America's reluctant septuagenarian workforce

[babylonsister]

America's reluctant septuagenarian workforce
Peter Whoriskey

RosaIreneBetancourt 10 / Alamy Stock Photo
January 21, 2018



Tom Coomer has retired twice: once when he was 65, and then several years ago. Each time he realized that with just a Social Security check, "you can hardly make it these days."

So here he is at 79, working full-time at Walmart. During each eight-hour shift, he stands at the store entrance greeting customers, telling a joke and fetching a "buggy." Or he is stationed at the exit, checking receipts and the shoppers that trip the theft alarm.

"As long as I sit down for about 10 minutes every hour or two, I'm fine," he said during a break. Diagnosed with spinal stenosis in his back, he recently forwarded a doctor's note to managers. "They got me a stool.

The way major U.S. companies provide for retiring workers has been shifting for about three decades, with more dropping traditional pensions every year. The first full generation of workers to retire since this turn offers a sobering preview of a labor force more and more dependent on their own savings for retirement.

Years ago, Coomer and his co-workers at the Tulsa plant of McDonnell-Douglas, the famed airplane maker, were enrolled in the company pension, but in 1994, with an eye toward cutting retirement costs, the company closed the plant. Even though most of them found new jobs, they could never replace their lost pension benefits, and many are facing financial struggles in their old age. A review of those 998 workers found that 1 in 7 has in their retirement years filed for bankruptcy, faced liens for delinquent bills, or both, according to public records.

Those affected are buried by debts incurred for credit card payments, used cars, health care, and sometimes the college educations of their children. Some have lost their homes. And for many of them, even as they reach beyond 70, real retirement is elusive. Although they worked for decades at McDonnell-Douglas, many of the septuagenarians are still working, some full time.


more...

http://theweek.com/articles/749428/americas-reluctant-septuagenarian-workforce

[KG]

1. that will be me if i live that long

[ghostsinthemachine]

2. Ive always felt like the canary in the

Coal mine.

No union. Stagnant wages. No pension, no IRA no nothing. Here I am 62. Social Security. Thankfully, im in a great space, probably forever. Most dont and I bought a van just for that likelihood of losing housing. I live in CA, and its all tough.
Im disabled, carpal T, esophageal cancer. Wrists, shoulders and now a leg that is very painful. I couldnt work at all.

[jpak]

45. Hang in there dude

[Kath2]

3. When I see women like the one in the photo -

I know that can be me in a few years.

[oberliner]

4. This article is about people working at McDonnell-Douglas yet shows a picture of McDonald's

Can the editors be that stupid/careless?

[hatrack]

8. They WORKED at McDonnell-Douglas - the plant described closed in 1994

Stock photo, btw.

[oberliner]

10. McDonald's is not mentioned anywhere in the article

Whereas McDonnell-Douglas is, repeatedly.

Do you think it's just a coincidence that a photo of a person working at McDonald's was chosen?

[honest.abe]

12. I think they were looking for a representative photo of an elderly person working at a shit job.

And that stock photo fit the bill.

[oberliner]

26. Fair enough

Just seemed odd since McDonnell Douglas was mentioned repeatedly in the article - so I thought maybe they screwed up by specifically choosing a McDonald's photo, but could be just a coincidence.

[honest.abe]

28. Yeah, I get you.. that was odd.

[TheMastersNemesis]

5. And How Many Seniors Kept Voting GOP And Dissing Democrats Who Were Too Socialistic?

Year after year and election cycle after election cycle the Democrats were not supported by seniors. I think Trump and the GOP even won most seniors votes. And so many white males keep voting for GOP who were tl that Democrats were taking their gns.

It should have been obvious hat the GOP never supported working people who would need pension resources when they were oo old to work.

[retread]

43. It's not like people became seniors and all of a sudden started voting repug! In 1972 Richard Nixon

won 52% of the under 30 vote. Most of his voters from the under 30 demographic are seniors today if they are alive.

So the Viet Nam war is raging and the group of voters most directly impacted by the war voted for
the warmonger.
Why would anyone think this same group of voters, now known as seniors, would not continue to vote directly opposed
to their own self interests?

[Initech]

44. Because of religion.

The republicans know that seniors go to church more than younger people do. So that's why they've spent decades and billions targeting the clergy. If you can convince people that you're the holier than thou candidate, you've got it made.

[Vinca]

6. I don't see any point to retirement - good since I can't afford it.

My desire is to be a less talented version of Betty White and just keep going and going and going.

[spinbaby]

13. I hope your health holds up

Not everyone can keep working.

[Boomer]

15. I used to say that, too

Age and health issues have a way of changing your perspective on retirement. I can see a not-too-distant future in which just getting through the day will be a full-time job.

[Vinca]

18. When that happens I plan to make a quiet exit.

Just existing isn't living.

