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(Think Progress)   62% of workers 45-60 will continue to compete with you for jobs because they can no longer afford to retire   (thinkprogress.org) divider line 179
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1341 clicks; posted to Politics » on 02 Feb 2013 at 4:30 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-02 01:55:29 PM
Can you regulate greed? Is that possible?
 
2013-02-02 03:19:33 PM
It's not a competition. Experience will always win.
 
wee [TotalFark]
2013-02-02 03:19:47 PM
Quick, someone whine about "boomers"!
 
2013-02-02 03:23:01 PM
I was going to retire at 56. Two recessions in the last decade and four years without a pay raise have changed my tune. At least I have a job.

Besides, somebody's has to pay grandma's social security.
 
2013-02-02 03:58:47 PM
To be honest. Youts are not that smart.

At my ad agency, we go through them like a cord of wood.
 
2013-02-02 04:01:14 PM
What percentage of 45 year olds were retiring 20 years ago?
 
2013-02-02 04:15:13 PM
*sigh* Well, that sucks for me.
 
2013-02-02 04:31:56 PM
Die at your station, and thank the Job Creators for giving you the opportunity to do so.
 
2013-02-02 04:34:29 PM
When were 45-60 year-olds retiring in the first place?
 
2013-02-02 04:35:55 PM
I thought we're supposed to work til we're 70 now right?  Isn't that what Romney and supporters were saying during the election?  The SS age is needs to be raised is all the rage.  I mean since we live to be 72 now, we should be cool with 2 years..
 
2013-02-02 04:37:01 PM
That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.
 
2013-02-02 04:37:23 PM

sammyk: It's not a competition. Experience will always win.


Not necessarily. Experience wins when it *really matters*. But the vast majority of jobs can be done competently by any moderately intelligent adult if they get a little bit of training. Which means most businesses go for the cheapest employee. And that means the youngest, and least experienced.
 
2013-02-02 04:38:52 PM
Damn geezers takin' our jerbs!
 
2013-02-02 04:39:15 PM

alwaysjaded: Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


Anybody who payed attention in HS Home Ec/Finance class.
 
2013-02-02 04:40:14 PM
I read that today a new GM employee starts at $14/hr, which, when adjusted for inflation, is .03 less than Henry Ford paid in the 19teens before he instituted his $5/day plan.

So while dad and grandpa can't retire, it's ok because it's not like you're going to get a job that pays enough for you to move out, anyway.
 
2013-02-02 04:40:39 PM

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early.


It's actually a bit late. Start now. Just open an IRA and start depositing money routinely. If you can have your employer send a fixed amount or % automatically (via a split direct deposit if you use that) even better. Traditional IRA's = tax deduction now, pay taxes on earnings when you take them. Roth IRA = pay taxes now, no taxes when you take it later. I went with traditional since I figure tax rates will be lower for me when I retire and have no income.
 
2013-02-02 04:45:21 PM

sammyk: It's not a competition. Experience will always win.


If experience even threatens to cut into profit margin, it's a liability that must be purged.  That's why these "experienced" guys are looking for jobs in the first place.
 
2013-02-02 04:46:42 PM
a) consumer-driven culture: most people are too stupid to plan for retirement accordingly, as they need the iPhone 5, iPad2, or 65" LED TV because the previous model doesn't have the feature they want
b) many people are still screwed by the housing bubble
c) housing prices will continue to stagnate as boomers try to "cash out" on the massive houses they purchased but have a reduced demand for such housing
d) recessions delay retirements
e) medical technology means longer lifespans, lower infant mortality rate for those with crippling birth defects, illness, etc. leading to higher medical costs
f) longer lifespans mean medical expenses skyrocket, high cost of living
g) higher costs of living mean less consumable income (and conspicuous consumption will have to drop)
h) overly generous benefits/pensions and poor planning to pay for them, particularly of state/local government unfunded liabilities, will weigh heavily upon he economy in the future
i) excessive executive compensation

Result: job market changes, everyone will have to work longer and for less.  Once again, the problems of past generations are kicked down the road to the next.

/yes, I am an economist
 
2013-02-02 04:49:13 PM

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


Read the Intelligent Asset Allocator.  Have your money deposited directly from your check into saving so you don't spend it.

Don't be one of those guys with $3k in stocks thinking they are smarter than all the supercomputers and insider information on Wall Street.

Note that the techniques in Intelligent Asset Allocator will probably not work as well nowadays because the global economy is more intertwined, so it is harder to make independent bets.
 
