News

$13 in 1990 is 35$ today with inflation. They are working more for 50% less.

What a useless article. It doesn't even account for inflation. Is it designed to make boomers feel good about having to be a wal-mart greeter to survive?

Perhaps they are "bored" in retirement because even after a lifetime of labor there isn't enough money left to do anything but sit and watch tv?

It's hard to be empathetic for the Boomer generation because they've done so much damage.

A fluff piece telling me how I should feel grateful for working till I die because it will appear that I’ll make more money?

I think this article is making an incorrect assumption that these older workers are sticking around in the same caliber jobs they had when they were younger. Those people simply enjoy their jobs, and can still do them, so are not ready to just stop doing it. But there are many more classes of older workers:

• the ones with the financial security to retire early, but do not want to just sit around the house all day. They may want to stay employed part-time somewhere as a social outlet.

• the ones with the financial security to retire early, except for health care. These workers might take jobs with less responsibility and pay, but make liberal use of their health insurance until they qualify for Medicare.

• the ones who don't have that financial security, so they still need to be an active part of the workforce until their Social Security payments kick in.(which still may not be enough)

So, it's not always the case that an older worker remaining in the workforce prevents another mid-life worker from advancing. However, every older worker remaining in the workforce fills someone else's position, and eventually it all trickles down to the entry level jobs. So it does end up screwing today's new grads in the end, just like their student loan debt and the sky-high housing prices do.

The interesting thing is when you think about how social security is supposed to work.

The younger generations need to work and earn a decent wage to subsidize the older generations retirement.

The longer the older generations stay in the work force, the less openings there are for the younger generations to contribute to social security.

Why doesnt anyone want to work?

Says the tech illiterate boomer who is vastly underqualified and incompetent compared to the far more qualified and educated millennials who cannot find a job that he makes fun of on facebook all day at work.

Sure. The lucky ones amongst those who can't afford to retire.

Then there's the unlucky ones.

https://www.pbs.org/newshour/nation/more-seniors-are-becoming-homeless-and-experts-say-the-trend-is-likely-to-worsen

Last week they were all quitting and retiring early.

The headline makes it sound like boomers are out-earning other generations or making good money.

• The average private sector wage is $34/hr. This indicates wildly skewed upper bounds so we can’t draw any conclusions about their earning.
• The median in 2020 was $23/hr, implying boomers are earning less than other generations
• $22/hr is about $45k/yr. Generously that’s about $40k after taxes. Assuming a health plan of $600/mo (premiums are higher at higher ages) and giving a generous 50% employer payment, we’re down to about 37k. tbh I feel like healthcare costs should be doubled or tripled based on costs I’ve seen from family and friends. Rounding nicely, that’s about 2k a month. If we use the incredibly outdated figure of rent/mortgage being 30%, we have 1400 to spend or save. Let’s pretend we’re able to get all bills under 400 so we have 1000 left over to use.
• Hip replacement is conservatively 3k with insurance. That’s three months of work. You’re probably taking FMLA which means you probably need another three months to cover expenses while recovering. Use hip replacement as a stand in for other surgeries.
• Let’s pretend crowns are as cheap as 1k/tooth. You’re probably looking at one a year ish over time.
• Let’s pretend hearing aids are 2.5k and you’re lucky enough to have insurance that covers them every few years. You’re still out of pocket at least 1k, burning another month.
• Some conservative estimates for cancer are about 6k for lung, breast, and rectal after insurance (prostrate is cheaper!). That’s six months assuming no FMLA; you’re probably taking some time so that’s probably more months.

Boomers are fucked earning that. Millenials are even more fucked. Who knows how fucked GenZ is.

And continuing their destruction of opportunity for future generations.

I’ve been seeing this headline for at least 10 years now

compared with what older workers earned in the 1980s. Now, the typical older worker earns $22 per hour, compared with $13 per hour then

$13 in 01/1980 is $51 in 11/2023 based on buying power. $13 in 01/1989 is just shy of $33 now.

https://www.bls.gov/data/inflation_calculator.htm

Reap what you sow.