[Boomer]

22. There's a middle ground, you know

If I'm living in my own home and have control over my life, I'm okay with a very modest retirement. You can be limited from holding down a job by health issues, but still have quality of life. Cooking, reading, taking care of pets, these are all activities that can be handled even when you're moving too slowly for a working environment.

If I'm drooling in the corner of a nursing home, that's another issue entirely. I'd be ready to call it quits under those circumstances.

[Vinca]

37. I'm not suggesting if I'm not living a lavish lifestyle I'll off myself.

It's the time when I can't care for myself that I plan to leave. Life at any cost is overrated.

[Fritz Walter]

7. Reminds me of an aphorism I heard in my 20's

"Most people don't plan to fail; they fail to plan (for retirement)."

That convinced me to start saving before there were 401(k) plans or IRAs. Although I could barely afford it, I set aside a couple of dollars every paycheck. Over the past few decades -- despite recessions and so-called market corrections -- I have a decent nest-egg, but still, I am working well past the age I'd planned to retire.

The article talks about how increasing life expectancy altered the pension paradigm. But don't stop reading there. The author goes on to explain how workers who were counting on pension income to keep a roof over their heads got broadsided when their employers either raiding the pension fund for quick cash or made such reckless investment decisions that the funds went belly-up during/after the Recession.

Employees at McDonnell-Douglas in the early '90s enjoyed one of the more generous types of pensions, known as "30 and out." Employees with 30 years on the job could retire with a full pension once they reached age 55.

But, as the employees would later learn, the generosity of those pensions made them, in lean times, an appealing target for cost cutters.

Those lean times for McDonnell-Douglas began in earnest in the early '90s. Some plants closed. But for the remaining employees, including those at the Tulsa plant, executives said, there was hope: If Congress allowed the $6 billion sale of 72 F-15s to Saudi Arabia, the new business would rescue the company. In fact, the company said in its 1991 annual report, it would save 7,000 jobs.

To help win approval for the sale, Tulsa employees wrote letters to politicians. They held a rally with the governor of Oklahoma. And eventually, in September 1992, President George H.W. Bush approved the sale. It seemed that the Tulsa plant had weathered the storm.

Guess again...

Whatever you're setting aside now for retirement, double it. Then next year, double that amount.

P.S. My current employer has brought in a consulting team which includes a Canadian citizen, who was shocked when I told her how much I pay monthly for a shitty health insurance plan. Health care in her country is funded from their income tax, which is prorated: the first CA$11,000 is exempt, then it starts at 30% and goes up so that people making the most pay 75%. Not only does it cover health care, but also their version of Social Security. Sounds like a pretty decent system to me...

[IluvPitties]

9. Many of my colleagues are in their 60s and 70s, and have no plan to retire...

It seems they either can't afford it or simply don't want to stay home...

[honest.abe]

11. Result of the failure of 401K system

Most do not have near enough in their 401K plan or many simply dont even have a 401k. The idea that workers are able to put enough away voluntarily to support retirement is a fantasy. There are too many day to day living expenses and emergency expenses that take priority over savings. Also, many people are simply not disciplined enough to save. This problem is likely to get worse in the coming years and decades.

[Boomer]

20. There's never a "good" time to save...

...so you just have to do it.

I'm not talking about people making minimum wage who can barely get through the month. That's a horrible situation, and difficult to escape. But there are many other people making decent salaries who haven't saved. There will always be something you want or need to use that extra money for, so it's emotionally difficult to continually sacrifice for some far-off goal. When you're 30 or 40, reaching retirement age seems a long time away. It's not; the years slip through your fingers before you know it.

I've had a lot of lucky breaks, so I can't claim any greater virtue for having saved. I also didn't have kids, which was a significant financial savings (but will probably bite me hard at the end of my life in terms of lack of social support). My investment manager says I could probably retire (very modestly) at age 65, but I'm too paranoid. I'll keep working to age 67, and then think about it. But for me, at least it's a real option.

Right now I'm trying to balance enjoying life now against saving for retirement. I spend on small luxuries (like Netflix and a new iPhone) that add pleasure to daily life. Given recent health issues, I might not live long enough to spend my retirement funds. I don't want to take my last gasp of breath thinking "Fuckit, I should have eaten more lobster."

[honest.abe]

27. True.. but many simply dont do it for all sorts of reasons.

I am a good example of someone who has decent income but I have not saved nearly enough. Part of my problem is I got hammered during the recession.. lost my job and got divorced and other issues that affected me financially. I did get another decent job and got remarried and had a baby. Lots of new expenses with moving, new house, baby stuff, etc. No money left over for savings. But not complaining.. I have a nice situation now.. but not sure about retirement at all. Probably work till around 70+.

