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  • May 25, 2011 at 2:03 PM #18830
    pfflyer
    Participant

    2 trends I have seen:

    1. Friends who formerly made good money have been unable to find a new comparable job. But instead of settling for any job they burn through all their assets and mooch off of family and girlfriends. Some unemployed now for over 3 years.

    2. Others who are unable to sell their homes and delever have made them vacation rentals during peak season. They move in with friends during rental periods and only live in their own homes for offseason.

    What do you see?

    May 25, 2011 at 2:59 PM #698715
    UCGal
    Participant

    I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.

    May 25, 2011 at 2:59 PM #699395
    UCGal
    Participant

    I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.

    May 25, 2011 at 2:59 PM #699543
    UCGal
    Participant

    I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.

    May 25, 2011 at 2:59 PM #699896
    UCGal
    Participant

    I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.

    May 25, 2011 at 2:59 PM #698808
    UCGal
    Participant

    I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.

    May 25, 2011 at 5:26 PM #699435
    CA renter
    Participant

    [quote=UCGal]I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.[/quote]

    I’ve seen this as well.

    May 25, 2011 at 5:26 PM #698755
    CA renter
    Participant

    [quote=UCGal]I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.[/quote]

    I’ve seen this as well.

    May 25, 2011 at 5:26 PM #699583
    CA renter
    Participant

    [quote=UCGal]I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.[/quote]

    I’ve seen this as well.

    May 25, 2011 at 5:26 PM #698848
    CA renter
    Participant

    [quote=UCGal]I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.[/quote]

    I’ve seen this as well.

    May 25, 2011 at 5:26 PM #699936
    CA renter
    Participant

    [quote=UCGal]I’ve seen a variation on #1
    Friends/acquaintances who formerly made good money who were not financially or emotionally ready for retirement… finally conceding to early retirement at a standard of living far below what they planned.

    In both cases – the person qualified for either a small pension (smaller than if they waited till full retirement age) and were old enough to take withdrawals on their 401k/IRA money. But dreams of traveling in retirement, etc, were squashed out. In both cases the spouse will work longer than originally planned to help make up the income loss.[/quote]

    I’ve seen this as well.

    May 26, 2011 at 8:12 AM #699761
    EconProf
    Participant

    Newly unemployed workers do not want to admit it when they are worth less than what they earned in their previous jobs. It is a blow to their ego, and a failure to recognize that the labor market has changed and this is the new normal. Sadly, they sit in the unemployment pool for months or years holding unrealistic expectations while their work skills and mental and physical condition deteriorates.
    Over-50 job seekers that claim discrimination should realize that employers have many choices available to them. Employers understandably pick younger workers with years of increasing productivity ahead of them instead of years of decreasing productivity. PS: I’m in the latter category.

    May 26, 2011 at 8:12 AM #699615
    EconProf
    Participant

    Newly unemployed workers do not want to admit it when they are worth less than what they earned in their previous jobs. It is a blow to their ego, and a failure to recognize that the labor market has changed and this is the new normal. Sadly, they sit in the unemployment pool for months or years holding unrealistic expectations while their work skills and mental and physical condition deteriorates.
    Over-50 job seekers that claim discrimination should realize that employers have many choices available to them. Employers understandably pick younger workers with years of increasing productivity ahead of them instead of years of decreasing productivity. PS: I’m in the latter category.

    May 26, 2011 at 8:12 AM #698935
    EconProf
    Participant

    Newly unemployed workers do not want to admit it when they are worth less than what they earned in their previous jobs. It is a blow to their ego, and a failure to recognize that the labor market has changed and this is the new normal. Sadly, they sit in the unemployment pool for months or years holding unrealistic expectations while their work skills and mental and physical condition deteriorates.
    Over-50 job seekers that claim discrimination should realize that employers have many choices available to them. Employers understandably pick younger workers with years of increasing productivity ahead of them instead of years of decreasing productivity. PS: I’m in the latter category.

    May 26, 2011 at 8:12 AM #699029
    EconProf
    Participant

    Newly unemployed workers do not want to admit it when they are worth less than what they earned in their previous jobs. It is a blow to their ego, and a failure to recognize that the labor market has changed and this is the new normal. Sadly, they sit in the unemployment pool for months or years holding unrealistic expectations while their work skills and mental and physical condition deteriorates.
    Over-50 job seekers that claim discrimination should realize that employers have many choices available to them. Employers understandably pick younger workers with years of increasing productivity ahead of them instead of years of decreasing productivity. PS: I’m in the latter category.

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