Why Retirement Will Soon Be a Thing of the Past
Vložit
- čas přidán 27. 07. 2021
- Rising life expectancy and falling birth rates mean the world's average person is getting older. It also means they will be working a lot longer. How people cope with this reality will be vital to the global economy, and perhaps an historic opportunity to rethink the future of work.
Presented by Intuit
#FutureOfWork #PersonalFinance #BloombergQuicktake
--------
Like this video? Subscribe: czcams.com/users/Bloomberg?sub_...
Become a Quicktake Member for exclusive perks: czcams.com/users/bloombergjoin
Subscribe to Quicktake Explained: bit.ly/3iERrup
QuickTake Originals is Bloomberg's official premium video channel. We bring you insights and analysis from business, science, and technology experts who are shaping our future. We’re home to Hello World, Giant Leap, Storylines, and the series powering CityLab, Bloomberg Businessweek, Bloomberg Green, and much more.
Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.
Visit our partner channel QuickTake News for breaking global news and insight in an instant.
At what age would YOU like to retire?
At 27
Now.
⚠️ Never, if possible....! 🤷🏻♂️
I’d like to have the ability to retire when I reach my given Medicare & Social Security eligibility arrives. I was born in the mid eighties, which leads me to wonder if those benefits will ever even be there for me.
25
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I just copied and pasted her full name on my browser, super impressed with what I've seen so far. thanks for sharing!
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
It's understandable that the current mass hysteria and panic are palpable. After all, we're not used to dealing with troubled markets. However, as you rightly pointed out, there are options available if you know where to look. Personally, I've been able to make a profit of over $850k in the last 10 months. It wasn't a complicated strategy that I used, I just knew that I needed a reliable and robust approach to navigate these trying times. That's why I hired a portfolio advisor.
@@shannonsally455 Please can you leave the info of your investmnt advisor here ?~. I’m in dire need for one.
@@carssimplified2195 My advisor ‘’JULIE ANNA HOOVER’’ is a highly respected financial consultant in the industry. For further information or to connect with her, a simple online search with her name will suffice. I wish you every success in your endeavors.
@@shannonsally455 Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Worker productivity has increased 80% since 1980 due to automation. Wages have increased 17% in the same time while companies record record profits. What can be done?? Expect to work until you drop dead on the production line yeah ok..
In developed countries. You have two effects here, one is jobs moving overseas and the other is women in the workforce. You know supply and demand.
Nowadays women have jobs and China is becoming expensive, so less wages will go up. You can see that right now especially in low skill labour in decent job markets like the US or Germany.
@@MrMakabar if women are working, and making more money, doesn't that mean there are also more people consuming more goods and services? Money earned is eventually money spent
Look up neoliberalism and all will make sense people need to realise what neoliberalism is because too many people just mistake it as capitalism
Why not just buy shares of the companies? Then you become an owner. Anyone can buy shares
The reality is that prices for consumer goods have fallen significantly since the 80s
Back then, a colour TV was an expensive thing. These days, people throw them away. The things you could only dream of , like flat screen TVs and cellphones with digital cameras and video calls have become so commonplace that many people just throw out their old one every couple of years, even though it isn't broken
You're getting back the extra productivity, not in wages, but in cheaper prices. Overseas factors also play their part
@@ThomasBomb45 Basicly you can have to forms of income your wage and intrest from investments. The labour market is in the end just a market. When women enter the workforce, you have a larger supply, but you do not automaticly double the number of jobs companies offer. Meaning everything else equal wages should go down.
Now women did not enter the workforce all at once and technology got better, so wages ended up staying pretty much the same.
This is of cause temporary, as jobs will be created and wages would start to rise, if technology continues to progress.
The real winners in this are investors and buisnessmen, who own the companies and get paid in intrest.
The fact that we’re trying to get people to work longer and longer is just sad.
Your active listening skills need some work.
@@RB-kh6fo It says it in the description...
@@RB-kh6fo No
I mean, if I liked my job, I would want to work longer too. Retirement seems soooooo boring
@@arjunjaya8462 maybe you’re just boring and don’t know how to have fun in life. There’s so many things to do in life besides just sitting at your home doing nothing
Uplifting music
"We've gutted unions and pensions allowing you to work to your death!"
Yup! "Well you're living longer, therefore you must work longer"
Sounds simple enough 🙄
Globalization is what gutted the unions and pensions. Nowadays, working for somebody else will at best barely get you by. Best to spend your 20s and early 30s figuring out what you're better at than anyone else and starting your own company before 35. We're fortunate in the US that things are set up to steer us into becoming entrepreneurs. Maybe we just have to learn to start seeing that as a blessing, not a curse.
@@DF-et4gs "Pretty sure it doesn't."
