Retirees going back to work

[TroglocratsRdumb]

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, according to an analysis of Labor Department data by Indeed economist Nick Bunker for The Washington Post.

This is a reversal of the trend which saw millions of people fleeing the workforce during and following the Covid-19 pandemic.

And according to a study by payroll services company Paychex this year, one in six retired Americans are now considering going back to work.

Of those surveyed, who had been out of work for an average of four years, 53 percent said it was due to financial pressure.

The study also showed that of those who have already gone back, 55 percent said it was because they needed more money, 43 percent said it was because of inflation, and 32 percent said the main reason was because they feared outliving their savings.

Meanwhile 52 percent of those surveyed went back into the labor force because they were getting bored.

With living costs soaring and the rate of inflation at 4.9 percent - remaining stubbornly above the Fed's 2 percent target - it is no surprise that Americans' savings are being hammered, and they are increasingly finding they cannot rely on a fixed income.

I retired at 34 with $3m but inflation is forcing me back to work

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, a reversal of the trend which saw millions fleeing the workforce during the Covid-19 pandemic.

www.dailymail.co.uk

Joe Biden's Year of Aiding and Abetting Inflation

Since publishing his inflation fighting plan a year ago on The Wall Street Journal editorial page, President Joe Biden continues to lose the economic fight. A review of his frameworks and proposed sol

www.realclearmarkets.com

Comment:
The Democrat Party's greedy spending caused the Inflation Crisis.
People's wages are declining under Biden's inflation crisis.
Retiree's savings is being destroyed by Biden's inflation.

 

[Hang on Sloopy]

if it is a biden supporter i laugh and hope you work yourself to a massive heart attack

if not, it is troubling and sad

 

[1srelluc]

So they would rather work than make the necessary cut-backs. Sounds about right.

I bet that most still stop for a $6-$10 breakfast.

That said the average retiree's age is 61 and they start drawing at 62 instead of waiting. They should tell us more about their poor life choices. The idiots treat retirement like marriage these days.

 

[Moonglow]

Meanwhile 52 percent of those surveyed went back into the labor force because they were getting bored.

That was my reason.

 

[Moonglow]

So they would rather work than make the necessary cut-backs. Sounds about right.

I bet that most still stop for a $6-$10 breakfast.

That said the average retiree's age is 61 and they start drawing at 62 instead of waiting. They should tell us more about their poor life choices. The idiots treat retirement like marriage these days.

We get our breakfast for free where I work. Retirement is nowhere close to marriage.

 

[Meister]

So they would rather work than make the necessary cut-backs. Sounds about right.

I bet that most still stop for a $6-$10 breakfast.

That said the average retiree's age is 61 and they start drawing at 62 instead of waiting. They should tell us more about their poor life choices. The idiots treat retirement like marriage these days.

There are a lot who are on SS or retirement and nothing else. They may
not be able to cut back, unless you go from hamburger to canned dog food.

 

[White 6]

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, according to an analysis of Labor Department data by Indeed economist Nick Bunker for The Washington Post.

This is a reversal of the trend which saw millions of people fleeing the workforce during and following the Covid-19 pandemic.

And according to a study by payroll services company Paychex this year, one in six retired Americans are now considering going back to work.

Of those surveyed, who had been out of work for an average of four years, 53 percent said it was due to financial pressure.

The study also showed that of those who have already gone back, 55 percent said it was because they needed more money, 43 percent said it was because of inflation, and 32 percent said the main reason was because they feared outliving their savings.

Meanwhile 52 percent of those surveyed went back into the labor force because they were getting bored.

With living costs soaring and the rate of inflation at 4.9 percent - remaining stubbornly above the Fed's 2 percent target - it is no surprise that Americans' savings are being hammered, and they are increasingly finding they cannot rely on a fixed income.

I retired at 34 with $3m but inflation is forcing me back to work

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, a reversal of the trend which saw millions fleeing the workforce during the Covid-19 pandemic.

www.dailymail.co.uk

Joe Biden's Year of Aiding and Abetting Inflation

Since publishing his inflation fighting plan a year ago on The Wall Street Journal editorial page, President Joe Biden continues to lose the economic fight. A review of his frameworks and proposed sol

www.realclearmarkets.com

Comment:
The Democrat Party's greedy spending caused the Inflation Crisis.
People's wages are declining under Biden's inflation crisis.
Retiree's savings is being destroyed by Biden's inflation.

