02-13-2009, 12:34 AM
For many, retirement an elusive goal
By Eric Bradley • ebradley@enquirer.com • February 12, 2009
Barbara Ross had retirement plans.
First, it was going to happen one year from now when she will be 62.
Her desires were modest and typical.
She’d tend to her garden at her house. There would be more time for volunteer work.
But because of a difficult financial picture made worse by a prolonged sickness, there will be no retirement in the near future for Ross, a Madisonville resident. There won’t even be a garden, because Ross lost her home and is living with family and friends.
She’s trying to get back to work, but the former office worker finds that her skills – which include typing and some knowledge of Microsoft Office – is considered outdated.
“I feel like the dinosaurs,” Ross said.
She is among a growing number of older Americans who are either prolonging their work careers or who are retired and want to re-enter the work force because their money doesn’t go as far as it did before the economy tanked.
Others have seen their retirement accounts evaporate. A report late last year by the Congressional Budget Office estimated that Americans’ retirement plans lost $2 trillion in the preceding 15 months.
Data from the U.S. Bureau of Labor Statistics predicted a swell of working seniors even before the recent economic malaise.
According to a bureau study for the years 2006-2016, the number of workers age 55-64 is expected to climb by 36.5 percent.
The most dramatic growth, however, is anticipated in the two oldest groups tracked by the bureau. Workers between the ages of 65 and 74 and those age 75 and up are predicted to skyrocket by more than 80 percent.
By 2016, workers 65 and older are expected to comprise 6.1 percent of the work force, up from their 2006 share of 3.6 percent.
Locally, two key indicators used by Hamilton County Job and Family Services to determine economic stress for seniors – Medicaid cases and food stamp claims – are at alarmingly high levels.
Medicaid, primarily serving the poor, has 125,000 county cases, up 10,000 from a year ago and representing the highest number this decade, according to department spokesman Brian Gregg.
The number of people receiving food stamps, which officials said splits relatively evenly across all demographic groups, is at 93,000, up 13,000 from last year and accounting for one in every nine Hamilton County residents.
“Our doors are teeming,” Gregg said.
For some already-retired seniors, the solution to the hard times is to try to work at least in a part-time capacity while scaling back their lifestyle, in effect giving up the ideal retirement of travel and easier living.
That’s the case for Mary Browner, 58, an Evanston woman who retired three years ago.
She’s now looking for work after her husband died recently.
The former teacher plans to sell her home and move into a smaller residence while seeking a job as a counselor, librarian or administrative assistant.
Like Ross, she’s finding that difficult.
“It’s very disappointing. We’re dependable, we have a lot of skills, but I think at our age nobody really wants to hire us back again,” Browner said.
According to a survey conducted by AARP, a redefinition of living within your means is sweeping the U.S.
Of Americans over the age of 45 surveyed by AARP, 68 percent said they have cut back on entertainment spending this year while 64 percent have cut back on eating out. Fifty-two percent reported having more trouble paying for food, gas and medicine in 2008 and 44 percent found it harder to pay for utilities.
Some seniors are willing to go back to work at an advanced age to improve their quality of life.
Eighty-five-year-old Arthur Stanley Katz of Deerfield Township is one.
Katz was a scout in the Sixth Armored Division under George S. Patton in World War II. He saw combat at Saint-Lô in Normandy, the Battle of the Bulge in Belgium and beyond.
After the war, he attended New York University School of Law on the G.I. Bill and became an intellectual property rights lawyer in Southern California. He retired as an active attorney in 2002.
Now, he works at a Kroger for four hours three evenings a week so he can finance a passion of his, opera, without dipping into living expenses.
He’ll need them. Katz said he expects to be around for at least another 15 years.
“My mother was 101 when she passed away with all her faculties. My father was 99 when he passed away. I have good genes.”
In the meantime, Katz said he’ll take in life with enthusiasm.
“I’m one senior who is rolling with the punches,” he said.
