A new study says workers 50 and older enjoy their jobs more than their younger counterparts. A DARKER side of the story also presents itself.
Called the “silver tsunami,” these baby boomers who in other times would have retirement on the horizon are now still clocking in and in fact, enjoying the grind.
On one side, this is very good news. Retirement can lead to early death if it is not properly anticipated. It’s important to feel needed and to continue contributing to the public good. Positive reinforcement keeps us going. A good job meets those needs.
Another reason seniors have it good over their juniors is that in general, that’s the way of the world. Perhaps we’ve reached our personal milestones and can relax about needing to get ahead. In fact, we’ve learned new definitions of success, and much to our children’s chagrin, we seem satisfied. We no longer feel the need to conquer, and have learned it takes all kinds of contributors to make this world a better place.
That’s all well and good, younger generations say, but make way for us. There’s some truth to that.
Seventy-year-old professors are taking up space desperately wanted by younger instructors.
As a country, we are ill-prepared for the future.
Financial planners have a rule of thumb that says retirees should be able to live off an annual drawdown of 4 percent of their savings, in addition to their Social Security.
Say you have $500,000 invested. That gives you about $20,000 a year, though inflation and taxes will put a dent into it.
Also figured into the equation is today’s life expectancies. The average 65-year-old woman can be expected to live to 86, a man to 84. One out of 10 people who are 65 today will live past 95, according to projections from the Social Security Administration.
The median — the midpoint — net worth of U.S. citizens is $10,890, beyond what they have invested in their homes. Not quite 10 percent of Americans are considered wealthy — net worth of $1 million and more. The other 92 percent are drastically ill-prepared for their senior years.
The data are a strong argument as to why a robust Social Security program is increasingly important for us as a country. We’re living longer on less means. The vast majority will need supplemental income.
The somber truth is seniors are working longer than ever before because they have to; the lucky ones enjoy their jobs.
— Susan Lynn
Good thing seniors like to work; extra income is needed
