Work till you die

Many of the projections of financial doom were predicated on the Baby Boomers retiring at age 65, going from taxpayers to welfare beneficiaries (not welfare as in poverty benefits, but in the general sense of entitlements like Social Security and Medicare). But thanks to our culture of not saving, those Boomers are financially unable to retire, stalling those projections and causing a host of other problems along the way.

As Bloomberg notes, US seniors are employed at the highest rate in 55+ years (since the creation of Medicare):

Certainly baby boomers are increasingly ignoring the traditional retirement age of 65. Last quarter, 32 percent of Americans 65 to 69 were employed. Even past age 70, a growing number of seniors are declining to, or unable to, retire. Last quarter, 19 percent of 70- to 74-year-olds were working, up from 11 percent in 1994.

Older Americans are working more even as those under 65 are working less, a trend that the Bureau of Labor Statistics expects to continue. By 2024, 36 percent of 65- to 69-year-olds will be active participants in the labor market, the BLS says. That’s up from just 22 percent in 1994.

For some, it’s because they can: The average 65-year old is much healthier and active than their counterparts of previous generations. For others, it’s because they can’t afford not to work. In fact, The Fool website, reporting on Census bureau data, notes that the typical American’s net worth at age 65 is $194,226; however, removing the benefit from home equity results in that figure plummeting to just $43,921.

This is how our money system plays out: We steal wealth from people via inflation, forcing them to work until they die. Meanwhile our younger people graduate into an over-full pipeline, unable to get jobs because the previous generations won’t/can’t leave them. This is the model offered by the Federal Reserve to make banksters rich at our expense.

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