Part 1 – Precious metals (gold & silver) for the cautious Modern Retired Investor

Any modern retiree who doesn’t pay close attention to today’s volatile financial markets is a fool waiting to get burned!  As I type this December 2015 morning, the markets are being kept artificially afloat through a toxic combination of hot money (central bank QE dollar printing) and hot air (overly optimistic lies and disinformation printed by the main stream media/presstitudes).  An arrangement of powerful Wall Street and government forces known as the ‘Plunge Protection Team’ or PPT keeps the financial gears of the U.S. economy from self-correcting in terms of valuation (over valued stock prices and bond valuations).  What options exist in the financial world to hedge against disaster?

When the building financial storm finally does smash down past its human systemic constraints, and unleashes its adjustment power upon the distracted citizenry, it will be a blood bath! Financial elites, always a step ahead of ‘we the sheeple’ (their term for hard working citizens), have already pulled the bulk of their investments out of this ‘bull’ market.  Truth be told, the coming NYSE correction will probably make the 2008 debacle look like a financial walk in the park.  Trillions of QE dollars are poised to disappear in a flash.  Markets go up and come down … that’s just the nature of the beast.

As legendary Wall Street trader and media manipulator Joseph Kennedy said after pulling his money out of stocks prior to the 1929 market collapse, ‘only a fool waits for top dollar’.  When will you make your move, and where will you go to protect your hard earned assets, before the bottom drops out?

Gold, Silver, and Apple Stock were found to be the three best investments for the first decade to the 21st century, if purchased at the start of the millenium.  The San Jose Mercury News, the newspaper of Silicon Valley – the land of the internet millionaires – found that Gold and Silver outperformed all the major stock indices by wide margins.  Precious metals are and remain the centuries old sworn enemy of paper stock traders.  Will these commodities hold their value, or even rocket upward, when the NYSE bubble bursts again?

Precious Metals are ‘Sound Money’ with a strong tradition

Gold and Silver: 5000+ years of tradition of use as money to barter for goods/services. The Wall-Street-centric strategy that many modern retirees have utilized to achieve financial independence would benefit from some fresh analysis. Specifically, long term investors need to look into precious metals arena.  Silver and Gold belong in any retiree’s portfolio, the only issue is that of ‘what percentage’ or value to hold.  These PM’s (precious metals) should be held long term assets.

Gold coins contain intrinsic value. There is only so much of these metal deposits within the Earth’s crust. A 3% increase in overall gold inventory define’s a good year for miners. Equally telling is the considerable amount of labor required to mint these coins. Human labor contains intrinsic economic value; value that can NOT simply be keystroked into digital existence by mindless banker bureaucrats.

And what about Silver?  Recent studies have shown that Silver, the less glamorous precious metal, has held it’s value in terms of the cost of barley an impressive 23 centuries.  http://www.zerohedge.com/news/2015-12-16/asset-protection-silver-has-held-its-value-23-centuries ).   That’s storage value!

Gold and Silver do not expose investors to ‘Counterparty Risk’.  News broadcasts regularly lead off with business stories involving fraud on a massive scale.  Precious metals in physical form are free of deceptive contracts and Madoff-style practices all to common on Wall Street.  Unless you speculate in mining stocks, refined Precious Metals simply exist.  There may be multiple claims on an ounce if you work with unscrupulous paper contract brokers – but there is only that one physical ounce.

The biggest believers/buyers of precious metals can be found in the world most populated country.

China – ‘Ground Zero’ for the implosion of paper assets

Savvy investors only have to look to China, where the government has recently been arresting bankers and fund managers for the damage their recklessness has caused to Shanghai’s 25 years young stock market.  A 43% correction/implosion has and continues to wreak havoc on a nation of peasant speculators and newly minted millionaires.  The government bailout may be in the trillions of dollars.

