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I totally agree with this - I have had to cut off my Survivor Benefits via SS because of the cap on earnings till I am 67 (I am 60). I have made too much money so far this year. I had to figure out how to work part time and come in right under the cut off of under $20,000 a year which frankly I think is RIDICULOUS, especially since I just recently found out that they count IRA distributions as income.
Look, I don't mind working without benefits and part time or whatever, but dang it, now I am losing my SS benefits till the end of the year because after May I wll be making too much money per year. I am great right now at aged 60 but will I be able or willing to make more money at aged 67? I think the whole charade is ridiculous.
Your full retirement age is when you become eligible for unreduced Social Security retirement benefits. If you file for SS retirement before you are FRA, then your benefits are reduced. Nothing surprising about that. Survivor benefits are treated exactly the same.
Your full retirement age is when you become eligible for unreduced Social Security retirement benefits. If you file for SS retirement before you are FRA, then your benefits are reduced. Nothing surprising about that. Survivor benefits are treated exactly the same.
Thanks, but I'm not talking about that at all, I am talking about the benefits from an inherited IRA. Apparently they do not count as earned income till I apply for Medicare.
I applied for reduced benefits at aged 60, which was possible (at aged 60) for a surviving spouse. I did the math. Applying for reduced benefits was better for me in the long run.
Since this recession will probably be even worse then prior ones dealing with stagflation, no one will want to work crappy jobs for $12 an hour when a gallon of gas is still $5 and a 1 bedroom 1 bath apartment in a crappy part of town is $1,300 a month.
Something has got to give no doubt, but capitalism might be crumbling before our very eyes soon. I’m the least liberal progressive type person there is, but I’m also a realist.
When tons of people are losing jobs, people won't be taking vacations, flying anywhere, staying at hotels, taking road trips, going out to eat as often, etc. So the demand for oil/gas will go way down globally and so will the prices at the pump. Also, if the fed keeps raising rates like they are doing, inflation will drop drastically as the economy starts reeling. Everyone will start being desperate for business. These are just my opinions anyway after living through the last recession.
Recessions have a way of making people hungry again.
When tons of people are losing jobs, people won't be taking vacations, flying anywhere, staying at hotels, taking road trips, going out to eat as often, etc. So the demand for oil/gas will go way down globally and so will the prices at the pump. Also, if the fed keeps raising rates like they are doing, inflation will drop drastically as the economy starts reeling. Everyone will start being desperate for business. These are just my opinions anyway after living through the last recession.
Recessions have a way of making people hungry again.
In order for prices to really come down the feds are not only going to have to drastically raise rates more but the asset bubbles of real estate and stocks will have to come way down. There’s is so much equity out there right now it’s not even funny, and unless real estate prices get deflated back to 2010ish levels then everyday living expenses aren’t coming down. Imo
What I see unfortunately happening is government getting much bigger since more of the private sector will collapse from rising cost including wages. We will usher in the era of being labeled a socialist nation in the coming decades as a result.
Last edited by JPrzybylski07; 06-30-2022 at 06:47 PM..
Thanks, but I'm not talking about that at all, I am talking about the benefits from an inherited IRA. Apparently they do not count as earned income till I apply for Medicare.
I applied for reduced benefits at aged 60, which was possible (at aged 60) for a surviving spouse. I did the math. Applying for reduced benefits was better for me in the long run.
Okay. You just sounded surprised that your benefits would be reduced prior to FRA.
In order for prices to really come down the feds are not only going to have to drastically raise rates more but the asset bubbles of real estate and stocks will have to come way down. There’s is so much equity out there right now it’s not even funny, and unless real estate prices get deflated back to 2010ish levels then everyday living expenses aren’t coming down. Imo
What I see unfortunately happening is government getting much bigger since more of the private sector will collapse from rising cost including wages. We will usher in the era of being labeled a socialist nation in the coming decades as a result.
