Sorry. Bad news. You should've saved. A house is not a retirement account, it can plummet in value, and millions will be finding this out shortly. I also think a whole generation relying on 401k money will realize that the dollar and the stock market are not very safe places to be either.
No I do not take an ounce of glee in this. I'm actually quite freaked out by it, considering my folks are baby boomers too.
What will Gen X and Gen Y do with a generation of boomers who failed to save for their retirements, who are wrongly in the stock market at this age, and who are relying on a big housing gain, and a continuation of the Social Security and Medicare/Medicaid Ponzi Scheme? I think we'll soon be dealing with the perfect financial storm.
Boomers retiring not so rich
As the baby boomer generation reaches retirement age, many are facing the harsh reality of a less-than-cushy nest egg. Some put their kids through college at the expense of long-term savings. Others simply didn't save enough.
Indeed, the 78 million Americans born between 1946 and 1964 are on track to replace about 60 percent of their annual incomes after retirement, according to the Fidelity Retirement Index.
The national survey by Boston-based mutual fund giant Fidelity Investments also found that boomers set aside an average 4 percent of annual income. So much for maintaining their current standards of living.
August 07, 2006
Honey, don't worry about our lack of savings and pensions. We'll retire on the killing we made on our house!
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59 comments:
The only thing I would add Keith - is if the Boomers (et al) are counting on cheap oil - they are sadly mistaken as well - the effect of the oil crash will be (in part) a significant increase on ALL things made with an oil input - that is everything from food to the cheap work boots at Walmart. If they were counting on prices of food and clothing and energy to stay low - they should rethink what they have saved.
Did it ever occur to you geniuses that the "big bucks" you made by exiting the HP could be taxed to pay for the welfare of the people you are laughing about? Jesse Jackson and others have proposed several plans that tax "wealth" sitting in accounts and pension funds to pay for the immediate needs of the poor.
Unless your assets are safely offshore, you may be just as screwed as that guy with the underwater mortgage and $150 in the bank.
HP dumb ? of the day - Why are Anons ..."Anons"? Kinda takes all the fun out of name calling when one does not know what name to call.
I think we will see a lot of parents moving in with their children after a few years of retirement. I feel lucky that my parents and my wife's parents have government pensions. Hopefully, these won't get screwed up either. But, if they do run into problems, we will gladly take them in.
Also, offshore isn't completely safe either. The IRS is notified of all large wired transfers into the country and large amounts of cash can be confiscated if found on your person while traveling.
SS & Medicare are only Ponzi schemes because the republicans convinced you of that.
I heard an even worse stat on NPR a few years ago, that only 20% of boomers have enough money to retire on.
On the subject of using one's house for income in retirement: There's a push in the country to lower property taxes so that old people can keep their homes because "they can't afford the property taxes". Well, if the house is paid for then they should reverse the mortgage. Wasn't that the idea of having the security-blanket house?
If you want to blame anyone, blame the creeping selfishness and greed of conservatism for the situation you wring your hands over. Liberals tried to create a more egalitarian culture and made strides but were fought tooth and nail by the greedpig conservatives who decry any attempts at income redistribution as socialism. Fine, then let's bring back monarchy or feudalism and see how the masses like it when 5 families have all the money. That's the path republicans want to take us on.
I relish watching the middle class suffer for voting republican.
Americans born between 1946 and 1964
OMFG!!! I am a boomer!
Did not see that coming!
Born in '64 wtf
You are absolutely right. It's the boomers that will wreck SS & Medicare. And they can afford to buy all the good blow, which is why I can't afford it & why I haven't gotten laid in 2 years. And the Republicans, like you said, make everything really, like you said, suck. Yeah, it's because fo the boomers AND the republicans that I can't get laid.
Anonymous says . . .
"If you want to blame anyone, blame the creeping selfishness and greed of conservatism for the situation you wring your hands over. Liberals tried to create a more egalitarian culture and made strides but were fought tooth and nail by the greedpig conservatives who decry any attempts at income redistribution as socialism."
Since it isn't your money to redistribute, what else would you call such a scheme? Communism? Theft? You cannot create a more egalitarian culture by taking from the rich and giving to the poor, because you'll end up with poor and poor. Poor people who win lotteries are typically poor again within one year.
