I think a more precise question is where did all the people go that were in jobs that anyone noticed. In other words, no one in the general public wonders where Sally in accounting went, but they wonder why there’s only one bar tender or waitress at their favorite watering hole. It’s the lower paid service jobs that have been left unfilled and are the most noticeable. Those people didn’t retire or become crypto millionaires.
A lot of people I have seen move based on pay alone. Businesses are offering some pretty good rates to bring talent. Theres a lot more competition for work from home jobs which leaves a lot of the on site jobs open and having to increase pay to attract people.
Technically I had to wait until I was 66 years and 2 months until retirement. Heck with that. I hung it up at 65 and did a lot of weekday fishing last summer. The only disappointment is the number of retired guys out there fishing too 
Won’t be long and all the fast food places will be drive-thru only. Less labor, more automated win, win for them. The issue will be the government. All these robots don’t pay taxes.
Dutch, Drove by the McDonald’s in your old stated residence, Princeton, MN. The sign stated starting wage, $17.00/hour.
The McDonald’s I drive by has the same sign. I don’t remember the percentage, but it was 25%-35% of graduating kids were asked what they were going to do for a living and they said Youtuber or Instagram. My little sister is 10 years younger than me and when she was in Highschool I asked her why doesn’t she have a part time job? She said it is embarrassing if you must work fast food and your parents can’t flip the bill for your needs. She also lived at home until she was 30 and got married. It is just a different mindset that I don’t understand.
Many others have nailed it already that a huge percentage of the population that is retirement age or nearing retirement age had enough and pulled the plug during this chaos. It’s estimated that approximately 3 million people retired, with almost 2/3 of that number being “unexpected” or “early”.
As much as I and everyone else wants to blame the younger populations or some groups “hiding at home”, the reality is that those just starting their career or in school have more options than they’ve ever had. It’s a great time to be 19-25 with employers throwing out record sign-on bonuses and high starting salaries. This is a classic lesson in labor supply and demand.
If I were to walk out of my job tomorrow, there wouldn’t be a licensed applicant for the foreseeable future. This is a reality across so many fields and industries right now. If you haven’t received a substantial raise in the past 12 months and are a full time employee somewhere…you’re missing the boat completely.
I can’t wait to pull the plug!!
I’m just now sitting down with our advisor to get the details. We can do it soon(I think) but might until 62, FW turns a year earlier than me.
Health Insurance is huge from the people I’ve talked to who retired before 65.
The FW has the option to keep ours since she worked at the employer long enough to qualify keeping our current coverage at a good rate.
I do know 1 thing, after the advisor gives us the complete numbers, I will be done at the earliest possible date even if I have to buy Hamms instead of Busch Light!
Wait…is there a difference? 
And then there’s the bunch that are living off you and I. Well, mostly you since I retired (at 66) and entered the low tax bracket.
And then there’s the bunch that are living off you and I.
When I initially posted, I thought about the group of people living off unemployment. But the federal extension ended in September and many states cut it off before that.
So right now the only unemployment is the state funded one, which is 40% of your pay and only goes for so long (I am not sure, maybe 90 days?).
Hard to live off of 40% of your original pay unless you were already making $250 grand/year.
My hope is the last check I write before I die–bounces!
Remind me not to take a check from you MX. 
Kwik Trip in Red Wing is STARTING at $15.00 per hour.
An ER Nurse I know worked last weekend. Two 12 hour (extra) shifts at $200. per hour.
Another thing I didn’t already mention is that there are more and more people who retire early but then work cash jobs, barter services, or work lower paying PT jobs that they genuinely enjoy (mowing, plowing, aides at schools, etc.)
My plan is to follow this if my health allows. I cannot really sit still for long or not be doing something. As much as I love hunting and the outdoors, I don’t see my self ever being 100% truly unemployed and fishing 7 days a week. I’ll likely coach, mow greens, plow, continue to manage family ag land, help out contractors on big jobs, etc as long as I can do so after my official “retirement” from my main job. My plan is to retire from my main job after my kids are into their own careers (likely late 50s for me) but be flexible along the way to any curveballs life throws our way.
I am retiring early on January 28, age 63. Haven’t missed a day of work due to the pandemic, investments have done very well.
Good for you! Enjoy retirement. So many people work so late in 60s for whatever reason and then end up in poor health and cannot enjoy retirement. Hopefully you will have good health and can enjoy it. You have earned it for sure.
