What percentage of Baby Boomers retire at 65?

[kentuck]

From Google:

10,000 baby boomers
10,000 baby boomers are reaching retirement age every day. According to the AARP, 10,000 baby boomers are turning 65 every single day, and this is expected to continue into the 2030s.Jul 29, 2017
9 Baby-Boomer Statistics That Will Blow You Away -- The Motley Fool
https://www.fool.com/retirement/.../9-baby-boomer-statistics-that-will-blow-you-away.as..

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This would add up to about 280,000 Baby Boomers per month that are reaching retirement age?

How many of these Baby Boomers have jobs?

If only 25% of those eligible were to retire, that would open up about 70,000 jobs per month.

It's possible that many employers would choose not to replace the person that retires?

Are retirees counted as "no longer in the work force"?

It would seem that this would affect the unemployment rate to a good degree?

Is there something that would prevent retirees from being measured by the unemployment rate?

[Sherman A1]

1. If someone is retired

why on earth would they be measured in the unemployment rate?

[kentuck]

5. If they are replaced with a younger worker...?

Is that person counted in the jobs created?

[tritsofme]

10. The unemployment rate and the number of jobs created come from different surveys

The number of jobs created/lost each month is a net figure, if someone retires and the company hires a replacement in the same month, that would have a net zero impact.

[kentuck]

12. One job would be created.

The other would not be counted in the workforce at all.

[tritsofme]

15. You are conflating two different surveys.

The situation you described would result in net zero jobs being created in the payroll survey, both the loss and addition in payrolls would be counted.

The impact on the unemployment rate would be dependent on the behavior of both the incoming and outgoing worker, it could go many ways.

For instance, if the incoming worker was unemployed prior to taking her new job, and the outgoing employee starts seeking part-time work instead of fully retiring, there would also be a net zero impact on the unemployment rate.

[Sherman A1]

16. Precisely

it is not a created job. It is simply a job. Using the logic of the OP should a worker die and be replaced would there then be a job created?

[kentuck]

18. The employer would still be paying for only one employee...

However, there would be one less employee in the workforce. Right?

Dead or retired, they are no longer in the workforce.

So, if an employer hires an employee to replace them, that employee is not counted in any employment figures, because there was no change in the number of people employed by the employer? It balanced out.

I was just curious about how they might handle this large number of employed Baby Boomers that retire?

[shanti]

32. A lot of these positions

that used to be occupied by boomers are promotions for those down below in the same company. That in turn opens up another lower position for someone else. There has to be a huge brain drain in large companies and governmental organizations at the moment. Now is the optimal time for those 40 and under to come up in the ranks. They don't have the bottleneck that the boomers had when they were entering employment. It took FOREVER to get promotions then.

[Sherman A1]

43. Numbers large or small that equate to the same argument would be

handled the same. The employee dies or retires (and I've seen both through the years) is replaced by another worker, there is no net change in the job numbers as no new position or job has been created. The retiree or deceased is at least for the particular employer no longer in the workforce. You could possibly make an argument that a full time job being replaced by 2 or more part time jobs might be an net increase in jobs, but that to me is another discussion.

[PufPuf23]

30. Retirement is often not B & W but a diminishing

of abilities and subsequent inability to find work.

[brush]

38. Not really diminishing of abilities, it's being laid off and a cheaper worker hired...

if anyone is hired at all to replace them. It's a dirty little secret that many workers planning to retire at a certain age get "retired" even before it's time to draw Social Security.

Sometimes it's two or three or four lean years to get through and you run through your savings waiting for Social Security and Medicare to kick in. Employers don't care, they just want to get rid of you on their time schedule not yours.

And looking for another job you soon find out about age discrimination.

It happens quite often and blindsides the affected workers.

[PufPuf23]

41. Agree with you. What you mention and

what I mention above are separate contributory aspects of leaving the work force.

Many of us (I am a senior and would be "retired" for health reasons regardless) still have skills and experience but not what employers want to pay for or manage.

