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Over the past several years, there have been countless stories of people essentially "aging out" of the workforce and unable to find meaningful employment after a certain age. Lots of people in their 50s who were laid off in the recession have struggled to get back in the labor force at all. Increased automation and a lessened demand for workers in the future is likely to mean something similar will happen to Millenials.
Do you think Millenials should prepare for retirement on the assumption they'll be sidelined involuntarily?
I was downsized at age 59. It was a misery job hunting, but after over 200 contacts and applications I settled for a crap job until I paid off the mortgage and was old enough for SS. That was 18 years ago, I still love being retired.
people on cd are certainly obsessed with millennials.
with an uncertain future facing our "millennial" generation, I am putting away as much as possible for retirement. previous generations have raped and pillaged social security for their own self-interests. why in the hell do we only cap taxes on social security only up to $118,500 of income??? therein lies the problem right there with the program. although it is meant to be a supplement to 401ks, iras, and all that jazz, I will not be getting a rate of return even comparable to what the boomers are receiving when I hit the age of 62 thanks to the completely asinine regressive tax structure(hell, when I hit the golden years, it will probably be 78). and that is assuming both political parties don't completely gut social security and use that money to pay for more wars or welfare programs for lazy fat people that don't wanna work!
and the whole age discrimination thing will probably be resolved by the time millenials hit that age. just 60 years ago, there were separate water fountains for black people which blows my mind. you think our generation is gonna put up with that age discrimination nonsense after slaving away with stagnant wages, skyrocketing prices, and paying those student loans into our 60's? we might be sewing our wild oats, floating our livers and playing candy crush on facebook now, but when the ignorance buzz wears off, we gonna be making some changes.
and working until 75? ahahahahahahahahahaha! I retire when I want, not when the gub'mint tells me. and if America goes down the toilet beyond the point of repair, I will just take my nest egg and move to a lower COL country. America may seem like the "best house on the bad block" for now. but it certainly wont be that way 30 years from now given its current trajectory.
Last edited by StAcKhOuSe; 10-23-2015 at 11:11 AM..
It's all about compensation. If a person in their 50s is "too expensive" then continuing to find work could be problematic. Of course, this assumes the current "race for the bottom" and our present version of Capitalism will still be in place when Millies are in their 50s. A lot could change by then.
Over the past several years, there have been countless stories of people essentially "aging out" of the workforce and unable to find meaningful employment after a certain age. Lots of people in their 50s who were laid off in the recession have struggled to get back in the labor force at all. Increased automation and a lessened demand for workers in the future is likely to mean something similar will happen to Millenials.
Do you think Millenials should prepare for retirement on the assumption they'll be sidelined involuntarily?
Preparing for the future based on what's happened in the past is probably not the best policy. It sure didn't work for the French who built the Maginot Line to prevent another German invasion through that area and left the rest of their border largely undefended.
Many of the older people who were down-sized from jobs in the recent recession either had out-of-date skills or were in jobs that could be eliminated without affecting productivity. That's not everyone, but it was a goodly percentage of them.
I think a much smarter response is to keep building your job skills and keep your eye on the job market. If you're a middle manager who used to supervise a dozen workers and now you're down to only nine or ten, maybe it's time to look into something else or another employer. If your employer is struggling, the time to leave is well before the layoff notices go out. I think you should also embrace new technology and new fields because that's likely where the most job growth will be -- and getting in early gives more you more opportunity. Thirty years ago, I left teaching to go into IT when the field was just starting to significantly expand and most people barely knew what a computer was. Best financial move I ever made. My guess is that there aren't many unemployed computer programmers with up-to-date skills pounding the pavement looking for jobs, even if they're in their sixties.
Preparing for the future based on what's happened in the past is probably not the best policy. It sure didn't work for the French who built the Maginot Line to prevent another German invasion through that area and left the rest of their border largely undefended.
Many of the older people who were down-sized from jobs in the recent recession either had out-of-date skills or were in jobs that could be eliminated without affecting productivity. That's not everyone, but it was a goodly percentage of them.
I think a much smarter response is to keep building your job skills and keep your eye on the job market. If you're a middle manager who used to supervise a dozen workers and now you're down to only nine or ten, maybe it's time to look into something else or another employer. If your employer is struggling, the time to leave is well before the layoff notices go out. I think you should also embrace new technology and new fields because that's likely where the most job growth will be -- and getting in early gives more you more opportunity. Thirty years ago, I left teaching to go into IT when the field was just starting to significantly expand and most people barely knew what a computer was. Best financial move I ever made. My guess is that there aren't many unemployed computer programmers with up-to-date skills pounding the pavement looking for jobs, even if they're in their sixties.
Or the jobs got offshored. In tech many had to train their replacements or lose their severance pay.
Happened to my office mate. I retired and they sent my job to India. All I did was an email dump ..they couldn't force me to train them.
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. and that is assuming both political parties don't completely gut social security and use that money to pay for more wars or welfare programs for lazy fat people that don't wanna work!
