by Higgenbotham » Fri Apr 26, 2024 12:52 pm
Senffner is part of a cohort known as "peak boomers," or boomers born between 1959 and 1964 who will start turning 65 this year. According to a recent report from the Alliance for Lifetime Income's Retirement Income Institute, this group encompasses over 30 million boomers, marking the "largest and final cohort" of that generation entering retirement.
The report found that 52.5% of peak boomers have $250,000 or less in assets, forcing them to deplete their savings and rely on Social Security benefits to stay afloat in retirement.
According to the Census Bureau's Current Population Survey, just over half of Americans over 65 have incomes of $30,000 or less a year, meaning existing only on Social Security likely won't cut it.
While Senffner has years of experience in the workforce, she hasn't been able to land a full-time job despite filling out dozens of job applications. The only full-time jobs she's seen have tended to be more physically demanding, like working at a grocery store, which she's unable to do.
She said that many of her peers are struggling with the same dilemma — they either cannot find work in fields they're qualified for, or they have to work at an entry-level job with a low wage.
"The only people that are hiring older people now are places like Home Depot and Walmart," Senffner said. "I just say to my friends as a cautionary tale, if you are my age and you have a job, you better stay with it, because nobody is hiring you."
Still, with the low wages and sometimes physical demands of entry-level work, it's often not an option for those close to retirement. AARP recently released the results of a January survey that found that one in five older adults do not have any retirement savings, and over half of them don't think they'll have enough money to get them through retirement.
"Everybody my age is a little worried right now," Senffner said.
"I know so many people my age that just don't know what they're going to do," she continued. "Other countries take care of their older people, and we should be able to do it, too."
https://www.msn.com/en-us/money/retirem ... r-AA1nHQ9N
It looks like crunch time is here. She'd like to see the Federal Reserve counterfeit money for her and her friends but there are too many of them.
Before Federal Reserve counterfeiting became fashionable, there were things called poorhouses. Once someone could no longer work, I think the expression went, "Get thee to the poorhouse."
In the 1960s there was a man about 90 years old living on my Grandfather's farm. He lived in a shack on the property with no running water. The rent was somewhere around $50 per month.
[quote]Senffner is part of a cohort known as "peak boomers," or boomers born between 1959 and 1964 who will start turning 65 this year. According to a recent report from the Alliance for Lifetime Income's Retirement Income Institute, this group encompasses over 30 million boomers, marking the "largest and final cohort" of that generation entering retirement.
The report found that 52.5% of peak boomers have $250,000 or less in assets, forcing them to deplete their savings and rely on Social Security benefits to stay afloat in retirement.[/quote]
[quote]According to the Census Bureau's Current Population Survey, just over half of Americans over 65 have incomes of $30,000 or less a year, meaning existing only on Social Security likely won't cut it.[/quote]
[quote]While Senffner has years of experience in the workforce, she hasn't been able to land a full-time job despite filling out dozens of job applications. The only full-time jobs she's seen have tended to be more physically demanding, like working at a grocery store, which she's unable to do.
She said that many of her peers are struggling with the same dilemma — they either cannot find work in fields they're qualified for, or they have to work at an entry-level job with a low wage.
"The only people that are hiring older people now are places like Home Depot and Walmart," Senffner said. "I just say to my friends as a cautionary tale, if you are my age and you have a job, you better stay with it, because nobody is hiring you."[/quote]
[quote]Still, with the low wages and sometimes physical demands of entry-level work, it's often not an option for those close to retirement. AARP recently released the results of a January survey that found that one in five older adults do not have any retirement savings, and over half of them don't think they'll have enough money to get them through retirement.
"Everybody my age is a little worried right now," Senffner said.
"I know so many people my age that just don't know what they're going to do," she continued. "Other countries take care of their older people, and we should be able to do it, too."[/quote]
https://www.msn.com/en-us/money/retirement/a-63-year-old-peak-boomer-is-incredibly-scared-social-security-won-t-be-enough-to-cover-her-expenses-in-retirement-i-ll-probably-need-to-work-until-i-die/ar-AA1nHQ9N
It looks like crunch time is here. She'd like to see the Federal Reserve counterfeit money for her and her friends but there are too many of them.
Before Federal Reserve counterfeiting became fashionable, there were things called poorhouses. Once someone could no longer work, I think the expression went, "Get thee to the poorhouse."
In the 1960s there was a man about 90 years old living on my Grandfather's farm. He lived in a shack on the property with no running water. The rent was somewhere around $50 per month.