While the economy may be improving, a substantial number of older workers who lost jobs — even those lucky enough to be re-employed — are still suffering. Two-thirds in that age group who found work again are making less than they did in their previous job; their median salary loss is 18 percent compared with a 6.7 percent drop for 20- to 24-year-olds. The re-employment rate for 55- to 64-year-olds is 47 percent and 24 percent for those over 65, compared with 62 percent for 20- to 54-year-olds. And finding another job takes far longer: 46 weeks for boomers, compared…
Now turning 67, the first set of baby boomers are busting myths and aren’t working until they drop, as predicted, according to a study by the MetLife Mature Market Institute. Fifty-two percent of boomers born in 1946 are fully retired. Of those, 38 percent said they’re ready to retire, while 17 percent cited health reasons and 10 percent cited a job loss. The figures represent a big jump since 2007 and 2008, a significant leap from the 45 percent retired in 2011. “As the oldest Boomers dive into retirement, even though some have been forced to do so earlier than…
The Employee Benefit Research Institute (EBRI) has published its annual Retirement Confidence Survey that confirms what virtually all such surveys have concluded: 1) that Americans are living longer; and 2) that they do not have anywhere near enough saved for retirement. The truth is that Americans do almost no thinking about what kind of retirement they want. They mistakenly assume that Social Security is a retirement program, when in fact it is a supplemental retirement program. The three legs of the retirement "stool"—Social Security, a pension, and private savings—have all seen some shrinkage in the past few years. For Social…
Last week, a study by the Urban Institute offered new details about how the Great Recession has torpedoed younger workers’ efforts to start their careers and build their savings. But as Encore contributor Glenn Ruffenach reminds us this week in the Wall Street Journal, when younger adults take an economic hit, their boomer-age parents often share the pain. Ruffenach breaks out details from a recent survey by the Pew Research Center that covers the “sandwich generation,” which Pew defines as people who have both a child (of any age) that they’re supporting and a living parent age 65 or older….
There is an estimated 78 million boomers that have or will reach the age of retirement in the next few decades. In fact there is one person reaching the age of 65 every 10 seconds, so this begs the question, what do boomers need to do in advance of reaching retirement age? In a society where healthcare costs are rising and the cost of living is increasing, it’s crucial to be prepared long before you may think it is necessary. Below is a list of tips that baby boomers should consider: - Legal documents: We are concerned with “What happens…
The challenge is daunting; however, not doing anything can be worse. Sometimes, having a professional elder care attorney and care coordinators can help with the situation.
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