Feeling no financial pressure, I have no urge to go back to working for somebody. Not lazy and still active, I can find enough to keep us entertained and reasonably in shape. What you are labeling as "Biden Inflation" is just not having much of an affect on us, as everything is paid for, really including the gable roof on the back, contractors are building now, and coming along well, with electrical contract meeting yesterday, roofers due Monday/Tuesday, along with return of the electrical contractor for his work, the gutter guy following the roofers. I think the project will be completed next week. Not bad, considering the 6x6s didn't even go into ground and concrete until this last Tuesday. I put off a planned kayaking trip last week, to remain onsite while the work done. Next will be me staining all that wood to match existing deck and fences, installing a ceiling fan, flat screen maybe speakers, and refinishing the deck itself. I can always find something to do to be entertained an productive, yet not working, committed to somebody else's needs or timetables.

 

[Magnus]

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, according to an analysis of Labor Department data by Indeed economist Nick Bunker for The Washington Post.

This is a reversal of the trend which saw millions of people fleeing the workforce during and following the Covid-19 pandemic.

And according to a study by payroll services company Paychex this year, one in six retired Americans are now considering going back to work.

Of those surveyed, who had been out of work for an average of four years, 53 percent said it was due to financial pressure.

The study also showed that of those who have already gone back, 55 percent said it was because they needed more money, 43 percent said it was because of inflation, and 32 percent said the main reason was because they feared outliving their savings.

Meanwhile 52 percent of those surveyed went back into the labor force because they were getting bored.

With living costs soaring and the rate of inflation at 4.9 percent - remaining stubbornly above the Fed's 2 percent target - it is no surprise that Americans' savings are being hammered, and they are increasingly finding they cannot rely on a fixed income.

I retired at 34 with $3m but inflation is forcing me back to work

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, a reversal of the trend which saw millions fleeing the workforce during the Covid-19 pandemic.

www.dailymail.co.uk

Joe Biden's Year of Aiding and Abetting Inflation

Since publishing his inflation fighting plan a year ago on The Wall Street Journal editorial page, President Joe Biden continues to lose the economic fight. A review of his frameworks and proposed sol

www.realclearmarkets.com

Comment:
The Democrat Party's greedy spending caused the Inflation Crisis.
People's wages are declining under Biden's inflation crisis.
Retiree's savings is being destroyed by Biden's inflation.

You left this out from the WP article. Guess it didn't fit your agenda, eh?

The bounce back comes as U.S. employers continue to complain of widespread labor shortages, with twice as many available positions as there are unemployed Americans, according to the Labor Department. As a result, employers are having to go to greater lengths to attract and keep workers of all ages.

https://www.washingtonpost.com/business/2022/05/05/retirement-jobs-work-inflation-medicare/

 

[Harpy Eagle]

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, according to an analysis of Labor Department data by Indeed economist Nick Bunker for The Washington Post.

This is a reversal of the trend which saw millions of people fleeing the workforce during and following the Covid-19 pandemic.

And according to a study by payroll services company Paychex this year, one in six retired Americans are now considering going back to work.

Of those surveyed, who had been out of work for an average of four years, 53 percent said it was due to financial pressure.

The study also showed that of those who have already gone back, 55 percent said it was because they needed more money, 43 percent said it was because of inflation, and 32 percent said the main reason was because they feared outliving their savings.

Meanwhile 52 percent of those surveyed went back into the labor force because they were getting bored.

With living costs soaring and the rate of inflation at 4.9 percent - remaining stubbornly above the Fed's 2 percent target - it is no surprise that Americans' savings are being hammered, and they are increasingly finding they cannot rely on a fixed income.

I retired at 34 with $3m but inflation is forcing me back to work

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, a reversal of the trend which saw millions fleeing the workforce during the Covid-19 pandemic.

www.dailymail.co.uk

Joe Biden's Year of Aiding and Abetting Inflation

Since publishing his inflation fighting plan a year ago on The Wall Street Journal editorial page, President Joe Biden continues to lose the economic fight. A review of his frameworks and proposed sol

www.realclearmarkets.com

Comment:
The Democrat Party's greedy spending caused the Inflation Crisis.
People's wages are declining under Biden's inflation crisis.
Retiree's savings is being destroyed by Biden's inflation.

