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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.
The work-shy Left doesn't want to lift a finger to earn income. Meanwhile, the elderly can't even retire anymore.
I am retiring the instant I meet my relevant financial goals for doing so.
it's time to medicare lower age!
So somewhat we managed to eradicate all old curmudgeons.
I hadn't known there were so many idiots in the world until I started using the Internet -Stanislaw Lem
Labor has been devalued ever since outsourcing.
I've invested as much as I possibly can in my 401k for decades. I don't eat out, I have a small home, and don't carry debt. Two stock market crashes have robbed over 2/3rds of my balances in retirement over time. Regardless of picking an exclusively index-fund, the losses have not been proportionally made up with gains. The short of it is - this is by design. The powers that be LOVE their "public good" slush funds. You're not actually supposed to collect from them, just pay in forever and then die for the good of the collective.
Really the biggest problem I see, is how Gen X and Millennials are getting blocked out of their advancement tracks. When people in their 60+ are not retiring, that is creating a workforce where it is difficult to for the younger folks to advance in, because these promotion jobs are already covered by people with more experience.
Plus the next set of problem, is these older people are not planning on retiring, so this means, they are not taking promising young people under their wing, mentoring them the tricks of the trade, to be ready to step up and continue on the work. Now these people are working to their death, without a transition plan in effect.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
How the hell do they know that in 2050 the number of 60year old will be greater than the number of 5yr old, when those 5years old will be born in 2045 by a vast majority of parents NOT YET EVEN BORN TODAY !!!! Complete bullshit !!
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and that is the way it will be. Dump entitlements. Make the old food instead! Put Republicans BACK IN POWER and MAKE IT HAPPEN!
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This also will impact Medicare / Medicade, and health insurance rates in general in the USA. With the number of people over 65 quickly outstripping the people under 65, it is in no way sustainable past 2035. Per the US Census statistics, by 2030 all the "baby boomers" will be over 65, and by 2035 we will be at 165.6 million "working age" vs "retirement age" of 76.7 million...which puts the ratio at 2.15. SSA.gov says the ratio needs to be at least 3 to keep the system going; it dropped below 3 in 2010.
There are only a few fixes for this: 1) forced births combined with forced adoptions; to increase the population AND place the kids into families capable of supporting them or 2) increased immigration; bringing in more immigrants and quickly incorporating them into the legal workforce. 3) restructuring medicare taxes by increasing the income cap, increasing the retirement age, etc.
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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.
and sitting home all day doing nothing? get a part time job for the benefits and something to do to get your a$$ out of the house instead of sitting around watching TV all day and wasting away
I worked for a company where a maintenance guy who was closing in on 80 and could have retired at 60 refused to leave and refused to train a successor. "If I train a replacement, I'll get replaced." (False. That would be age discrimination.)
He ended up having a stroke and died soon after. He had never documented the hacks and workarounds that kept most of the long-since-discontinued machines running over the years and that knowledge died with him. The capital investment the company had to make after things started breaking immediately surpassed every dollar the guy made during his lifetime.
And he had been making some damn good money.
The machines were only part of the expense. Most of the tooling had to be remade and people had to be trained on the new stuff, plus the new stuff had to be re-qualified for some processes involving mil and medical products.
In a world of the blind, the one-eyed man is king--and the two-eyed man is a heretic.
When I eventually âoeretireâ it will probably non mean I stop working, but change the balance and kind of work I do.
To me it seems a shame to waste years of experience and a good mind that could be used in some way to the betterment of humanity.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
If we curtail immigration and want a growing economy, we need elders to work longer. We should encourage a society that welcomes them into the workplace and values their experience. Elders should also respect the ambition and energy of youth and willingly step aside and assume mentor roles to allow younger people to fill senior roles. (Politicians are you listening?)
Medical advances and knowledge (primarily the emphasis on diet and exercise) are allowing many people to be productive well past traditional retirement age. Many of these older people have the time and resources to build businesses and are job creators.
Look at the story of Ely Callaway. After a successful career and retiring as an executive from a major textile company, he decided to start a second career by building one of the first major successful wineries in Temecula California. While most people would be proud of two successful careers, Callaway loved golf and founded the Callaway Golf company, one of the biggest names in golf. Two tremendous careers built after "retirement".
