Job Market Monitor
Social Security
US / Why Is Age 65 Still a Retirement Peak?
‘In order to address an immediate and long-term funding problem, the Social Security Amendments of 1983 gradually increased the Full Retirement Age (FRA), changed the actuarial adjustment for individuals claiming benefits between the early and full retirement ages, and increased the delayed retirement credit. Together, these changes increase the financial gain to individuals who delay … Continue reading
US / The number of people getting federal disability checks has grown for 192 straight months – or 16 years
For for 192 straight months -or 16 years – the number of people getting federal disability checks has grown. That’s staggering enough but it seems much of the country is just now waking up to these skyrocketing numbers thanks in large part to a stunning investigative piece for NPR titled “Unfit for Work” which outlined … Continue reading
US / Politics / The Obama ‘recovery’: more dependence
A strange and disturbing new social pattern is unfolding before our eyes in America today: growing dependence on government handouts in the face of declining unemployment rates. Though we are now preparing to enter into the fourth year of recovery from our Great Recession, the roster of Americans seeking and obtaining entitlement benefits from our … Continue reading
US / Business Roundtable proposes raising retirement age to 70
A business group of top executives on Wednesday proposed reforms to Social Security and Medicare that would raise the enrollment age for both programs to 70 but not raise Social Security taxes paid by upper-income Americans. The Business Roundtable, which represents more than 200 chief executives from some of the largest U.S. corporations, also urged … Continue reading
Immigration in Germany / Survey says it eases investment abroad and the effect of age but puts extra burden on the social security system
Seventy percent of those asked said immigration made it easier for international firms to invest in Germany, while 62 percent said that immigration could ease the effects of Germany’s ageing society. And half said immigration as an effective means against the country’s lack of skilled labour. But two-thirds of Germans also saw immigration as an … Continue reading
US – Over half of households may be unable to maintain their standard of living in retirement
The release of the Federal Reserve’s 2010 Survey of Consumer Finances is a great opportunity to eeassess Americans’ retirement preparedness as measured by the National Retirement Risk Index (NRRI) write Alicia H. Munnell, Anthony Webb, and Francesca Golub-Sass in The National Retirement Risk Index: An Update. (Choosen excerpts by JMM to follow) NRRI shows the share … Continue reading
Wisconsin – Backlog stalls unemployment benefit checks
More than 9,000 Wisconsin residents have not received any unemployment benefits for several weeks because of a backlog at the state Department of Workforce Development. The department’s backlog consists of 9,357 claims dating to late July. It could take as long as March to clear it up because each claim has to be reviewed and … Continue reading
Update | AS Social Security run out of money retirement at age 65 could be delayed
Social Security program to run out of money by 2035 | Economy | News | Financial Post The Social Security program will exhaust its trust fund in 2035 and have to start reducing benefits to senior citizens unless Congress intervenes, its trustees said. That is three years sooner than projected in 2011 for the retirement … Continue reading
Expected time in retirement at age 65 is more than 40 percent longer than in 1940
Raising the ages at which people can collect Medicare and Social Security would reduce federal spending and increase federal revenues by inducing some people to work longer. However, raising the eligibility ages for those programs also would reduce people’s lifetime Social Security benefits and cause many of the people who would otherwise have enrolled in … Continue reading
Transitioning into Retirement: The MetLife Study of Baby Boomers at 65
Despite the popular belief that Baby Boomers will continue to work well past the traditional retirement age of 65, those born in 1946 are retiring in droves, according to Transitioning into Retirement: The MetLife Study of Baby Boomers at 65. This study is a follow–up to the 2008 MetLife Mature Market Institute study, Boomer Bookends: … Continue reading
Raising the Normal Retirement Age for Social Security Would Lead to Increase in Inequality
Social Security remains the most important source of income for most Americans in their retirement. Nonetheless, there are many proposals for cutting benefits that get serious consideration, including increasing the normal retirement age. A new report from the Center for Economic and Policy Research examines the impact of raising the Social Security retirement age and … Continue reading
Georgia and Florida cut the duration of unemployment benefits
Georgia is vying with Florida for the title of stingiest state, when it comes to jobless residents. The Republican-controlled State Legislature passed a bill last week to cut the duration of unemployment benefits from a current maximum of 26 weeks to a range from 14 weeks to 20 weeks, depending on the state unemployment rate. … Continue reading
Spain : Safety net frays as care workers go unpaid, regions revolt, but more cuts demanded
Spain’s safety net frays as care workers go unpaid | Reuters Reteurs: Mercedes Garcia, the director of a residency for severely mentally disabled adults, has a crisis in her kitchen. Two caterers have been supplying and preparing food for the centre’s 46 patients for free for almost a year; the other 18 recently decided they’d had … Continue reading
UK | Unpaid work experience | Boots leaves scheme for long-term unemployed
Boots says it is withdrawing from the government’s scheme to help the long-term unemployed find work. It comes on the same day that ministers had to drop sanctions from a separate scheme that offers work experience to younger jobseekers. Boots said that it would no longer be offering any new placements on the work programme, … Continue reading
Jobless disability claims soar to record $200B as of January, research from JPMorgan Chase shows – NYPOST.com
Standing too many months on the unemployment line is driving Americans crazy — literally — and it’s costing taxpayers hundreds of billions of dollars. With their unemployment-insurance checks running out, some of the country’s long-term jobless are scrambling to fill the gap by filing claims for mental illness and other disabilities with Social Security — … Continue reading
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