Do you think this had anything do with inflation?

 

[Harpy Eagle]

That said the average retiree's age is 61 and they start drawing at 62 instead of waiting. They should tell us more about their poor life choices. The idiots treat retirement like marriage these days.

Nobody should wait past 65 to start drawing SS, and there are good augments to start at 62 if you can.

If I start drawing at 65 (2029) vice 67 it will take me till 2042 for me to have made less money if I waited. So, it is not till 78 that I have made less overall money by starting at 65, and then the difference for that year is less than 2000 dollars.

We will retire for good when I am 65 and the wife is 62. Both of us will start taking SS then.

If all goes well we will not have to touch our 401ks till the Govt makes us start taking money out.

 

[Harpy Eagle]

There are a lot who are on SS or retirement and nothing else. They may
not be able to cute back, unless you go from hamburger to canned dog food.

I do not know how these people live to be honest.

 

[alang1216]

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, according to an analysis of Labor Department data by Indeed economist Nick Bunker for The Washington Post.

This is a reversal of the trend which saw millions of people fleeing the workforce during and following the Covid-19 pandemic.

And according to a study by payroll services company Paychex this year, one in six retired Americans are now considering going back to work.

Of those surveyed, who had been out of work for an average of four years, 53 percent said it was due to financial pressure.

The study also showed that of those who have already gone back, 55 percent said it was because they needed more money, 43 percent said it was because of inflation, and 32 percent said the main reason was because they feared outliving their savings.

Meanwhile 52 percent of those surveyed went back into the labor force because they were getting bored.

With living costs soaring and the rate of inflation at 4.9 percent - remaining stubbornly above the Fed's 2 percent target - it is no surprise that Americans' savings are being hammered, and they are increasingly finding they cannot rely on a fixed income.

I retired at 34 with $3m but inflation is forcing me back to work

An estimated 1.5 million retirees re-entered the labor market in the year up to May 2022, a reversal of the trend which saw millions fleeing the workforce during the Covid-19 pandemic.

www.dailymail.co.uk

Joe Biden's Year of Aiding and Abetting Inflation

Since publishing his inflation fighting plan a year ago on The Wall Street Journal editorial page, President Joe Biden continues to lose the economic fight. A review of his frameworks and proposed sol

www.realclearmarkets.com

Comment:
The Democrat Party's greedy spending caused the Inflation Crisis.
People's wages are declining under Biden's inflation crisis.
Retiree's savings is being destroyed by Biden's inflation.

Can't speak for anyone but me. I retired 7 years ago and immediately took another job. I could have lived comfortably but I like not having to even think about money. I have my next flight booked and I'm going Business Class for the first time. It is not financial pressure but just wanting more that keeps me working, that and the fact I really like what I do. I feel badly for people who don't have choices but I'm glad I do.

 

[1srelluc]

Nobody should wait past 65 to start drawing SS, and there are good augments to start at 62 if you can.

If I start drawing at 65 (2029) vice 67 it will take me till 2042 for me to have made less money if I waited. So, it is not till 78 that I have made less overall money by starting at 65, and then the difference for that year is less than 2000 dollars.

We will retire for good when I am 65 and the wife is 62. Both of us will start taking SS then.

If all goes well we will not have to touch our 401ks till the Govt makes us start taking money out.

Yeah, the wife had her first forced withdraw a few months back....It sucked.

 

[Lisa558]

You left this out from the WP article. Guess it didn't fit your agenda, eh?

The bounce back comes as U.S. employers continue to complain of widespread labor shortages, with twice as many available positions as there are unemployed Americans, according to the Labor Department. As a result, employers are having to go to greater lengths to attract and keep workers of all ages.

https://www.washingtonpost.com/business/2022/05/05/retirement-jobs-work-inflation-medicare/

What that means is that because young, able-bodied workers are content to live off welfare and thus refuse to take a job, opportunities have opened for senior citizens.