Ageism is just plain ignorant.
Greed is the root of all evil.
Working at 80 something? I doubt I'll make it to 70.
People certainly are "retiring" in terms of collecting Social Security old age benefits.
There were about 2.8 workers for every Social Security Old Age old age, survivors, and disability insurance (OASDI) beneficiary in 2017. This is down from 3.7 in 1970, and 5.1 in 1960. Te ratio had been stable, remaining between 3.2 and 3.4 from 1974 through 2008, but now going down quickly.
The Social Security trustees forecast that the ratio of workers to beneficiaries reaches 2.2 by 2035 when the baby-boom generation will have largely retired.
See subject: I heard the fucker has a goal to IMPERSONATE me in over 200 articles before the end of the year. Doesn't the "ne'er-do-well" FAKEname fuck have anything better to do with his time than harass little ol' me?
* These JEALOUS JOWIES wish they were me, but because they can't win discussing tech, they LIE and IMPERSONATE me. This c6gunner fuck's FAKEname is on a post impersonating me where he forgot to log out and post anonymously. Even after I caught c6gunner, the UNIDENTIFIABLE internet trash continues to IMPERSONATE me and put words in my mouth. I continue to better myself which makes them JEALOUS.
I repeatedly DUSTED his no-mind bullshit blatherings including PROVING that HOSTS DO PORT FILTERING & PROTECT FROM SPECULATIVE EXECUTION VULNERABILITIES. Everyone KNOWS I'M RIGHT, which is why soyboy shitweasels like c6gunner are reduced to feeble attacks like impersonating me.
I'm sick & tired of being BULLIED by weezils like c6gunner.
APK
P.S.=> Grow up ASSHOLE... apk
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.
We should get over the social stigma, already, and start processing the old and infirm as food for the next generation. This would solve the looming food crisis, and move older workers out of the system to create space for younger workers in the same fell swoop. /s
they keep jacking up the fra (full retirement age). that's how it's supposed to work so the republicans can keep raping social security to pay for tax cuts to the wealthy and hand out massive government contracts to their donors.
Only people who own things can retire in the US. You can't earn enough working for people to retire. You need to be collecting rent, either figuratively or literally. We're building our wealth by doing that literally... collecting rent from real estate.
I don't respond to AC's.
or the stock market crashes and takes out your investments. Or your company outsources your job in your 50s and nobody'll hire you. Or any one of a dozen things out of your control happen.
But it's a good thing we didn't gut the social safety net and that nobody is doing anything that could impact your plans to retire.
I'm sure knowing all that is a real load off the old minderooni.
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... But they can't avoid dying. Henchmen! Bring the chainsaw cannon!
But there haven't ever been that many people that honest to goodness retire. Just because they are collecting social security does not mean they have a commensurate pension and are just twiddling their thumbs. This is yet another lie your parents and culture have foisted upon you. Surely that would be evident by the fact that your grandparents raised you, for, if anything, your parent's generation were some of the worst when it came to planning (unless you are a trust funder on the east or west coast, which in tech is entirely possible. That is still inherited wealth, not 'retirement'). Are you ready to start using your own eyes and brains yet?
couple of family member illnesses hit in 2006. Then the 2008 crash wiped me out when I started getting back on my feet. By the time the Affordable Care Act's protections kicked in my career and finances were pretty well shot. Right around the time I recovered from that kid got to be college age. Of course nothing saved (even though I made 2x median income and lived like crap driving a 20 year old car). Suddenly had $20k+/year in school bills. I could borrow, but what's the point? They're gauranteed loans. I can never default. They'll just garnish my wages and toss me in jail if I can't/don't pay.
The American working class got shafted since Clinton. The double whammy of Clinton Democrats and the GOP both siding with mega corporations against me left me screwed. H1-Bs flooded the market and my wages plummeted. I think the Berniecrats will eventually fix it, but I'm pretty sure I'll be dead by then.
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The US has plenty of money to pay for Medicare for everybody who needs it. Please don't spread the lie that it's not "sustainable". It's simply "unsustainable" if the Republicans decide they don't want to pay for it.
I don't respond to AC's.
it's time to medicare lower age!