Another thing I didn’t already mention is that there are more and more people who retire early but then work cash jobs, barter services, or work lower paying PT jobs that they genuinely enjoy (mowing, plowing, aides at schools, etc.)
My plan is to follow this if my health allows. I cannot really sit still for long or not be doing something. As much as I love hunting and the outdoors, I don’t see my self ever being 100% truly unemployed and fishing 7 days a week. I’ll likely coach, mow greens, plow, continue to manage family ag land, help out contractors on big jobs, etc as long as I can do so after my official “retirement” from my main job. My plan is to retire from my main job after my kids are into their own careers (likely late 50s for me) but be flexible along the way to any curveballs life throws our way.
I’ve said for a few years now that when I retire I want to spend my summers around here as a campground host and my winters grooming snowmobile trails. I enjoy being busy, “puttering” is what my Grandpa would have called it.
Life can be a strange journey.
Was an inch away from retiring now I’m back in the ring far another 5 to 7.
It’s all good, besides retirement scares the hell out of me. A man can only drink so many Coranas a day.
X2 on what Bucky and the Rev say
What I don’t quite understand is how someone can just quit their job…and then not get another one. Are they just living off their savings? I mean at some point they’re gonna have get another job, right? That’s the part I don’t get.
I don’t understand this either, especially since the overwhelming majority of Americans have no savings. I understand near retirement folks getting out, and people switching jobs or getting out of the service industry, but the employment rate is still significantly below historical numbers.
http://www.tradingeconomics.com/united-states/employment-rate
I would think with the 1000’s of people pushing the Covid agenda (pro or con) that employment would be at historic highs. 
I agree that retirement is the biggest driver of people leaving their job. I personally left my job this Summer to become self-employed. I work in the same industry, the company I worked for was great, but I saw an opportunity to be independent and have more flexibility and I went for it.
I think your facts are a little off. We may have low unemployment NUMBERS, but the way unemployment works you are only on the unemployment rolls (OR PART OF THE NUMBERS) while you can collect unemployment benefits form the government.
After you are no longer eligible for benefits, your are NO LONGER UNEMPLOYED.
You disappear into the abyss.
Most of the low paying jobs don’t have benefits, so if I go to work I will loose my assistance medical, mental health and food benefits.
We just come off the seasonal adjustment of unemployment, reducing the rate.
My recommendation to all is, you are unemployed and they offer you some kind of education benefits, TAKE IT and learn a skill that will take care of you the rest of your life.
My skills have created a great retirement…
I think a lot of people are realizing how easily it is to life off 1 income and have chosen that over “things”. I could quit today and we would be fine financially but we don’t have a big fancy house, cabin and new vehicles. Our only debt is the mortgage and new boat.
I “quit” at 59. Tired of the BS with public education and mediocre leadership not understanding a basic business model. I am fortunate to have TRA /PERA and could afford to retire. I would have left regardless of the current situation however. I was employed the day I left and am loving my new career.
There are many people who have chosen to tighten their belts and not go back to work. I agree with much of what is said already. Service and fast food will be hit hard ( already have been) not sure how they survive.
My wife and I comment all the time how much construction is going on and what are they filling these buildings with?! Most of my friends and colleagues are working from home so……
I believe people will rebound back to work but it will take time. Today’s generation ( IMHO) are more want vs need and that will change their attitude sooner rather than later.
I’ve got a question that’s seemingly unanswerable but I’ve always been curious-is there a resource, link, article, document, or own personal experience that will give you a ballpark idea of where you’re sitting at for your retirement accounts?
I know there are TONS of variables. And I know every 401(k) plan I’ve been on has some sort of online calculator where it will let you know what you could make in retirement based off your current funds and expected growth. And I know some of the variables include if housing is paid off, how much you spend, how much you still owe, etc.
What I’ve been interested to hear is actual people saying some basics, like “I retired at 60 with xyz in my IRA, did xyz for insurance, and I’m able to draw xyz a month.” Curious what a “good number” is. I know, I know, it’s all subjective and variable, but I often wonder where I stand.
Reading this, I’m glad I joined the union at 18, I’m eligible for retirement at 54 and full benefits if I work to 57. No thanks on working to mid 60s.
I’d be one of them who quits as well
Dan,
Google “Monte Carlo Retirement Plan”, I am sure there are some free versions on the NET somewhere. It a comprehensive calculator. You get what you put into it though, the better information input, the better the output.