It’s harder for someone like Ross, who has yet to know retirement.
Asked about her long-term plans, Ross’ answer was simple.
“Just to survive.”
http://news.cincinnati.com/article/20090...eakingnews
Comments for For many, retirement an elusive goal
SeawayPlayboy wrote:
I'll be working 10 years after I die.
2/12/2009 6:00:48 PM I'll be working 10 years after I die. SeawayPlayboy
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sparkytdg wrote:
I will die at my desk. I thought the dream was to go to college and make a living so you could retire. As a Mechanical Engineer I will be 70 and dead at my desk before I ever see retirement.
My last 401K statement said I need to save 20% of my income for the rest of my life to get there. How do I raise 3 boys 2 of which have genetic issues, and get to retire in this world? I should have just gone on Welfare or claimed I was crazy and got Social Security...
2/12/2009 6:10:12 PM I will die at my desk. I thought the dream was to go to college and make a living so you could retire. As a Mechanical Engineer I will be 70 and dead at my desk before I ever see retirement.<br /><br />My last 401K statement said I need to save 20% of my income for the rest of my life to get there. How do I raise 3 boys 2 of which have genetic issues, and get to retire in this world? I should have just gone on Welfare or claimed I was crazy and got Social Security...<br /> sparkytdg
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anon1010 wrote:
I just hope to have my student loans pad off before I die.
2/12/2009 8:12:29 PM I just hope to have my student loans pad off before I die. anon1010
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perfectsense wrote:
We can blame the government and irresponsible homebuyers for the financial difficulties of many retirees. All of our lives, we have been told to save for our retirement so we could have a decent standard of living. Because of Congress and their simple minded idea that everybody should own a house, whether or not they could pay for it, and people buying what they knew they could not afford, the government, in its wisdom (or lack of) has lowered interest rates to the point where retirees can no longer live on the interest of their investments and have had to deplete their savings just to exist. In an effort to once again reward the irresponsible, the government has caused a decline in the life for which these people have worked and saved their entire lives. There is a large block of retirees and near-retirees in this country. At some point, this block needs to stand up to Washington and vote for those who stand for us, not the deadbeats. We deserve to be counted.
2/12/2009 8:12:55 PM We can blame the government and irresponsible homebuyers for the financial difficulties of many retirees. All of our lives, we have been told to save for our retirement so we could have a decent standard of living. Because of Congress and their simple minded idea that everybody should own a house, whether or not they could pay for it, and people buying what they knew they could not afford, the government, in its wisdom (or lack of) has lowered interest rates to the point where retirees can no longer live on the interest of their investments and have had to deplete their savings just to exist. In an effort to once again reward the irresponsible, the government has caused a decline in the life for which these people have worked and saved their entire lives. There is a large block of retirees and near-retirees in this country. At some point, this block needs to stand up to Washington and vote for those who stand for us, not the deadbeats. We deserve to be counted. perfectsense
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SeawayPlayboy wrote:
Replying to anon1010:
Just quit paying them. Take a lead from Daschele and Geitner.
I just hope to have my student loans pad off before I die.
2/12/2009 8:51:22 PM <p class="replyingto">Replying to <span class="author">anon1010</span>:</p>Just quit paying them. Take a lead from Daschele and Geitner.<blockquote>I just hope to have my student loans pad off before I die.</blockquote><br /> SeawayPlayboy
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thedonk wrote:
A man who practiced law til he was 78 needs to work 12 hrs a wk. at Kroger so he can go to the opera? Hats off to Mr. Katz, but it seems a little insensitive to older folks that have struggled through the loss of a spouse and medical issues and now find themselves in a dire financial situation after living what they thought was the American dream. As for the scammers and the gold diggers that take advantage of others, this economic downturn should come as a wake up call. Bad karma, or the chickens coming home to roost?