Most countries already do this and provide public health coverage from birth. However, this is not going to fix anything and health care is the crux of the crisis with an ageing population. While 60+-year-olds can certainly be extremely productive and useful members of society they need considerably more healthcare than 18-year olds. As the population ages there are fewer low-cost young people and more high-cost elderly people and so the cost per-person is going to steadily rise.
This is going to hurt every country regardless of whether or not they have a public health system. The difference is how the system will deal with it. In Canada and Europe we will end up with more and more taxes going into the health system and the quality of care will probably decline. In the US fewer and fewer people will be able to afford coverage and most people's coverage will likely get more and more restricted.
The reverse is far more likely with the elderly harvesting replacement organs as theirs fail from the young. Afterall with nobody retiring how else are they going to earn enough money to have a decent standard of living?
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*.
Kids are expensive. I'd be broke if I had kids, for sure.
I don't respond to AC's.
and sitting home all day doing nothing? get a part time job for the benefits and something to do to get your a$$ out of the house instead of sitting around watching TV all day and wasting away
You must be a fucking idiot. I have enough shit to do on my own to occupy 2 full time jobs; so do my retired parents. Retired people with half a brain easily have more than enough personal projects to keep themselves occupied without working a part-time job for somebody else.
I remember when I was in middle school, we were told that there would be SO MANY JOBS when we graduated we could be anything we wanted to be because all the baby boomers would be retiring. I graduated about 20 years ago and at least half the baby boomers I know are still working. Many of them cannot afford to retire. Which is making a sort of circular issue.
Specifically, the children of baby boomers (and in some cases their children) are having trouble finding jobs. So they rely on their parents. Who need to keep working to support their families. So they never retire. So the jobs they hold on to are taken.
I am one of the lucky ones, I've generally managed to find work, often in my field. But I find it curious and a bit sad that I'm likely to be retirement age by the time my parents are able to retire because of the lack of social safety net.
[older workers] complement those of younger workers, and their guidance and support enhance performance and intergenerational collaboration.
That may happen, but one harsh condition is that younger workers accept the idea that their elders have something valuable to share. Too often in IT we see old known problems solved again from scratch.
How are they going to say "get off my lawn" when there are no lawns in an office building?
So you save and save and save, working your ass off your whole productive life, putting off everything you really wanted to do with your life, all for this mythical alleged 'retirement' bullshit, so that when you're old and worn out and suffering all the health effects of age plus how you've neglected your body and mental health (because you were 'saving for retirement') so you can spend it all in and out of doctors offices, the hospital, and on pills, shots, expensive prescriptions, expensive surgeries, and expensive 'recoveries', and in the interstices, too old, beat-up, weak, and diseased to actually DO anything you wanted to do when you were younger? All you can do for your so-called 'retirement' is sit on your ass and wait to die, and 'reminisce' about when you were young and strong and could actually DO things?
Fuck that shit. Fuck it sideways with a rusty chainsaw. You know what? You're a CHUMP if you fall for the 'retirement' meme. It's BULLSHIT.
Do what you want to do with your life NOW. Chances are, with how fucked the world is, with capitalism being perverted into what it is now, all your so-called 'retirement' funds will get siphoned off or otherwise lost before you get to use them. You'll end up with ZERO anyway. Unless you're one of THE RICH, in which case you'll be fine; you're the ones doing the siphoning of everyone else's money anyway.
It's not like you can take it with you anyway. You should have precisely ZERO when you die. Live your lives NOW while you're young, strong, and there's still a world where you can do things. 'Retirement' is a myth.
and lots of Funko Pop! figurines under my futon!
I kick myself for not hoarding Hot Wheels cars when I was a kid in the 70s.
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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See here. Folks underestimate just how productive modern workers are. If anything we need fewer folks working, not more.
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You mean anticipating by 30 years which ones will be really valuable, and buying then storing them in conditions where the acid cardbord box stays pristine for 30 years...
Whether that's true, in the tech halls they DON'T actually want us. They throw us out for the latest naive fad lickers they can find. IT is based more on fashion than science & logic*, and younger people are stupid enough to fall for and act sufficiently enthusiastic about every trend that comes under a PHB's nose.
Yes, there are exceptions, but I don't wanna hear them; and git off my lawn!
