Why don't old folks retire when they can?
- Thread starter ClonesTwentyOne
- Start date
Let me pull out my broad brush here....
I also work with Millennials and find them to be a mixed bag. On one hand they are uniquely qualified to function in the global world. The Millennials I deal with are educated, many are multilingual, tech savvy, and aware.
On the other hand they march to their own drummer and demand flexibility to work when they want, use company assets as they see fit, and generally need seasoning.
FWIW the Millennials are great! A game changer of a generation.
Something switches in your head at that moment that you realize you no longer NEED to work. Now you GET to work. When you take that "need" away, every thing you do is because you love it. When you love it, people, whether its clients or management, can see that value you add and you can receive compensation for it. I know plenty of people who went on to be make more money in retirement because the did something they were passionate about. Sure there are people who did a **** poor job of planning for retirement or had some sort of extenuating circumstances that lead to them NEEDING to work in "retirement" but many move on to other callings. I for one (in my mid 30's) have a hard time visioning a complete retirement. Why would I? I LOVE my career and there is no need for me to ever leave it. I in no way would work 50 hour weeks but would still work in some capacity. I have the freedoms to continue my hobbies and family life as I so choose.
Does not compute. For a millennial to understand something, there has to be one simple explanation so that they can make a judgment for or against it. This idea that things are complicated and can be influenced by multiple factors is ridiculous!
Huh. Maybe they've just been talking about it forever then. I just remember before a faculty member retired in 2011 there was a big hulabaloo about if they didn't retire that year, that it was going to (apparently it was just thought) change to the rule of 90 and they'd be there for at least another 2 years to cover the change in payout from the rule of 88. And then there was talk of it going to 92 within 3 more years, adding more time for them to make up. Kind of a "do now or never retire" type of scenario based on the fallout in the markets from 08-09.
I do know that IPERS payout projections right at the rule of 88 suck though (at least for those under 30 right now).
Nah that's the older generations who have that problem. Now, it could also be stupidity, but that also affects all generations
I know of a LOT of people who retire and really fade away fat. Almost like sitting around isn't great for them.
I could find other things to do, but...
I could find other things to do, but...
I've worked with college students nearly my entire working career. Like someone else said, it's a mixed bag. There are good trends and bad trends in every generation. I see a lot of anger directed at other generations for what they did/didn't do/will do in the future/won't do in the future. Each of us grew up with different economies, different "normal" family units, different technology.
To assume a millennial's path to retirement will be similar to a "boomer" or "Gen-X" or"greatest generation" retirement track is a failure in logical thinking. Hell, assuming all boomers' retirements are similar is incredibly inaccurate!
To assume a millennial's path to retirement will be similar to a "boomer" or "Gen-X" or"greatest generation" retirement track is a failure in logical thinking. Hell, assuming all boomers' retirements are similar is incredibly inaccurate!
I remember the downturn pretty well around 2008-9. There was a big push for retirements and there was a lot of turnover where I was at.
This is absolutely not true.
The explanation can be very complex so long as you can contain in within 140 characters.
Obviously I won't be around to see how it pans out, but I'm really interested to see how millenials end up come their golden years. Working on a college campus - plenty of good kids about. Plenty of idiots as well. One common theme is despite the endless complaining about cost of education (we didn't have it all that easy either boys and girls), many kids still spend money as if it were free. The value of money is just lost on a huge percent. Have to have the 60" tv in the dorm, $5K stereo, every video game under the sun to go with every console, top of the line this, that and everything else. Tricked out cars with the 8K rims and the $600 muffler that I can give you the same "sound" with a $5 screwdriver.
But that's really nothing new. My class has plenty of that as well. Back to the OP - the current generation is so OVER stimulated, I really wonder how they will embrace not working after having to do it for 40+ years. I watch kids walking across campus and not a one of them can see more than 20 inches past their own face, looking at their phones. I watch my nieces in their teens. TV on with headphones hooked up to their phones watching other videos or whatnot. God help you if you travel somewhere and lose data. Constant need for stimulation
I'm not really bagging on kids as much as it may sound. I'm antsy about what to do in 20+ years when I retire - how to spend my time. Wonder how this idea of "sitting still" or occupying that previously accounted for "half your life" will work out for Mils. Cause that sure as hell isn't going to be free either. "Do what I always wanted to do" often comes with a hefty price tag. I'm halfway to retirement and getting that nest egg to the magic number is no small feat.
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Question for someone who has dealt with the mils more than I have in this area. You hear the stories of several moving back home after college, is this actually legit? Like I said, I'm an Xer and I moved home for 2-3 weeks because I couldn't move into my place until the start of the month. Once I graduated I was expected to leave the nest.
I'm closer to an Xer, but I did that in my 20s. I was laid off at 24 and I moved back with my parents until I found a job.
Of course, my oldest aunt, a Boomer, moved back to the farm in her 20s as well, after she had her first kid.
And then my grandfather never left home, he lived at home until he got married, then my grandmother moved in and they took over the family farm, living with my great-grandparents the whole time.
Thinking of my extended family, I can think of multiple occurrences in every generation. Frankly, it's what family is for.
The statistics say this generation does it moreso than others (though I also interestingly saw that it's not entirely their own financial struggles - some are doing so to assist parents' financials as well, mutually beneficial arrangement). From my own anecdotal experience, my friends group is like you. Moving back home for a short transition post-college, if at all. I can't think of any offhand who continued to live there for an extended period of time.
I hear about a lot of kids continuing to live at home while they go to community colleges or colleges/universities within 20 miles of where they grew up. Not sure about percentages or anything like that.
I can't wait to retire. I even have the average day planned out to the hour.
4:30am: Wake Up
5:00-8:00am: Drink about 6 cups of coffee, watch FoxNews, and ***** about younger generations.
8:00-12:00: Golf, ***** about kids on the golf course.
12:00-1:00pm: Lunch
1:00-3:00pm: Nap
3:00-4:30: Take a cruise through the neighborhood on the scooter. Most likely shirtless. Make sure them Hispanics ain't stealing anything.
4:30pm: Dinner
5:30pm-Read CF, listen to FAWcast, etc.
4:30am: Wake Up
5:00-8:00am: Drink about 6 cups of coffee, watch FoxNews, and ***** about younger generations.
8:00-12:00: Golf, ***** about kids on the golf course.
12:00-1:00pm: Lunch
1:00-3:00pm: Nap
3:00-4:30: Take a cruise through the neighborhood on the scooter. Most likely shirtless. Make sure them Hispanics ain't stealing anything.
4:30pm: Dinner
5:30pm-Read CF, listen to FAWcast, etc.
The recession happened at pretty much the perfect time for me. Right out of college, stocks were cheap, jobs were coming back, home prices still relatively low.