The price of goods, services and commodities will decrease with reduced demand. Higher wages that have entered into the wage structure will largely remain entrenched in most areas. Prices will pullback but not to 2019 levels. The only areas that may see limited ability to lower wages is among the lowest wage jobs that see high turnover. If the economy slows enough to significantly raise the unemployment rate employers of low wage jobs may be able to fill positions without having to pay new employees above minimum wage. Incentives may be offered by some larger corporate employers to encourage senior members of their workforce near retirement age to retire early. However, the Fed would have to rapidly raise rates to significantly slow the economy sending it into a deeper recession for this to occur.
In my opinion we will soon find out that we are currently in a recession. The one we are in now, although painful for many, is not nearly painful enough to overcome the wage pressures of the current labor shortage. The irony is that the inflation caused by demand for goods of limited supply is largely a factor of not being able to find enough people to produce them. I know many adults in their 50s and 60s still supporting adult children who refuse to take jobs they feel are not acceptable as an entry-level or first job. It's time for these parents to give their kids the big toe.
If we don't get people back to work in key manufacturing, transportation, and service jobs we are in serious trouble. There needs to be an emergency summit of global business leaders to find a way to get things flowing. One possible solution could be to appeal to retired workers to fill critical positions with no penalty to SS or medicare for additional earnings.
I... just don't get it though. I mean, WHERE are the prime age adults, the ones like 30-55?
At my work we are getting the same thing - unless we poach a worker from somewhere else, our pools are made up of retired people, just graduated people, and unqualified
It's like the prime age adults disappeared into thin air.
I... just don't get it though. I mean, WHERE are the prime age adults, the ones like 30-55?
At my work we are getting the same thing - unless we poach a worker from somewhere else, our pools are made up of retired people, just graduated people, and unqualified
It's like the prime age adults disappeared into thin air.
According to the Bureau of Labor Statistics nearly two years after the 2008/2009 recession over 45% of those who were unemployed were defined as longterm unemployed. It took until 2018 to bring that number down to near 20%. Covid blew it back up to a peak of 43.2%. It has been steadily coming down and as of May 2022 is back down to 23.2%. In May 2022 60.1% of the population was employed. In Jan 2008 it was 62.9% and prior to the Covid lockdown it was 61.2%. The unemployment rate is now is nearly identical to preCovid (3.6% May 2022 vs 3.5% Feb 2020).
The participation rate of those 65 and older is growing and is projected to grow further through 2029. However, the overall participation has been declining since 2000. There is a combination of people choosing not to work because they have the economic means and people choosing not to work because they are being subsidized either by the government or other sources. Reducing subsidies could reduce the number of people who are longterm unemployed and may help with some of the job shortages in the service sector but it is unlikely to solve shortages in critical skill areas. To meet the needs for engineers, doctors, and skilled workers requires a cultural shift in thinking regarding educational goals and programs as a nation.
We also have this idea that workers should get into management,so go get a MBA,unfortunately an undergrad degree in technical field is just not good enough,this is one reason we have consulting firms loaded up with MS and PHDs from foreign countries.
These days it is hard to find an American doctor,they are mostly from India,Egypt,China,South America.
I suspect these anecdotes are the tip of the spear, as it were, of there being too much wealth at the high end. As the lower classes get drained of wealth, it crimps the producer-consumer money circulation because the wealthy consume a smaller fraction of their income than the lower classes. This siphons money out of circulation and locks it up in investments with a longer time horizon, or of dubious value. If companies cannot raise prices because their consumers are tapped out, then they cannot raise wages and consumers' balance sheets cannot be healed. A catch-22.
Fordism is the way out, but that requires enlightened employers at a mass scale, which is never going to happen. Economies can get stuck in slow- or no-growth periods because of too much greed at the top. IMO the inflation we're seeing and the labor shortages are just high-level feedback loops correcting for too much wealth at the top.
The most intelligent contribution in this thread, though largely unnoticed. The rest of the thread equals infighting within that pool that's been drained, without mentioning the real reason. Billionaires making $200 millions a day. Billionaires with wealth exceeding some countries total. The ability of this upper crust to buy any political decision, turning democracy into farce. This is what is skewed, in comparison with "the good old days".
That rant about millennials in Mexico not knowing what to do with themselves, is also a result of this polarization. The millennials who struggle cannot go to Mexico and whittle their days away, they have more pressing problems: rent, earnings, debt, inability to start a family. Those who have bottomless parent money, can.
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