Unfortunately for Wall Streets financial brethren working the markets in China,  the People’s Republic still believe in using  firing squads and hanging platforms for those who behaved recklessly with the nations money.  Now that approach is what some would call market discipline being firmly enforced!

Credit the Chinese for one financial strategy: they are long term thinkers.  Gold is central to their plans; front and center to China’s central banks’ financial planning.

China is determined to be a major player in the ‘one world currency’ currently being designed behind close doors by the International Monetary Fund.  China’s ever increased gold inventory, a closely guard state secret rumored to be as great as 30,000 tons, will carry a lot of weight in any future monetary platform discussions.

Wall Street: A Bankers paradise in comparison to China

While the color of money is blood red in the far east, it’s a bit different this side of the Pacific.  The last time America’s stock market crashed, in 2008, all the wrong people seemed to pay the price.  Main street was left holding the bag for excesses designed and implemented on Wall Street.  People holding paper assets of dubious origins took a very cold shower indeed.  The market meltdown of 2008 was a tragedy played out in several acts, and on multiple stages, including Washington D.C. style congressional shakedowns.

Under a barrage of fear mongering and very real threats, our elected officials gave TBTF banksters $700 billion upfront to help pay for their market vandalism.  To add injury to insult, Fed bankers used this authority as license to print 16 trillion more for their equally brazen European bankster counterparts.  TARP money was approved by Congress to act as a backstop to halt the 2008 hemorrage.  In an further amazing display of audacity, billions of TARP dollars found its way into the coffers of Wall Street Christmas bonus funds for executives and their sold-out foot soldiers.

Not a single Wall Street executive has ever stood trial for his/her 2008 criminality.  Every previous Wall Street market heist found at least one high profile executive being thrown under a train!  It wasn’t that long ago jail terms, not Fed printable cash settlements, ruled the day.  Enron’s Jeff Skilling will end up serving 14 years more than all the banksters involved with the 2008 meltdown. Net jail term lengths assigned to all bankers involved with credit default swap style derivatives – zero years!

The mendacity and mediocrity of the people and institutions the hatched the Wall Streets 2008 paper asset crash staggers the mind! Nearly a decade after the fact, the shock and disbelief remain alive at some level in the public mind.  People are left to wonder; are we being set-up again by Wall Street bankers?  It’s a fair question based on the seedy/greedy dimension of  human nature.

Fast forward to 2015/16.  Have the Wall Street banks set up a gullible public for a repeat of the 2008 shearing – or god forbid – something even worse?  According to a multitude of bloggers, ‘smart’ money has already exitted the Wall Street paper casino.  If this prognosis is true, why is the public constantly bombarded with financial MSNBC and CNN cheerleaders, urging everyone to stay the Wall Street paper asset course?

Wall Street’s get out of jail free card? Not a single Wall Street bank executive has ever been called to face trial for their 08′ misdeeds, au contrare!  Obama’s former Attorney General Eric Holder chose accept a $77 million gig at J.P. Morgan to act as a compliance officer – his legacy tarnished – but his pockets lined.  That’s how we roll nowadays – backwards to a new type of modern serfdom.  Perhaps that’s why so many investors feel or know, deep down inside, that another market crash is eminent.

Given that background, what can a modern retiree do to protect him/herself from feeling the brunt of the large, inevitable correction due to eventually hit the U.S. markets?  Metals offer you a solid  form or protection of wealth insurance.  These PM’s should make up at least a 5-10% portion of your nest egg.

Modern Retiree’s can protect his nest egg by investing a PORTION of his hard earned funds into ‘sound money’ – money that has a 5000+ year old tradition: precious metals.  Primary choices include in bars denominated ounces, or ‘rare’ numismatic collectable coins.  That’s what middle class America can afford to store.  Local coins shops provide such offerings.

