PJ Media

Older workers 'going Galt' by retiring early?

It seems that a href=”http://www.latimes.com/news/nationworld/nation/la-na-retirement24-2009may24,0,885521.story”many older workers are retiring early/a rather than staying on the job (thanks br549):br /br /blockquoteReporting from Washington– Instead of seeing older workers staying on the job longer as the economy has worsened, the Social Security system is reporting a major surge in early retirement claims that could have implications for the financial security of millions of baby boomers.br /br /Since the current federal fiscal year began Oct. 1, claims have been running 25% ahead of last year, compared with the 15% increase that had been projected as the post-World War II generation reaches eligibility for early retirement, according to Stephen C. Goss, chief actuary for the Social Security Administration….br /br /The ramifications of the trend are profound for the new retirees, their families, the government and other social institutions that may be called upon to help support them./blockquotebr /br /Though the article points out that early retirement has its drawbacks (naturally, the concern is for women–who may have to learn to live on less if hubby gets lower benefits) my guess is that anyone close to early retirement figures it’s now or never, given the possibility that Social Security benefits will be cut down or dry up in the near future. br /br /Also, instead of paying income tax from their job, these older workers will now be sucking off the government tit (though to be fair, many put in more money than they will ever get back). It’s even better than a href=”http://www.drhelen.blogspot.com/2008/10/going-john-galt.html”going Galt/a, it’s becoming a moocher instead of a producer. Now that producers are punished and moochers rewarded, I can see the appeal.