Tag Archives: social security

Baby Boomers and The Aging Workforce

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One of my cousins recently retired from her job of many years. For Baby boomers and the aging workforce Baby Boomers and the Aging Workforcethis is a milestone to be celebrated. Baby Boomers are a segment of the population who were born between 1946-1964. They currently make up 46% of the workforce according to statistics. About 10,000 baby boomers are retiring daily for a total of approximately 4 million a year.

Although the U.S. Government has eliminated the mandatory retirement age of 65, many aging workers plan to retire on or before age 65. My cousin is only 62 and was really looking forward to her birthday so she could say good-by to working for a living. She was meticulously keeping a countdown on Facebook over the last 6 months. Sounds to me like she was looking forward to it and very excited to retire.

Baby Boomers and the Aging Workforce Facing Rocky Economic Conditions

Did you know that according to surveys conducted in 2009, 7 out of 10 baby boomers in the U.S. are putting off retirement because they cannot afford to.

  • Many lack savings due to many reasons from helping to raise grandchildren to supporting adult children.
  • There may be medical bills piling up due to ongoing health issues.
  • Also the cost of living is higher and of course social security can’t replace earnings from a job. So, full retirement is not an option.
  • Baby boomers are still paying tuition for college aged children.
  • The credit cards are maxed out.

For others the rocky economic conditions will not stop them from retirement. They have put in their time and they are tired.

However, retirement for these baby boomers and aging workforce does not mean staying home and sitting on their rocking chairs waiting to die. Nope! Not at all!

Baby Boomers Continue Working for Reasons Other Than Finances.

Baby Boomers an the Aging WorkforceWhen I was still in the workforce, I remember working with individuals who were well pass 65 and maybe into their 70’s. These folks were there because they needed something to do and were easily bored at home. Some were healthy as a horse and felt they needed to remain active. For them staying home was not an option.

But, they did not want to work full time. Yet, you could count on them to be punctual and report to work as schedules. They enjoyed the social interaction and loved receiving a paycheck no matter how small. Yeah, many days I envied that these aging workers could decide just to walk away if they wanted.

Baby Boomers and The Aging Workforce – The New Wave of Entrepreneurs

Baby boomers and the Aging Workforce
I read in my research that the highest rate of entrepreneurs in America is people in the over 55-64 age group. People over 55 are more likely to start successful businesses than those in the 20-34 age group. – Resource – Kauffmann Foundation Report

Baby boomers, seniors, the aging workforce or whatever you want to call us are about 76 million strong. We were introduced early on to technology like computers, fax machines etc. Most of us have from basic to more advanced computer skills, so we are comfortable with things like Social Media, Google, Pinterest, Facebook, Twitter and so on.

My husband and I are in our late 60’s and early 70’s and we have laptops, ipads ,copier/scanner and smart phones. We are more technology savvy than our grown children.

As a matter of fact I currently own and operate 2 websites that I built and manage myself! Read  how I did this here.

Boomers enjoy being independent for a number of reasons. They enjoy being challenged and staying motivated. The idea of being their own boss is exciting and there is more time now that they are retired.

Many researchers predict that independent businesses owned by baby boomer will grow by an additional 1.2 million within the next 2 years.

Spending by the 50+ Group is Around 7 Billion Annually

We baby boomers are trendsetters and have always been.

Did you know that 48% of those 65 years or older own a desktop computer? And they have the most money of any age group and like to shop online due to the convenience. Once I got the hang of it, I realized I enjoyed shopping from the comfort of my own home. Beats standing in long lines at the department stores.

My family and friends spend most of their shopping dollars online. Anytime I mention not being able to find something locally, I am reminded to go online and search for it on Google or  Amazon. One of these days we’ll be able to shop for our groceries as well.

Baby Boomers and The Aging Workforce – Living Longer

Baby Boomers and The Aging Workforce

This is me last Thanksgiving.

When I look around at my family and friends, who are retired, it’s hard for me to believe how young they look. Sixty is the new 40 is what people tell me. Men and women alike are fighting the aging process. It used to be that women only got face lifts. Now it’s very common for men to get them as well.

We are taking better care of our bodies with exercise and better diets.

If you reach age 65 without major health issues chances are you will have a healthy life into your golden years. On my next birthday February 21st, I will be 68 years young. Everyone including my husband say I look much younger than my age. I still do Zumba about 2-3 times a week. Being active is very important to me and helps me maintain my health.

What does this mean for baby boomers and the aging workforce? It means that retirement is not the end of life and there is no reason to not get involved in a new venture. What it means is you need to “jump for joy” because you have a nice long life ahead of you and opportunities for new beginnings.

You too can start your own home based business – just like I did. Take a look at my #1 Recommendation  to help get your started on your way to the rest of your life!

So there you have it! If you have found value in this article please be sure to leave me a comment at the top of the page…….hit the REPLY button.

Angela Zechinato
boomers the aging workforce

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Earning Income After Retirement

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Earning Income After Retirement

Me and my “Puppy” 2013

Are you one of the 104 Million retirees who also happens to be a “baby boomer”?  Was Earning Income After Retirement something you were concerned about? When you retired I’ll bet you anything you didn’t count on not having enough money to live on. Right?

Baby boomers were born between 1946-1964. Yes, I am a “baby boomer” in my 60’s. Our numbers are impressive and we also have longevity thanks to medical technology and how well we take care of ourselves. Many will say that longevity is a good thing and that taking care of yourself is the best thing you can do to live a long healthy life.

However, these things can cause some challenges for most of us. You see, the longer we live the more money we will need. Earning income after retirement becomes an obsession.  Many of us are living on social security, retirement pensions, 401K and Roth accounts, and maybe if we are lucky, some personal savings.

