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I believe it. I am not older or senior citizen, but I am graduated from college and I myself am trying to find an entry level teen job. However, I am having absolutely NO luck
One of several reasons they spoke about was some older adults losing a significant amount of their retirement and not being able to survive off of their SS benefit alone.
If I were in such position, I'd move to another country with lower living expenses to sustain my life in such a way that I don't have to work...
The main reason why many retirees are in this situation is because they took on too much risk w/their 401k's and taxable investments.
Many figured we would never have a 40-50% drop in equities ever again, like we had in the 30's and the 70's.....
Also, look at the equity % of any "target retirement" fund for older folks. They were weighted pretty heavy on equities....
Now, many retirees have nothing to live on (or a small nest egg) and must work till their death in many cases.
This was a sad wakeup call IMO....
This is an asinine statement. No investment, aside from cash, is safe in this environment. I might as well say that the entire housing market slump was caused by 20-30 somethings who "invested" in real estate. My father is 82 and still works part time for some extra cash. My parents were never big investors in the market. As my dad puts it, "we've just lived longer than we thought we would." When that generation began their retirement planning, they had a life expectancy in the mid 70's. Now it's 5-10 years longer.
Where would you suggest that people invest their 401k's over the past 20 years? Gold or other commodities? Bonds? Cash? Real Estate? The fact is that even conservative investments take a major hit.
As for seniors taking "teenager's" jobs, I wasn't aware that there was such a classification. What, exactly, would a "senior's" job be? Everyone does what they have to do to survive this mess and I don't begrudge anyone for taking whatever job necessary to make ends meet. Particularly "the greatest generation in US history." An no, I'm not one of them.
This is an asinine statement. No investment, aside from cash, is safe in this environment. I might as well say that the entire housing market slump was caused by 20-30 somethings who "invested" in real estate. My father is 82 and still works part time for some extra cash. My parents were never big investors in the market. As my dad puts it, "we've just lived longer than we thought we would." When that generation began their retirement planning, they had a life expectancy in the mid 70's. Now it's 5-10 years longer.
Where would you suggest that people invest their 401k's over the past 20 years? Gold or other commodities? Bonds? Cash? Real Estate? The fact is that even conservative investments take a major hit.
As for seniors taking "teenager's" jobs, I wasn't aware that there was such a classification. What, exactly, would a "senior's" job be? Everyone does what they have to do to survive this mess and I don't begrudge anyone for taking whatever job necessary to make ends meet. Particularly "the greatest generation in US history." An no, I'm not one of them.
I dunno. My 401K and IRA as well as regular savings are pretty diversified. I've got stocks, bonds, cash, and equity in various things. Two years ago I had a gut feeling and moved most of my savings into bonds and cash accounts. I've lost about 20% of my total net worth not including the value of my home (which is not upside down), no big deal. Frankly if a 20% loos in value is enough to make you not be able to retire, you shouldn't have been considering retiring to begin with.
I would posit that those who are of retirement age right now are/were far more conservative in their investments than those under the age of 50. Those now turning 70 grew up in the aftermath of the depression.
I would posit that those who are of retirement age right now are/were far more conservative in their investments than those under the age of 50. Those now turning 70 grew up in the aftermath of the depression.
I tend to agree, although some of us that aren't yet 50 still learned Depression era frugality from our parents who lived through it.
My parents are both officially "retired" from their professions, but they still do work p/t. However, neither is in an entry-level spot usually filled by teens, but doing p/t in things that require education and experience.
As for the plight of kids seeking summer jobs, yes, this is happening here in the NYC area. A friend's twins are in college and while one already had a p/t job lined up (at a place he had been volunteering at for years as a teen), the other went out to apply at the usual places (stores, restaurants, etc.) and could not find anything and was even told a couple of times that what usually were "summer jobs" for guys like himself had already been filled by out-of-work adults. Fortunately, her other son is so well-liked at the place where he is working, he could get his brother in there too.
Many companies prefer to hire older workers because they are more dependable than younger workers.
There has also been reports of ageism also. Employers rather choose someone with not that much experience so they can pay them lower wages than someone older whom they would have to pay more for.
There has also been reports of ageism also. Employers rather choose someone with not that much experience so they can pay them lower wages than someone older whom they would have to pay more for.
My last two jobs they specifically wanted to hire someone mid-career because they would socially fit better into the small business and they could bring a lot to the table without wanting huge salaries or having a lot of drama following them.
The job I'm at now they had gotten some resumes from very senior level people who they wouldn't even consider for my mid-level position. Why? Because those senior level people were A. not hands on enough--they were paper pushers and people managers rather than hands on "doers" and B. they wold have bolted for greener pastures as soon as they could find another gig.
They didn't consider younger applicants because they didn't bring 20 years of experience with them and wanted the same level of pay. (Many younger workers seem delusional about their "worth" these days.)
My (Many younger workers seem delusional about their "worth" these days.)
One of my sisters would definitely agree with you, but methink that it might also have to do with the delusional college, graduate school, not counting law/medical school, price tag!
If you are not lucky enouogh to be the 10 percent with a full scholarship.
But it also may be too much MTV I am star, televsiion watching!
not sure which or maybe both!
just a thought
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