When I tried to get a new job at age 55, nobody would even consider me for an interview. Now, more than 10 years later, I could get a job tomorrow if I needed one.

 

[Lisa558]

I do not know how these people live to be honest.

They double up with family. Or, they live in a paid-off house with minimal expenses other than food and utilities.

 

[Magnus]

Nobody should wait past 65 to start drawing SS, and there are good augments to start at 62 if you can.

If I start drawing at 65 (2029) vice 67 it will take me till 2042 for me to have made less money if I waited. So, it is not till 78 that I have made less overall money by starting at 65, and then the difference for that year is less than 2000 dollars.

We will retire for good when I am 65 and the wife is 62. Both of us will start taking SS then.

If all goes well we will not have to touch our 401ks till the Govt makes us start taking money out.

Not sure where you are reading this but from all the reports that I saw, it is better to wait till you are 70 to get the maximum payout. After that, it makes no difference.

That's my plan, anyway. I have a good income/benefits and will try to postpone withdrawing SS till then.

Also, after 66, you can withdraw SS and still draw a paycheck. No problem. It is only if you start withdrawing SS around 62 that you need to stop working.

 

[Lisa558]

Not sure where you are reading this but from all the reports that I saw, it is better to wait till you are 70 to get the maximum payout. After that, it makes no difference.

That's my plan, anyway. I have a good income/benefits and will try to postpone withdrawing SS till then.

Also, after 66, you can withdraw SS and still draw a paycheck. No problem. It is only if you start withdrawing SS around 62 that you need to stop working.

Not necessarily. If you wait until 70 and must withdraw from your IRA for living expenses until then, you lose out on all that tax deferred income. I’d rather start SS at 65 (which I did) and allow my IRA to continue to build up until I’m required to withdraw beginning at 73.

And you don’t have to stop working at 62 if you are drawing SS.

 

[Harpy Eagle]

Not sure where you are reading this but from all the reports that I saw, it is better to wait till you are 70 to get the maximum payout. After that, it makes no difference.

That's my plan, anyway. I have a good income/benefits and will try to postpone withdrawing SS till then.

Also, after 66, you can withdraw SS and still draw a paycheck. No problem. It is only if you start withdrawing SS around 62 that you need to stop working.

I am not reading it from anywhere, I am doing my own math.

If I start taking my SS at 65 when I 72 I will have gotten 219,072 total from SS. If I wait till I am 67 I will have gotten 196,704 total from SS.

If I start taking my SS at 65 when I 75 I will have gotten 301224 total from SS. If I wait till I am 67 I will have gotten 290056 total from SS.

If I start taking my SS at 65 when I 77 I will have gotten 355992 total from SS. If I wait till I am 67 I will have gotten 360624 total from SS.

So, it is not till I hit 77 that I would have made more money by waiting.

There is no promise of reaching 77, thus I will not wait.

Doing this also allows us to, with any luck, not touch our 401k till we are at least 70, and the money it will make in those years on interest alone is more than what I could get from SS by waiting to take it.

We both have a very good income and benefits, but both of us are ready to be done working and enjoy the rest of our life. The only thing holding us back is we waited way to long to really start saving for retirement, but we are quickly making up for that.

 

[Harpy Eagle]

Not necessarily. If you wait until 70 and must withdraw from your IRA for living expenses until then, you lose out on all that tax deferred income. I’d rather start SS at 65 (which I did) and allow my IRA to continue to build up until I’m required to withdraw beginning at 73.

And you don’t have to stop working at 62 if you are drawing SS.

Yep, this is our plan as well. The wife and I turn 62 and 65 within a week of each other. At this point we will retire and collect SS along with my Marine Corps Pension and her VA retirement we will be set and should not need to touch the 401k/IRA for a few years.

Especially since we plan to do all this in Panama where the cost of living is about 40% less than here.

 

[Moonglow]

What that means is that because young, able-bodied workers are content to live off welfare and thus refuse to take a job, opportunities have opened for senior citizens.

When I tried to get a new job at age 55, nobody would even consider me for an interview. Now, more than 10 years later, I could get a job tomorrow if I needed one.

Yes, Baby Boomers are retiring in huge droves.