The rat race never ends.
we may as well accept we are slaves the system. until it implodes.
@@blucantrell2 BINGO
Each generation can work longer and have less, thanks
That's what's going to happen whether you like it or not, because we live longer and have fewer children. So get used to it instead of complaining. This is a worldwide problem.
@@TheNefastor you know, taxation and better income distribution would help a lot. We do make enough for the whole planet have an ok life.
@@TheNefastor and you forgot the AI
@@TheNefastor The worldwide problems are politicians stealing everyone's wealth and saying that they're doing work for it.
@@johnwhite5035 that's more a problem of most people believing them and/or doing nothing about it.
an alternative titel would be: how to avoid pension payment
Yepper
There are NO pensions in USA unless you are a teacher, post serive worker, etc.
This has the same energy of "You'll own nothing. And you'll be happy".
yep in line with that agenda
Bloomberg is with them
I already own nothing.
Just waiting for the happiness part 😂
Right? I hate this video.
"We, on the other hand, will own everything."
Everyone will have to work till they drop dead, you're just a machine.
To make a handful people rich and powerful!!!
It's so true. I think people should stop contributing to the country's economy when your country doesn't want to help you when you need the most. It keep delaying the age of pension until time will come you will literally die working and someone else will benefit from your pension money. That makes no sense to me at all.
This is such a paradox for capitalism... we better do something about it
Or you can be the Terminator
@@mozartips what is the Alternative then? I'll rather have a pension Spend by others than being an alcoholic or a Druggie without savings and their relatives shitting on their Graves because their Coffins are expensive. it's about life choices bruh, if you don't want to work but still need an Income, be a Landlord..
Not too mention that the next working generation is massively indebted, has to deal with major inflation and unsustainable fiscal/ monetary policies
If you have debt, inflation is great, unless it is variable rate, which most loans are not.
Plus global warming gonna cause wars over water & it's gonna get hotter every year.
@@Dakidpepe it already is
@@MrMakabar most people have student loans and credit card debt. None of them are great no matter the inflation.
@@Dakidpepe global warming is a political scam
This report is plainly sad and demotivating. What is the purpose of go on working all your life until you die? Oh wait, it is not for a purpose but because the cost of life keeps raising and the salaries stay the same hence people NEED to go on working if they don't want to starve.
they make it sound like a great thing too... This could be an opportunity for aging people and companies. yeah an opportunity for companies to milk your aging body until you die with little time to dedicate to yourself.
I mean somebody has to work.. make food, build houses. If everyone retired who would do it?
@@davidyang102 The young, that's the whole point. The young workers participate in the economy to a large amount, then are 'rewarded' by retiring and receiving money without needing to work, ie a pension. Just like when you're a child and the bank of mum and dad pays for everything
@@ifb6368 Somebody has to do the work. If the number of old people keep increasing, we will no longer be able to do all the necessary work using the same number of working people. The problem is that retirement used to be 5 years, now it's 30 years. We used to have 1 retiree per 7 workers, now we have 1 retiree per 2 workers. The current day couple is carrying the weight of 2 kids, 4 parents and 0.5 random-retirees-in-their-country.
So either we all reduce our demand for things, or we get more people working (by extending working age or having more babies).
@@davidyang102 don’t take any life saving drugs or vaccines that is what keeps us living longer . Lol😏
This is making it harder on Millennials and Gen Z. We cannot get the SR positions if they are filled by 80 year olds. We want to be on top too, making that big money
Eat the rich?
Yeah. Without doing the work 🤣😂
Start your own company.
when baby boomers were the millennials age they owned 20% of the wealth today millennials own less than 2%. The boomers truely have been the greatest leach on society. Most Milienials and Gen Z will not be able to retire
@@realFriedrichHayek eat the old is a better saying
Time is the most precious resource we have as humans.
Use it wisely.
People are currently working on longevity medicine......In a few decades we might hit longevity escape velocity....We will add one year to year faster than it takes one year to elapse.
🙏🏿
@@donttryitjohn364 I hope it does its almost unethical to not cure death and aging I think human ingenuity is super important
@@CrazyDesignsDoesEverything Death is an inevitability. To die is to partake in immortality.
That awkward moment when you see this comment but you're watching videos on CZcams 🥲
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Despite my wife and i having equal tenure in civil service, differing investment approaches yielded disparate results. Guided by a financial advisor, We are both retired and still earn monthly from our investments.
Indeed, that's accurate. I'm currently in my mid-50s. My wife and I were on a similar path until a couple of years ago when I decided to shift my investments to her wealth manager. While I haven't quite caught up to her accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
I'm in complete agreement, absolutely. At 54, I've recently retired with approximately $550k in external retirement funds. While my retirement fund holdings are modest compared to my overall portfolio's growth in the past three years, the importance of a financial advisor's role cannot be underestimated. It's crucial to conduct thorough research to identify a trustworthy advisor.