We go through a planner that has an enhanced, company provided, Monte Carlo plan, it is a very good guide. Still have variables, because you cannot accurately predict inflation or interest rates, but can use 30 years of averages. Our plan then outputs several scenarios, from 5% chance of meeting goal to 95% chance of meeting goal. You can go conservative on all the settings, for best case scenario.
I know this is not real-life, which I think is more of what you are looking for, but its a very good calculator in my opinion.
I “quit” at 59. Tired of the BS with public education and mediocre leadership not understanding a basic business model. I am fortunate to have TRA /PERA and could afford to retire. I would have left regardless of the current situation however. I was employed the day I left and am loving my new career.
There are many people who have chosen to tighten their belts and not go back to work. I agree with much of what is said already. Service and fast food will be hit hard ( already have been) not sure how they survive.
My wife and I comment all the time how much construction is going on and what are they filling these buildings with?! Most of my friends and colleagues are working from home so……
I believe people will rebound back to work but it will take time. Today’s generation ( IMHO) are more want vs need and that will change their attitude sooner rather than later.
Couple things here…I agree on the building. Commercial real estate is going to get hit hard. The work from home trend isn’t going away. People want it and companies are realizing they don’t need expensive buildings. It’ll take a few years as leases expire.
Not sure what generation you are referring to. I think my generation (I’m 43) and millennials are more want. When you get younger, that starts to shift from what I’ve seen. Less materialistic and focused on possessions and more focused on experience. It’s another reason the job market is crazy…Gen Z aren’t as quick to get into the market but they are quick to leave jobs.
The work from home trend isn’t going away. People want it and companies are realizing they don’t need expensive buildings. It’ll take a few years as leases expire.
Not trying to derail the topic but people at my work said they will look for a new job if they have us go back into the office everyday of the week.
When this all started I couldn’t wait to go back into the office but now I’ve switched and love working from home. The biggest reason is I get way more done at home than I do when I go into the office.
I’m no where near retiring but sure glad I started saving for retirement when I was in college. It wasn’t much to start but seeing reward of it already compared to some of my friends at my age.
I’d love to retire but I had my fun through my 30’s then got married and had kids later than usual. I hope to be done at 62 and get health insurance through my wife.
I’d love to retire but I had my fun through my 30’s then got married and had kids later than usual.
This is me as well! Hard to even plan for retirement at this point. If I make it that long, and my kids don’t drive me to an early grave, it’ll be a bonus down the road if I’m able.
<div class=”d4p-bbt-quote-title”>Matt Moen wrote:</div>
The work from home trend isn’t going away. People want it and companies are realizing they don’t need expensive buildings. It’ll take a few years as leases expire.Not trying to derail the topic but people at my work said they will look for a new job if they have us go back into the office everyday of the week.
When this all started I couldn’t wait to go back into the office but now I’ve switched and love working from home. The biggest reason is I get way more done at home than I do when I go into the office.
I’m no where near retiring but sure glad I started saving for retirement when I was in college. It wasn’t much to start but seeing reward of it already compared to some of my friends at my age.
Same boat here. My company is trying to get people to come in the office but we’ll lose people if we push it. The financial and productivity gains of WFH are real.
People argue that when employees work from home you don’t get the effort out of them. I think that’s BS…poor employees are poor employees whether in the office or at home.
I don’t understand this either, especially since the overwhelming majority of Americans have no savings.
False.
This is often cited to support the premise that younger generations of Americans spend too much and save too little. It’s based only on looking at the money saved in traditional savings accounts. Which almost nobody uses anymore and for good reason–they suck.
It’s much more accurate to take a look at the whole picture of savings rather than just one type of outdated account.
As of June 2019, the average American had over $180,000 in savings and that included bank accounts, retirement savings plans, and other investment vehicles. This actually makes Americans some of the better savers in the developed world, not the worst as is often reported.
I just turned 28. Quit my nursing job in October, have been living the dream since. Several days elk, deer, and duck hunting. Even more days walleye fishing. Been to Packers, Gophers, and Twolves games. Lived with my dad for a bit, got to spend good time with him. On my way to Texas for another trip to see more family now. I just signed a short lease to live in the Cities, so I’ll pick up another job in the coming weeks but not in any rush. I’ll only snag another job if they’ll give me the month of May off.
Alright so a real world example right here of what someone is doing when they quit. You won’t have any issue finding a new nursing job, that’s for sure.
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