* I rarely see any solid studies that the newer shit is better, only babbling theory that sounds nice on paper. It's always keep up with Jones' first, science later.
Table-ized A.I.
According to the BLS, the average employee is at a company less than five years. So...
Ten years ago, the software industry seemed a bit age-discriminatory, but even that appears to have reduced... for which I thank the participation awards given to fledgling Millenials, as they do seem to lack the confidence to try something that might not work, while expecting a Director or better position inside of two years. (This isn't their fault; I've hired several initially-entitled Millenials, and all but one turned it around within two years... but it does take work.) So as the young worker-pool shrinks and the experienced pool increases, I suspect adaptation will just happen. On a case-by-case basis until it's normal.
Tuition was $12k/year for years 1&2 and $16k/yr for the last two. Then there's books, food, rent, the car (got by w/o one for the 1st 2 years but after that she's got Clinicals for Nursing and unless she's got some sort of mutant teleportation power I missed all these years it's physically impossible to get from one to the other in time. They're across town. By bike it'd be an hour, by bus 2 hours). All told it's around $35-$40k/yr (depending on the year).
I could save about $6k/yr if she lived at home, but I'm pretty sure she'd go stir crazy and do something stupid like try to get a job while going to school full time. It was made very, very clear by her counselors that the surest fire way for a kid to drop out is for them to try and work during their 300+ level courses. It'd be one thing if she could find a cushy job, but the one she found she had to quit because it conflicted with her school schedule. Oh, that's another thing. You don't pick your schedule like you did when I was a kid. They tell you what your schedule is and if you can't get to class then fuck you, drop out and go work at Walmart. There were 200 other kids in line for her 300 level courses this semester rocking 3.8 or higher GPAs, so they've got plenty of kids to replace her.
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major public universities are well north of $12k after fees. Community colleges OTOH are dirt cheap, but you won't get nearly as good a job with one.
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in 30 years it won't matter. All those old people will be dead.
72 year old who should have retired years ago.
> Hundreds of statisticians just read your statement and blew their brains out when they realized that their work is in vain.
Thanks for demonstrating how bad predictions work :)
What actually happened is that you got someone with a math degree (yours truly) to slap their forehead.
Yes, the Dow is up a lot over time. But as a worker you don't invest the full amount of your retirement savings 20, 30 or 40 years ago. You put a little in each year. You put less in at the start of your career because, well, you probably earned less. Meanwhile inflation and fees eat away at that little. Matching funds compensate for some of it.
The real problem is the cyclic nature of our economy. We have a boom/bust about every 8-12 years. e.g. there's been a major crash every 8-12 years since I was born. My Dad's retirement happened to land during one of those crashes, and the way most retirement programs are structured if you retire during one of those busts you get screwed.
The inventor of the 401k is on record saying his program is being abused. That it was never meant to replace pensions. That it was a tool for high income earners to shore up their savings. This is because even he understood that the stock market is a gamble. You're not gambling on companies. You're gambing on when the next crash is gonna be.
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Slaves cannot quit and choose a different employer. You can.
Actually, there are plenty of people who cannot withstand a disruption in employment. This is a problem that UBI seeks to fix.
Slaves cannot choose where they live. You can.
Actually, some people do not have enough money to move. This is a problem that UBI seeks to fix.
You like having things, like clothing, food, electricity? Well, somebody has got to produce all of that for you.
Actually, automation has gotten to the point where the efforts of a dozen people can feed thousands of people. It won't be long until it's down to just one person. Clothing is almost entirely made by machines. Electricity? Well damn dude, that shit is provided by the Sun.
You think THEY want to work for free?
You do know that some people do things just for the betterment of the world right? I write code and give it away so that other people don't have to.
No, you MUST give something back for all the effort they have put forth on your account.
Who said people didn't want to give back? If you provide people with that which they need to survive then they can make better decisions about their future.
Yes, we have a problem wherein too much wealth and power are concentrated among too few people.
And what is your solution to this problem? Should we just hope the wealthy have a change of heart? We tried labor unions and look what happened to those. You are standing in the way of progress. Be careful because it may run you over and drag you with it.