@@Believer292 Is it possible for you to provide a recommendation for the advisor you're working with? I've been considering this change for quite some time, but I've had reservations. Any guidance you can offer would be greatly appreciated.
I'm guided by "Camille Alicia Garcia. An experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
I've taken the initiative to research *Camille* online and verify her credentials. I'm impressed with her expertise, and I've reached out to her to share my financial market goals in details.
Apart from bad money decisions, I actually dont see why anyone wants to work past 65, I personally had to start planning for retirement all over again due to a nerve-wrecking divorce but I still very much intend to retire by 60 with atleast 2million
I feel you man, I've been there, done that
you can get a lot more done you, you just have to commit, better still get a financial advisor to map out a retirement plan for you, they'll teach you key market trick and aid you navigate in and out of the market appropriately.
I'm aware quite a few people use financial advisors but do they really make any notable changes, In my opinion I think they're just overrated
People often misjudge what they don't understand, so it's justifiable you'll feel that way, but financial advisors do a lot, they provide security which comes from their deep rooted knowledge on how the market really works, they also guide investors stay locked in on their financial goals and also boost success rates, I've reached a lot of financial milestone in lesser time than I would have if I was doing it all on my own.
what have you scaled to since you began to use a Financial advisor
Young people should expect it to be more difficult to find entry level jobs and expect it to take ever longer to get promotions or advance in a career path. If people stop retiring, openings will only be available if someone dies, and the position will be more likely to go to someone older who is exiting retirement rather than to someone who has just completed a degree or certification.
Minimum qualificatons: Master's Degree. 15 years management experience.
Starting salary: $7.25 per hour.
But in actuality many businesses would prefer to hire that young worker because they will work for far less than someone with decades of experience will. Even if that other employee is inferior in every manner hiring for $20,000 less per position is enough in and of itself. That's why age discrimination laws exist for old people, even if they may also enable some of the Boomers' worst qualities of wanting everything for themselves.
WRONG not to expect. it's happening LOLLLL
So.... endless unlimited automation that can do anything at all with "AI" and "blockchain", etc... and the solution is "human work longer"? SERIOUSLY? We've had the technology to liberate people from work for decades now... if anything people should be retiring sooner and recieving 'social security' sooner, given productivity continues to skyrocket and aggregate marginal costs are declining. Nothing noted above is an issue, it's the economic system that doesn't work.
The benefits from automation are only for the extremely rich minority who own our corporations, not the common people who deserve only to work themselves to death, clearly!
In case it wasn't clear, that was sarcasm. Wage stagnation and a tax code that punishes working people is the real story here. If we had wages that matched economic output and taxed corporations in a healthy way, we'd have enough money to give universal basic income to everyone.
We're not even close to having the technology to automate work, what are you talking about?
This
this is the economic equivalent to "Let them eat cake"
I’m on track to fully retire by 45. The idea of working for someone until your too old to enjoy everything in life is terrifying.
same here
If you don’t mind me asking, how are you doing this?
(Because I want to do this too…..)
FIRE all the way!
Plan to retire by 40 another including my 8hour sleep schedule where I’ll be making more money than I ever made ahhhhhh wazzzzahhh
Yeah, early retirement is a big movement now. There is actually a name for it, Financial Independence Retire Early (FIRE). I actually did a video on this that might be very helpful for you.
This is bad. We should let wages get at a decent level, and that is not having more people who are less prepared for the future and have a higher probability for falling ill... what this world needs is less greed from companies and productive workers so that the vast majority of people can retire by the time they reach a certain age and savings.
Thanks to the jar of potassium cyanide I will be able to retire at 65.
Nah... keep that. We have micro plastics in the air water and food, as well as a brilliant cocktails of chemicals, released by the industries that hires employees, in the environment to do that.
At 1:20 they say social security started in the 1960s. That is categorically wrong, it started under FDR in the 1930s. It’s hard for me to trust this analysis when mistakes like this are made
You're right
Social Security was enacted in 1935. Medicare, which was legislated as an addition to the Social Security Act, began in 1965. A surprising error in an otherwise informative report.
AMEN!
I had the same reaction. Instantly made me not trust the video.
what can I do? I have been disabled since 2009 and I am 58 years old at the verge of retirement. My portfoliio of $750k is down to $492k, How can I profit from the present market" , I mean I've heard of people making upto $250k in couple weeks during this crash and I'd like to know how.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
@@sherryie2 Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@rickertcoles wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
@@laportafrank My advisor is NICOLE DESIREE SIMON , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@rickertcoles I just looked up. NICOLE DESIREE SIMON" online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.
