25 Hour Work Week? Yes or No?

[Shwa Girl]

I wonder how many people complaining that they won't be able to retire at 65 are also living beyond their means, ie house way bigger than they need, financing two or three brand new cars, enrolling their kids in every expensive activity they can find, taking expensive vacations, etc. I save 2/3 of my after-tax income and invest it into low-risk dividend-paying blue chip stocks and have no doubt I'll be able to retire by 50, unless some unpredictable event occurs that somehow bankrupts me but that's unlikely.

As for banks having an interest in getting us to invest more, that only holds true if you invest in things that bring the banks a lot of profit, eg high-MER mutual funds. If you invest in low-cost ETFs or buy stocks directly, the only profits to the banks are the commission fees you pay which are minimal.

You make some good points.

I have noticed that neighbours are trying to outdo each other with purchases.
A couple of years ago, the federal government was giving a tax incentive if you do home renovations. Some neighbours went into debt to get the tax rebate. So, in fact, they did not win -- they lost. Paying interest on their loans.

Our neighbour asked why we weren't doing renos. We told them we did not have the money. They told us to borrow and were surprised when we said we don't like debt -- only borrow if we had an emergency we had not saved for.

[GeorgiaK]

When I had my son two and a half years ago, I knew I would not be able to return to work full time for a bit. I am fortunate that we paid off debt and that DH has a very well paying job. This has allowed me to work in my field for a great company close to home for a very decent salary - all that at a part-time schedule of 3 days a week.

For us, it works. I need the two extra days to go to personal appointments, do errands, grocery shopping, chores around the house without DH and DS underfoot. But this is not a situation for everyone. I think you need to plan it very carefully.

[frugal50]

actually i do 27 hrs per week, since last september.... almost forgot about that!

[Shwa Girl]

actually i do 27 hrs per week, since last september.... almost forgot about that!

25.
27
Still, you are living the dream, as the researchers are suggesting.

I am really thinking about the 25 hour work week and what it takes for me to make this happen

[Midnightly]

and people will get frustrated because nothing is open when they want it to be open... there will be no one to staff the stores, stock the shelves.. companies won't be able to meet production needs (shortages), banks won't run (now a days we want our banks open late and 7 days a week) so either we'll have many gaps in the workforce.. or things won't be able to sustain.. i think there would be more debt.. people wouldn't be able to retire.. people wouldn't be able to buy a home.. cost of living is going up.. i don't think it would adjust

[Shwa Girl]

and people will get frustrated because nothing is open when they want it to be open... there will be no one to staff the stores, stock the shelves.. companies won't be able to meet production needs (shortages), banks won't run (now a days we want our banks open late and 7 days a week) so either we'll have many gaps in the workforce.. or things won't be able to sustain.. i think there would be more debt.. people wouldn't be able to retire.. people wouldn't be able to buy a home.. cost of living is going up.. i don't think it would adjust

Story time. We had a new grad at work - 22. She was scheduled to work afternoons and 2 Sats. per month. After she got the job and passed the probation period, she informed us that she has boyfriend commitments and would not work on Saturdays So other staff took her Saturday shifts. She stayed for a year.

Colleague in another region tells me that some of the 22 - 24 year old females who work with them seem to come, stay for 1-2 years, go on mat leave and don't return.

My point: it seems to be happening already. And, some Older workers are not retiring because of financial reasons and are happy to keep working, filling the gap.

[Midnightly]

LMAO boyfriend commitments?? seriously?? i would have probably informed her tough.. you cannot pick and choose your shifts... if it's school... religious reasons ok.. but boyfriend? so if they break up she can work them? work is work.. you work around it not it around you (i guess that makes me sound old though i'm really not that old..) heck... it's planning for the future.. when you get older.. get married there are often rather large chunks of time where you don't get to "spend the day" with your partner (opposite shifts, never getting days off together)

it isn't uncommon for younger female in that 22-25 range to get married.. then start a family to come back to the workforce when they hit their 30's (kids in school age) but most often when the female stays home to raise the kids.. the partner is working full time to pay the bills (it just isn't economical to pay for full time childcare often in the 800+ per month range)

[FallenPixels]

I have had the boyfriend commitment story too, not for an ongoing issue but wanting Fridays off to go see him in grad school for the weekend several times

[blueeyetea]

I'm thinking office work: I worked for the government at one point and because of the union, people have so much vacation they are taking off 3 months straight or every Friday of the year. The people aren't actually in the office already. What difference would it make to staff governemtn with part time workers? I say none, they just need to get a sense of urgency while they work instead of yakking.

Well, I work in a unionized environment and no one gets 3 months off, unless the environment you worked allowed the use of sick leave as vacation (which is a big no-no). The highest here is 9 weeks and that's someone who's been here for more than 28 years (8 weeks vacation) plus 1 week of pre-retirement leave.

