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Your Money. Your Practice. Popular Courses. Retirement Planning Retirement Savings Accounts. Table of Contents Expand. Is This a Crisis? The Bottom Line. Key Takeaways Baby Boomers are retiring in large numbers. Many do not have enough saved for their retirement. Beyond a lack of planning, a key reason Baby Boomers lack retirement savings is due to the financial crisis, as well as the chronic low interest rates since.
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The strong stock market and soaring home prices have given higher-income people, especially Boomers, more options, says ADP Chief Economist Nela Richardson. The nature of the pandemic means the risks of going to work are higher for older people. Employers aren't doing enough to lure people out of retirement.
They're creating jobs, just not the ones people want. Even the White House has recognized how the retirement issue is distorting our read of the labor economy.
Jared Bernstein, a member of President Joe Biden's Council of Economic Advisers, said that once "non-prime age" workers — those over 55 — are excluded from the metrics, a much clearer picture of how the labor recovery is doing emerges because it strips out the retirement narrative.
There are signs emerging that the labor shortage is easing. First, retired people are starting to come back to work. Bringing people out of retirement might sound cruel, but it's not always the case — some people retired not because they wanted to stop working but because it was too risky to work in a pandemic, or they couldn't find a job in which the benefits outweighed the risks. FedEx said it is getting a good response from its current hiring efforts, given its current pay package and other offerings, such as an app that provides employee-friendly, flexible schedule options.
In the last week alone, it got , applications, the highest in its history, and up from just 52, during a week in May of this year. The company also is optimistic about keeping many of its seasonal hires on staff once the holiday shipping season is over, CNN Business' Chris Isidore reports.
Enjoying Nightcap? OK, most nights — we believe in a four-day week around here. All rights reserved. You must be logged in to post a comment. By CNN Newsource. Published December 18, AM. Related Articles.
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