More Americans 75 and Older Keep Working
Posted by WARREN MOSLER on January 14th, 2013
As previously discussed, the real answer to the ‘dependency ratio’ is in fact happening?
The trick is to let seniors collect full social security and their paychecks:
More Americans 75 and Older Keep Working
By Christine Dugas
January 1 (USA Today) — Sixty-five is the normal retirement age, but many Americans are working much later in life, and it’s not just because they need the money.
The number of workers who are 75 and older has skyrocketed by 76.7 percent in the past two decades, according to research by the AARP Public Policy Institute. “We are living longer, healthier lives,” says Kerry Hannon, author of Great Jobs for Everyone 50+. “And the types of work that people do is not as labor intensive as it was in our parents’ generation.”
January 14th, 2013 at 12:42 pm
“The trick is to let seniors collect full social security and their paychecks:”
Brilliant! You have my vote!
My retirement plan is to work myself to death. Problem is first I need t get a job.
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Walid M Reply:
January 14th, 2013 at 2:13 pm
@Ed Rombach,A darker version of the future (if we were to extrapolate GOP think ) is :
collect social security and lose your right to vote !
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Ed Rombach Reply:
January 14th, 2013 at 3:25 pm
@Walid M,
At the very least, the government shouldn’t tax social security benefits.
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Ben Johannson Reply:
January 14th, 2013 at 5:59 pm
@Ed Rombach, But maintaining spending while reducing taxes means deficits, and “deficit” is an enormously value-laden pejorative in today’s society. If we’re going to sell these ideas to the public at large we have to cease using the terminology of the enemy; if we don’t we automatically fail once those value-laden terms come into play and trigger a reflexive reaction in the person we’re trying to persuade.
January 14th, 2013 at 1:31 pm
Last night “60 Minutes” had a segment on job losses due to robots and productivity gains. What’s Washingtons answer to the issue – raise the retirement age!
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January 14th, 2013 at 1:31 pm
I struggle to see how anybody can argue about a ‘dependency ratio’ when billions of man-hours of output a year is left on the table.
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January 14th, 2013 at 4:10 pm
1) 65 is not the normal age, that age depends on when you are born. For my dad it was 66. For most people now it is 66. For me it is 67.
2) If you take benefits at your normal age, then there is no reduction in benefits if you work – though that can effect how much of your benefit is subject to taxes.
3) If you take it early then working will effect your benefit.
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January 14th, 2013 at 10:54 pm
Unfortunately, the oldest working population in the US are members of the Congress: http://nailheadtom.blogspot.com/2012/12/californias-most-prominent-politicians.html
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SandyT Reply:
January 15th, 2013 at 12:19 am
@chuck martel, and you really think what they do is considered work?
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Ed Rombach Reply:
January 16th, 2013 at 8:52 am
@SandyT,
Theft more like it.
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Ed Rombach Reply:
January 16th, 2013 at 8:53 am
@chuck martel,
And their retirement benefits are terrific!
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January 15th, 2013 at 12:19 am
20 years of “de-regulation”
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January 15th, 2013 at 2:11 pm
Probably should at least be documented at this site that Wal Mart is offering a minimum job to veterans.
“Wal-Mart, the nation’s largest retailer, will announce Tuesday a plan to hire every veteran who wants a job, provided that the veterans have left the military in the previous year and did not receive a dishonorable discharge.”
http://www.nytimes.com/2013/01/15/us/wal-mart-to-announce-extensive-plan-to-hire-veterans.html?hp&_r=0
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hamish Reply:
January 15th, 2013 at 7:22 pm
@Winslow r., Does this mean they will sack non-vets to make room for them?
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Ed Rombach Reply:
January 16th, 2013 at 8:56 am
@hamish,
Probably not, but it does suggest that veterans will go to the front of the line as priority new hires.
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January 15th, 2013 at 2:34 pm
It’s not the olduns we need to concentrate on surely.
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January 15th, 2013 at 10:56 pm
There are places elsewhere where SS goes a lot further, Mexico being the closest, if that is important for you; and the rest of L. America readily accessible; also parts of SE Asia. Time to get out of Dodge? Also, these places are often places where our accumulated experience and skills are valued. Business opps too.
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January 16th, 2013 at 5:56 am
in Italy until two years ago people went retired to 55/60 years in middle… but some scadal law permitted baby pensioner to 500 years and also in some limit case 45 years.. of course with state pension not covered by contribution pay by that pensioners and covered using the contribution payd by the current workers.. in 2012 Monti government to close the houl of pension increased age to 67 years and with an automatic mechanism may be that in 10 years the new minimum age will be 70 years !!! in practice the old generation have grant themself with -10 years and now current and future generation have to delay +10 years compared with a medium of 60 years..
an effect of this pension reform is that unemployment of young people is skyrocketting because older stay at work.. of course this effect sum the recession effect..
PS: in Italy private integrative pension fund are for few people..
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January 16th, 2013 at 11:57 am
Regarding the ‘natural rate of interest is zero’, could the Fed always keep interest rates where they are now assuming it is still issuing bonds? I understand operationally that the Fed could always buy tsy’s to drive down the funds rate, but can/would the primary dealers ever refuse to buy at auction if they didn’t like the low rate of tsy’s?
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January 16th, 2013 at 3:55 pm
And their insurance is looking worse and worse. The Cliff deal included a one year reversal on the SGR, and although there won’t be an across the board 27% cut in reimbursement to physicians, there’s no hike either. Therefore, your family physician should get about 40$ now to see you. How long can that go on before physicians leave medicare. Hell, you can’t get someone to look at your cat for that.
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Ed Rombach Reply:
January 17th, 2013 at 9:16 am
@Vincent,
Price fixing has supply consequences.
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January 17th, 2013 at 10:35 am
First they spent everything and left us their debt now they are taking all our jobs.
Signed,
The Grandchildren
:)
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