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When No One Retires (hbr.org)
More and more Americans want to work longer -- or have to, given that many aren't saving adequately for retirement. From a report: Before our eyes, the world is undergoing a massive demographic transformation. In many countries, the population is getting old. Very old. Globally, the number of people age 60 and over is projected to double to more than 2 billion by 2050 and those 60 and over will outnumber children under the age of 5. In the United States, about 10,000 people turn 65 each day, and one in five Americans will be 65 or older by 2030. By 2035, Americans of retirement age will eclipse the number of people aged 18 and under for the first time in U.S. history.
[...] Soon, the workforce will include people from as many as five generations ranging in age from teenagers to 80-somethings. Are companies prepared? The short answer is "no." Aging will affect every aspect of business operations -- whether it's talent recruitment, the structure of compensation and benefits, the development of products and services, how innovation is unlocked, how offices and factories are designed, and even how work is structured -- but for some reason, the message just hasn't gotten through. In general, corporate leaders have yet to invest the time and resources necessary to fully grasp the unprecedented ways that aging will change the rules of the game.
What's more, those who do think about the impacts of an aging population typically see a looming crisis -- not an opportunity. They fail to appreciate the potential that older adults present as workers and consumers. The reality, however, is that increasing longevity contributes to global economic growth. Today's older adults are generally healthier and more active than those of generations past, and they are changing the nature of retirement as they continue to learn, work, and contribute. In the workplace, they provide emotional stability, complex problem-solving skills, nuanced thinking, and institutional know-how. Their talents complement those of younger workers, and their guidance and support enhance performance and intergenerational collaboration. In encore careers, volunteering, and civic and social settings, their experience and problem-solving abilities contribute to society's well-being.
[...] Soon, the workforce will include people from as many as five generations ranging in age from teenagers to 80-somethings. Are companies prepared? The short answer is "no." Aging will affect every aspect of business operations -- whether it's talent recruitment, the structure of compensation and benefits, the development of products and services, how innovation is unlocked, how offices and factories are designed, and even how work is structured -- but for some reason, the message just hasn't gotten through. In general, corporate leaders have yet to invest the time and resources necessary to fully grasp the unprecedented ways that aging will change the rules of the game.
What's more, those who do think about the impacts of an aging population typically see a looming crisis -- not an opportunity. They fail to appreciate the potential that older adults present as workers and consumers. The reality, however, is that increasing longevity contributes to global economic growth. Today's older adults are generally healthier and more active than those of generations past, and they are changing the nature of retirement as they continue to learn, work, and contribute. In the workplace, they provide emotional stability, complex problem-solving skills, nuanced thinking, and institutional know-how. Their talents complement those of younger workers, and their guidance and support enhance performance and intergenerational collaboration. In encore careers, volunteering, and civic and social settings, their experience and problem-solving abilities contribute to society's well-being.
I am retiring the instant I meet my relevant financial goals for doing so.
I did retire by selling my company. But if I hadn't why the fuck would I hand it over to a millennial or train up someone who is literally waiting for my generation to hurry up and die ?
https://www.google.com/search?...
Your balanced mutual funds didn't recover since the last two market crashes? The market as a whole rebounded in an average 1.5 years after the last few crashes. What kind of dog shit mutual funds do you own?
I don't respond to AC's.
My job doesn't pay as much as I would like. Waaaaaaaaaaa!
Dude, "some might call it slavery" is ridiculous. You are looking at it *all wrong*.
Slaves cannot refuse sex. You can. Slaves cannot quit and choose a different employer. You can. Slaves cannot refuse to be beaten. You can. Slaves cannot choose where they live. You can. Slaves cannot vote. You can. Your analogy is juvenile.
You like having things, like clothing, food, electricity? Well, somebody has got to produce all of that for you. You think THEY want to work for free? THAT would be slavery. No, you MUST give something back for all the effort they have put forth on your account. YOUR job is how YOU pay them back. The "tokens" are just a means of facilitating the exchange.
Yes, we have a problem wherein too much wealth and power are concentrated among too few people. But your analysis of the situation is idiot-level wrong.
When people in their 60+ are not retiring, that is creating a workforce where it is difficult to for the younger folks to advance
This is a variation of the Lump of Labor Fallacy, and is economic nonsense. There is not a fixed number of jobs in the economy, nor a fixed number of opportunities to be productive, and late retirements do not "hold back" younger workers.
Working at 80 something? I doubt I'll make it to 70.
Are you tracking it in ten-minute intervals and counting every little fluctuation as gain that you "lost" 10 minutes later when it went back to the price of 20 minutes before?
The Dow is up 200% over the last 10 years, 300% over the last 20, and over 1000% over the last 30 years. Anyone who invested in index funds funds "for decades" at least tripled their money (two decades), if not a ten-fold gain (3 decades).
If you were gambling picking individual companies, of course you could poorly. You claimed an index fund though, anyone can see what the indexes have done in 5 seconds on Google.