I love that all these huge conglomerates that buy journalism companies, just so they get these thought pieces about how human rights are not as great as everyone thinks.
We should all work until we're dead? You can spout that forever, but I think you'll be hard pressed to find anyone that would ever want to.
By "huge conglomerates", you mean billionaires, right? Bloomberg. Also Washington Post owned by Bezos.
If I am working for myself and making money for myself then I don't mind working longer then 65. It becomes a problem when I have to work at the local Walmart to make ends meet. Everyone should be saving up and trying to find a remote work gig that they can do after 65 because pensioned jobs are harder to find.
I'd happily work for my entire life, probably not always with the same intensity, but retirement just seems like a fast way to brain death
Lots of people do enjoy their work, but I started dealing with chronic pain and fatigue around age 16-17, and even just at a summer job I had to get transferred because it was too physically demanding. The only things I could really imagine doing longer is stuff online, like web design which I'm studying, or maybe my sewing, as I like to make a lot of my own stuff, and had people ask if they could buy custom clothes from me. But a lot of stuff depends on the person and how they feel. My dad was fortunate to be able to retire early and pay for getting his medical conditions dealt with, and I just want to be able to live and not worry about my disabilities getting worse due to environmental factors.
Invest your money, don’t rely on the government.
True but many people can not do so partially becouse they have to pay social security for Boomer. But they will never benefit from it
@@JMiskovsky you'll be the boomer of someone else someday
@@infinityxtanishq8712 i Hope not. I hope that to my ability:
Will take care of environmenat.
My culture And state of my country.
Will improve conditions of next generation.
Yeah, no! I don't accept that I have to work longer. I will be retiring early thank you!
Love how this video frames working until death as a laudable crusade for society. Thanks Bloomberg. Honestly we’re too poor to know how to spend money anyway
I plan to retire and enjoy it, just relax and enjoy the simple things I love.
You don't need a million if you live within your means, you don't need annual cruises, brand new luxury cars etc.
Vast, vast improvements in human productivity in the last two centuries and it results in us having to work well into old age.
Expectations & demand has increased massively in the last 50 years.
drmo; Very impressive is'nt it?
Yes , because wants increase, but wisdom is in decline.
I'm shocked that they think there's anything positive about this...
It's all numbers on a spreadsheet to them.... it is to all these upper management types.
We should be striving to create a sustainable economy less reliant on workers, and focusing on increased public welfare. Not trying to make working until your dead more attractive. We’re focusing on the wrong problem here.
Work to live. Don’t live to work.
Apparently, the 1% didn't want that
Sadly, in America ir doesn’t work that way. Money rules everything here, plus the massive consumption rate of buying material things is another destructive behavior. We live in a country where more is better not less. Also, the rising cost of properties, rentals, cost of living, inflation etc will make it virtually impossible to retire
Serious question- without workers to pay taxes, how would you fund all the public welfare programs? Someone has to pay for them, those people have to have money, and those people are workers (taxpaying workers, anyway). Workers = economy. Just not sure how you're going to finance a society in which no one does anything.
You work to earn money so you can live and then you go and work some more and earn some more. You work to live so you can live to work. Sometimes the amount of work you do increases but unfortunately the amount of money you earn doesn't necessarily.
@@mariahsmom9457 Were not robots we're human beings.
The future: you can’t access your pension account until 90
That would still be sightly better than actual future where pension accounts won't exist and the body full of rich attorneys finally gets to get rid of the social security they don't need.
The government will want you to access it so they can tax it
Wow look at us speeding faster and faster into the 1930s!! It's almost like that entire generation of people who fought for worker's right and a social security, were never born!!
Marxist leninism will win.
@@xbeheritx8323 let's hope
It seems working until death is true for the "1st world" citizens, especially in the US.
The number of Americans who go bankrupt to pay for health treatments, cancer care, or terminal illnesses in retirement, added to hyper -inflation and increased cost of living beyond a fixed income is the retirement the majority of Americans experience.
Third world countries envy them. At least they had proper paying jobs
Third world countries envy them. At least they had proper paying jobs
40 seconds in and already disturbed. It depends so much on which demographics you fall into as to what your life expectancy is. Some cities have a life expectancy decades lower than others, but no pension scheme allows for this difference. Life expectancy has not increased at a rate in line with the increase in living expenses in most places either.
Why do some cities have lower life expectancy? That seems like a problem to solve, not a way to save money on pensions
@@ThomasBomb45 they should be given more money so they can retire earlier so they get the same retirement as everyone else?
For example, a black woman in Flint will likely have a lower life expectancy than a white male neighbor in a city like Lansing.
If she pays in the same amount of money into her pension or 401k but also has to wait till 67 to retire when she has a life expectancy of 70, she is being robbed of the money she has earned and put aside, and she is being robbed of her golden years she should spend in retirement.