Anons need not reply. Questions end with a question mark.
couple of family member illnesses hit in 2006. Then the 2008 crash wiped me out when I started getting back on my feet.[...] The double whammy of Clinton Democrats and the GOP both siding with mega corporations against me left me screwed. H1-Bs flooded the market and my wages plummeted. I think the Berniecrats will eventually fix it, but I'm pretty sure I'll be dead by then.
Don't blame the H1B. The horrible money-extracting system American people call "heathcare" is at the source of your situation. It is leading more workers to bankruptcy than any single-payer system that is the norm in other OECD countries.
Reliable sources claim that the World's birthrate is declining below the population replacement level. This means we can look forward to a reduction in human generated pollution across the globe. It means that women are getting smarter.
It means that we don't have to double our global food production every couple of generations.
It means that we don't have to have regional wars over water scarcity in the future.
It means that the consumer oriented economic model will fail in the end, because the total number of consumers will decline. It means that the World will have to migrate to some other economic model, yet to be determined.
Fewer and fewer people aged 18-65 will be supporting more and more elderly people over the age of 65. Consequently, China has changed its population policy to allow a women to have two children, instead of one.
Over the past decades the United States and Western European countries have relaxed their immigration policies.
With jobs being lost to automation, it doesn't make sense that advanced economies should be alarmed by the prospect of having more and more robots supporting fewer and fewer people.
Humble Bundle DevOps.
https://www.humblebundle.com/books/dev-ops-oreilly?
Insurance is a ripoff, but it's not suppressing people's wages. H1B's are, by increasing the size of the labor pool so corporations can pay their work force less money.
Back in 1986, there was a hit song, "The Future's So Bright, I Gotta Wear Shades", by Timbuk3
In 1990, there was "I'm Free" by the Soupdragons.
Decidedly hopeful songs about the future.
In 2016, the song "Stressed Out" by 21 Pilots was a radio hit.
In 2013, the song "Royals" by Lorde was a radio hit.
Much darker outlooks about the present and the future.
Economists are looking for easy answers. I always chuckle when Krugman goes to his IS-LM graphs and equations, and I think, "You really believe those describe the entire system?" The reality is simple yet difficult and chaotic. Unless you're creating things that people value, like Germany for example, you're not going to have an improving standard of living. But economists can't control that - politicians do. And there's a chaotic element about whether your population will be able to create things that improve the standard of living. Economists can only print money and inject it into the financial sector and government, and hope it has a beneficial effect on the economy. But it doesn't. The economy grows around those sources of money, which aren't geared towards addressing people's needs and wants. They wonder why productivity hasn't improved.
I saw a really interesting debate between David Frum and Steve Bannon ("The Munk Debates" series) about whether populism is the future. Frum was arguing for the old, happy talk globalist (37 genders, open borders and the US as the world policeman) system which held sway till about 2008. Bannon said the future belonged to populism, and the only question is whether it will socialist populism (Bernie Sanders), or capitalist populism (Trump).
Capitalism with controls was good because it was self-sustaining and self-organizing. The value you provided was in line with the remuneration you obtained, with minimal interference by political gatekeepers, who can be easily corrupted. But as the production of value becomes more and more consolidated, as the production of value is off-shored, and money corrupts/warps our political system, gatekeepers have grown in power (via crony capitalism and socialism for the wealthy) and they are not like AI's - they are highly influence-able and corruptible. As in any system where a gatekeeper hands out largesse.
I think going forward, there's a strong push towards socialist populism. Unless we can come up with a system that is again self-sustaining and self-organizing that allows people to create value and which fairly pays people for their labor. The view is dimming for the latter.
>> I see no reason to trust ERISA Laws; if the company running your 401k wants to spend the money they made on your money on hookers and blow they gosh darn can
ERISA regulates *pensions*. It has nothing to do with 401k accounts. *You* choose your investments in your 401k. Generally, you should choose an index fund with low expenses, definitely less than 1%. Vanguard has good ones.
-- ...
we looked at the most recent 401(k) benchmarking data,
About 40% of companies contribute 50 cents for every dollar employees contribute up to 6% of their pay. Another 38% match employee contributions dollar for dollar.
--
Investopedia.com
*You* choose when to sell stocks amd bond in your 401k. You do NOT need to sell all your investments the day you retire, and it would be stupid to do so.
