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Old 05-09-2014, 09:21 AM
 
Location: Loudon, TN
5,785 posts, read 4,838,667 times
Reputation: 19458

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Quote:
Originally Posted by BayAreaHillbilly View Post
In my demographic (people in their 50s) only super successful people willingly leave the work force. The others are getting "early retired" against their will. Then there are those who got laid off when they were still in their 40s, never found anything to replace what they lost, and are either long term unemployed or underemployed neither of which get counted in the stats.

I hope I get to retire someday and by that I mean a real retirement somewhere after "the retirement age."
I am "in your demographic" (55), and even formerly employed in your neck of the woods (Nor Cal), happily and voluntarily retired at 51. Most of my co-workers also retired in their 50's. I get my company newsletters and everyone in the retirement column is one of my former co-workers, 50 to 62 years of age. It helps of course that we have a pension and most people that work there were "lifers" doing 25-35 years with the company. What's really great is the number of second, and even third, generation employees that I see in the new hires and promotion columns. I think the thing that hurts folks most is not having the job stability to stay with a company that long, and that few firms have pensions now.
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Old 05-09-2014, 09:26 AM
 
3,438 posts, read 4,733,569 times
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Quote:
Originally Posted by TheShadow View Post
I am "in your demographic" (55), and even formerly employed in your neck of the woods (Nor Cal), happily and voluntarily retired at 51. Most of my co-workers also retired in their 50's. I get my company newsletters and everyone in the retirement column is one of my former co-workers, 50 to 62 years of age. It helps of course that we have a pension and most people that work there were "lifers" doing 25-35 years with the company. What's really great is the number of second, and even third, generation employees that I see in the new hires and promotion columns. I think the thing that hurts folks most is not having the job stability to stay with a company that long, and that few firms have pensions now.

I am retired and live in an area with a lot of retirees who relocated.
Most worked at good places and did well.

As we talk about where they worked , I usually ask..........." is that place still there"?

I'll bet over 70% of the time the answer is..........." no, not anymore"
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Old 05-09-2014, 09:30 AM
 
Location: Loudon, TN
5,785 posts, read 4,838,667 times
Reputation: 19458
Quote:
Originally Posted by Bette View Post
It seems lately there is more talk of those leaving the workforce than say, five years ago. All of a sudden, there seems to be more of an exodus.

I personally think there are more retiring and taking part time or fun type jobs (self employed in a hobby that you always wanted to do) than you think.

If you are already retired, do you feel you have more friends etc. joining you?

If you are still working, are you the "only one left" and is there a group that in 10 years will be gone?

Does it make a difference if those around retire and you're not sure, does that play a part?

Isn't there a statistic out there that 10,000 people a day are turning 62 or 65? Eventually, more will leave the work force.
I do see a big exodus from SOME companies and fields, but I think that will come in a few more years for other fields. The housing and stock crash took a big toll on many people's retirement plans and some have not recovered enough yet to be able to retire. At some point, nature (their health) and progress (their inability to adapt in a fast changing workplace) will force them out if they don't feel ready to retire.

I do know many whose poor planning will cause them to work at least a low-paying side job for life. Others will work that part time job, as long as they can, just because they have no hobbies or no interest in traditional retirement stuff like golf, or who live alone and seek the interaction with people outside the home.
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Old 05-09-2014, 09:34 AM
 
Location: Loudon, TN
5,785 posts, read 4,838,667 times
Reputation: 19458
Quote:
Originally Posted by Teddy52 View Post
I am retired and live in an area with a lot of retirees who relocated.
Most worked at good places and did well.

As we talk about where they worked , I usually ask..........." is that place still there"?

I'll bet over 70% of the time the answer is..........." no, not anymore"
We relocated to a similar environment, many transplanted retirees. I would say most here are from the automotive industry or it's suppliers, so most of their companies are still around, but the fortunes of those companies rise and fall, but are generally "too big to fail".
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Old 05-09-2014, 09:40 AM
 
35,324 posts, read 25,184,015 times
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Quote:
Originally Posted by jzeig104 View Post
I thought those unemployment figures didn't reflect people who retire but only people who quit looking for work or unemployment ran out???

The Federal unemployment rate does not include people that quit looking. Yes, you have to be looking for work to be considered among the unemployed. That is true and it makes sense.

Whether you're unemployment ran out or not doesn't matter. You're still included. This is a widely perpetuated myth.

