The wonderful Nicole Gelinas has an essay up at City Journal which reviews the history of the idea of retirement (invented, as you know, during the Depression in an effort to move older folks out of the work force), and the financial challenges would-be retirees are facing today.
People, especially men, are postponing retirement.
As one of those cussed, cranky Yankee types who intends to die at his desk, I don't think much about it, but for those greying Boomers who aspire to exit the world of productivity, many of them have more debt and less assets than they thought they might have. A quote:
Thanks to Botox and treadmills, the boomers are aging well. Their finances? Not so much, as some Federal Reserve numbers show. Baby boomers, like most Americans, have seen no wage gains for two decades. In 2007, families headed by younger boomers—those aged 45 through 54—earned a median income of $64,200, almost exactly the same, in inflation-adjusted dollars, as families in the same age group earned in 1989. (The comparison doesn’t work well for the older boomers—those aged 55 through 64—because, as we’ll see, people are retiring later these days, which skews their incomes.)
Read the whole thing. I have often said that what people seek, more than retirement, is financial independence. When they have that, they enjoy working more.
