Too many older workers are retiring (move, adults, family, girls)
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Correct, although I would not extend the Boomer generation as far as 1964 (and originally, it did not extend that far).
If you check birthrate statistics, there was a post-WWII baby boom and then a smaller--but very definite--post-Korean War peak as well. But the high birth rate statistics take a sudden and abrupt nose dive in 1959...they fall right off a cliff. The baby boom was definitely over by 1960.
And in terms of shared generational experiences, there is still a cut-off recognizable. Boomers, for instance, remember where they were when Kennedy's assassination was announced just as War-Genners remember where they were when the attack on Pearl Harbor was announced.
How true. I remember being sent home from school and my mother was sitting in front of the TV crying.
Also remember watching the funeral on TV. And that was about all I remember.
How true. I remember being sent home from school and my mother was sitting in front of the TV crying.
Also remember watching the funeral on TV. And that was about all I remember.
I had just gotten paddled by the principal for failing to do my math homework. I had gotten back to class, still pretty sore (physically and emotionally). I had dropped my pencil under my desk and was reaching for it when the principal came over the intercom with "I have terrible news to report."
My thought was, "It can't be as terrible as I feel right now."
Except for the actual demographic event of the baby boom (specified by Ralph Kirk), all the other generational designations are pure marketing.
I think a lot of retirements (like mine) are predicated by age 65 for Medicare. Nothing else about the generational thing.
It does have some bearing. The peak of boomer births was 1957. All those boomers will be turning 65 this year. Peak births may just be reflected in peak retirements. And the pandemic for the past 2 years may have pushed many to just retire a few years earlier than planned.
It does have some bearing. The peak of boomer births was 1957. All those boomers will be turning 65 this year. Peak births may just be reflected in peak retirements. And the pandemic for the past 2 years may have pushed many to just retire a few years earlier than planned.
Yes. I was born in 1953 in the thick of it and turned 65 in 2018, chose retirement then from sheer exhaustion and the Medicare availability.
I wonder how much all the COVID deaths have saved Soc Sec. I'm not glad people died. But there's nothing we can do about that. So we might as well see if there's any "positive" for others.
The Boomers born in 57 won't get to their SS FRA until they're 66-and-6 months old -- which is June '22 to June '23, if my math is correct. But that doesn't mean they won't "retire" before that. I wasn't born until 1960. But I plan to be right there with them. When they'll be collecting at 66.6, I'll be filing at 63.
As a late curve boomer, I've always been concerned about the earlier boomers taxing and draining certain social programs before I could get mine-- or should I say before I could benefit as they did. That sounds better. To this day, I still feel some kind of way about the raising of the FRA for late Boomers.
As for older workers retiring...I just plan to retire from a full-time career. I'll likely work part-time. So I'd still be in the workforce....and technically not really retired, depending on the definition of "retired."
I filed 2 months before age 65, with my FRA being at least 66 and maybe some change. Costs me about $150/month since I didn't wait. It was the only way I could stop working and felt a visceral need to stop working, stop working nights, and living on the East Coast.
Now, my fourth anniversary of retirement is Jan. 23. I still can't believe I don't have to go to work.
I wonder how much all the COVID deaths have saved Soc Sec. I'm not glad people died. But there's nothing we can do about that. So we might as well see if there's any "positive" for others.
The Boomers born in 57 won't get to their SS FRA until they're 66-and-6 months old -- which is June '22 to June '23, if my math is correct. But that doesn't mean they won't "retire" before that. I wasn't born until 1960. But I plan to be right there with them. When they'll be collecting at 66.6, I'll be filing at 63.
As a late curve boomer, I've always been concerned about the earlier boomers taxing and draining certain social programs before I could get mine-- or should I say before I could benefit as they did. That sounds better. To this day, I still feel some kind of way about the raising of the FRA for late Boomers.
As for older workers retiring...I just plan to retire from a full-time career. I'll likely work part-time. So I'd still be in the workforce....and technically not really retired, depending on the definition of "retired."
I think I get what you're saying, but if it's any consolation, your starting FRA is probably larger than mine- given the same rate of salary history, simply because of the delay in your birth. I noticed some people's normal FRA is the same as what I was hoping for at age 70.
Regardless, it's kind of a wash, except I agree it's not fair about losing a year of DRCs if you wanted to delay. I think the people that thought out these last changes to SSA were pretty clever in choosing a middle ground to keep the program funded. Unfortunately, we're kinda' out of rabbits, and the next change to SSA is going to have to have some really good out-of-the-box thinkers. I honestly HOPE they prove me wrong, but I'm feeling that pretty much excludes current Congress...most of both parties.
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To this day, I still feel some kind of way about the raising of the FRA for late Boomers.