[Sherman A1]

42. Precisely

I was one of a team that wrote the policies, procedures and test for my position so I can state with certainty that I did write the book on my job and yet I was pushed out the door as soon as I hit 62 so that a younger, cheaper friend of the manager could take my slot. In my case it only cost me a few thousand dollars as I was going in less than 6 months anyway (although I had not announced that) but it screwed them over as they got to go through a holiday season with a lazy, incompetent and untrained know it all.

[nini]

2. I planned to retire at 62.. I am 61 now.

I can't. I am still trying to recover from the 2009 layoffs that hit many of us. I also helped my son avoid homelessness when he was laid off.

I wish I could but that was a major bump in the road.

[Ferrets are Cool]

19. Keep in mind that you can make up to

around $14K without it affecting your retirement numbers. (ask a SUI worker for the real number) And that number is net, not gross. The difference between retiring at 62 and 67 isn't as much as some would like you to think.

[nini]

27. yea.I have to pay off some debts first too

and build some savings back up a bit.

I will go as soon as I can - believe me .

thanks

[Sherman A1]

44. My advice

Go as soon as your economics allow and don't look back.

[nini]

45. That's my goal :D

I am hoping to move to northern Portugal where the cost of living is better and the pace more my style.

We'll see. There are so many things to consider and plan for. But, I have no problem living simple and low key so I won't need too much.

[benld74]

3. I plan to retire in 2021

With 39 years working at 64 years of age.

[tritsofme]

4. Most boomers don't get full SS benefits until 66 or 67, for starters.

But yes, retirees are generally not considered to be in the workforce.

However if a "retired" individual is actively seeking work in any given month, they would be considered part of the labor force and hence measured as unemployed.

[MiniMe]

17. My full retirement age is 66 1/2

According to the last SS statement I got. Not sure that will hold up under this administration

[RobinA]

46. My Retirement Age

is 66 and 8 months. I would benefit from sticking around until 70, but I don't think I can do it. I'm 60, and I'm so over my job it's affecting my mood. I can't really leave for someplace else because I have a real pension and I'm trying to increase it as much as possible. I plan on part time work when I retire, something I LIKE TO DO. And if I don't like it I will quit and find one I do like. The problem with working to 70, aside from the hatred, is I don't want to retire and then get sick and not be able to do anything with my time.

[tblue37]

6. I'm 68. I would love to retire--but I can't afford to! Many seniors are in the same situation. nt

[safeinOhio]

7. I retired 17 years ago

at the ripe old age of 52. I have loved every minute of it. Hard work, good pay and a Union.

[applegrove]

8. Yes. That is why unemployment is so low under Trump. Notice how

wages are not going up. That is intentional. The little people fight inflation for the rich. What have the rich done for the little people lately?

[kentuck]

11. I cannot see why that would not be the case?

A lot of jobs are replacement jobs for retiring Baby Boomers?

[applegrove]

13. They are such a big, dominant demographic. How could it not be?

[kentuck]

14. I have never heard this aspect discussed.

But it would seem to have some impact on the unemployment rate, unless a retiree is measured in some other manner? I would think that once someone retires, they are no longer in the work force? It would not affect the unemployment rate - only the person that replaces him/her would affect the rate? Is that correct?

[applegrove]

22. I read your question wrong. Only those who are looking for work in the last

Last edited Tue Oct 23, 2018, 09:19 PM - Edit history (6)

4 weeks are counted as the unemployed. The aggregate of those people. Doesn't matter how a job opened up, it takes someone out of the unemployed line. Of course the baby boomers retiring affect how many are looking for work. Sorry for the confusion.

https://www.investopedia.com/terms/u/unemploymentrate.asp

[vsrazdem]

9. Because they are still working. I am going to start collecting my social security in February,

but there is no way I can quit working until I have all my debts paid off. That is what i am going to do with my SS checks.

[phylny]

20. I'm retiring next year at age 61. My husband is retiring next year at age 64. n/t

[calguy]

21. I'm a boomer and I retired at age 67

[3catwoman3]

23. I am 67 and still working - 2 days a week as...

...a pediatric nurse practitioner. Been one since Jan 1976, and a nurse since 1973. I have been in my current position since June 1996. Part of me would feel great pride in staying there for 25 years, and some days, I would walk out in the middle of the day if I could. Electronic medical records have taken much of the fun out of my job, and, while this is unfortunate, I think a benefit if that is that I probably will not miss it as much as I have often feared I would - my job is not just what I do, it is a HUGE part of who I am.

