February 26, 2019
Baby Boomer Labor Force Rebounds
One way baby boomers adjust to longer lifespans and inadequate retirement savings is to continue working. There’s just one problem: it can be more difficult for some people in their 50s and 60s to get or hold on to a job.
But things are improving. The job market is on a tear – 300,000 people were hired in January alone – and baby boomers are jumping back in. A single statistic illustrates this: a bump up in their labor force participation that resumes a long-term trend of rising participation since the 1980s.
In January, 65.1 percent of Americans between ages 55 and 64 were in the labor force, up smartly from 63.9 percent in 2015. This has put a halt to a downturn that began after the 2008-2009 recession, which pushed many boomers out of the labor force. The labor force is made up of people who are employed or looking for work.
The recent gains don’t seem transitory either. According to a 2024 projection by the U.S. Bureau of Labor Statistics, the older labor force will continue to grow. The biggest change will be among the oldest populations: a 4.5 percent increase in the number of 65- to 74-year olds in the labor force, and a 6.4 percent increase over age 75. …Learn More
May 22, 2018
Squared Away at Year 7
Seven years ago this month, this personal finance and retirement blog debuted. How things have changed.
For one thing, back in 2011, a lot more people were reading blogs and newspapers on their clunky desktop computers. In recognition of the now-ubiquitous smart phone – more accurately, a computer that happens to have a phone – we just redesigned how Squared Away looks on phones to enlarge the type and make the articles easier to read. Our older readers will appreciate this update.
Year 7 is also an opportunity to restate the blog’s mission, which, frankly, was not fully refined in the early years. In some ways, our mission has not changed: we continue to emphasize retirement security and personal finance, with a bent toward the evidence-based research that provides a clearer understanding of the financial, economic, and behavioral issues that are critical to a high quality of life.
We regularly report on research by scholars around the country, including studies produced by members of the U.S. Social Security Administration’s Retirement Research Consortium: the NBER Retirement Research Center in Cambridge, Mass., the University of Michigan Retirement Research Center, and the Center for Retirement Research at Boston College, which also is the blog’s home.
But it’s natural for a new publication to find its sweet spot over time, and Squared Away is no different. One theme that has emerged very clearly is that the threads of retirement saving are shot through the fabric of our financial lives.
The predicament of Millennials is an obvious example. Immediately after beginning their careers, 20- and 30-somethings – so much more than their parents and grandparents – are under the gun to save for retirements that no longer are likely to include a pension. …Learn More