Safely store Gold & Silver from TBTF bankers and robbers

A primary issue of concern with PM’s involves the safe external storage of said metal, while still allowing ready access to them in the event of a national monetary emergency. CAUTION! If you want to store PM’s somewhere – ANYWHERE – inside the banking system, you’d better read up and keep up on the law!!! Hard core precious metal investors consider the idea of storing physical gold and silver in any TBTF bank depository a travesty, an idea not even worthy of consideration!

Amongst the wealthiest individuals and families in America, it is common to ‘hold’ anywhere from 2% to 10% of their sizable portfolios ‘physically’ in precious metals.  Unlike currencies (Dollars, Euros, the Yen, etc.), no government can ‘print’ or create additional precious metals, and thus hot rod their ailing economies.  We all grew up hearing about safe Swiss bank accounts that protected the super rich’s wealth in the form of 24 karat gold bars -stored long term until these investors became the richest people in the graveyard  🙂

Many of the rich store private stashes of gold and silver, alongside private armies hired to protect them, kept under lock and key in gated communities and mansions around the world.  The 0.000001% club apparently likes to wear, display, or just plain oggle over their valuable precious metals.  In comparison, most middle class Americans simply want to protect our hard-earned nest egg from the ravages of corrupt banking institutions.

“If you can’t hold it, you don’t own it” – Gold Bug Mantra

The term Gold Bug is a derisive term Wall Street brokers bestow onto precious metal collectors; investors who cut into their paper-asset market action.  A true Gold Bug would never trust a Wall Street too-big-to-fail (TBTF) bank with his/her metals stash/stack.  Safety deposit boxes available at the local branches of Wall Street zombie banks are the last place a true Gold Bug stores his precious metals!

If you can’t hold it, You don’t own it!  That’s the mantra of precious metal collectors from sea to shining sea.  It bears repeating: These investors would no longer allow a TBTF bank to hold their gold or silver (coins/bars, etc) than feed their own children nuclear waste laced food, topped off with toxins!

A small, some would say naive handful of more trusting types ‘might’ allow a community bank, or even a credit union, that has a small array of safety deposit boxes – to hold their PM’s (precious metals).  Who knows, maybe their brother-in-law is a rural branch manager?  These people at least trust their local banks more than their local neighborhood robbers – or TBTF megabanks.   Their (Polly Ann-ish?) theory in a nutshell; FED bankers won’t be able to pull off a nationwide confiscation type lockdown, at least not without major rioting, in the event the electronic banking system shuts down.

Holding precious metals means just that – the ability to ‘hold’ it in your hand – or have ready yet secure access to them in the event of an economic emergency.  Imagine a world were no ATM machines work anywhere.  Will you have anything to barter with? Or are you of the opinion that such a situation is inconceivable in the land of the free?  Conspiracy theorist insists elite bankers are planning just such a chaotic monetary scenario to help issue in the New World Order as predicted by Bush 41 on 9/11/91.

Home Storage for significant PM holdings ?!? A true gold bug will tell you that one’s home is the one and only place to store your precious metals.  A marriage counselor might have other ideas about keeping ANY valuable PMs laying around.  Personally speaking, unless your spouse agrees with the idea of at having at least 100 lbs of attack dogs as pets AND a firearm, then its best to look at alternative placement for any significant amount of precious metals.  Expensive home camera and alarm systems warrant consideration if your the portion of you retirement nest egg being held is large enough.

In the United States, a 1930’s style ‘bank holiday’ is truly a cultural and historic oxymoron.  In a possible future repeat of that situation, barterable pre-1965 U.S. silver ‘junk’ quarters and dimes should cover you through the hardest of times. Google junk silver to learn more about purchase options.  Inexpensive junk silver is a relatively safe way to store PM’s UNLESS you have kids – in which case a safe is an absolute must!