[TNNurse]

14. During my last week at work, I needed to go to administration

to ask a question. I had worked at that hospital for 37 years. Someone thought it was important to get the administrator and chief nursing officer to speak to me. I was caught. What did I say? I said "If you want experienced nurses to work to help mentor younger ones, you should not make people in their 60s work 12 hour shifts". By then, I was 65 and a recent cancer survivor, I could not work 12 hours mostly on my feet. My husband, who had worked their 41 years would have probably stayed longer if he could have worked his favorite 8 hrs (3p-11p). The 7a-7p shift is too much when you are 65.

We left on the same day.

[Orrex]

16. My plan is to worklong enough to be able to afford a cardboard box in which to be cremated

So far, so good!

[JustABozoOnThisBus]

17. Fine, but have you planned for the fuel?

Firewood don't grow on trees, you know.

Wait ...

[Orrex]

24. Way to crush my dreams, you brute!

[snowybirdie]

32. Please

stay healthy or you will live a very difficult later life

[Orrex]

33. Yeah, me and about 80% of the population

On the plus side, I'll have lots of company in the pauper's cemetary!

[Farmer-Rick]

19. My mother is 85 she bought an insurance plan for medical care and

She had a good amount of savings but now she has gone through her insurance and almost all her savings. She lost some of the value of her savings during the last crash, but the real problem...she didn't know she was going to live so long. That's why she paid for Social Security. But they keep cutting back what Social Security pays out. Now it's not enough to live on.

[Ferrets are Cool]

21. THIS and the epidemic of homeless in the wealthiest country in the world

haunt me daily.
I just found out that my grandson is living in a tent park at 21 years of age. It should be criminal in the country of riches. DAMN the 1%!

[LittleGirl]

23. I get mad whenever youngsters blame boomers for the problems

in this country. We are the ones that will suffer just as much, only first.

[JustABozoOnThisBus]

30. We boomers always took Social Security for granted.

I think many GenXers and Millenials think it will be gone by the time they need it.

Certainly, if Ryan has his way, SS and Medicare will be cast-off relics.

If Xers were upset with me, it might be because I kept working past normal retirement age. I am now officially out of the way. (WooHoo)

[crazycatlady]

38. I was born in the 80s

And as soon as I knew what Social Security was, I was told that it would not be around for me. I think I asked about it at 15 when I got my first paycheck and was wondering about the deductions.

[treestar]

39. They should out out to vote

If gone, it will only be because of Republicans.

[LittleGirl]

41. Im searching

For a job and have rejection letters that prove nobody wants a woman over 55 working for them. I used to be a network administrator for an email network of 17k end users. I have applied for secretarial positions but since I haven’t worked for a decade won’t even ask for an interview. I don’t have the physical capabilities to work retail or anything that requires me to stand longer than 15 min.

[JustABozoOnThisBus]

42. You, and people in similar circumstances, are the reason ...

... we need to move toward a European (Norwegian) model: a minimum wage at a livable level, free medical (and dental/optical/hearing) care, and higher progressive taxes to pay for it.

It's possible, but it would be a long haul and require a series of progressive Democratic governments to accomplish.

Too old for employers, too young for Social Security and Medicare, a heartbreaking doughnut hole of hard times. I was there for a few years, but then got lucky and got hired. Best of luck to you and your job search.

[LittleGirl]

46. Awww, thank you

We are probably moving to CA this year for my husband’s job and hope that I will have more luck than here. Thank you for your encouragement as it’s really appreciated!

[NBachers]

25. I'll be 69 in April. My employer that lets older workers stay on. I don't know when I'll retire.

[sinkingfeeling]

29. This is why America isn't exceptional. Corporations are allowed to

steal from their employees to give to shareholders.

[olegramps]

31. The facts are simple: Unions mean decent wages and retirement. No union means you are screwed.

Now who is a fault? Its the workers who swallowed the Republican corporate propaganda and along with the Republican 'right to starve laws." I saw it first hand when young incoming workers refused to join the union and pay dues. They played right into the hands of the greedy corporate heads who outsourced their jobs, cut their medical benefits and pensions. We must admit it the workers were their own best enemy. Don't blame the corporate heads. They are doing exactly what they are paid to do. Maximize profits for their share holders and receive huge bonuses for allowing the workers to screw themselves.

[Ohiogal]

34. Yeah, welcome to retirement in America

Or, you could say, "What retirement?"

And, "why do these older folks in such dire straits keep voting Republican?"

[Hermit-The-Prog]

35. Take it back from the robber barons.

It's no secret where the money went.

[davsand]

36. I worked a job that I hated just for the benefits--including a pension.

I'm fully vested in a state pension fund, and there is now discussion that because the state is broke they want to change that pension and how it pays out. The ONLY thing that gives me hope at all, is that it's the same fund that all the legislators are in. Somehow, I think they will manage to save their own fund. It's Illinois, and if you can count on anything here, it's that the politicians will save themselves first.



Laura

[treestar]

40. I see old people at work all day

Several in convenience stores, some at the car dealership.