edthecynic
Censored for Cynicism
- Oct 20, 2008
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And the number of people over 65 is a record high which also means that the number of retirees is a record high. The fact remains that the AARP study shows that 54% of Boomers are retired by age 65.The Number of Those Working Past 65 Is at a Record High
THE retirement dream seems further away for a lot of baby boomers, and they appear to be responding to that by holding on to their jobs if they can. But that may have worsened the employment prospects for younger workers.
The Older the Worker, the Better.Labor Department figures indicate that the percentage of workers over the traditional retirement age of 65 is at a record high. But, the figures show, job totals fell sharply for men under 55 during the recession and have only started to recover, while the proportion of women ages 25 to 54 with jobs also slid and is close to the lowest level of the last two decades.
The fact of the matter is that this aging-but-not-yet-aged segment of the baby boomer class cant afford to retire, said David A. Rosenberg, the chief economist of Gluskin Sheff, a Canadian firm, noting that overall household net worth was 15 percent lower than at the prerecession peak. Dreams of the 5,000-square-foot McMansion being a viable retirement asset have morphed into nightmares of a deflationary ball and chain.
http://www.nytimes.com/2012/05/19/b...hose-working-past-65-is-at-a-record-high.html