Holding a small supply of ‘Junk Silver’ is probably the simpliest, safest way of owning precious metals.  Junk silver includes all pre-1965 quarters, dimes, and even half dollar coins.  If you have kids who might have access to such coins, then BUYER BEWARE! That 1964 dime, 90% silver by weight, that you purchased from a junk silver store is worth alot more than 10 cents!  Keep a close eye on any junk silver you might choose to purchase IF you have coin rummaging children.  Here’s a link to a random site to help you start your junk silver information search: http://www.apmex.com/

Where/How can the middle class store PM stack/stash ?

That’s the question!  Home safes are fine for small amounts of gold or silver coins (commonly referred to as stacks).  Access versus safety is the ying/yang that everyone has to work out for their family’s long term security.  Answers regarding precious metals storage vary depending on individual situations.  Having safety and access are dual requirements of a seasoned PM investor.

Numismatic ‘Collectable’ coins? The informal definition of numismatic coins implies a 15% or more surcharge on the purchase price of coins in terms of the bullion or metals weight value.  Collectable numismatic coins have recieved some degree of ‘protection’ from government confiscation in the past.  IMPORTANT: Just because a coin is termed ‘numismatic’ does not mean it’s the free-of-risk from confiscation.  Numismatic law is a field onto itself, complete with all the quirks involved with human beings and money  http://www.usagold.com/gildedopinion/gold-confiscation-ganz.html

‘Numismatic coins’ and safety from confiscation? According to moneychanger.com, “Any exemption from confiscation has to include the American Eagle gold and silver coins“. A statute defines these commonly available minted coins as numismatic (i.e. collectable), as opposed to bullion coins, which are priced on a weight basis. I wish I could recommend the common Eagle coins for safekeeping; they are legal tender and apparently numismatic. IMPORTANT: No situation has occurred in the 21st century to test this hypothesis, and many PM collectors are rightfully skeptical of this interpretation of ‘numismatic’ coin protection.  All U.S. coins minted after 1960 should be CONSIDERED ‘confiscatable’.

With confiscation chat occur all over the internet, where is a novice Precious Metals investor to turn to? The PM marketplace seems to be responding with some creative protective offerings: State depositories.

State managed Gold and Silver depositories:  The Utah state government monetized a select set of pre-1964 Gold and silver Eagle coins in 2011. A variety of depository options will soon be available to the public, including a narrow set of IRS approved 401K plans.  Talk of VISA accounts backed by vaulted metals are finding their way around PM blogs.  Legal frameworks have already been put into place.

These still-forming depositories represent the most forward thinking ideas around in terms of storage and protection of PM’s on American soil. Visit utahgsd.com to learn more. Note that Texas has proposed a somewhat similar storage facility for precious metal allocations, further shifting economic powers from the FED to the states.  Will other states begin looking at seceding from the Federal Reserve’s control?

How ‘safe’ are Safety Deposit Boxes from PM confiscation?

Safety deposit boxes are not free from governmental prying eyes.  It’s true thousands of these boxes were seized during the depression as the result of bank failures.  According to Wikipedia, there remain 1,605 cardboard cartons from said seizures stored in the basement of the Treasury, each carton containing the contents of one unclaimed safe deposit box.  While some high profile seizures resulted from high profile secret service cases, records of seizures from John Q. Public types are murky at best.

Nowadays, storing any of your valuable precious metals in a bank safety deposit box should be considered RISKY, even if you store them as ‘rare collectable coins’ as currently defined by the U.S. government.  The government clearly allows citizens to hold collectable coins in safety deposit boxes – and citizens comply in droves.  In the event of a major event, say World War III being declared in Syria, gold ownership may be a mere Executive Order away from being effectively transferred over to ‘Fed’ control.

Confiscation: History is on the side of PM investor/skeptics. At a very meaningful level, diligent PM investors have history on their side when it comes to matters of government trustworthiness, or lack thereof.  After all, FDR looked deadly ill when he was filmed signing Executive Order 6102 on April 5th, 1933.

Coming Soon!

Precious Metals Investing, where we touch on the following points:  Gold Confiscation / The Fed and Fort Knox / Wall St Casino /Offshore Investing / Constitutional Money

Keep a lookout for a future article on buying Silver!