2013-02-02 04:52:15 PM

alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


Easy way to build credit: get credit card, always pay off card every month.  I had a FICO score around 810 as a result of that when I bought my house.  I simply don't spend cash, and keep track of what I'm spending on my card.  Have at least a 20% down payment ready for your house so you don't have to pay for PMI.  (Also note: FHA loans require PMI and are subsequently rarely worth getting unless you don't have much of a down payment).  I also recommend the IRA/401k/403b route someone suggested upthread.  Even if it's only $20 a paycheck, get used to putting money away and gradually increase it as you can.
 
2013-02-02 04:55:42 PM

IlGreven: sammyk: It's not a competition. Experience will always win.

If experience even threatens to cut into profit margin, it's a liability that must be purged.  That's why these "experienced" guys are looking for jobs in the first place.


As an Experienced American, I command a higher salary because I make my employer a metric assload of money more than half a dozen rookies, and at a rate the rookies can't even imagine is possible. I identify and correct problems before the rookies even know they exist. I recognize new opportunities and exploit them for my employer's benefit while the rookies are still trying to remember where the employee break room is. Hiring an Experienced American is an investment in your company's future.
 
2013-02-02 04:57:07 PM

itsdan: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early.

It's actually a bit late. Start now. Just open an IRA and start depositing money routinely. If you can have your employer send a fixed amount or % automatically (via a split direct deposit if you use that) even better. Traditional IRA's = tax deduction now, pay taxes on earnings when you take them. Roth IRA = pay taxes now, no taxes when you take it later. I went with traditional since I figure tax rates will be lower for me when I retire and have no income.


Luckily, I started my 401k in 2007 so the money I put in went really far thanks to the market shiatting the bed right when I was putting money in, but I feel even that was a little to late since I was 33 at the time. Luckily, my family ages pretty well, so I can probably work into my 70s if I need to. For example, my grandfather "retired" at 65 by dropping down to working just one job and kept his other well into his 70s.

I tried to convince my younger brother he needed to start putting back for retirement ASAP, though, since he has been in the USAF and basically has all his living expenses covered. Around 2008 or so I was yelling him he needed to get an IRA and start investing his extra cash because it was a blue light speak on blue chips back then.
 
2013-02-02 04:58:10 PM

realmolo: sammyk: It's not a competition. Experience will always win.

Not necessarily. Experience wins when it *really matters*. But the vast majority of jobs can be done competently by any moderately intelligent adult if they get a little bit of training. Which means most businesses go for the cheapest employee. And that means the youngest, and least experienced.


I Laughed OL'd at your dream world.

/has a job that takes a little bit more of training.

//doesn't check facebook every five minutes like most tweeners do.

///doesn't have a facebook account.

////will be gainfully employed for as long as I want.

////\/Cheers!
 
2013-02-02 05:00:54 PM

Chelsea Clinton Is Carrot Top's Lost Twin: realmolo: sammyk: It's not a competition. Experience will always win.

Not necessarily. Experience wins when it *really matters*. But the vast majority of jobs can be done competently by any moderately intelligent adult if they get a little bit of training. Which means most businesses go for the cheapest employee. And that means the youngest, and least experienced.

I Laughed OL'd at your dream world.


Experience matters, but too much experience (re: being too old, basically) is as bad for your job market prospects as having no experience.
 
2013-02-02 05:06:10 PM

Droog8912: Result: job market changes, everyone will have to work longer and for less. Once again, the problems of past generations are kicked down the road to the next.


you left out 30 years of stagnant wages for most people. If wages grew up between 1980 and today like they did between 1947 and 1980 people would have a lot easier time saving and also government at all levels wouldn't be having revenue issues. Also the economy would be a good deal bigger.
 
2013-02-02 05:08:54 PM

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


I started at 25. I have a set amount automatically transfered each month. It has worked well for me so far. I should be able to retire nicely, thanks to this and my company's pension plan.
 
2013-02-02 05:15:39 PM
When were 45-60 year-olds retiring in the first place?

THIS !

There's something seriously wrong when people who are in the prime of their working life are retiring instead of working.
 
2013-02-02 05:17:46 PM
Am I the only person who has no plans to ever retire?
 
2013-02-02 05:20:42 PM

alwaysjaded: I'm 32 and figure it's never too early.


Ha!

Never to early, but at 32 it might be too late!

