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KANSAS CITY, Missouri (Reuters) – Jean Johnson is 81 years old and suffering from diabetes. But instead of relaxing in retirement, she recently started a new job.
"I need money. My social security check just doesn't make it, with rent and the gas bill to pay," said Johnson, who took a job in March at a library in Danforth, Illinois. "I need to work."
U.S. seniors hunt jobs as retirement hopes fade - Yahoo! News (http://news.yahoo.com/s/nm/20090610/us_nm/us_usa_jobs_elderly - broken link)
There are a lot of people at my job who retired (that is, took out their pensions) and who work on-call or maybe a 16-hour commitment. I'd be fine with that. I don't have any retirement big plans that involved long travels (for that matter, if I did, it'd be easier to do them now with five weeks' vacation, as long as it's not during the summer). I've already joined (and quit) the Peace Corps. I've moved here and there and gone back to school and changed jobs and and and.
I think it would be prudent to work two nights a week even in retirement while I'm younger. Longevity is common in my family (as is cancer). I'd hate to be an old lady with health problems and realize I should have saved more or worked more. Working twice a week would be managable (and it would be nice to know I actually could thumb my nose and walk off if emotionally necessary) and it would be walking-around money and I'd use less of my other assets that I hope to have.
A couple of co-workers have retired. One works on-call and doesn't have enough money to live where she wants and is car-dependent. Another just got cancer at age 65 and she and hub can't even stay in their rental apartment. She used to say, "We have simple needs. We have a roof over our head and food on the table." I guess I want more security than that, and maybe some options.
Part of the problem is that social security was never meant to fully fund retirement. Just like food stamps was meant to supplement the grocery budget and allow for healthy food, SS was meant to supplement retirement savings. The mentality of "Oh, I'll get by on my Social Security" has turned into a financial nightmare for many seniors. While I have empathy, I don't have sympathy.
Part of the problem is that social security was never meant to fully fund retirement. Just like food stamps was meant to supplement the grocery budget and allow for healthy food, SS was meant to supplement retirement savings. The mentality of "Oh, I'll get by on my Social Security" has turned into a financial nightmare for many seniors. While I have empathy, I don't have sympathy.
You are right.
While most of us have lost some money in our retirement accounts some have lost more than others.
I am inching towards retirement age and am eligible to start collecting social security in 18 more months but more and more people my age appear to be opting for later retirements.
Retiring at 62 brings $1,150 per month, retiring at age 66 brings $1,645 and waiting to age 70 brings $2,281 or nearly double.
This is a no brainer.
At $1,150 a month a receipent would be reduced to living in a backyard cottage eating cat food while they a pensioner should be ok at $2,281 per month if their home is paid for, they have zero debt and property taxes are low.
Also need to remember the spouse receives half of what her husband gets... $2,281 would provide a spouse with $1,140 at at $3,400 a couple should be ok just about anywhere.
For those who have IRA's, diversify. I have a full 50% of my IRA money in FDIC insured CD's. They might not pay off as much as other investment accounts, but there's no chance of losing that money.
And if you don't have an IRA, you should--even if you are also funding a 401K. Current estimates are that in your 30's you should be saving 15% towards retirement, 40's--20%, 50's--25-30%, more if you started late.
While I feel sorry for these people (especially 80 year old who should not be working) there needs to be a program in place so people CAN retire.
Then maybe those of us who came after the boomers can get a job/shot at a career...
Bingo!!! Isn't it one of the major reasons why people can't get jobs right now because sooo many old people have flooded the job market? I can't remember how many times I have gone to stores in recent months and saw people my grandma/grandpa's age working!! It is unbeleivable and very sad too..
Bingo!!! Isn't it one of the major reasons why people can't get jobs right now because sooo many old people have flooded the job market? I can't remember how many times I have gone to stores in recent months and saw people my grandma/grandpa's age working!! It is unbeleivable and very sad too..
A lot of them have been working all along. Employers love to hire seniors for part timejobs. They don't call out with child care issues, they don't need health insurance, they don't have a drama cloud over their head, they are happy to work part time, and frankly they have a stronger work ethic than many younger generations.
A lot of them have been working all along. Employers love to hire seniors for part timejobs. They don't call out with child care issues, they don't need health insurance, they don't have a drama cloud over their head, they are happy to work part time, and frankly they have a stronger work ethic than many younger generations.
Sad to observe to many of the younger lack any work ethic at all.
I am in my 60's and decided I am going to work another 20 years knowing two people who do what I do; one is 74 and the other is reported to be over 80. As you point out we don't have grandchild issues much less child issues and making us very valuable is the employers zero cost of health insurance.
I've also always liked to work, I have fun at work and 90% of the time I have always looked forward to Monday mornings. Never have been an early riser I've always shown up for work between 8:00 and 9:00 and prefer to work to between 7:00 and 8:00. 10 hour days for 8 hours pay have always been standard because unless I have something else to do why leave the theme park early when you don't have to?
So at 70 I get $2400 social security, my wife draws $1200 and I make $6000 working. $9600 a month family income with zero bills and the house paid for. I can live on that. Fact be I could save $7000 a month.
Bingo!!! Isn't it one of the major reasons why people can't get jobs right now because sooo many old people have flooded the job market? I can't remember how many times I have gone to stores in recent months and saw people my grandma/grandpa's age working!! It is unbeleivable and very sad too..
I live in Vermont and I swear everywhere I go someone 70 something is working! I have nothing against old people (I will hopefully be one someday, too) but yes, they are clogging up the jobs. I don't just mean stores, but the libraries, and businesses.
Life is not just very old and new graduates. Many of us in our 30s, and 40s have great work ethics.
I have said this before...I know 2 women who are probably around 60 working 'service jobs' and they both 'flaunted it' in my face (that they are working while, me, 20 years younger) is not.
They say I am too picky. Well, I have nothing against people who work service jobs, bless them, but wanting something 'better' is not a sin.
PS, They are both single women--no kids and no spouses to 'tie them down' and take them away from their 'precious jobs.'
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