. I plan to buy 1 rental property every year for the next 6 years. I currently average about $3,500 a month in rental income, my goal it to be making $10,000 a month in rental income by age 40. Then, since I only do cash-out refinancing with a 15 year loan, I will own the properties outright by 50-55 and everything will be pure cash flow. Life is too short to work to 60+. I want to enjoy the best years without working for anyone but for myself.
Most Baby Boomers aren't even close to retirement, even early retirement, yet.
I have to laugh at you guys that talk about retiring in their 50's when the retirement age has been kicked up over the last couple decades.
To answer your question about what these executives "did" with their money, they spent it like most people do.
Newsflash: retirement in the 50's was never common, was never a "standard" (well, unless you count dying at 55 as "retirement").
The people that I know who retired in there 50's were people that worked for the big3. Union workers can retire after working 30 yrs. they would get full pension and medical from either GM, Ford , Chrysler. These were negotiated by the UAW many yrs ago. My good friend just retired from Chrysler at age 55. The company even gave him a $25,000 voucher towards a new Chrysler car or truck. So now since he is only 55 and still feels like he is in his 30's he is now working another job. Still collecting full pension from Chrysler. His new job is in construction they hired him because he was dependable. He said they hired younger kids as his boss would say, and that they ould not show up to work, or come in late, or ***** about how hard the work was. Baby boomers have a strong work ethics like there parents before them. But todays generation have this since of entitlement. They want to start at the top, they don't want to work there way up the ladder like the boomers had to. IMO that's why some companies like hanging onto older boomers, experience and commitment. How many younger workers plan on staying at there job untill retirement. Many today do to much job skipping and that is why IMO companies don't want to hire them. Me I'm retired I worked 40 yrs. 30 years at my last Job. I ran circles around the younger workers there. I worked in a warehouse for the largest sportswere wholesaler in the country. I started when we only had 10 employee's when I retired we had over 2,000 I had the most time at the company. Our turnover rate was high because the young people we hired did not like the physical part of the job.
The people that I know who retired in there 50's were people that worked for the big3. Union workers can retire after working 30 yrs. they would get full pension and medical from either GM, Ford , Chrysler. These were negotiated by the UAW many yrs ago. My good friend just retired from Chrysler at age 55. The company even gave him a $25,000 voucher towards a new Chrysler car or truck. So now since he is only 55 and still feels like he is in his 30's he is now working another job. Still collecting full pension from Chrysler. His new job is in construction they hired him because he was dependable. He said they hired younger kids as his boss would say, and that they ould not show up to work, or come in late, or ***** about how hard the work was. Baby boomers have a strong work ethics like there parents before them. But todays generation have this since of entitlement. They want to start at the top, they don't want to work there way up the ladder like the boomers had to. IMO that's why some companies like hanging onto older boomers, experience and commitment. How many younger workers plan on staying at there job untill retirement. Many today do to much job skipping and that is why IMO companies don't want to hire them. Me I'm retired I worked 40 yrs. 30 years at my last Job. I ran circles around the younger workers there. I worked in a warehouse for the largest sportswere wholesaler in the country. I started when we only had 10 employee's when I retired we had over 2,000 I had the most time at the company. Our turnover rate was high because the young people we hired did not like the physical part of the job.
Oh god, so much misinformation in this post.
This is not 1981 any more. Please stop comparing the past with the present.
I can only speak for myself and my wife since we are retired for 7 years now. Neither one of us would ever work again unless we had to. Doing what you want, when you want is superior to working for a living. Period. Both of us had jobs we enjoyed. We live simply, have no debts, downsized to a single level ranch style house in a suburban middle class neighborhood, lease a new car every three years. We have no financial worries because we spend less than we take in. We don't waste money but we don't skimp either. As long as you have enough to live on, have people to talk to, can cook your own food, enjoy simple things, and are relatively healthy, retirement is still the dream you can achieve.
[quote=Vannort54;35602710 He said they hired younger kids as his boss would say, and that they ould not show up to work, or come in late, or ***** about how hard the work was. Baby boomers have a strong work ethics like there parents before them. But todays generation have this since of entitlement. They want to start at the top, they don't want to work there way up the ladder like the boomers had to. IMO that's why some companies like hanging onto older boomers, experience and commitment. How many younger workers plan on staying at there job untill retirement. Many today do to much job skipping and that is why IMO companies don't want to hire them. Me I'm retired I worked 40 yrs. 30 years at my last Job. I ran circles around the younger workers there. I worked in a warehouse for the largest sportswere wholesaler in the country. I started when we only had 10 employee's when I retired we had over 2,000 I had the most time at the company. Our turnover rate was high because the young people we hired did not like the physical part of the job.[/QUOTE]
Not really. You have to consider a few things here about that "entitlement" mentality.
Post 2008 who bailed who out again? The government bailed out corporate America.
It is not job skipping but frankly when companies do not train people, automate, outsource, skip out on paying taxes well what do you expect? They don't even honor each others experiences as the lawsuits proved.
Also with the strong work ethic of baby boomers you have to remember that frankly what exactly was the hardship again? Free love with hippies? End of the draft, end of the Vietnam war, Roe Vs. Wade, affirmative action, most manual labor being automated etc.
Unless you are a women, African America, gay, served in the military or were disabled then it was pretty easy going. Who drove up all the debts in the world again....yeah thanks for that IOU.
Attacking the youth is pretty bad because how exactly do you want baby boomers to retire unless they can sell off their assets? If younger generations cannot afford to buy them then that means you have to discount what you have and that is exactly what is going on now.
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