My point is also that life expectancy is not increasing everywhere, in some areas it is decreasing - if that’s the case, why should those people be denied a pension on the basis that a company can’t afford it because it erroneously claims that ‘everyone is living longer’?
@@ThomasBomb45 they have lower life expectancies for many reasons: toxic waste dumping, intensive farming practices, lead pipe corrosion poisoning the water, poor healthcare access, poverty etc. Etc. Things that likely will not improve until governments are prepared to acknowledge ecocide and the impact racism has on human geography.
@@makslargu5799 Oh I see, that makes sense! I totally agree about the racism in pollution and government infrastructure
I wonder if it would help if pension plans shouldn't have a minimum age. They could scale according to how early you start taking it
This video is disgusting. Trying to spin working until you die is a pretty evil thing you can do. Whoever wrote, directed, and posted this video should be ashamed of yourselves
There is so much worse on the horizon, sadly. But I agree with you 100%
@@DD-te6oj exactly
So what we need are 37-year-olds with 25 years experience....? 🤔
Yup. That's what the spoiled rotten brats want: twenty year olds with the education of thirty year olds, the work experience of forty year olds, the work ethic of fifty year olds, no more job prospects than sixty year olds, and willing to do it all for the pocket change of a teenager.
genius
Brilliant, ill be a intern till i die
While we here in Malaysia have the opposite problem, people who are 40+ years stay in position longer and downgrading young people coming in the workforce by assuming them to be 100% incompetent. They have this prejudice of "respect your elders" if you want to make it in this industry.
There is still age discrimination for the young. A lot of jobs are seen as "for the young" because they don't pay well or have limited promotion potential so older people monopolise jobs with better benefits.
Also, the youngest CEO of an S&P 500 company is 37 and they have an average age above 57.
Press F for us zoomers; in Italy, where I live for now it's kinda the opposite: we youngsters are viewed as unexperienced and not hired but in doing so there's no generational transfer of knowledge
That really surprises me. I worked in Germany for a few years and by 40, your career is just about washed up. if you lose your job, no one will hire you. But the government there is really generous to retirees, so people just retire really young. I just assumed all of Europe was like that. I guess not!
You guys can let people convince you not to retire if you want to. 😂
Japan: lets automate
Murica: Just work until you die, silly.
The future for MILLENNIALS and GEN Z just got darker ..... they will retire late and compete with robots.
It's not working longer. It's need to work longer. Not necessarily will get growth in the job. The career graph/salary graph will be mostly bell shaped.
I work around government employees who cannot by law be forced into retirement. The other, younger people in the group just work around them rather than be reliant on them. The people can’t see this and imagine themselves as indispensable. As a contractor I will be retired at some point involuntarily. I am planning for having to work after my “career” ends in low wage jobs just to cover the groceries and whatever. I will enjoy checking you out at Whole Foods and chatting it up. No politics and if I am unhappy I will quit and go work somewhere else.
Maybe if we havent had THREE "once in a lifetime" financial crises in this country due to the greed of bankers and politicians we wouldn't have to have dinosaurs still working at these offices. We keep pushing the buck to the next generation have fun when the system eventually collapses and dont be surprised when they come for your necks.
"Less capable, less able to addapt, or less willing to pitch in." Sorry, but you can tick all three of those boxes for me, already.
points taken from the video here: 1. the current society is essentially a work-based society, hence some of its retired population wish to resume their life working instead of living their new found retired lives; 2. as pandemic changes global economy, relationship between job re-hiring and returning workers from retirement turned symbiotic, it became a coping mechanism for both the companies and the returning retired population regarding financial and economic problems during pandemic; 3. some of the retired population want to discover their lives’ passion by trying to enter a new work field after years of working in their previous work field.
What we need to ask ourselves are these questions: 1. If work essentially became the ultimate purpose in life to many who work, and earning money becomes life itself, has our society really taught/showed us how to spend our money and/ or what life is about? 2. As pandemic hits global economy, it is not hitting just the retirement group, but also the ones freshly graduated from universities and colleges, who are yet able to be hired at all - how should we as society be fair to both groups? How should we navigate social security and income distribution so that we take care of those back from retirement in need while not victimizing the younger generation in the process of job training, hiring and work pay? Without a mature oversight, income according to the video, would favorably be distributed onto elder age group due to them being much richer in work experience while cost of training in this regard, would be much lower to their employers. 3. For the returning retired population who want to discover their true passion in life, coming back from their previous retirement from work, if we assume the fact that the reason why they are able to do so is because they are financially more secure , or are willing to gamble by entering a new work field, comparing them to the retired population who come back due to worsened financial situation or the younger generation who lost their job or are unable to be hired, how should we prioritize this type of demographic when we face these three different types of population in the society during pandemic who wish to work? Pandemic may have created more social and moral puzzles to us all, but it is also decided by us whether we want to turn our grandparents against our grandchildren, or let them help each other.
