How will increasing the minimum wage effect retirees who live on a fix income?

Question

Because a minimum wage increase effects the cost of living, how will retirees and disabled people be able to cope with the cost increase on a fixed income?

Answer 1

The cost of goods and services provided by companies that hire minimum wage employees will have to rise to provide sufficient revenue to pay the increased wages. Retired people, as well as all other consumers, will pay more for those goods and services.

On the other hand, the thousands of people who work at minimum wages will have more money to spend, and that will create new markets, or make some existing markets, more profitable. That might offset some of the increased prices caused by raising the wages.

According to some economists, there are so few people working at minimum wage that the effect on the economy will not be noticed by most consumers.

Those who will be most affected are students who will find part time jobs scarce. Employers will opt to hire more experienced, older workers, if they are obliged to pay higher wages. If that is the case, it may be that retirees will actually benefit, it they chose to return to work and are willing to do entry-level work.

Answer 2

even as workers have a vested retirement plan, they pay into that plan with each paycheck and the corporate matches this pay-in. which means the retirement money are collected over the dimensions of an employees time with the corporate---already paid for, in different words. If no longer vested, then the corporate received't grant matching retirement money till the worker reaches the 20-three hundred and sixty 5 days mark, and the greed-pushed organizations might want to then attempt to rigidity workers out basically in the previous that they'd be required to do matching money. companies were getting SUBSIDIES from the Republicans (2001 by way of to 2009) for OUTSOURCING...it really is, shifting their total operation off American soil to low-salary third international international locations like India (the position the basically accurate annual revenues is $three hundred), alongside with the tremendous revenues-dropping deficit-causing TAX CUTS for the wealthiest companies and the wealthiest CEOs. GREED is a bottomless pit, insatiable no be counted how little is demanded in words of straightforward-percentage taxes. companies PROSPERED in the course of the 8 years bill Clinton become our President, even as the tax price for prosperous human beings become at 39%---an identical factor that could be in position once the deficit-causing revenues-depleting idiotic Bush/Cheney tax cuts for the wealthiest 2% are rescinded. A retiree each so often relies upon upon an funding account---the very money owed that the banksters took hazards with even as they'd no OVERSIGHT attributable to the GOP's deregulation---making a huge gamble on derivatives with human beings's money to the point of housing and credit markets' cave in and our monetary platforms' MELTDOWN. some retirees lost their total life's reductions, and a number of those pension money were depleted besides. companies benefit if our nationwide Debt and our DEFICIT are delivered below administration, and this can be carried out an excellent purchase a lot less puzzling if those prosperous companies basically PAY THEIR straightforward-percentage TAXES! in the experience that they employ American workers, those workers spend earned money on the products that organizations make, and all of us advantages. If those organizations supply up being so grasping and accurate-govt heavy, then their workers will receive respectable wages and suitable advantages which will reduce extreme priced turnover. Win-win.

Answer 3

This will raise the price of goods and services in some cases. This negatively effects people on fixed income as they will pay more for the things they buy.

They will adjust and cope...we all do,

Answer 4

Raising the minimum wage causes employers to eliminate jobs, so it hurst everyone.

http://en.wikipedia.org/wiki/Minimum_Wage