Aside from the issue of workers using tax money to be paid, what is your point about government workers working part time being better for society? Work ethics aside, the wages these people earn help the economy. Reduce their wages and everyone in their community suffers. If they can only have enough money for basics like rend and groceries, they're not spending into their community, supporting local business, who in turn will have to lay off workers if revenues go down. And it goes on from there into a downward spiral.

[blueeyetea]

They have bumped the retirement age for my generation to 67. (I could be dead before then)
Nowadays, most of us will have to work until were 80 anyways, unless your lucky enough to land a job with a pension. Or win the lottery.

You can start earning a reduced CPP at 60. It's the Old Age Security pension that's been bumped to 67 for Canadians born later then 1962. And if you're diligent about saving money into an RRSP, there are good chances that when you start cashing them in, your income will be high enough to go over the threshold to have your OAS clawed back.

[blueeyetea]

In the 60's and 70's when all these retirement schemes were modernized, 1 in 7 folks were elderly.

Yes, and with the arrival of the boomers on the scene, they wanted to made sure to get rid of the deadwood to make room for the new blood. Governments and businesses are shooting themselves in the foot by forgetting that enticing older people to leave with a pension should be part of the employment cycle. It's the situation we have now. Older workers are staying put because they need the money to survive, while the younger kids can't get their foot in the door.

[blueeyetea]

I wonder how many people complaining that they won't be able to retire at 65 are also living beyond their means, ie house way bigger than they need, financing two or three brand new cars, enrolling their kids in every expensive activity they can find, taking expensive vacations, etc. I save 2/3 of my after-tax income and invest it into low-risk dividend-paying blue chip stocks and have no doubt I'll be able to retire by 50, unless some unpredictable event occurs that somehow bankrupts me but that's unlikely.

Of course, everyone has a choice, but people stuck in such a situation are not completely to blame. We've been brainwashed since we're little kids by businesses telling us we're inadequate and they'll fix us if we buy their products. In a book I was reading recently, the author commented on the fact she walked into a shopping mall a confident mature woman, only to walk out feeling like a failure because every business in there was designed to make her feel her lack. No one is immune to comparing themselves to other people. In fact, comparing yourself to someone else and judging how well you're doing in comparisong will affect your level of happiness. And one way to measure that is by the possessions you have.

As for banks having an interest in getting us to invest more, that only holds true if you invest in things that bring the banks a lot of profit, eg high-MER mutual funds. If you invest in low-cost ETFs or buy stocks directly, the only profits to the banks are the commission fees you pay which are minimal.

Whoever here hasn't heard they need to have $1,000,000 in investement before they retire? It's not about the investments per se, but the fact they create a fear in you that you'll never achieve it without working more (and their help, of course). The more you need to save, the more you'll work to catch up. A good book on the subject is "Why Swim With The Sharks" by Canadian authors Diana Salomaa and Henri Dembicki.

[Shwa Girl]

Governments and businesses are shooting themselves in the foot by forgetting that enticing older people to leave with a pension should be part of the employment cycle. .

I am posting with a caution.
Newer employees can learn from the guide books. Some skills and competencies are NEVER learned from books, or a degree. On the job training using mentorship from skilled and competent coworkers or managerial staff, cuts so much time of the probationary learning process. Some older workers have the street smarts, especially those working with the public, and can guide a newbie through so much -- the older teaching the younger -- still a valuable asset, IMHO.

Example: I was in a hospital visiting a friend. They were in a room with 3 other patients. One patient had so many problems -- even finding a vein for an IV was hard. After trying and poking the person for an hour (we heard the "Ow" comments and moans behind the divider), they called in "super IV nurse". She was much, much older. She calmed the patient (her tone was so calming, she even calmed me). The IV was in in 5 minutes. So if "super IV nurse" left, that hospital floor would have a serious gap in good quality workers.

Older does not equal dead wood in MANY cases.

[Shwa Girl]

I have had the boyfriend commitment story too, not for an ongoing issue but wanting Fridays off to go see him in grad school for the weekend several times

I think your story is a little different.

The employee I worked with, she changed her mind after accepting the terms of the employment, then threatened to go to the union if she didn't get her way.

[Natalka]

I am posting with a caution.
Newer employees can learn from the guide books. Some skills and competencies are NEVER learned from books, or a degree. On the job training using mentorship from skilled and competent coworkers or managerial staff, cuts so much time of the probationary learning process. Some older workers have the street smarts, especially those working with the public, and can guide a newbie through so much -- the older teaching the younger -- still a valuable asset, IMHO.

Example: I was in a hospital visiting a friend. They were in a room with 3 other patients. One patient had so many problems -- even finding a vein for an IV was hard. After trying and poking the person for an hour (we heard the "Ow" comments and moans behind the divider), they called in "super IV nurse". She was much, much older. She calmed the patient (her tone was so calming, she even calmed me). The IV was in in 5 minutes. So if "super IV nurse" left, that hospital floor would have a serious gap in good quality workers.

Older does not equal dead wood in MANY cases.

Wow, I have BEEN the patient in this situation in the ER, almost exactly with several nurses trying, then when older, experienced Super IV nurse came, boom, it was in.