Disclaimer

*** This article is based on the investment experience of a known gold bug, who began buying Gold when it was a mere $400 an ounce in 2003.  He only keeps small amounts of  ‘junk silver U.S. coins’ on hand for emergency bartering, something you too should do.  This advice comes free of charge for your own financial reflection. Lastly, note you alone are responsible for your own due diligence and decisions regarding all aspects of PM purchases. Good Luck and stay safe in the investment jungle currently confronting all modern retirees.

Microsoft Office 2016 for Seniors – The Program Interface with Word

Microsoft Office 2016 for Seniors

This is the first lesson in a series of free online computer classes for seniors where we are focusing on Microsoft’s latest version of Office, Microsoft Office 2016.  This free online computer training for seniors will focus on beginning computer classes for seniors  in Word, Excel, PowerPoint and Outlook 2016.  ModernRetiree.com will be offering a variety of different computer lessons for seniors through-out the year.

A Look at the Word 2016 Interface

Microsoft Office 2016 is the latest version of Microsoft Office and is the version that will ship with your computer if your order a new one.  The latest version of Office is a very powerful Office Suite that consists of applications that perform a variety of different functions.  These applications allow you to:

  • Create letters, flyers, brochures and newsletters using Word
  • Create spreadsheets to manage your budget and account balances with Excel
  • Create presentations for your volunteer activities using PowerPoint
  • Send and receive email and manage your schedule with Outlook

Even though the Office applications are used for different functions, they all share a common interface so once you get familiar with one, you’ll find the other applications work in similar ways.  In this lesson, you’ll get familiar with the Office 2016 interface using Microsoft Word.  We’ll explore the Ribbon and the Backstage view and you’ll learn how to create new blank documents and get familiar with the Ribbon tabs.

Starting Word 2016

Office 2016 is compatible with Windows 7 or later and for Mac OS X 10.10 so the steps for starting your Office application will differ depending on which version you are using.  The most common way to start Word 2016 is to click the Start button at the lower left end of the Windows Taskbar.

Windows 7 – Click the Start Button on the taskbar and click on All Programs.  Click on Microsoft Office 2016 and click on Microsoft Word 2016.

Windows 10 – Click the Start button and click All Apps.  Scroll down to the M section and then click Microsoft Office 16. Click Word 2016 or desired application.

Windows 8.1 – From the Start screen, click the down arrow at the bottom and then locate and click Word 2016 or the application you want to use.

Starting a New Document

Once you open up Word, Excel or PowerPoint in Office 2016, you’ll be presented with a Start screen.  You can begin by working on a recent document, opening another document you saved earlier, create a new blank document or create a document from a template.  We’ll start by creating a new blank document in Word.

  1. Click on Blank Document and Word will open up.

Creating a new blank document in Word 2016

Maximize the Word Window

After you start Word 2016, you will see the Word application window. You may wish to maximize the window so you can view the full Word programming interface and all the tabs and groups on the ribbon The maximize button is located at the top right corner of the application window.

1. Click the maximize button to see the fully maximized window

minimize and maximize button in Word 2016

Word 2016 Program Interface

Here is the Word 2016 program working environment. We’ll look at all these parts of the program in detail in this lesson.

Word Interface in Office 2016

Working with the Word 2016 Program Window

The File Menu (Backstage View)

The Backstage view contains commands for managing your Word program and Files. It provides you options for creating new documents, saving, opening existing documents, printing, or sharing your document and sending your documents to others.

