Why Some Retirees Are Pissed Off With $15 Minimum Wage, Ep #2

What does a $15 minimum wage have to do with retirees? Why would they be upset about it? Is it that big of an issue? Illinois recently enacted a plan to increase their minimum wage by $1 each year until 2025—at which time they’ll have fully implemented a $15 minimum wage. In this episode of Retirement Made Easy, I use some hypothetical scenarios to explain the impact of the minimum wage increase and what pre-retirees need to prepare for.  

• [1:24] Why are retirees pissed off about the $15 minimum wage?
• [2:26] A Hypothetical example of a retiree in Illinois
• [5:14] How the minimum wage increase will impact grocery stores
• [7:63] WHY the minimum wage increase is terrible news for retirees
• [9:59] Check to see what your local state has in place for minimum wage increases
• [14:11] Understand the retirees perspective and how it impacts retirement planning
• [14:45] A brief discussion on the impact to small business owners
• [15:34] How to plan and prepare for a successful retirement