If I don’t start collecting until I am 70, that would be an additional $500/month, which is nothing to sneeze at. I know I don’t have to start collecting the moment I do retire, but I’m not ready to have no income until 70. My husband is already retired with decent income, but I like having my own money.

My employers want 18 months notice for whenever I do decide to hang it up. I don’t know what I am having for dinner tomorrow night, let alone what my plans might be that far ahead. If I were working full-time, I would probably have retired already because of how draining it has become.

[The Velveteen Ocelot]

24. I retired at 63, but only because

my employer, following a merger, moved my job to a distant city I didn't want to live in; I qualified for and accepted a severance package and I was glad I did. However, if they hadn't moved my job I'd probably still be working.

[Bradshaw3]

25. Don't know the answers but do know I like being retired

Retired at 63. I was lucky in that after working jobs that paid into SS I got a job at a state university so have both a pension and SS now. Otherwise, probably never could have retired. I still do some online writing for a friend that pays well at 5-10 hours a week but looking forward to it ending in a couple of months so I can be fully retired again.

I know all the financial advisors say to wait to retire till 66 or even 70 but good grief some of us would like to enjoy life before we die. I don't have as much as many but I do have a nice life in a beautiful area. As to the unemployment rate and boomers, etc. that is for others to work out. I work for Democrats to get elected and hope like hell we turn this thing around in the next two election cycles so I can go back to worrying about how me and my dog will spend the day.

[llmart]

26. Full social security age for most boomers is 66, not 65.

I'm 69 and took my social security early at 63 because I needed it at that time. I got a part time job several months later to supplement my SS. From age 64 to 66 I had to keep a close eye on my earnings so that I didn't go over the amount I was allowed to earn or else I would have to repay the SS. That was fairly easy for me since I was part time and pretty much could put in the number of hours I wanted to.

I was never a high wage earner, most of us women of a certain generation weren't, so I never had the notion that Social Security was going to be worth that much to me anyway. Taking it early didn't make a whole lot of difference in my life.

I retired from the workforce completely a few months ago.

[hibbing]

28. Imagine if you could get Medicare earlier

My guess is that is one of the biggest reasons people work until 65. The Republicans will be coming after that with a vengeance. It will probably change to 70 before i turn 65. We should be fighting to lower the age.

Peace

[Mendocino]

29. I retired 6 years ago.

I'm 61, government pension.

[shanti]

34. Government pension

At 55 then? Me too, but I also decided to take SS at the earliest age possible, and glad I did. I'm almost 63 now, so it's been about a year.

[49jim]

31. I retired in 2002

with my full pension (School Administrator)....16 years ago. 100% health insurance coverage for my wife and my self. Picked up SS at 62 and Medicare at 65. My Medicare payments are reimbursed back to me quarterly. My school insurance is my secondary. I worked part-time at a local Community College from 2004-2016. (a total of 47 years in education for me). We also managed to do Florida for six years 2010-2016 for four months each year. My wife was also a School Administrator. She has Medicare and secondary insurance from her school district. We now stay in the north, my wife supervises student teachers at SUCO (Oswego) and we see our granddaughters in CT and grandson in Rochester NY regularly. We are very fortunate....what enabled us to do this?....Great Union contracts!

[shanti]

35. UNION YES!

The only reason I could retire at 55 was with my 100% paid health insurance (until 65-Medicare-I'm not there yet). It was a game-changer, because lots of health issues have popped up since then.

[Demonaut]

36. you deserve it

[NBachers]

33. I'll be 70 in April. Still working full time. I don't know when I'll be able to retire.

[brooklynite]

37. I've started to contemplate next year, when I'm 60. Really boils down to: am I having fun working?

[Fiendish Thingy]

39. My target is spring 2020 when I'll be 62

Including savings, pensions, SS, etc. we'll have 6-7 sources of income replacing about 90% of our pre retirement income.

Can't wait!