2/12/2009 8:52:23 PM A man who practiced law til he was 78 needs to work 12 hrs a wk. at Kroger so he can go to the opera? Hats off to Mr. Katz, but it seems a little insensitive to older folks that have struggled through the loss of a spouse and medical issues and now find themselves in a dire financial situation after living what they thought was the American dream. As for the scammers and the gold diggers that take advantage of others, this economic downturn should come as a wake up call. Bad karma, or the chickens coming home to roost? thedonk
Recommend New post Reply to this Post Report Abuse
BillBraski wrote:
Good Lord! 1 in 9 residents of Hamilton County are on food stamps!?!?!? Even more on Medicaid!?!?!?
2/12/2009 10:15:27 PM Good Lord! 1 in 9 residents of Hamilton County are on food stamps!?!?!? Even more on Medicaid!?!?!? BillBraski
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govtsux wrote:
Had Barbara Ross been my responsibility, based on her health when she was age 50, I would have advised her to begin rebalancing her retirement portfolio to reduce her exposure to risk and invest more in fixed income producing instruments such as tax-free government bonds.
A “generic” percentage for investing in fix income instruments should be your age. 50 year olds should have roughly 50% in fixed income instruments, 60 year olds 60%, 70 year olds 70%, etc. Once a healthy person reaches 50, they should begin rebalancing their retirement portfolio to reduce their exposure to risk, and increase their investment of income-producing instruments to protect their investment. Remember, “Pigs are fed, but hogs are slaughtered.”
The issue here is more of the lack of knowledge about retirement planning and preparation than the economy. Of course, a more stable economy would help.
2/12/2009 11:14:03 PM Had Barbara Ross been my responsibility, based on her health when she was age 50, I would have advised her to begin rebalancing her retirement portfolio to reduce her exposure to risk and invest more in fixed income producing instruments such as tax-free government bonds. <br /><br />A “generic” percentage for investing in fix income instruments should be your age. 50 year olds should have roughly 50% in fixed income instruments, 60 year olds 60%, 70 year olds 70%, etc. Once a healthy person reaches 50, they should begin rebalancing their retirement portfolio to reduce their exposure to risk, and increase their investment of income-producing instruments to protect their investment. Remember, “Pigs are fed, but hogs are slaughtered.” <br /><br />The issue here is more of the lack of knowledge about retirement planning and preparation than the economy. Of course, a more stable economy would help.<br /><br /> govtsux
Recommend New post Reply to this Post Report Abuse
govtsux wrote:
Retire?! Retire to what?
If you cannot afford to take vacations, cruises, play golf, etc., in your employment years; what leads you to think you will in your so-called retirement?
I have said this before and I will say it again. “The real difference between American employees and European employees is Europeans get four weeks paid vacation, but Americans get three day weekends.” Why?
The main issue I am extrapolating from these posts are people who dislike their career(s). In addition to not having, even a rudimentary education in financial/retirement planning and/or not being prepared for a so-called retirement, the true issue is too many people are in careers they dislike and working with employers, they dislike. Why?
I have learned to pace myself, demand and defend my work life balance, and four good days beats five or six dreaded days. Of course, it took me a while to figure that less can be more. Now, I have time to relax and think.
2/12/2009 11:22:32 PM Retire?! Retire to what? If you cannot afford to take vacations, cruises, play golf, etc., in your employment years; what leads you to think you will in your so-called retirement?<br /><br />I have said this before and I will say it again. “The real difference between American employees and European employees is Europeans get four weeks paid vacation, but Americans get three day weekends.” Why? <br /><br />The main issue I am extrapolating from these posts are people who dislike their career(s). In addition to not having, even a rudimentary education in financial/retirement planning and/or not being prepared for a so-called retirement, the true issue is too many people are in careers they dislike and working with employers, they dislike. Why?<br /><br />I have learned to pace myself, demand and defend my work life balance, and four good days beats five or six dreaded days. Of course, it took me a while to figure that less can be more. Now, I have time to relax and think.<br /><br /><br />
By Eric Bradley • ebradley@enquirer.com • February 12, 2009
Barbara Ross had retirement plans.
