EDITORIAL JULY 14, 2005

"Let's All Keep working!" Hooray!

You seem to read it everywhere: "Americans are going to keep on working a lot longer than in the Old Days."

There is now a lot of cheerleading going on here, with this cheery Now Let’s All Work ‘'til We Die, Scenario: It's as if all the previously "Old Geezers" are now Vital, Energetic Baby Boomers ...who jog and spin and eat their veggies and stay trim. Toss in a Viagra now and then, and, bingo!...today's seniors are fit and eager and interchangeable with yesterday's Forty-somethings.

Folks, there's just one little problem: It ain't happenin.'

Click to enlarge

Check out the chart.

No matter how much you might WANT to work, the fact is, that unless there is some massive change of heart among employers, the older you get the fewer jobs exist out there. Sure, there are Greeter Jobs at Wal-Mart. (Better have your Medicare lined up!)

Fact: Most men are working when they hit 40. 89%, to be precise. This scales steadily down to 61% by age 61...and then falls off the cliff. By age 65 (the nominal retirement age for those born before 1937) the % working drops down to...36%.

The numbers for women are somewhat less encouraging.
Now...what does all this mean for YOU?

1. The manufactured "Crisis" in Social Security (currently solidly in the black), is being used to push the new Retirement Age to 67.

2. Unclear is whether Early Retirement (at a lower payout rate) will be shifted along with the full benefit Retirement Age.

3. They have ALREADY adjusted DOWNWARD the Cost of Living Index they use (so that Inflation will cause seniors to fall even further behind).

The net of all this? They are planning to FORCE MOST AMERICANS US TO KEEP WORKING to nearly 70.

And the only trouble with THAT is...where are all those jobs going to come from??? This is the story...so far. How will it all turn out?

Stay tuned.

Richard Calderhead    FortyPlusNy/July 14, 2005