[Wounded Bear]

40. I retired at 62...

could no longer justify killing myself at the low end jobs available to me for basically the same amount I get from SS.

[workinclasszero]

47. I "retired" at 62

And kept on working 40 hrs a week because what I get from SS would buy a nice box under a bridge and the occasional brick of ramen.

I work with a guy that's in his 70's. 40 hours a week with forced OT for us all.

Sure is nice to be retired LOL

[malaise]

48. Even if they are hiring replacements, any are to getting the salary

and benefits package boomers enjoyed.

[DFW]

49. My job is open. Anyone interested?

I'm 66, and if I'm lucky, I'll manage to retire in 14 or 15 years.

Here's the downside: a LOT of travel, and there will be periods when you are 20 or 30 days on the road without interruption. Delays, lousy weather for much of the year, and dealing with a LOT of useless bureaucracy.

The upside: live in Europe for over half the year (where is up to you, as long as you make your appointments, of which there are many and always arranged at short notice), decent six figure salary, as much vacation as you can fit in, as long as you get the work done.

Is there a catch? Umm, yeah, ya think? A few, actually. You need EU working papers, you need to be conversational if not fluent in Spanish, Italian, French, German, at least one Slavic language, at least one Scandinavian language, and preferably also Dutch and Catalan. English, too, come to think of it, and the kind that does NOT use an apostrophe to form a plural, or use "loose" when you mean "lose" (you'll need to write stuff for the government occasionally, and they run it through a computer that knows the difference). You need to have expertise in detecting counterfeit money, especially of the USA, and going back to the first coinage of 1792.

So far, the line is not stretching around the block for interviews.

Don't get me wrong, I knew I was painting myself into a corner jobwise when I started setting this gig up some 40 years ago. Back then, I wanted to make sure I didn't have much competition for my post. But when you're 26 and living a James Bond schedule, you don't think about having to keep the same pace up at age 66, let alone age 80. I've done OK, but would be happy to pass the baton one of these years. I don't want to die of boredom, but I don't know anyone who keeps this pace up at age 80 and lives to tell the tale, either.

[Algernon Moncrieff]

50. I think many boomers retire at 65 in the sense that cops and military "retire" after 20/25 years

Many still work, just at something less mentally or physically taxing than their principal career. Some need to. Some (my dad worked to age 83) just want to.

[SWBTATTReg]

51. I had friends that passed away just right after retirement. Less than a year after. Sad. ...

This is the most important thing to remember, that your health drives it all. One day a great deal of us will not be as healthy as we like, and if you aren't healthy enough to go traveling and enjoy life, or the other kinds of things you like to do, this kind of ruins it (the retirement).

Retire if you can as early as you can, so you can enjoy it. Life is really too short.

Pay off all of your bills first. Make sure that you get a decent car, so you can rely on transportation. Make sure that your health insurance policies are comprehensive enough and decent enough so that you are not paying through the nose for them. Plan a few things to do (a bucket list) when you do retire. I don't know of how many times I've talked to friends who didn't have any idea of what to do after retirement.

There's a whole world out there, and since you spent so much time working too (at least 40 hours or more), spend some decent amount of time in figuring out what you want to do afterwards. Make sure that you have a support structure around you when you retire also, that is, have lots of things around you to do, something as simple as ordering some takeout food and having it delivered. Lots of folks I know really resent the fact that they live in areas where they are no museums, no attractions, no food take outs, etc., and thus lose a lot in not having these simple things available to them (have nothing to do or can't enjoy some of these simple things, simply because of where they live.)

Maintain and grow your interpersonal relationships, this will help keep you healthy. Just because you're older and retired, this doesn't mean go into hibernation mode. Most important of all, enjoy what you have worked so hard for, for so long. You deserve every bit of it.

[exboyfil]

52. I am 55 and I plan to work until 68 or my employer kicks me out the door

That is because my wife is 3 years younger than me. I will retire when she is eligible for Medicare. I saw how early retirement impacted my mother especially after my dad died and she was kicked off his company insurance.

[lark]

53. I retired at 65.

i was going to retire at 62 but th recession hurt badly so had to wait 3 more years. Just glad I finally got to retire and rest my poor aching back.