Has 95 become the new
retirement age? by Martin Armstrong, 7/21/18.
One of the more
interesting downsides of the collapse in socialism is the impact upon the
elderly. The data now shows that since the 2007-2009 recession, about twice as
many elderly are still working. When interest rates decline, income from
savings collapsed. So while the theory was to lower interest rates to
“stimulate” the economy, the central banks have discovered a dark hidden secret
— demand-side economics has utterly failed. Saving for retirement has failed.
Your house has failed to provide a savings account and states are broke so they
keep raising property taxes.
Government pensions keep demanding higher taxes to exploit the public so government unions survive. In many states, the promises handed to union workers are bankrupting everything as one of the main benefits was free healthcare for life for the members and their spouses.
Today, a record number
of folks aged 85 and older are still working. Most are just trying to
supplement losses from tax increases and decreased interest income. States make
no accommodation for people when they retire. The property taxes keep rising
and that is forcing many to sell their homes even in down markets to try to
make ends meet. The youth are finding that their degrees are worthless. More
than 60% cannot find employment in what they have worked to get a degree in
these days. Even those with a law degree are often waiting on tables. When I
was looking for office space in Florida, nearly 100% of the vacant spaces were
former law firms. So 85 may be the new 65, but it appears that might be 95.
Justice Kennedy is 81 so even he did not retire at 65. As the Washington Post
reported, some 255,000 Americans who are 85 years old or older were working
over the past 12 months.
Norb Leahy, Dunwoody
GA Tea Party Leader
1 comment:
Personally I've never *wanted* to retire! When writers stop "working," we stop living...
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