Ergo you're full of shit.
Furthermore, you claimed it was in 401K. Given a typical 50% employer match, which ALSO grew by 300%-1000%, the total return on 401k invested in index funds has been well into four digits.
Damned right. You didn't build that, you little shit.
Or us wealthier older folks could just use some of you younger ones for spare parts and helping us slow down the aging process.
I could literally retire right now and not run out of things to do for the rest of my life, no matter how old I may get.
If you define yourself only by your work, I have nothing but pity for you.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
I'm afraid it's not the increase of the number of single parents. The single fathers I've met in the last few decades struggle to be permitted to connect with their children, to connect with their spouses, to arrange some kind of stable home life as they approach retirement age. They have consistently been divorced by their wives, including the mothers of their children, who are "seeking fulfillment". The results are destructive to their children and to their spouses of whatever gender, race, or economic class, The increase in costs for multiple households, *which the dads or charity have to pay for 99% of the time*, drain all the funds that the greater income of the dads, or even of Social Security, might have invested in our retirement for both of us.
You want to help your kids, more than being white or wealthy or educated? *Stay married*, even if your spouse doesn't "help you feel empowered" or fails to use the correct pronoun-of-the-week. Because, lady, when you reach the age he is now, there won't be any kids or wealthy protectors to help you. We'll be as old as you and be interested in *much* younger women. And you'll have those kids you've taken from their fathers, with no help for their fortunes or yours.
And oh, for Pete's sake, stop with the "she has the hardest job in the world, she's a single mother!!". Yes, it's an incredibly difficult job, and it's a difficult job like getting off of crack. You chose it, now you and your kids have to live with it, and your "mom can get loans for college to study women's studies!!! mom can rely on Obamacare!!! mom can get a man if she needs one!!!" attitudes about it are dooming you *and* your kids to poverty when you reach retirement age. Because single dads die *much* younger, and having had to spend all that money on their own house and rent with no sharing. It's too late for you to get any, because they *already spent it*.
He's not saying "be productive". He's saying "climb the corporate ladder".
This is still "zero sum" thinking. It is only true if you assume that corporations don't grow, and new corporations don't form.
A higher retirement age means more people being productive, and a BIGGER ECONOMY. This leads to more economic opportunities, not fewer.
Furthermore, older workers tend to save more and spend less. This means more investment in capital, which increases the value of labor.
Much of the stagnation in wages over the last few decades has been because of too much consumption, too much debt, too little savings, and too little capital investment, which has been worsened by declining workforce participation. Wage stagnation has NOT happened in countries with high rates of savings and investment.
Pushing people into premature retirement is exactly the opposite of what makes sense. America needs higher workforce participation, not lower. We should be encouraging older people to stay in their jobs as long as they want.
Only the Left is fighting tooth and nail to tear down anyone who succeeds "too much", regulate innovation so it has to flee offshores, abolish protections for national interests, and dares to call anyone who sees the value of these things "racist".
Citation: You.
Trump kicked out the illegals and there are tons of jobs available. You need to look to the future instead of living in the past gramps.
Tons of jobs, as long as you're looking for jobs picking fruit, mowing lawns, flipping burgers, or emptying waste baskets after hours in office buildings.
The high paying jobs you wanted to come back are still in China, because everyone still wants a $99 air conditioner from Walmart.
And the really good jobs required you to go beyond getting a high school diploma and expecting to get a job at the steel mill or the Ford plant.
But I'm sure Twitler will bring those jobs back Real Soon Now.
or volunteer. Or get involved in politics. Or play video games. Or build model airplanes. Or teach a community college class. Or do any one of a million things folks can do when they're not working all the time. There's plenty of ways to be relevant w/o working full time.
Yes, there are some folks who don't know what to do with themselves if they're not working. But they myth that most folks are that way is, well, a myth. One I suspect the wealthy put in our heads like the old "Idle hands are the devil's plaything" bullshit.
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The option is to go back to existence before such tokens were invented.
It was utterly brutal. Most children didn't make it alive to reproductive age. If they did, females were stuck doing nothing but doing the procreating for as long as their bodies held together, because if you wanted any security should you survive, you needed to have enough children alive at the end of your procreative cycle that survivors would be able to take care of you in addition to their other responsibilities. Because when you lack such tokens, there's no handy way to monetize any skills not directly related to either surviving, or supporting the immediate surviving. "Ideas, inventions and contributions" that did not serve such people were simply ignored as useless.
Invention of money is one of the key breakthrough of human societies that allowed us to invent the "monetizing the future" aspect of work. Which meant that work that didn't have immediate impact on survival became doable without starving to death.
How many of these self employed are actually employed by someone who makes them mark as self employed in order to evade some regulations?
Avantgarde Hebrew science fiction
But, see, if you cherry-pick the cases of good behavior among people on your side, and equally cherry-pick the cases of bad behavior on the other side, you can turn it into "proof" of your side's moral superiority!
David Gould
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