301
More boomers are staying in their jobs instead of retiring. They’re working longer hours and making more money, new Pew data finds (finance.yahoo.com)
submitted 11 months ago by MicroWave@lemmy.world to c/news@lemmy.world
84 comments fedilink hide all child comments

The graying of the American workforce continues: Baby boomers are working longer and earning more than their predecessors did in what Americans typically think of as retirement years, new research finds.

Almost 20% of Americans ages 65 and older were employed this year, according to a new report from Pew Research Center. That’s nearly double the share of those who were working 35 years ago. In total, there are around 11 million Americans 65 or older who are working today, comprising 7% of all wages and salaries paid by U.S. employers. In 1987, they made up 2%.

And not only are more Americans at or above the traditional retirement age of 65 working, but they are also earning substantially more compared with what older workers earned in the 1980s. Now, the typical older worker earns $22 per hour, compared with $13 per hour then. Their wage growth—some of which can be attributed to their working longer hours than older Americans did in the past—has outpaced that of workers ages 25 to 64 over the same time period, according to Pew’s research, which is based on data from the U.S. Census Bureau’s Current Population Survey and the Federal Reserve’s 2022 Survey of Household Economics and Decisionmaking.

you are viewing a single comment's thread
view the rest of the comments
[-] Smoogs@lemmy.world 2 points 11 months ago* (last edited 11 months ago)

They don’t though. They paid taxes all their life into a retirement. You didn’t do that for them. Also: gross. Learn to go potty.

[-] tsonfeir@lemm.ee 2 points 11 months ago

Cool, let’s stop paying into the bucket then and they can use the money that’s left in that fund to pay themselves.

[-] Smoogs@lemmy.world 1 points 11 months ago* (last edited 11 months ago)

Your bucket isn’t their bucket. You stop paying and you’re only hurting yourself. Their bucket is separate from yours and they are benefitting from their own money. Not yours. Now you’re just being willfully ignorant about arguing shit you refuse to understand.

[-] tsonfeir@lemm.ee 2 points 11 months ago* (last edited 11 months ago)

Okay. I’ll bite. Source?

I’ll need you to disprove this:

Yes, the money that Social Security pays out in benefits is primarily funded by people who are currently paying into the system. Social Security operates on a pay-as-you-go basis, meaning the payroll taxes collected from current workers and their employers are used to pay the benefits to current retirees, as well as to other beneficiaries like disabled workers and survivors of deceased workers. This system is different from a fully funded pension system, where the contributions are invested and saved to fund the individual's own future benefits. In the Social Security system, today's workers are not accumulating a personal fund, but rather are funding the benefits for current beneficiaries, with the expectation that future workers will do the same for them when they retire. It's important to note that Social Security also receives income from the taxation of benefits and has trust funds that can be used to pay benefits. However, the primary source of funding is the payroll taxes from current workers.

this post was submitted on 17 Dec 2023
301 points (100.0% liked)

News

23361 readers
2868 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
rjc@lemmy.world
Thekingoflorda@lemmy.world
Tenthrow@lemmy.world
JonsJava@lemmy.world
gedaliyah@lemmy.world
little_cow@lemmy.world
jeffw@lemmy.world
enu@lemmy.world