Enter the Backstage View

  1. Click the File Tab on the menu
  2. Click on the Info tab.  The middle pane provides options to control permissions for who can work on your document, share your document and allows you to manage versions.  The right pane displays document properties.  Explore the other tabs in the Backstage view.
  3. Click the arrow at the top of the window to exit backstage view

Backstage View in Word 2016

The Ribbon

Tools on the Ribbon are organized into groups including commands in the file tab for managing your files and commands on the ribbon for managing your file content. Each Office application has a different set of tabs for the tasks it  performs.  In the example below, we are looking at the Ribbon in Word 2016.  The Ribbon is what you will use to access all of Word’s features. It is located at the top of the document window and consists of Tabs that are organized into groups which contain common commands relating to a particular task.

There are 3 types of tabs

Standard – includes the File, Home, Insert, Page Layout Review, References, Mailings, View and Add-Ins

Contextual Tabs – these only appear when needed depending on the task you are performing such as Picture Tools, Drawing and Table Tools

Program Tabs – Print Preview, info, etc

Let’s take a look at the standard RIBBON tabs

Home Tab

  1. Click the Home tab, the ribbon will display command buttons you can use to change color, appearance, and alignment of your text.
  2. The Home Tab has 5 Groups – The Clipboard Group, the Font Group, the Paragraph Group, the Style Group and the Editing Group.

The Home tab in Word 2016

If you hover your mouse over a command, you’ll see a screen tip.  If a command is greyed out, it is not available for use.  In the following example, we’re hovering our mouse over the Paste command in the Clipboard Group.

screen tips in Word 2016

Insert Tab

  1. Click the Insert tab, and you will see the command buttons you will use whenever you want to insert tables, images, pictures, online pictures, charts, headers and footers and page numbers to your document.

Insert tab in Word 2016

Design Tab

  1. Click the Design tab, and you will see the command buttons you will use whenever you want to format your document and apply themes, styles, colors, fonts, paragraph spacing, effects and more.

Design tab in Word 2016

Layout Tab

1. Click the Layout tab, and you’ll find the buttons needed to adjust the margins, paper size, orientation, indentation, line spacing and general appearance of your document. The Layout Tab also allows you to change the Page Setup by launching the Page Setup Dialog Box.

2. Click the Page Setup Dialog box launcher.  Here you can change alignment, indentation and spacing before and after paragraphs.

Layout tab in Word 2016

Mailings Tab

1. Click the Mailings tab to see the commands related to mass mailings used in the Mail Merge Feature. Organized into 5 Groups: Create, Start Mail Merge, Write & Insert Fields, Preview Results and Finish.

Mailings tab in Word 2016

References Tab

1. Click the References tab. Here you’ll see commands you can add to your document such as reports and research papers. The commands are organized into 6 groups: Table of Contents, footnotes, Citations and Bibliography, Captions, Index and Table of Authorities

References tab in Word 2016

Review Tab

1. Click the Review tab and you’ll find buttons relating to proof reading your document, tracking changes, working in other languages and protecting documents. These are organized into 7 groups: Proofing, Language, Comments, Tracking Changes, Compare and Protect.

Review tab in Word 2016

View Tab

The view tab allows you to change the look and feel of your workspace and view your documents in different ways including Read Mode, Print layout, Web Layout, Outline and Draft mode.

1. Click the View Tab > View Group

View tab in Word 2016

Minimize or Maximize the Ribbon

The ribbon is big so you can choose whether you want to display it or not. To do this, there is a button located in the upper right hand corner of the ribbon.

1. Click the minimize the ribbon button. This will make the ribbon disappear when you are not using it. Click the same button again to make the ribbon redisplay.

Hide Ribbon in Word 2016

We will be using the different tabs, groups and commands on the Ribbon in later lessons in our series of free computer training for seniors.

Recommended Books

How Couples Deplete Retirement Savings

A new article on squaredawayblog.bc.edu highlights how Americans who save for retirement throughout their working lives often hold tight to that savings after they retire. The new study revealed that they eventually do spend much of this money and sheds light on where it goes.  The study focuses on the retirement spending patterns of couples, adding to similar past studies on single retirees. While both spouses are alive, the researchers found that a couple’s wealth remains relatively stable over time – until they start paying for medical care, nursing homes, and other major end-of-life expenses.  Read the full story at squaredawayblog.bc.edu.