Almost every developed country on Earth has discovered that capitalism, greed included, produces more goods and a higher standard of living for more people than any other system yet devised. Yes, it sucks, but whatever made you think life was fair, or your definition of fair? Greed is the motivation behind almost every invention and advance in the history of the species. If people don't see potential personal rewards in doing something, they won't do it for long. Nearly every socialist country has given into capitalism, and revised their systems to incorporate it. Even China has discovered that egalitarian societies are uniformly poor and miserable, not prosperous and happy.
You cannot change human nature, only you own behavior. Instead of hating conservatives and blaming them, blame Mother Nature for creating the food chain, expansion, contraction, and everything else in a polar universe. You will never have a perfect, "fair" society here because Nature doesn't work that way. You may make it a little better for a while, but that's about it.
Incidentally, I've noticed every bit as much greed among so called liberals as among conservatives, so calling the latter greedpig conservatives is really hypocritical. Democratic leaders may pretend to be generous, but only with other people's money, certainly not with their own. It's all a show to buy votes. Look at Jesse Jackson, who has made himself and his family rich by pretending to champion human rights causes. He's the first to point fingers, but somehow always manages to profit in the process.
I can't stand greed and self-indulgence, but I know that no true socialist society exists anywhere, and that capitalism, however irksome, is the only thing that seems to work. I hope somebody comes up with something better, but I'm not holding my breath.
You X'ers and Y'ers are bitter and cynical before your collective time. As a boomer, I invested in RE and have made money - no different than my peers. You guys are far too pessimistic about RE. For example, I purchased my LI NY northshore home in 2003 for $800K. I'm putting it up for sale at $1.2 mil.: 50% appreciation in 3 years -not too shabby and totally legit. You have to be in it to win it, cheapskates. And, good homes in good neighborhoods in exclusive regions will always hold their value. Proof: here in LI NY we have some of the highest property taxes, ulility bills, HO insurance and cost of living of any where in the USA. Yet, people come, with suitcases of money, to buy these precious few good homes. When I get my sale price, and the buyer puts down 20%, his monthly COO including mortgage, property taxes, utilities and HO insurance will be about $9,000. Not bad to live in a great neighborhood with the very best teachers and schools (so they tell us). Don't be so cheap - pay up and live it up. Besides, the house will appreciate faster than the cumulative expenses!
The last letter appears to be hoax designed to make boomers look bad. I don't believe a word of it. Prices are falling even in incredibly expensive neighborhoods, so the argument is bogus. There aren't that many people will millions to throw away on tacky, gaudy junkboxes called houses by the crooks building them.
It's probably the anti-conservative writer two or so letters above.
Anon's 8:29:50 post appears to be a brilliantly written attempt to send the regular readers of this blog into a complete rage. The brilliantly written part disqualifies 7:46 as the author.
There are no purely capitalist countries as all practice some form of income redistribution. Without that we'd have monarchy or feudalism.
The most peaceful, broadly prosperous states are the ones with the most income redistribution. And that redistribution isn't in the form of taking money from one and hadning cash to another. It's from a graduated form of taxation where the money is invested in the culture at large.
But it doesn't surprise me that a conservative would think that the only for humans to progress is through the cultivation of the darkest and most primitive instincts in humans- greed and selfishness.
But that begs the question as to why conservatives think that the higher ideals of democracy and freedom will trump the innate and stronger human tendency towards brute force and control in places like Iraq?
If only we could have th kind of society this poster craves where only greed and self-interest define human activity. That's where revolutions come from.
You X'ers and Y'ers are bitter and cynical before your collective time. As a boomer, I invested in RE and have made money - no different than my peers. You guys are far too pessimistic about RE. For example, I purchased my LI NY northshore home in 2003 for $800K. I'm putting it up for sale at $1.2 mil.: 50% appreciation in 3 years -not too shabby and totally legit. You have to be in it to win it, cheapskates. And, good homes in good neighborhoods in exclusive regions will always hold their value. Proof: here in LI NY we have some of the highest property taxes, ulility bills, HO insurance and cost of living of any where in the USA. Yet, people come, with suitcases of money, to buy these precious few good homes. When I get my sale price, and the buyer puts down 20%, his monthly COO including mortgage, property taxes, utilities and HO insurance will be about $9,000. Not bad to live in a great neighborhood with the very best teachers and schools (so they tell us). Don't be so cheap - pay up and live it up. Besides, the house will appreciate faster than the cumulative expenses!
