Tags: Rosenberg | retire | workers | 65

David Rosenberg: Many Over 65 Can't Afford to Retire

Monday, 21 May 2012 07:20 AM

The percentage of workers over the traditional retirement age of 65 is at a record high, with more than a third of men and more than a quarter of women ages 65 to 69 are still working, according to the U.S. Labor Department.

“The fact of the matter is that this aging-but-not-yet-aged segment of the baby boomer class can’t afford to retire,” David Rosenberg, chief economist of Gluskin Sheff, told The New York Times.

Rosenberg notes that overall household net worth is 15 percent lower than at the pre-recession peak.

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“Dreams of the 5,000-square-foot McMansion being a viable retirement asset have morphed into nightmares of a deflationary ball and chain,” he says.

Labor department figures also show that, for the first time since the government began keeping track of the numbers in 1981, one in nine American men and one in 20 women over the age of 75 were working in April.

Also, the steep drop in job totals for men under 55 that happened during the recession has only begun to recoup, and the proportion of women ages 25 to 54 with jobs is now close to the lowest level of the last two decades.

Plus which, the proportion of both sexes working is down from the peak for all age groups under 60.

Forbes magazine reports that, for the first time in history, the number of jobless workers age 25 and up who have attended some college now exceeds the ranks of those who settled for a high school diploma or less.

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Monday, 21 May 2012 07:20 AM
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