As someone in their 50's, that argument makes no sense to me. If I were unable to find a job, you somehow think I'd hold out for premium wages?
They won't accept work for less than premium wages, don't need to.
That being said, I admit that there is also another part of the population who is struggling and desperate for work at any price.
Last but not least there is the question of what is premium wage. In London for instance, a lot of folks over 30 moved to contracting where they can charge a good daily rate, without the hassle of whiteboard interview, overtime or politics. You'll see many companies (see the HN who is hiring) allegedly struggling to recruit at their great wages, but the truth is that employees have moved out to greener pastures for twice the money.
I must travel in lowly circles.
Like, cashflow at 50 with 3 kids is important.
Yeah, you've saved for retirement at ~65ish, but you have 2 kids in college with one on the way up, plus a mortgage, plus just regular life stuff. That's not an unreasonable scenario at all.
Like, do you live in a first world nation? Honestly, the paradigm changes a lot in the 3rd world and your confusion would be more appropriate in Chad or something.
(In Chad, average age of first birth is 18, so you'd reasonably be a grand parent by 50, plus cost of living is very low)
If you have kids before your thirties, they will all be +25 when you are 55. They most likely finished college, they probably left the family home.
https://www.gao.gov/assets/680/670153.pdf
Edit: below, the table contents
Households age 55-64 with Households age 55-64
no retirement savings with retirement savings
Percent of house- 41% 59%
holds age 55-64
Median net worth $21,000 $337,000
Median non-retirement $1,000 $25,000
financial resources
Median income $26,000 $86,000
Home ownership rates 56% 87%
Percent who own a home 22% 27%
that is paid off
Percent with a 32% 45%
defined benefit planThen an additional 50% who have a home but still a mortgage to pay. The statistics don't say when mortgages will end, so we can't do any meaningful analysis on the majority.
There are more people on the low side, not WAY MORE contrary to your statement.
Which is to say there are some people who don't have their house paid off yet, but will have it paid off before they retire, and then live rent free (but with other bills and taxes). There are other people who will not have anything paid off.
That is the EXTREME minority of people over 50, at least in the US
>I admit that there is also another part of the population who is struggling and desperate for work at any price.
I would not say they are "desperate for work at any price." but most people over 50 need a fair wage for work, and by fair wage I mean a wage comparable to younger people as well
My dad was in fact laid off at 50. Everybody knew he was very careful to save a lot of money, so they always said "but you must have enough money saved away to retire by now". His response was always "yes, but I don't have enough money to get to retirement". In the 15 years between 50 and 65 his money is expected to double twice which makes a big difference to his retirement income. If he had started drawing at 50 would have much less money to work with. He needed a job to pay bills.