First, it was going to happen one year from now when she will be 62.
Her desires were modest and typical.
She’d tend to her garden at her house. There would be more time for volunteer work.
But because of a difficult financial picture made worse by a prolonged sickness, there will be no retirement in the near future for Ross, a Madisonville resident. There won’t even be a garden, because Ross lost her home and is living with family and friends.
She’s trying to get back to work, but the former office worker finds that her skills – which include typing and some knowledge of Microsoft Office – is considered outdated.
“I feel like the dinosaurs,” Ross said.
She is among a growing number of older Americans who are either prolonging their work careers or who are retired and want to re-enter the work force because their money doesn’t go as far as it did before the economy tanked.
Others have seen their retirement accounts evaporate. A report late last year by the Congressional Budget Office estimated that Americans’ retirement plans lost $2 trillion in the preceding 15 months.
Data from the U.S. Bureau of Labor Statistics predicted a swell of working seniors even before the recent economic malaise.
According to a bureau study for the years 2006-2016, the number of workers age 55-64 is expected to climb by 36.5 percent.
The most dramatic growth, however, is anticipated in the two oldest groups tracked by the bureau. Workers between the ages of 65 and 74 and those age 75 and up are predicted to skyrocket by more than 80 percent.
By 2016, workers 65 and older are expected to comprise 6.1 percent of the work force, up from their 2006 share of 3.6 percent.
Locally, two key indicators used by Hamilton County Job and Family Services to determine economic stress for seniors – Medicaid cases and food stamp claims – are at alarmingly high levels.
Medicaid, primarily serving the poor, has 125,000 county cases, up 10,000 from a year ago and representing the highest number this decade, according to department spokesman Brian Gregg.
The number of people receiving food stamps, which officials said splits relatively evenly across all demographic groups, is at 93,000, up 13,000 from last year and accounting for one in every nine Hamilton County residents.
“Our doors are teeming,” Gregg said.
For some already-retired seniors, the solution to the hard times is to try to work at least in a part-time capacity while scaling back their lifestyle, in effect giving up the ideal retirement of travel and easier living.
That’s the case for Mary Browner, 58, an Evanston woman who retired three years ago.
She’s now looking for work after her husband died recently.
The former teacher plans to sell her home and move into a smaller residence while seeking a job as a counselor, librarian or administrative assistant.
Like Ross, she’s finding that difficult.
“It’s very disappointing. We’re dependable, we have a lot of skills, but I think at our age nobody really wants to hire us back again,” Browner said.
According to a survey conducted by AARP, a redefinition of living within your means is sweeping the U.S.
Of Americans over the age of 45 surveyed by AARP, 68 percent said they have cut back on entertainment spending this year while 64 percent have cut back on eating out. Fifty-two percent reported having more trouble paying for food, gas and medicine in 2008 and 44 percent found it harder to pay for utilities.
Some seniors are willing to go back to work at an advanced age to improve their quality of life.
Eighty-five-year-old Arthur Stanley Katz of Deerfield Township is one.
Katz was a scout in the Sixth Armored Division under George S. Patton in World War II. He saw combat at Saint-Lô in Normandy, the Battle of the Bulge in Belgium and beyond.
After the war, he attended New York University School of Law on the G.I. Bill and became an intellectual property rights lawyer in Southern California. He retired as an active attorney in 2002.
Now, he works at a Kroger for four hours three evenings a week so he can finance a passion of his, opera, without dipping into living expenses.
He’ll need them. Katz said he expects to be around for at least another 15 years.
“My mother was 101 when she passed away with all her faculties. My father was 99 when he passed away. I have good genes.”
In the meantime, Katz said he’ll take in life with enthusiasm.
“I’m one senior who is rolling with the punches,” he said.
It’s harder for someone like Ross, who has yet to know retirement.
Asked about her long-term plans, Ross’ answer was simple.