You have to withdraw a little bit (of cash, not stocks) after you turn 71 1/2, but basically you decide when to sell.
As you stated, the economy and the market are cyclical, on a cycle of about ten years. If your dad decided to sell everything at the bottom of the market, I feel for him. That really sucks. He made a really bad decision, probably based on fear.
Well you asked for the advice, so I'll give you some.
The scenario you mentioned hits on two big things you should learn in your first few hours learning about investing.
First, balance your investments. The percent you have in bonds should be *very roughly* equal to your age, so he should have had over 70% in bonds, which don't lose value. In fact they can increase with the stock market goes down.
Second, don't panic and sell everything at once when there is a dip. If the market is headed down from a high and you're worried, sell 10% or even 15% Typical recovery time is about 18 months, so stay cool. After a year, if you feel you must, you can sell another 10% to protect some gains in case it stays down for a long time.
Still trolling for creimer's attention? Sad. Fucking sad.
I am waiting for retirement to finally be able to do all my hobbies and project. Project : a few game idea I have (both as board game and as computer games). Hobbies : board games, rpg (pen and paper) , computer games, card games , cycling a lot, returning to my passion of QM calculations and following the newest advancement there, and I pass on minor stuff like from time to time I do my own furniture for fun and shit and giggle (I build a house for my cats, 3 floor, with little ramp to go , and an openning for me to retrieve cats for veterinary visit :-;), reading a lot of books. I haven't time nowadays due to needing to work to earn enough money to eat, rent, live. But if I am allowed to retire in a financially stable way.... Here we go my pretties. I doubt I will be bored any seconds. I think I would probably complain "I have not enough time".
C. Sagan : A demon haunted world:
http://www.amazon.com/gp/product/0345409469/
visit randi.org
Comment removed based on user account deletion
you are insane. I am quite far from retirement age and i already do not want to buy anything beyond what I need dearly.
It's not "consumption" it's back to industrial production age of production of people of 80 will actually NEED.
I do not believe in karma. "Funny"=-6. Do good and forbid evil. Yours, Oft-Offtopic Flamebaiting Troll.
What's the current median age of fully employed in US?
One of the cons of having old people on payroll is health issues. I work in the organization that is aging very quickly, almost at one year per year rate. In two Agile projects I work on (do not get me started why it's not just one) there are not a single person who is younger than 40 and majority is older than 50.
Health issues are a real problem to Agile development. You can't plan shit if you are only 75% sure people will actually work four days per two-week Agile cycle of their half time on the project. "Whatever you can do, John, whatever you can do" is not a ticket type.
That is very true. Except that young managers do not value that. Heck they do not even value "Technical Debt". All is about short term planning. Half of the code is git-blame-dated by ten years ago, yet "Technical Debt" is never important and is considered a knitting activity at your home while you are waiting for Three's A Company re-run on your CRT television after supper and glass of warm milk. As one of the greatest managers I have ever met said about that type of thing (he did it more than anybody else in his free time) said: "it's therapeutic".
I do not believe in karma. "Funny"=-6. Do good and forbid evil. Yours, Oft-Offtopic Flamebaiting Troll.
1- Older people will die in a decade or two and finally population starts to decline: earth will have a great benefit
2- Life is not only working, I hope to be able to retire as soon law will allow it
3- Working in IT should be considered as weary work, I don't see myself working in this schizophrenic world until I will be 65 years-old (and more)
What we also see is employers who discriminate against anyone who is over 40 years old, outside of the retail sector. Once you hit 40, unless you are a high level person, if you find yourself out of work, getting interviews for even junior level positions ends up with very few responses. Employers don't want to admit that they discriminate against applicants based on age because they would face lawsuits. Many companies also try to get rid of their older employees because they know that people with family responsibilities are more prone to family emergencies, or needing to go to a doctor, or other issues that come with age. In the USA, due to the way the health care system is broken, older employees may cost the employers more money due to providing health insurance.
There are no additional benefits of having these categories at work. Zero, nada. It absolutely does not matter for work what you are privately, unless you are giving birth every you, caught AIDS by shagging in bar restrooms of gay clubs or a no-good-for-anything affirmative action byproduct.