This puts a whole new meaning to "live to work".
Medicare began in 1965
Social security began 1935
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new Car or that vacation just yet and that mindset helps me make more money invest:ng. For example last year I invested 70k in blue chip stocks and crypt0 s (with the help of my advisor of course) and made about 380k, but guess what? I put it back and traded with her again and now I'm rounding up close to a million. Delayed gratification always pays off
@Stacy White I found her on a CNBC market interview, so I looked her up and we begun our awesome partnership.
@Stacy White .You can connect with her on telegram
@ BRENDA_MCLEAN..
How does your Professional help you make a lot of money?
I having been seeing recommendations about this pro trader but I I haven't really given her try🤦🏽♂️🤦🏽♂️🤦🏽♂️.
The older ones, like me, can work if medical experts figure out how to restore our eyesight, hearing and mental health. Aside from that, many older people need to be more active.
No we don’t. You try doing a manual job into your 70s or worse 80s. We should start eating the rich and see how long people talk about this nonsense:
Automation is the path for manual labor.
Eating the rich will only create
bread-lines,Gestapo,and Venezuela.
@@jonathanmigtao4880
That’s fine what are you going to do with the millions of workers that work them jobs. I guess putting 60% of the work force on welfare is going to go over real well.
With all due respect, i believe the problem lies within the government due to their poor ability to legislate laws that forbid hoarding wealth.
We will always have something against the wealthy unless our governments do something about it.
@@jonathanmigtao4880 how does eating the rich lead to Venezuela? Trade embargoes and sanctions lead to Venezuela. At least do basic geo politics before espousing ignorance.
@@sal191_
You’re not wrong but it’s also corporation’s and the 1% that use their money to influence the government to make that happens. So they’re not without blame. Same reason they will never allow for a UI.
This will not work, eat the rich
eat the poor ! you can end world hunger and overpopulation
The whole notion of retirement is to stop working so you can go do the things you really enjoy, even if there's no money in it. The reality is that everyone's so isolated (before covid) that we can't do anything else but work in what we know already.
I will retire and not work forever.. why would you think that people won't ever retire? what the?
I get it, working beyond retirement age and never get a pension that you worked so hard for, essentially a pension will become like life insurance compensation that you have to die first to get it. In the true exchange of commodities, you rent your life from starvation. There's no nobility in indentured servants.
People should not assume they’ll work into old age. Most people’s health won’t allow for that. SAVE for retirement, my friends! This is the best option by far! Don’t leave your old self so vulnerable!
This report is 100 percent true . I work for a restaurant chain as a regional/district manager. We only hire young ppl and we are a small company so I can only imagine bigger companies. They rather give someone with lil to no experience rather as long as they are young and can be worked to death we will hire them instead of an experienced vet . Kinda frustrating on my end and I’m disgusted by the discrimination done by the owners .
It's not just the average person who is getting older. We all are, one day at a time. There is only one reason why a person would have to work longer and that's because they didn't plan for retirement. If you are working and spending more than 90% of your take home pay, that's a mistake. In order for you to plan for your retirement you have to control your spending while you are working. It's not rocket science, it's math. And it's grade school math at that. Don't ask the question. Do the math and prepare for the future. Your older self will thank you.
We're slowly losing all the rights our ancestors fought so hard for. I guess we will have to start again from zero. Hopefully I will be able to witness the next french revolution or red October...
Hopefully we document this nonsense for after the collapse.
@@jeffsmith9420 Hopefully this time we can learn from that history instead of repeating it. Oh wait.
Wage stagnation combined with automation and AI and you’re talking about retirement Bloomberg. This is a joke. There won’t be that many jobs for people to retire from. Universal Basic Income will solve this problem, therefore no need for retirement.
Me living in Canada, I'm optimistic about those future predictions but america seems to be doing terrible at taking care of it's people.
They want slaves.
Boateng; It's called Communism!!
@@granthill2980 socialism
The global 1 % owns 47 % of the global wealth. There is money, they just don't want to share. How about some of the shareholder profits go to pensions instead?
Don’t rely on your job and the government. Just rely on yourself, start a business and invest, invest, invest.
LOL...If everyone is going to start a business then Who will work for you??
Neo-liberalism capitalism and its obsession with punishing the working class, also what to do about the fact that most of these jobs pay below living wages. Also what about the emergence of A.I. ? Also what about a generation that has graduated with debt?
Socialism will win
This has nothing to do with "work" it has to do with the rich like bloomberg spitting on the working class.
