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Old 06-22-2014, 03:16 PM
 
6,684 posts, read 3,604,957 times
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Im seeing a lot of baby boomers still clinging and clutching to their power positions despite many of them living a nice comfortable life outside of work it appears.

They continue to hold these high money making positions and STILL WON'T RETIRE

What is the problem? How do you expect the younger folk in their 20s and 30s to move up the ladder if the older folk won't call it a career and continue to enjoy the good money and perks?

Haven't they saved any money? Are their lives so empty, they wouldn't know what to do unless they went to work every day?

The only way positions are going to open is if the older folk retire.

What really bothers me are these execs or Managers who have had a nice 6 figure a year income or better for 2-3 decades that still won't retire? What the hell did these people spend their money on that they can't afford to retire by their 50s-60s?

Last edited by DorianRo; 06-22-2014 at 03:25 PM..
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Old 06-22-2014, 03:57 PM
 
750 posts, read 1,373,342 times
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Most boomers have nowhere enough to retire. Many will work up into their 70's. Even those who have a nest egg will not retire. Even with 300 grand that is nothing with rates at 0 to 2%. They need rates at 5 to 6% to draw enough income to retire. We will not see those rates for 8 to 10 years at least. Even more important boomers need their health coverage. Retiree health coverage is becoming a thing of the past. So they will stay at least to their late 60's to draw Medicare. A large subset of the boomers have nothing saved for retirement. Thus they will work until their dead. Do not expect them retiring to open up a great wave of jobs. At one temp job I worked at 35 to 40 boomers retired they replaced no one. They only hire a few temps. Then chopped the work up to those left. The whole do more with less.
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Old 06-22-2014, 04:10 PM
 
Location: Buckeye, AZ
36,817 posts, read 20,239,533 times
Reputation: 13143
I would say some do not have their savings, others have a need to work that I'd they don't, they would die or go stir crazy.
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Old 06-22-2014, 04:14 PM
 
Location: North Beach, MD on the Chesapeake
38,431 posts, read 50,005,901 times
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Most Baby Boomers aren't even close to retirement, even early retirement, yet.

I have to laugh at you guys that talk about retiring in their 50's when the retirement age has been kicked up over the last couple decades.

To answer your question about what these executives "did" with their money, they spent it like most people do.

Newsflash: retirement in the 50's was never common, was never a "standard" (well, unless you count dying at 55 as "retirement").
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Old 06-22-2014, 04:28 PM
 
47,528 posts, read 65,199,913 times
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Your government has moved retirement age up to 67 and it's probably going to be raised higher very soon.

The baby boomers have to keep working to pay the absurd taxes that keep everyone else fat and happy.
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Old 06-22-2014, 04:30 PM
 
13,273 posts, read 11,271,555 times
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I know a lot of older people at my company who work from home. If you can earn your full time salary while sitting at a computer wearing your PJs, why retire early? If I could get that deal, I would work until I was at least 70.
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Old 06-22-2014, 04:37 PM
 
36,844 posts, read 24,895,181 times
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I'll never be able to retire. I'm 52, but a "late bloomer" and didn't graduate college until my mid-30's, then paid student loans for 10 years. It was worth it, I have a good job now that pays well, but it's hard to make up that much lost ground. Especially in this economy, it's not like I have a chance of buying a home for $150,000 and have it be worth $400,000 a decade from now.

My brother and I are planning to be WalMart greeters, and live in granny pods in his daughter-in-law's back yard.. He's not a late bloomer, but he's an auto mechanic who paid child support for 15 years, so for him not much chance to save, either. I don't see how many people can retire anymore unless they get a pension, which neither of us will. I have a 401K, IRA, Roth IRA, stocks, etc, but it's not nearly enough and it's not going to be, although I am still doing my best to save. I live in a one-bedroom apt. and drive a 17 year old car with 301,000 miles, so it's not like I live some extravagant life.
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Old 06-22-2014, 05:10 PM
 
750 posts, read 1,373,342 times
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I do not think most people will retire. My Mom's a nurse looking to work per diem as she gets older lots of nurses do it. I see nurses working into their 70's Mom did not go to nursing school till later in life. So their was no huge nest egg to start with. She worked low wage jobs before that. Lots of these older nurses will not retire can not afford too. So I see no real shortage for nurses coming in the future. I think people on this board have a wrapped view of the world. They act like everybody got good jobs making good money. Tons of Americans make rotten money at low end jobs. Add in sickness job lost sick kids a marriage break up. It wipes out what they saved happens all the time. Not every boomer made a 100k worked in IT or was a CEO. Many worked lower paying jobs. They could not save much for retirement. Life happens along the way. Their is an old saying want to make god laugh make plans.
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Old 06-22-2014, 06:04 PM
 
Location: Where the heart is...
4,929 posts, read 4,586,477 times
Reputation: 10633
Default Can people just not afford to retire or just won't?

Quote:
Originally Posted by collegeguy35 View Post
I do not think most people will retire. My Mom's a nurse looking to work per diem as she gets older lots of nurses do it. I see nurses working into their 70's Mom did not go to nursing school till later in life. So their was no huge nest egg to start with. She worked low wage jobs before that. Lots of these older nurses will not retire can not afford too. So I see no real shortage for nurses coming in the future. I think people on this board have a wrapped view of the world. They act like everybody got good jobs making good money. Tons of Americans make rotten money at low end jobs. Add in sickness job lost sick kids a marriage break up. It wipes out what they saved happens all the time. Not every boomer made a 100k worked in IT or was a CEO. Many worked lower paying jobs. They could not save much for retirement. Life happens along the way. Their is an old saying want to make god laugh make plans
Quote:
Originally Posted by collegeguy35 View Post
.
PERFECT! Thanks...

no huge nest egg to start with

have worked low wage jobs

older nurses will not retire cannot afford to

some people on this board have a warped view of the world

not everybody got good jobs making good money

many, many of Americans make rotten money at low end jobs

add in sickness, job loss, sick kids, a marriage break up

many have had circumstances that have wiped out what they saved

not every boomer made a 100k, worked in IT or was a CEO

many boomers have worked lower paying jobs

could not save much for retirement

life happens along the way

if you want to make God laugh tell him your plans

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Old 06-22-2014, 06:13 PM
 
11,119 posts, read 20,121,859 times
Reputation: 23034
People have bills and standards of living they want to maintain, especially with people living longer lives. You also have no idea what their debt obligation is and whether they are financially helping struggling family members. There is no reason for someone to retire just because "they can" or they are "old enough." I'm not close to retiring, but when I do retire it is going to be because I am tired of working and I am somewhat financially okay. I have no intention of retiring just so some young person can get promoted. I don't know anyone who has ever retired just to give someone else a chance at advancement.
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