I'm 29 and I've been maxing my Roth IRA every year since I was 21.

I've been hoping that whole "fiscal cliff" thing would temporarily tank the market again so I could make my 2012 contribution really count, but it looks like that isn't happening.

AlwaysRightBoy: To be honest. Youts are not that smart.


Said the man who can neither spell nor make complete sentences?
 
2013-02-02 05:26:31 PM

ShawnDoc: alwaysjaded: Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Anybody who payed attention in HS Home Ec/Finance class.


How about spelling? Anybody pay attention in that class? farking douchebag.
 
2013-02-02 05:28:06 PM

Sid_6.7: Said the man who can neither spell nor make complete sentences?


You're a dumbass.

blogs.villagevoice.com
 
2013-02-02 05:31:26 PM

Droog8912: alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Easy way to build credit: get credit card, always pay off card every month.  I had a FICO score around 810 as a result of that when I bought my house.  I simply don't spend cash, and keep track of what I'm spending on my card.  Have at least a 20% down payment ready for your house so you don't have to pay for PMI.  (Also note: FHA loans require PMI and are subsequently rarely worth getting unless you don't have much of a down payment).  I also recommend the IRA/401k/403b route someone suggested upthread.  Even if it's only $20 a paycheck, get used to putting money away and gradually increase it as you can.


This.
 
2013-02-02 05:32:09 PM
Most youts are pretty dumb. Experience is everything. It takes at least a decade to become an expert at something, I read once. In fact, we don't hire anyone under 30 at my workplace. Well, except for the menial labor positions like toilet-cleaner or jizz-mopper. And in that case we use a temp agency for that yummy cheap payroll. Less bennies for the youts, more bennies for me :)
 
2013-02-02 05:34:18 PM
Experience only matters in jobs not protected by corrupt government unions.

I've never met a 65 year old teacher that is worth their salt.
 
2013-02-02 05:34:38 PM

ajgeek: Can you regulate greed? Is that possible?




Sure, just as soon as we also regulate whiny douchebags living in moms basement who think society owes them something.
 
2013-02-02 05:35:36 PM

johne3819: I thought we're supposed to work til we're 70 now right?  Isn't that what Romney and supporters were saying during the election?  The SS age is needs to be raised is all the rage.  I mean since we live to be 72 now, we should be cool with 2 years..


Its not true though. The mode and median life expectancy haven't changed much, just the average. The top 20% are living much longer, the bottom 80% haven't changed much at all. So those who actually need Social Security, nothing has changed in their life expectancy.

www.ssa.gov
 
2013-02-02 05:40:40 PM

sammyk: It's not a competition. Experience will always win.


Many places are reluctant to hire old folks due to the increased burden on their healthcare plan that eventually results in higher premiums.
 
2013-02-02 05:43:10 PM
45-62

Isn't that the cohort which is responsible for running the whole shebang?

You do the youth thing. Discover yourself in your 20's. Hone your skills through your 30's. Step up to the decision making in your 40's. Senior management in 50's. Emeritus in your 60's. Retire, and know your turned things over in good shape. Early retirement is irresponsible.
 
2013-02-02 05:48:59 PM

johne3819: I thought we're supposed to work til we're 70 now right?  Isn't that what Romney and supporters were saying during the election?  The SS age is needs to be raised is all the rage.  I mean since we live to be 72 now, we should be cool with 2 years..


Just FYI, SS retirement age HAS ALREADY been raised, back in the 80's. But nah, really, they should raise it again, because Romney pays way too much in taxes already.
 
2013-02-02 05:49:41 PM

Chelsea Clinton Is Carrot Top's Lost Twin: realmolo: sammyk: It's not a competition. Experience will always win.

Not necessarily. Experience wins when it *really matters*. But the vast majority of jobs can be done competently by any moderately intelligent adult if they get a little bit of training. Which means most businesses go for the cheapest employee. And that means the youngest, and least experienced.

I Laughed OL'd at your dream world.


If the part in bold weren't true elementary school teachers wouldn't need a union.
 
2013-02-02 05:51:41 PM

AlwaysRightBoy: To be honest. Youts are not that smart.

At my ad agency, we go through them like a cord of wood.


You don't strike me as particularly bright, yourself.
 
2013-02-02 05:52:55 PM

itsdan: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early.

