July 7, 2020
Same Disability. Some Have Tougher Jobs
Workers at construction sites or in warehouses can feel their bodies breaking down over time. This could be the natural aging process, or it could have to do with their overly strenuous jobs.
It’s not easy to tease apart the effects of each. But consider two groups of workers with back and spine stiffness or deformities employed in a variety of occupations. One group has had the back problems since they were children or teenagers, while the other group’s disability began as adults.
Given that they all have a similar disability, it might seem that both groups would also have similar physical demands at work. But that isn’t the case.
A recent study found that the workers who developed back problems as adults were required to lift and carry more weight as part of their jobs. The maximum weight they were required to lift was 26.5 pounds on average. That was a lot more – six pounds more – than the maximum weight handled by the people who already had back problems when they started working.
The significance of workers with late-onset conditions having more taxing jobs is that their jobs “may have caused their health conditions,” the researchers said.
It’s important to add some perspective to this finding, however. A separate analysis in the study comparing workers with and without a disability showed that many people with disabilities have jobs that accommodate them.
But the disparity in working conditions within the disabled population is still a concern. Another example involves people with emotional and cognitive disorders. Ideally, they cope better if they can work at a reasonable pace. But the researchers found that a larger share of workers – three out of four on average – who developed these disorders as adults were in jobs requiring them to work quickly. That compares with just two-thirds of people with early-onset conditions.
We know aging causes physical infirmities. But the physical demands of work also seem to play a role.
July 2, 2020
Recession Destabilizes Boomers’ Finances
The COVID-19 recession has changed everything.
This extreme disruption in our lives is always top of mind, which was reflected in our most widely read articles so far this year, based on the blog’s traffic.
Baby boomers, their retirement plans having been deeply affected by the Great Recession, are once again reassessing their finances. One popular article explained that the boomers who were in their early to late 50s during the previous recession lost about 3 percent of their total wealth at the time. This put their retirement planning at a distinct disadvantage compared with earlier generations in their 50s, whose wealth, rather than shrinking, grew 3 percent to 8 percent. The current recession is the second major setback in just over a decade.
Prior to the pandemic, readers liked articles about making careful retirement plans. Post-pandemic, the most popular article was about laid-off boomers desperate for income who may have to start their Social Security prematurely. The retirement benefits can be claimed as early as age 62, but doing so locks in the smallest possible monthly Social Security check – for life.
Even before Millennials were hit by the recession, they were already farther behind older generational groups when they were the same age. One article explained that the typical Millennial had just $12,000 in wealth. They are “the only generation to have fallen further behind” during the pre-pandemic recovery, the Federal Reserve said.
Here are a dozen of this blog’s most popular articles for the first half of 2020. They are grouped into three topics: COVID-19 and Your Finances, Retirement Planning, and Retirement Uncertainties.
COVID-19 and Your Finances:
Social Security Tapped More in Downturn
Lost Wealth Today vs the Great Recession