Why Boomers Can't Quit

Even before the financial crisis, many baby boomers hadn't saved enough for retirement. Then stocks plummeted. In 1998, the average 50-year-old who had been working for at least 10 years had a 401(k) balance of $85,000, according to the Employee Benefit Research Institute. Factor in the recent market drop, and more than a decade later, that worker's 401(k) has grown to just $93,000. In short, we keep getting older, but our 401(k) balances, they stay the same. Full Story »

Posted by Kaizar Campwala
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Subjects: U.S., Business
Member Tags: Retirement
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Posted by: Posted by Kaizar Campwala - May 20, 2009 - 12:10 PM PDT
Content Type: Article
Edit Lock: This story can be edited
Edited by: Fabrice Florin - May 20, 2009 - 12:50 PM PDT

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3.7
by Derek Hawkins - May. 20, 2009

Makes the case that it could ultimately be a good thing that many older workers will work beyond normal retirement age due to financial vagaries. The assessment is well supported here, mostly by comparing today's workforce conditions to past retirement waves and examining what a body of workers 55 and over contributes to the economy.

A healthy supply of older workers can be the salve for one of the worst types of economic poison — inflation. That may make it harder to get a raise, but it will also ... More »

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3.8
by Fabrice Florin - May. 20, 2009

Informative article about the likelihood that older workers will have to delay retirement due to the economic crisis. This short report presents good factual evidence from multiple, credible sources, and provides useful context on how this growing issue might play out in coming years.

See links for other stories on this topic -- and review these links, to help us compare them and find the best coverage on aging in the workforce.

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3.9
by Kaizar Campwala - May. 20, 2009

This piece takes a longer term view than that presented in the linked WSJ story "With Jobs Scarce, Age Becomes an Issue". Like the other articles in this series, it mostly paints a rosey picture of the effects on the economy of Boomers working well into retirement. Gandel uses historical data to back up his future projections, and does include some expert opinion.

In the next year or so, older workers hanging on will make things worse. Retirement waves usually smooth recessions, as 60-somethings quit, start spending pensions and ... More »

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2.8
by Dwight Rousu - May. 21, 2009

Gandel writes like every disaster has only a silver lining, and anything else can be ignored. No evaluation is given of the effect upon the health and happiness of workers, especially of fearful superannuated workers.

Stock based 401Ks are a crap shoot. Fixed benefit retirement plans, when regulated, can be life savers.

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