What is a Modern Retiree?

That is the question I have – for myself – as I try to define the term in this maiden voyage blog.  The term itself (Modern Retiree) sounds like a cheesy TV sitcom – maybe I should trademark it for its potential commercial value?  I must admit, I like Sofia Vergara, even though I’ve never watched her ABC-TV show, or haven’t purchased any of her cable channel infomercial coffee (presumably Colombian).

No – I think it should be something a bit more serious, and hopefully more useful.  So lets go to Google, the modern dictionary of sorts, for a 21st century definition.

  1. DEFINITION OF MODERN: For those of you who (like me) largely slept through high school English, the term ‘Modern’ itself is an adjective – or a noun – depending on how you use it:  a person who advocates or practices a departure from traditional styles or values.
  2. DEFINITION OF RETIREE: Retiree, on the other hand, is simple a noun: a person who has retired from full-time work.

And thus a basic framework takes form: A modern retiree is someone who has retired from fulltime work; someone who practices a departure from traditional styles or values as defined by 20th century retirement. 

Now, I’m sure I can add (and will add) to this basic framework of ‘modern retiree’.  For me, the next logical level to define modern retiree involves time and money.

TIME AND THE MODERN RETIREE:  Philosophers and Mathematicians have waxed poetically about the DEFINITION OF TIME.  What does Sergey Brin and Larry Page’s search engine have say about time?  the indefinite continued progress of existence and events in the past, present, and future regarded as a whole.

MONEY AND THE MODERN RETIREE: To downplay the importance of money in todays America is full-hearty at best, suicidal at worse.  But ‘what’ exactly is money?  Back to Google for a DEFINITION OF MONEY: a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.

And now for an extraneous point regarding what it means to be a Modern Retiree, from a personal point-of-view.  A modern retiree is an individual who is determined to leave the world a slightly better place upon his/her inevitable departure from this world.

The foundation has been set!  I hope you’ll stop by this site to see where we take this journey of being a modern retiree as the definition continues to grow and evolve.

Charlie, co-founder of modernretiree.com

Study Reveals Age Discrimination Affects Women More

Age discrimination is not a new concept and has been happening for as long as most of us can remember despite the fact that it is illegal in the US and most western societies.  According to EEOC.gov, age discrimination involves treating someone (an applicant or employee) less favorably because of his or her age.

The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older.  Despite this fact, age discrimination still exists, especially for female job applicants in their mid-60s according to a recent study of employer discrimination in hiring published by squaredawayblog.com.  The study, according to the article,  found “strong and robust” evidence that female job applicants in their mid-60s were much less likely to be called in for interviews for low-skill jobs than were younger women. Evidence of age discrimination among older men was more mixed, the article states, or even non-existent in one occupation.

“It seems there was age discrimination for women – no matter what,” said Patrick Button, an economist at Tulane University.

The article notes that researchers sent out “more than 40,000 mock applications for jobs advertised online in 12 cities. The “applicants” fell into three age groups – 29-31, 49-51, and 64-66 – and submitted resumés in four job categories: retail sales, office administration, security guard, and janitor”.

The results of the research definitely revealed age discrimination, particularly for positions such as receptionist or office manager in the Office Administration category which tends to be predominantly occupied by women.   The older women were much less likely to be called for interviews, the article stated.  There were also less calls for interviews in the sales and security categories for the older women.  Interestingly, the two predominantly male jobs, security guard and janitor, showed little evidence of age discrimination, the article notes.

“The findings from this study hold implications for older workers, and particularly women, seeking a change in their full-time job or planning to ease into being fully retired by taking a part-time job”, the article concludes.

Read the full article at squaredawayblog.com >>

Read Facts about Age Discrimination here.

Read about What is Age Discrimination here?