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Are You Counting on Social Security?

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I got the inspiration to write this article, Are You Counting on Social Are You Counting on Social Security?Security? while watching our very contentious Election results here in the United States. A republican leader while celebrating the victory, was excited about the fact that one of their platforms, the privatizing of the Social Security Retirement Program; could once again be addressed.

As a senior citizen receiving social security benefits, I have many concerns about this.

Are You Counting on Social Security?

When I retired, my husband had a 6 figure income job. When the economy got shaky around 2008, he was relieved of his job and basically let go after many years of service. So, my husband too was forced to go on Social Security. Oh, we had some money saved and a pension plan but after awhile we had to dig into our savings just to make ends meet.

Many of you can relate I am sure of that!

I will address some concerns in this post as I am sure I am not the only one. Rumors have been floating around for a few years now about the solvency of Social Security and I tend to believe that there might be an element of truth to these rumors. My hope in writing this post is that I can also help others like myself looking for answers.

By the way, I am no expert regarding Social Security, I am like you; but I have been staying on top of the news and reading everything I can get my hands on. So, some of this information that I will share will be from my research and where ever possible I will indicate my sources so you can do your own due diligence. If you google Social Security you will find tons of information at your disposal.

So lets get started…….

First, A little History and background about Social Security

Franklin D. Roosevelt signed into law the Social Security Act on August 14, 1935. This program was intended to be like an insurance program. Workers would be able to protect each other and their families to provide income when the worker retired if they paid into the system.

So, we paid into this system. Our own monies were used to build this program. Are You Counting on Social Security?THIS IS OUR MONEY!

Did you know that Social Security is the largest government program in the world?

Did you know that since 2010 the Social Security trust fund has been paying out more benefits than what employees contribute in taxes and is said to run out of funds by 2034?

That is not too far away from now my friends. Yep you got it! Social Security running out of funds REALLY concerns me. And it SHOULD REALLY concern you too if you are counting on social security after retirement.

Many Americans Rely on Social Security for Income if Unable to Work.

Initially workers who reached 65 years of age and older were eligible to receive benefits upon retirement. Over time the program came to be known as the Old-Age Survivors, and Disability Insurance Program (OASDI). In 1939, additional benefits were made available for spouses and minor children of retired workers and also benefits were made available for the survivors of a worker who died before retirement.

On a personal note, this survivors benefit was paid to my grandson when his mom passed away at the tender age of 28. He was only 4 at the time of her passing. This money was needed to help my son raise his only child, as a single dad.

The disability benefit was added in 1956.  The minimum age for retirement benefits for women was lowered to 62 years of age. The men had to wait until 1961 to receive benefits at 62.

Here’s a little bit of bad news……I didn’t know this.

The Social Security Act entitles workers to receive benefits. However, these benefits are not guaranteed by law. The federal government legally can choose to not pay you what you paid into the system  over their working careers.

How does that make you feel? Remember earlier when I said I had concerns? Well, this is one of them……..The government can just take our monthly income that we paid into and is rightfully our money away and there isn’t anything you can do about it.

How will you pay your mortgage. food, bills etc. Are you filthy rich? I congratulate you. But, I am not….this would devastate me!

Are you counting on Social Security?Are You Counting on Social Security?

Well, No I am not!  At the end of this post I will share with you what I am doing to make sure I do have income in my retirement years that the federal  government can’t control. So, please stay with me and read to the end…. you will be glad you did! Click Here for a hint!

Should Social Security be Privatized?

I wasn’t sure if I should include this in my post but it too is related to one of my concerns. You see, one of the proposals being considered is privatizing Social Security. Which would allow workers to manage their own retirement funds..

Now, my understanding of this is that part of Social Security (government administered) would be handed over to the retirees to hand over to investment brokers who may or may not help grow the workers money. Do you see some pitfalls in this?

Politicians Proposing to Privatize Social Security

Politicians feel that workers should be given the freedom to invest their money the way they see fit. But in my humble opinion I don’t know about you, many seniors have no idea…..well lets, just say there are bunches of unscrupulous money managers that would love to get a hold of your money.

To be fair, I know that there pros and cons regarding this proposal and you should get more information than what I am providing. I researched over 5 independent sources to verify what I already knew which prompted me to share with my readers. Below is one that I used among others. It’s one of my go to sites to verify other articles.

Please go to https://en.wikipedia.org/wiki/Social_Security_(United_States)

So you are damned if you do and damned if you don’t.

Are You Counting on Social Security?

Well I got some good news! It’s not all bad. The more than 60 million Social Security recipients  are getting a raise! Yippee!!!! It’s a cost of living raise. Don’t get too excited. It’s only expected to be around 0.03%.

That is the smallest Social Security increase on record! Don’t spend it all in one place. I know I am being sarcastic…….but come on.

Congress wants a raise because they can’t live on $174,000 a years.

However, we retirees are expected to live on between $750 per month to about $1800 a month on average. Some people live on less and some on more. – according to Social Security Administration.

I know that I presented a negative spin on what is happening with Social Security in The United States by asking Are You Counting on Social Security? I know that there are many people who have retired,Are You Counting on Retirement? like myself. living in other countries.  Yes, I live in Puerto Rico which is a United States possession, and for the time being all is well. But, what if that were to change? Would you be able to stay where you are or would you have to move back with your kids?

Would you like to know how I am preparing for my retirement? Please give yourself a wonderful gift that will change your life forever. Mine has. Please go here to learn more.

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Are You Counting on Social Security?

If you found any value in this article, please feel free to leave me a comment. Or if you have any questions, I will be happy to answer them and help you in any way I can. Thank you so much for stopping by. I really appreciate your visit!

Angela Zechinato

Are You Counting on Social Security?

 

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