Age is different. Age is coming to all of you unless you die young and we dying young is a privilege that becomes more and more rare with progress. It comes to everybody including Afro-American lesbians.
And it contrast to all these celebrated minorities age DOES provide benefits if you read the article.
I do not believe in karma. "Funny"=-6. Do good and forbid evil. Yours, Oft-Offtopic Flamebaiting Troll.
Google Search "The National Institutes of Health total number of employees" 20,262 (not including contractors and contractors are typically younger)
Shocking
I do not believe in karma. "Funny"=-6. Do good and forbid evil. Yours, Oft-Offtopic Flamebaiting Troll.
rule: you can be a member if you are above median age of voters (currently median age, period, is about 42). This age will be fixed at the current value.
Please do not start making jokes about existing parties.
I do not believe in karma. "Funny"=-6. Do good and forbid evil. Yours, Oft-Offtopic Flamebaiting Troll.
Clearly there will be fewer older workers willing to work 60+ hour weeks, just as there are fewer 'natives' willing to match the occasionally-terrible hourly rates of migrants.... so how do we stop older folk being penalised because they won't work for peanuts? Part-time work is probably preferable but it needs to lose the stigma.
Is it because these people *aren't* saving enough for retirement or is it because they *can't* save enough to retire? The difference lies in whether one assumes most of these people are finding meaning and satisfaction in their work or whether they are stuck in a cycle they hate and have no means to change or affect. The appropriate solution to deal with this shift very much depends on which of the two you think is happening.
My favorite quote from TFA:
Some companies are pushing back: In a recent video, T-Mobile’s John Legere took on the topic of ageist stereotypes while promoting a T-Mobile service for adults age 55-plus. He chided competitors for what he called their belittling treatment of older adults in marketing campaigns that emphasize large-size phone buttons and imply that boomers are tech idiots. “Degrading at the highest level,” Legere calls it. “The carriers assume boomers are a bunch of old people stuck in the past who can’t figure out how the internet works. Newsflash, carriers: Boomers invented the internet.”
(Also, computers, etc.)
I don't read your sig. Why are you reading mine?
Yes, that should be "definitely below . 1%". 0.1, not 1.
Thanks.
I know several people that could easily retire comfortably right now. They are healthy enough to likely live for years but they won't because the have zero interests outside "work". No hobbies or interests. They will sit behind a keyboard till they drop.
:-( ). I have several hobbies that would fill my every waking minute. I will not be bored!!
Myself I cannot wait for the day I figure out the finances to stop working (I may never manage that
How folks exist today without hobbies or interests makes me sad for them. I am even happy to accept that "coding" is their hobby/passion but when I suggest they do it for themselves I get blank stares back. Oh well.
it's retirement. If you find yourself out of work sick for a while (or caring for a loved one) you'll burn through your retirement savings and everything else you have until you or they either get better or die. Then you'll find yourself in your 40s with little or nothing to your name. Meanwhile if you follow the other two links I sent you'll find folks trying to end Medicare and Social Security. They claim only for folks under 55, but it's naive to think they'll stop there. It's too much money, and they want it for themselves.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
In the literal sense of the world ("proceeding in a gradual, subtle way, but with harmful effects.").
You don't have to do those thing, but you'll be pressured until you do. Your boss will harass you to sleep with him and you'll do it to keep your job. There aren't any different employers because mergers and acquisitions mean there's few companies left. The cop'll beat you if you get uppity and demand change. You can't buy nice homes because of zoning.
The wealthy of North figured out what the South didn't: Slaves are a raw deal. You spend money on a slave. You tie up capital in a slave. Better to have a completely disposable workforce with the illusion of freedom but none of the actual power that comes with it.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
"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..." I'd like to know what their definition of "very old" is. I'm 68, do short runs of 5 miles a couple times a week and (usually) a longer run, and I think I'm still cognitively... um, can't remember what I was going to say, but I think it was something good. Anyway, I hope you youngsters keep working to pay for my eventual retirement.
My only wish is that I could find a job I could do from some remote location, where the trails start at my back door. For now, I seem to be tied to a desktop in someone else's office in a somewhat boring state.
People keep talking about this as a looming disaster, instead of an even that was planned for more than 30 years in advance.
By 2035 baby boomers will largely be dead and not collecting any benefits.