Working Man Blues
More than Half of Workers 60+ are Postponing Retirement, According to New American Study
Working Man Blues: When Am I Ever Gonna Retire?
The hands of a working man built this town
Cleaned up this timber and plowed this ground
Raised those cattle in the sun and snow
Dammed that river and dug that coal
It’s a debt we owe to the hands of a working man…
“Hands of a Working Man” Zane Williams [1]
– 2 in 5 workers don’t think they’ll retire until 70 or older
– A quarter of workers do not know how much they will need to save for retirement
– 26% of workers think they need more than $1 million to retire
“It’s a workin’ man I am.” Don’t know about you, my friend, but I’m an older workin’ man — in my 70’s and still getting up every weekday with my wife so we both can get back on the road and earn an honest living. In our free time together Mary Lee paints what she loves and I write about what I love.
As a Canadian, I’ve been hearing the promise of a Fed “Tax Break” for years and years. Thinking it’s about time.
The Stephen Harper Conservatives did give a much-touted tax cut to the Rich and major corporations. I didn’t disagree with that. I worry about the Rich. Are they getting enough to eat? [2]
Justin Trudeau’s Liberals gave a tax cut to the Middle Class — a whole percentage drop on their income tax rate. As well as giving away money to young families in the form of a Canada Child Benefit and extended parental leave. Don’t disagree with that, either. It costs money to raise a family. We should know, eh? [3]
What I don’t like is there’s been no tax cut for Working Families or Seniors on fixed incomes. Just did our tax returns for 2017. IT’S STILL 15%!!!
And I’m asking: “Who represents the Working Man? The Working Woman? And Seniors on fixed incomes?” I’m not asking for a handout. I just want a government that’s going to FINALLY CUT EVERYBODY’S TAXES!
In a way, I understand the economics of it. There’s so many of us: Working Families and aging Boomers. “The Good Lord sure made a passel of us.” We are the real source of federal and provincial tax revenues.
But there’s hope, mon ami. In Canada, Doug Ford is building support. Doug has committed to “eliminating taxes for those earning less than $30,000 a year.” But Ford Nation is three provinces away — not here in Atlantic Canada. Under Donald Trump, our American friends sound hopeful (when they’re not still angry) about real change. Truly good people.
God willing, those tax breaks will finally come for us older workers. Maybe we can even retire someday…
So what’s going on?
A new study of American Working Men and Women has concluded: “Though the economy is improving, many US workers are still pumping the brakes on their retirement plans. According to a recent CareerBuilder survey, 53% of workers aged 60 plus say they are postponing retirement, with 57% of men putting retirement on hold compared to 48% of women. Four in 10 workers don’t think they’ll be able to retire until 70 or older.”
This survey was conducted online by The Harris Poll.[4]
“Postponing retirement will make an impact across all of our country’s workforce, along with retirement policy and financial and health care planning,” said Rosemary Haefner, chief human resources officer at CareerBuilder.[5] “With workers staying in their jobs longer, employers are adjusting hiring needs, but also reaping the benefits of the extra skills and mentoring abilities of mature employees.”
“Postponing Because of Uncertainty”
Are workers putting retirement plans on hold because they are unsure of how much to save? Approximately a quarter don’t know how much they will need to save for retirement. Women are much more likely to be unsure of how much to save than men – 31 to 17 percent, respectively.
When asked how much money they think they’ll need to save in order to retire, workers reponded:
Less than $500,000: 20%
$500,000 to less than $1 million: 31%
$1 million to less than $2 million: 14%
$2 million to less than $3 million: 5%
$3 million or more: 7%
When asked if they’re currently contributing to retirement accounts, roughly 1 in 4 workers 55+ (23%) said they do not participate in a 401(k), IRA or other retirement plan, a rate even higher in younger adults ages 18-34 (40%). Sixty-seven percent of workers in the South and 69% in the Midwest contribute to retirement accounts, compared to 73% in the Northeast and 71% in the West.
Research Method:
This survey was conducted online within the U.S. by The Harris Poll on behalf of CareerBuilder among 809 employees ages 18 and over (employed full-time, not self-employed, non-government) between November 28 and December 20, 2017. Data for employees were weighted where necessary by gender, age, race/ethnicity, region, income, education, and industry to bring them into line with their actual proportions in the population.
CONCLUSION: There are elections coming. In both our countries. I’m voting for whatever party finally promises the Working Family and Seniors a Tax Break! If such a party exists by then…
It’s a big job just gettin’ by with nine kids and a wife
I been a workin’ man dang near all my life
I’ll be working long as my two hands are fit to use
I’ll drink my beer in a tavern,
Sing a little bit of these working man blues…
“Working Man Blues” Merle Haggard
(God Bless you, Merle! You were the best.)
Live Free, Mon Ami! – Brian Alan Burhoe
[1] Zane Williams sings “Hands of a Working Man” — www.youtube.com/watch?v=dK3Kfkc_TQA. And see Zane’s home page at https://zanewilliamsmusic.com/.
[2] I voted for Stephen in his first election because of his Law & Order stance — Life means life. And, bless him, he kept his promise. He also took 1% off that pernicious GST — the Goods and Services Tax is a tax on the working family. And he killed that loathsome mandatory long-form census.
[3] I voted for Justin because he promised he would restore services to our Veterans and their families. Big one for me. What were the Conservatives thinking? He also promised that income tax cut, to pick up where our Greenest Prime Minister Brian Mulroney had left off, and brought back an international love and appreciation of our unique Canadian Culture. Time will tell…
[4] About The Harris Poll:
The Harris Poll says it is “one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible.” To learn more, please visit www.harrisinsights.com.
[5] About CareerBuilder®:
CareerBuilder is a “global, end-to-end human capital solutions company focused on helping employers find, hire and manage great talent. Combining advertising, software and services, CareerBuilder leads the industry in recruiting solutions, employment screening and human capital management. CareerBuilder is majority-owned by funds managed by affiliates of Apollo Global Management, LLC and operates in the United States, Canada, Europe and Asia.” For more information, visit www.careerbuilder.com
Published for May Day 2018.
Source: Civilized Bears, Harris Poll, CareerBuilder & PR Newswire
Working Man Blues: When Am I Ever Gonna Retire?
Doug Ford, FordNation, Ford Nation, hands of a working man, postponing retirement, retire, tax break, tax cut, working man blues, working man I am, Zane Williams.
