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The House has begun debate on its budget resolution, with a vote expected later this week. And as supporters talk about this budget, there's one comparison you hear a lot.

House Speaker John Boehner, R-Ohio: "Every family in America has to balance their budget. Washington should, too."

Rep. Scott Garrett, R-N.J.: "You know, every family in America understands the necessity of a balanced budget."

Budget Committee Chairman Paul Ryan, R-Wis.: "This is how every family tries to live in good times and in bad. Your government should do the same."

But just how accurate is that analogy?

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Retirement ads are everywhere these days. The Villages lures retirees to come live, love and golf in Florida. USAA offers financial counsel to retiring military personnel. Hollywood stars such as Pat Boone and Tommy Lee Jones dole out all kinds of retirement advice in 30-second sermonettes on television and the Internet.

"Thousands of seniors have turned to One Reverse Mortgage to take control of their retirement," intones Henry "The Fonz" Winkler in one earnest spot.

Old actors don't retire; they just make retirement ads.

But the more talk there is of retirement — on TV, in pop-up ads, in news stories — the more you begin to wonder: What is retirement anymore anyway?

Backyard Hammocks

Time was, the official portrait of a retired American included a steady, dependable pension; leisurely mornings puttering about the house in soft slippers — maybe replacing the chain on the toilet tank ball or knitting a doorknob cozy; slow-driving from drug store to grocery to TV repair shop — back when TVs could be repaired. Afternoons were for penning letters to faraway friends and checking on the backyard hammock hooks.

Oh sure, there was plenty to do — foursomes of bridge and long weekend fishing trips. Perhaps for the more privileged — a beach house, a houseboat, that long-delayed trip to Mexico City.

No mas.

"I think the word 'retired' needs to be retired," says financial writer Kerry Hannon in her 2012 book, Great Jobs for Everyone 50+.

"Baby boomers are either continuing to work much longer or approaching work not as an afterthought, but as a pillar of their retirement plans," Hannon says, "as oxymoronic as that sounds."

Many older people are continuing to work — some out of choice, some out of necessity. "Unlike many of our parents," says Hannon, "most of us don't have pensions to fall back on to fund not-working for a decade or more."

She notes a few statistics: Between 2010 and 2020, people ages 55 and older are projected to be the fastest-growing segment of the U.S. labor force, according to the 2012–2013 Occupational Outlook Handbook, a jobs forecast by the U.S. Bureau of Labor Statistics. And, according to recent findings by the Employee Benefit Research Institute, more and more workers say they are planning to delay retirement.

Planning For Retirement When Savings Fall Short March 27, 2013

The 11.7 million Americans searching for work got discouraging news Friday morning when the Labor Department said employers created only 88,000 jobs in March. The weak job growth comes at the same time benefits for the long-term unemployed are shrinking.

The smaller-than-expected increase in payrolls was a big disappointment, coming after a long stretch of much better results. Over the past year, employment growth has averaged 169,000 jobs a month.

April 5, 2013

The House has begun debate on its budget resolution, with a vote expected later this week. And as supporters talk about this budget, there's one comparison you hear a lot.

House Speaker John Boehner, R-Ohio: "Every family in America has to balance their budget. Washington should, too."

Rep. Scott Garrett, R-N.J.: "You know, every family in America understands the necessity of a balanced budget."

Budget Committee Chairman Paul Ryan, R-Wis.: "This is how every family tries to live in good times and in bad. Your government should do the same."

But just how accurate is that analogy?

Enlarge image i