“Just to survive.”
http://news.cincinnati.com/article/20090...eakingnews
Comments for For many, retirement an elusive goal
SeawayPlayboy wrote:
I'll be working 10 years after I die.
2/12/2009 6:00:48 PM I'll be working 10 years after I die. SeawayPlayboy
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sparkytdg wrote:
I will die at my desk. I thought the dream was to go to college and make a living so you could retire. As a Mechanical Engineer I will be 70 and dead at my desk before I ever see retirement.
My last 401K statement said I need to save 20% of my income for the rest of my life to get there. How do I raise 3 boys 2 of which have genetic issues, and get to retire in this world? I should have just gone on Welfare or claimed I was crazy and got Social Security...
2/12/2009 6:10:12 PM I will die at my desk. I thought the dream was to go to college and make a living so you could retire. As a Mechanical Engineer I will be 70 and dead at my desk before I ever see retirement.<br /><br />My last 401K statement said I need to save 20% of my income for the rest of my life to get there. How do I raise 3 boys 2 of which have genetic issues, and get to retire in this world? I should have just gone on Welfare or claimed I was crazy and got Social Security...<br /> sparkytdg
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anon1010 wrote:
I just hope to have my student loans pad off before I die.
2/12/2009 8:12:29 PM I just hope to have my student loans pad off before I die. anon1010
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perfectsense wrote:
We can blame the government and irresponsible homebuyers for the financial difficulties of many retirees. All of our lives, we have been told to save for our retirement so we could have a decent standard of living. Because of Congress and their simple minded idea that everybody should own a house, whether or not they could pay for it, and people buying what they knew they could not afford, the government, in its wisdom (or lack of) has lowered interest rates to the point where retirees can no longer live on the interest of their investments and have had to deplete their savings just to exist. In an effort to once again reward the irresponsible, the government has caused a decline in the life for which these people have worked and saved their entire lives. There is a large block of retirees and near-retirees in this country. At some point, this block needs to stand up to Washington and vote for those who stand for us, not the deadbeats. We deserve to be counted.
2/12/2009 8:12:55 PM We can blame the government and irresponsible homebuyers for the financial difficulties of many retirees. All of our lives, we have been told to save for our retirement so we could have a decent standard of living. Because of Congress and their simple minded idea that everybody should own a house, whether or not they could pay for it, and people buying what they knew they could not afford, the government, in its wisdom (or lack of) has lowered interest rates to the point where retirees can no longer live on the interest of their investments and have had to deplete their savings just to exist. In an effort to once again reward the irresponsible, the government has caused a decline in the life for which these people have worked and saved their entire lives. There is a large block of retirees and near-retirees in this country. At some point, this block needs to stand up to Washington and vote for those who stand for us, not the deadbeats. We deserve to be counted. perfectsense
Recommend (1) New post Reply to this Post Report Abuse
SeawayPlayboy wrote:
Replying to anon1010:
Just quit paying them. Take a lead from Daschele and Geitner.
I just hope to have my student loans pad off before I die.
2/12/2009 8:51:22 PM <p class="replyingto">Replying to <span class="author">anon1010</span>:</p>Just quit paying them. Take a lead from Daschele and Geitner.<blockquote>I just hope to have my student loans pad off before I die.</blockquote><br /> SeawayPlayboy
Recommend New post Reply to this Post Report Abuse
thedonk wrote:
A man who practiced law til he was 78 needs to work 12 hrs a wk. at Kroger so he can go to the opera? Hats off to Mr. Katz, but it seems a little insensitive to older folks that have struggled through the loss of a spouse and medical issues and now find themselves in a dire financial situation after living what they thought was the American dream. As for the scammers and the gold diggers that take advantage of others, this economic downturn should come as a wake up call. Bad karma, or the chickens coming home to roost?
