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Retirement? How Will You Survive After Year Five?

Written by Gary North on February 18, 2012

A recent Forbes piece on retirement reveals that 57% of people interviewed, age 60 or over, say they will not retire.

Reality is at last creeping into the lives of senior citizens.

Will they retire? They probably will. They will think they can somehow dodge the bullet. Then, at 70, with their savings running out, they will be trapped.

Historically, once you’re fully eligible for social security and pension benefits—or just 65 and tired of the job—you exit the workforce and enjoy retirement. But those days may be over, according to a new study conducted by Harris Interactive on behalf of the jobs site CareerBuilder.com.

Most (57%) of the 800 surveyed workers age 60 and up said they would look for another gig after retiring from their current jobs. So they would only semi-retire.

Why the change? Some like to work. Not many. The vast majority of Americans quit by age 66.

Others want the employment benefits. But since most people eligible to retire do retire, this argument is weak.

When workers were asked how soon they thought they could retire from their current jobs, 11% said they didn’t think they’d ever be able to stop working. About a quarter (26%) expected to be able to retire in 1 to 2 years, while 23% said it would take 3 to 4 years. Four percent anticipated it would be more than 10 years before they could leave the workforce.

I hope this is true. We have not seen it yet.

The survey, which was conducted between November 9 and December 5, 2011, also questioned 3,000 hiring managers and human resources professionals about their plans for hiring retirees. Forty-one percent of the employers said they had hired 50-plus workers in 2011, and 43% planned to take on more this year.

This is good news. But with unemployment at 8.2%, jobs are scarce.

Seventy-five percent of the employers surveyed said they would consider an application from an overqualified worker who is 50 or older. What about the others?

Most of these are lying, so as not to get sued. Where is the statistical evidence? Missing in action. Tokens, yes. A new trend? Minimal.

I am self-employed. I have a good income. I turned 70 this month. I started this site late in 2011. Why? I like my work. I also want another stream of income.

What about you?

Continue Reading on www.forbes.com

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3 thoughts on “Retirement? How Will You Survive After Year Five?

  1. Just another step toward euthanasia. The left has firmly ingrained abortion into the minds of America and it will now start to implement the idea of ridding the country of those who are unable to work due to age or are taking jobs from younger people. It starts small such a hiring older people at wages guaranteed to cause slow starvation. Then there is the raising cost of healthy food (unprocessed) which will lead to malnourishment in the frail and elderly and soon only the robust robots will be goose stepping down the avenue to the tune of the government's song.

  2. Unfortunately, the unemployment rate is closer to 18% than 8%, when you don't count those who have stopped looking for work after two or three years unemployed, they don't count these folks anymore.

  3. guest on this planet says:

    maybe at 70 people will have to lock and load