There are some good pieces on how unemployment at the Federal level is calculated. Indeed, it is nearly impossible for the books to get "cooked". The system is set up so the people calculating the different components have no idea what the others are getting for data. For good reason. Of course, if the rates were "cooked" and subject to political interference, you wouldn't see any President allowing the rate to jump up.

That isn't to say that there are problems and limitations to the use of the unemployment rate. There are. It is an indicator, and that's a bout it. One of many.
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Old 05-09-2014, 10:24 AM
 
527 posts, read 1,090,780 times
Reputation: 679
The Boomers still make up a huge segment of the employees.
But as they get older, each one retires when they feel it is time.

But for the ones that have been at companies for a long time, they have a group of friends, probably in the same general age bracket. Each looking to retire "at some point"

But working at a company is not just company biz. You have friends, groups of friends.
As a person retires in your friend group, working time is less pleasant, even lonely for the remaining
So another person starts thinking, I have no one to talk to at lunch, why not leave
I can't talk to these younger people. so why not leave

So it starts to snowball, as more and more of the older workers leave, more and more of the remaning older workers decide to move on.

The last recession hit boomers in general when they were in their mid-late 50's
Not quite at volantary retirement age.
So their finances took a hit, so they decided to work a few more years to recover

Now this group is in their mid 60's, have had 5-6 years to recover
Economy is not to bad, housing coming back

The past pent up demand to retire will combine with regular retiring age group.
And at some point, it will be headlines, so many people are retiring and no one to fill their shoes
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Old 05-09-2014, 10:48 AM
 
Location: Tennessee
23,587 posts, read 17,574,904 times
Reputation: 27677
Quote:
Originally Posted by TheShadow View Post
I am "in your demographic" (55), and even formerly employed in your neck of the woods (Nor Cal), happily and voluntarily retired at 51. Most of my co-workers also retired in their 50's. I get my company newsletters and everyone in the retirement column is one of my former co-workers, 50 to 62 years of age. It helps of course that we have a pension and most people that work there were "lifers" doing 25-35 years with the company. What's really great is the number of second, and even third, generation employees that I see in the new hires and promotion columns. I think the thing that hurts folks most is not having the job stability to stay with a company that long, and that few firms have pensions now.
If you put in twenty-five years and retired at 51, there's a good choice that you will draw on the pensions for more years than you worked at the company.

IMO, the traditional company pension as we know it came out of a time where life expectancy and retirement duration were much shorter than they are today. The pension may have been sustainable with a five to ten year life expectancy after retirement, but when people are drawing on the pension for twenty to thirty years post-retirement, it is far more difficult to be sustainable.
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Old 05-09-2014, 11:22 AM
 
Location: Albuquerque NM
1,660 posts, read 1,525,919 times
Reputation: 3650
I work in the federal govenment and am starting to see an exodus that will probably gain momentum in the next few years. Most of my co-workers are in their 50's and are waiting until they meet the 30 years service/minimum retirement age or until their children complete college to retire. They will definitely be gone in 10 years and many in 3-5 years. My organization has declined from 51 to 37 staff in the last two years (but only 1/3 of those retired - others found another job) and we have not been authorized to backfill most positions. The workload is increasing for those left and there have been pay freezes or 1% raises for the last five years so morale is getting low. In that sense, yes, I feel like I am being "left behind" and I think that feeling will intensify with time as more co-workers retire or leave for other jobs. One issue for me is that housing prices are skyrocketing in many of areas of the country including my desired retirement locale while housing prices are stagnant in my state (except for Santa Fe of course which just goes up and up with the influx of out-of-staters). The combination of the stock market recovery and +$100K increases in home values in some locales is making it very lucrative for many to retire and relocate.
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Old 05-09-2014, 02:10 PM
 
191 posts, read 282,569 times
Reputation: 292
Over the past 6-8 years I am finding that several of my contemporaries are finding themselves unemployed and taking whatever they can get. I myself decided that the stress was not worth it where I was working, and took a lower paying job last year, with a lot less stress, as I am approaching retirement. Interestingly, the company I went to work for will be downsizing over the next 12 months, and I may be retiring as a result.

Unfortunately, not everyone who gets downsized at 50+ can afford to make less money. There are bills to pay, and the stress of making less money is not helping their health nor their healthcare costs.

So, I am not seeing folks leaving the workforce, but taking lower paying jobs so they can make a go of it.
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