2/12/2009 8:52:23 PM A man who practiced law til he was 78 needs to work 12 hrs a wk. at Kroger so he can go to the opera? Hats off to Mr. Katz, but it seems a little insensitive to older folks that have struggled through the loss of a spouse and medical issues and now find themselves in a dire financial situation after living what they thought was the American dream. As for the scammers and the gold diggers that take advantage of others, this economic downturn should come as a wake up call. Bad karma, or the chickens coming home to roost? thedonk
Recommend New post Reply to this Post Report Abuse
BillBraski wrote:
Good Lord! 1 in 9 residents of Hamilton County are on food stamps!?!?!? Even more on Medicaid!?!?!?
2/12/2009 10:15:27 PM Good Lord! 1 in 9 residents of Hamilton County are on food stamps!?!?!? Even more on Medicaid!?!?!? BillBraski
Recommend New post Reply to this Post Report Abuse
govtsux wrote:
Had Barbara Ross been my responsibility, based on her health when she was age 50, I would have advised her to begin rebalancing her retirement portfolio to reduce her exposure to risk and invest more in fixed income producing instruments such as tax-free government bonds.
A “generic” percentage for investing in fix income instruments should be your age. 50 year olds should have roughly 50% in fixed income instruments, 60 year olds 60%, 70 year olds 70%, etc. Once a healthy person reaches 50, they should begin rebalancing their retirement portfolio to reduce their exposure to risk, and increase their investment of income-producing instruments to protect their investment. Remember, “Pigs are fed, but hogs are slaughtered.”
The issue here is more of the lack of knowledge about retirement planning and preparation than the economy. Of course, a more stable economy would help.
2/12/2009 11:14:03 PM Had Barbara Ross been my responsibility, based on her health when she was age 50, I would have advised her to begin rebalancing her retirement portfolio to reduce her exposure to risk and invest more in fixed income producing instruments such as tax-free government bonds. <br /><br />A “generic” percentage for investing in fix income instruments should be your age. 50 year olds should have roughly 50% in fixed income instruments, 60 year olds 60%, 70 year olds 70%, etc. Once a healthy person reaches 50, they should begin rebalancing their retirement portfolio to reduce their exposure to risk, and increase their investment of income-producing instruments to protect their investment. Remember, “Pigs are fed, but hogs are slaughtered.” <br /><br />The issue here is more of the lack of knowledge about retirement planning and preparation than the economy. Of course, a more stable economy would help.<br /><br /> govtsux
Recommend New post Reply to this Post Report Abuse
govtsux wrote:
Retire?! Retire to what?
If you cannot afford to take vacations, cruises, play golf, etc., in your employment years; what leads you to think you will in your so-called retirement?
I have said this before and I will say it again. “The real difference between American employees and European employees is Europeans get four weeks paid vacation, but Americans get three day weekends.” Why?
The main issue I am extrapolating from these posts are people who dislike their career(s). In addition to not having, even a rudimentary education in financial/retirement planning and/or not being prepared for a so-called retirement, the true issue is too many people are in careers they dislike and working with employers, they dislike. Why?
I have learned to pace myself, demand and defend my work life balance, and four good days beats five or six dreaded days. Of course, it took me a while to figure that less can be more. Now, I have time to relax and think.
2/12/2009 11:22:32 PM Retire?! Retire to what? If you cannot afford to take vacations, cruises, play golf, etc., in your employment years; what leads you to think you will in your so-called retirement?<br /><br />I have said this before and I will say it again. “The real difference between American employees and European employees is Europeans get four weeks paid vacation, but Americans get three day weekends.” Why? <br /><br />The main issue I am extrapolating from these posts are people who dislike their career(s). In addition to not having, even a rudimentary education in financial/retirement planning and/or not being prepared for a so-called retirement, the true issue is too many people are in careers they dislike and working with employers, they dislike. Why?<br /><br />I have learned to pace myself, demand and defend my work life balance, and four good days beats five or six dreaded days. Of course, it took me a while to figure that less can be more. Now, I have time to relax and think.<br /><br /><br />