1:19 “So when Social Security was started, back in 1965….” OK, right away it’s clear she doesn’t know what she’s talking about. Social Security was signed into law in 1935, not 1965. *Medicare* was started in 1965.
Thank you!
Thank you for pointing that out. I was wondering where this Professor got her info.
The current situations are showing up that even teenagers and educated young adults are facing problems finding jobs globally. Adding, automation, robotics, and AI things might be really different and difficult.
Not where I live. Companies are begging for entry level employees. Job fairs everywhere, like I"ve never seen before.
It's 2022 and I personally know 3 men would are 70 ( works part time) 74 and 82 (both work 40 hours). I asked the 74 year old why he's still working. His response is, "stay home for what, to die"? The 82 year old told me, its a lifestyle he enjoys work and he can socialize. It's all relative.
I see so much contradictions within this video. It is saying diverse age group brings more productivity and then go on to say experienced workers are more productive.
They dont mention the fact that many old aged management director level employees that stay in the career will shadow opportunities for younger workers,
Don't just rely on "government" pensions. Start saving for retirement when you are 30 or less, not 50 or more. It's what I did ;-)
Yeah me and the 5 people I live with will save between our new York rent and our student loans gee why didn't I think of that
do you save more or less than you spend on coffee?
I lived in low-grade, shared accommodation until I was 35. At almost 41 I took out my first (and only) mortgage.
I've always had "entry-level" jobs - no fancy suit and tie for me, so I am about as blue-collar as folks can be.
One of my pension plans involved saving only about $7 a week. After 30 years, with investment returns, it is a nice little top-up.
Start small, then build on it. And keep going.
What worked for you cannot work on all of us
@@asheru9254 do you save more or less than you spend on coffee?
I lived in low-grade, shared accommodation until I was 35. At almost 41 I took out my first (and only) mortgage.
I've always had "entry-level" jobs - no fancy suit and tie for me, so I am about as blue-collar as folks can be.
One of my pension plans involved saving only about $7 a week. After 30 years, with investment returns, it is a nice little top-up.
Start small, then build on it. And keep going.
There's a lot of low-income people who don't think it's worth saving but that's not true. Every $ you save is legitimately significant in the long-term and provides greater opportunities and security later in life and often only at the expense of momentary convenience. Being an adult who's cause in the cycle of working to live and living to work sucks, we're all well aware, but at least don't let yourself get stuck in the lifetime cycle of poverty and financial instability.
Lol they only see people as labor. Fkn evil.
And age discrimination is just going to magically dissappear, right?
I just assume I'll work until I'm dead, and there will be no retirement. That's what I just came off a 2 1/2 year sabbatical. In the past, I've taken two other 4 month sabbaticals. But it's been rough coming back from the 2 1/2 year one...
Why leave it until the end? There probably won't be an end for us who are my age and younger.
Lucky for you to be able to take a sabbatical. In the overwhelming majority of the workforce, they work paycheck to paycheck and would not have a job when they return.
So we'll have to work until 80, 90 years because Jeff Bezos end Elon want to explore space, we'll that sounds fair
Depends on how healthy people are, just because people are living longer doesn't mean those last years are robust, my mother has outlived her mother by almost 20 years but these years have been with increased impairment maybe the first ten she could have been a seated greeter. I think many older people would like to continue to work but with a much reduced number of hours.
Companies don't want older workers. The reason are, time off to go to the doctors and then the specialists and possible hospital stays to treat medical ailments, funerals for friends and families and christenings, houses and cars are paid off. No incentive to work hard because they had paid their superanuation through out their working life and they just want to enjoy what they have saved for all their lives. Companies want young workers because they have either got to pay rent or a mortgage, they have a wife and children to raise, so they will put up with any indignities to keep their job and hopefully gain a promotion.
Basically older people have no incentive to keep going to work five days a week. Young people have obligations to maintain their life style, pay all their bills and raise kids.
Automation will make a lot of jobs redundant. We should be trying to find employment for young and old people who have been replaced by AI.
Companies: "can you walk? Then you have to work"
Wrong! Life expectancy was 58 for men and 62 for women, when social security was created. Also, the "benefits" didn't start until age 65.
That statistic likely includes infant mortality. The life span of those who survived infancy is probably what they’re referring to.
@@LegitParker probably maybe etc .. stats can say anything you want.....
FIRE will become the new thing instead
Low-Income workers can't have that lol it's difficult even for the average person especially if they choose to have kids
Why Bloomberg don't mention about workers productivity increase?
In 1900, working hours per week were around 65-70 hours. Now, the working hours is around 40 hours.
As someone who is disabled at a young age, it's hard to get stuff that's possible to do with fatigue, chronic pain, and other conditions. I don't want to say it's worse because I'm young, but it has gotten in the way before, even if something small could help, such as being able to sit while working, or doing online work from home, which many places have now stopped, even though many people preferred it. Plus, I have to deal with, "but you're too young to have a chronic illness," all the time, even from doctors.