It's actually a bit late. Start now. Just open an IRA and start depositing money routinely. If you can have your employer send a fixed amount or % automatically (via a split direct deposit if you use that) even better. Traditional IRA's = tax deduction now, pay taxes on earnings when you take them. Roth IRA = pay taxes now, no taxes when you take it later. I went with traditional since I figure tax rates will be lower for me when I retire and have no income.


Oops. Spent my 20's screwing up so yea, I might be starting really late. First time I've ever had money to play with so I'm trying to do it right. Will look into IRA since I'm a contractor. Thanks.

And LiquidTester, made a note of that book and will read it. Thanks.
 
2013-02-02 05:58:26 PM

Droog8912: alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Easy way to build credit: get credit card, always pay off card every month.  I had a FICO score around 810 as a result of that when I bought my house.  I simply don't spend cash, and keep track of what I'm spending on my card.  Have at least a 20% down payment ready for your house so you don't have to pay for PMI.  (Also note: FHA loans require PMI and are subsequently rarely worth getting unless you don't have much of a down payment).  I also recommend the IRA/401k/403b route someone suggested upthread.  Even if it's only $20 a paycheck, get used to putting money away and gradually increase it as you can.


I'm close to having 12k for a down payment for a 115k house (in Houston so good housing is cheap). Started a credit card just like you mentioned through my bank, I just don't know how long it will take to repair my score. Really want to stop renting but don't wanna rush. I need to learn more about IRA's. Thanks for your input.
 
2013-02-02 06:02:23 PM

alwaysjaded: Droog8912: alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Easy way to build credit: get credit card, always pay off card every month.  I had a FICO score around 810 as a result of that when I bought my house.  I simply don't spend cash, and keep track of what I'm spending on my card.  Have at least a 20% down payment ready for your house so you don't have to pay for PMI.  (Also note: FHA loans require PMI and are subsequently rarely worth getting unless you don't have much of a down payment).  I also recommend the IRA/401k/403b route someone suggested upthread.  Even if it's only $20 a paycheck, get used to putting money away and gradually increase it as you can.

I'm close to having 12k for a down payment for a 115k house (in Houston so good housing is cheap). Started a credit card just like you mentioned through my bank, I just don't know how long it will take to repair my score. Really want to stop renting but don't wanna rush. I need to learn more about IRA's. Thanks for your input.


I went from a 418 FICO to close to a 700 in about 4 years. It takes time, but there are somethings you can do. If you are diligent you can actually get some negative items removed from your report (legitimately). I spent a LOT of time reading this forum http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildin g credit  . There are some very bright and helpful people there that know the system.

Time and money heals a FICO score.
 
2013-02-02 06:02:28 PM

shanteyman: When were 45-60 year-olds retiring in the first place?

THIS !

There's something seriously wrong when people who are in the prime of their working life are retiring instead of working.


Seconded.
 
2013-02-02 06:04:27 PM

alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


Listen to Clark Howard Show  daily podcast that's pulled from his syndicated radio show.   He doesn't give stock or investment advice, but he's pretty good about common sense advice to saving money, consumer advocacy, preparing for retirement, avoiding scams and making major financial decisions.
 
2013-02-02 06:05:14 PM

SineSwiper: shanteyman: When were 45-60 year-olds retiring in the first place?

THIS !

There's something seriously wrong when people who are in the prime of their working life are retiring instead of working.

Seconded.


Sounds like a good plan to me, I hope to be retired before 60.
 
2013-02-02 06:05:34 PM
Health Care is a big part of this.   There may be plenty of workers in their late 50's early 60's who might consider starting to live off their savings only they can't possibly afford the health insurance premiums.
 
2013-02-02 06:08:19 PM

InmanRoshi: alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Listen to Clark Howard Show  daily podcast that's pulled from his syndicated radio show.   He doesn't give stock or investment advice, but he's pretty good about common sense advice to saving money, consumer advocacy, preparing for retirement, avoiding scams and making major financial decisions.


Dave Ramsey is pretty good too if you can tune out the politics and religious noise. He is a bit of an extremist on some financial issues but if someone didn't have financial sense and needed someone else to tell them what to do with their money a person could do worse than follow his advice.
 
2013-02-02 06:09:29 PM
Learning to live with less, was always part of the plan, wasn't it?  Less growth, less consumption, less people via less babies; less means less.  Let the old farts grind it out.  Ride a bike, learn to surf, or find a comfy seat at a pub.  Enjoy your your youth through your 30's, something will open up around your 40th birthday.

Unless you're a genius, the world won't have much use for you.
 
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