Why would you wanna retire? Why can not we do what we love?
well after a disastrous 20 year career in the store fixtures industry - which went belly up after cheap chinese imports and online retail - I ain't retiring @ 65 that's for sure.
I like this report, I am 56 years old in May 2021 I started one more new career, after a series of different jobs during my life.
Now I am a semi truck driver as a owner operator and my goal is to build up my company with at least 2 more trucks, age is not a problem, physically I can pitch all the knowledge that I am catching now, not just driving, federal regulations, maintenance, repairs, management my business financially and logistictically, the best part I feel useful for the society, family and personally 👍😃🇺🇲
My retirement will be when I lose physical mobility and mental coordination 🏃🏻♂️🏃🏻♂️🏃🏻♂️
Remember when the world was panicking about overpopulation? And nothing really came of it because we adapted and found out that there will be a peak? I feel like something similar will happen with this
MOFA: Make Orwell Fiction Again! Work for Big Brother, dedicated your life to Big Brother until your last breath.
Orwell was a racist hypocritical snitch
No one sees humans as humans. We all just money the rich expect and are entitled to receive whatever they want. I am sure an adjustable chair will solve it.
Some people do like routine. Most jobs provide routine. Some provide flexibility (gig jobs). It may not about money. The retirees in my department some come back to work as contractors, some become consultants or setting up own business, some volunteer. However, after 75, not many would do anything work related. We have a couple of people who worked into their late 70s and early 80s before retiring. They just liked to come into the office.
I worked with an array of people in tech. One company I worked for hired a lot of young people straight out of college. A lot of biases people have towards old people can easily be found in younger people as well like unwillingness to help, level of competency, and lowering productivity. Why is it so hard for bigger groups to think in an objective way and follow the data. We have to accept that biases exist and create accountability for it.
Young people are super age biased and with no experience, justthink they know everything- agree 💯 in my experience
Easy to tell people to save and invest on your own but for many, they lack education, financial stability, and discipline to create their own retirement portfolio.
All of those things can be improved on if so desired. Sadly, most people are too lazy to do so.
@Masen S Yes, and need to make changes so they can save. It’s imperative but instead people must have their nice car, technology, etc.
A "returnship" sure does sound like a joke to me lol
I am going to keep on working, as long as my health allows it.
The German Empire was the first country with a state pension fund in the world. They settled on the age of 65 because the avarage life duration in Germany in the 19th century was 65. So many people didn't benefit because they died younger. With better medical technology people can live longer lives so that's why pensions become unsustainable.
Every old man I knew that retired early died earlier than average. The data seems to support this, as well. We work our whole lives and then we go from 100 to 0. It’s not a natural transition.
The idea of rehiring older adults, particularly women who left mid career to take care of their families is quite a beautiful concept as far as giving them positions of authority due to their decades of experience in the field and in life.
I am not necessary thrilled by the idea we need to work until we die but I could see part timing it in my 70s and 80s keeping that brain young.
Who says we want to live until we are old?
@@gigiduru125 problem solved then don’t worry about saving for retirement
I've been saying this around the web. People don't want to hear it just look at the comments section here.
I’ll risk it.
Universal Basic Income and automation are the only solution out of this
A even better solution is to drop the monetary system altogether.
And what is your answer when automation decreases the number of available jobs, thereby decreasing tax revenue to pay workers in UBI or other non-labor based direct payments?
How do you propose UBI is funded? How will this incentivise people to be aspirational?
@@giordanobruno9106 you just copy and paste the same response. Like you've never heard the counter argument.
@@index7989 The incentive will be no more limitations due to the lack of money. Is not that there are not enough resources to build houses for each and evry one of us, the problem is that there is not enough money. And that applies to everything. Is not that finding a cure for cancer is limited by the researchers' incentive because they want money for themselves, it is limited for lack of funding. And so on and so on...
The increase in productivity would allow shorter working hours per week.... and more jobs. "No it's impossible to do this "
because it was decided that it was.
if im never going to retire, why should i work so hard? wondering if i can live small, alone, don't spend much, and look for job that takes the least of my time while being able to live. what future am i saving for anyway?
I love how this doesn't even account the growth of automation, so it's more then likely most jobs won't exist
1:21 I'm confused, didn't social security start in the 30s w/ FDR so why are they showing LBJ?
I think the professor misspoke. Yes, there is a Social Security Act of 1965, as the previous comment explained. The professor likely meant the Social Security Act of 1935 signed by FDR, which created the "pension" type payment most associated with Social Security.
people are seriously underestimate and need to be more informed of automation and machine learning. That itself going to accelerate unemployment much faster than most people think.