Monday, August 07, 2006 8:29:50 PM
___________________________________
Get back to us when it actually sells. I'll take a stab at it and say your best offer (this year)will be $710k. Next year, $580k.
Wanting to keep and enjoy the fruits of your own labor = greed and selfishness. Wanting the take and enjoy the fruits of someone else's labor = kindness & compassion.
Yeah, I know, there is no such thing as the fruits of one's own labor. All the middle and upper classes inherited their money or stole it from the indians.
You guys are kindof funny. Housing will plummet in value? Housing is not plummeting in value.
What a bunch of fricking alarmists. The sky is falling! The sky is falling!
There are markets that are very high. Those may fall somewhat, but the entire country isn't that bad.
Don't worry about boomers. I am a physician and boomers are HUGE (fat), they're not going to live as long as the "Greatest Generation". Older patients are usually quite thin and their kids (boomers) come and visit them and they can barely get through the wide doors.
Just give the boomers some more burgers and hot pockets and there won't be a problem.
"For example, I purchased my LI NY northshore home in 2003 for $800K. I'm putting it up for sale at $1.2 mil.: 50% appreciation in 3 years -not too shabby and totally legit."
Who's going to buy it? Houses are too expensive now.
Anon wrote:
Almost every developed country on Earth has discovered that capitalism, greed included, produces more goods and a higher standard of living for more people than any other system yet devised. Yes, it sucks, but whatever made you think life was fair, or your definition of fair? Greed is the motivation behind almost every invention and advance in the history of the species. If people don't see potential personal rewards in doing something, they won't do it for long. Nearly every socialist country has given into capitalism, and revised their systems to incorporate it. Even China has discovered that egalitarian societies are uniformly poor and miserable, not prosperous and happy.
China was a totalitarian Socialist State, USSR was a totalitarian Communist State.
Why are the only alternatives posted here Black/White?
America is the other side of the see-saw from these countries, in that it has made a god of individual greed and personal wealth. Any reference to 'communal' or 'social' anything riles people up to appoplexy.
Just as if the Cold War never finished...
Lots of countries see no problem with capitalism and a bit of socialism. Capitalism works well when people have the choice (money) to invest in it, but as can be seen by what's going on in the US, if you don't have the money, you're $crewed.
Many European countries are capitalist, but have socialist programs - nationalised health service, affordable government-run housing, social security and disability benefits that actually allow people to live a decent life.
Maybe its because they didn't spend the last 50 years running around the globe trying to impose 'Freedom and Democracy" on anyone who looked at them sideways.
They have no social stigma attatched to socialist programs.
Not saying that greed and 'I'm all right, Jack, pull up the ladder" attitudes don't exist there, but most people agree that paying taxes to help fund programs for the less well-off is probably a good 'investment' in their society.
Heh Andy:
In your dreams!!! Ha ha ha ha ha!!!! We've going to have an open house. My wife is making her irresistable swedish meatballs and speared skaktar strips. The smells will lure the unsuspecting prospects inside, whereupon I will grab their ears and woo them to the wonderful advantages and prestige of owning this magnificent home near the LI sound. You probably wouldn't understand, given your 'peanut butter sandwich' station in life. I'll let you know as soon as I have a buyer - probably this weekend. Ha ha ha ha ha!!!!
Anonymous said...
"There are no purely capitalist countries as all practice some form of income redistribution. Without that we'd have monarchy or feudalism.
"The most peaceful, broadly prosperous states are the ones with the most income redistribution. And that redistribution isn't in the form of taking money from one and hadning cash to another. It's from a graduated form of taxation where the money is invested in the culture at large.
"But it doesn't surprise me that a conservative would think that the only for humans to progress is through the cultivation of the darkest and most primitive instincts in humans- greed and selfishness."
------------
What an idiot.
First, I'm not a conservative.
Second, your claim is not true. Socialism does not work in the long run, no matter how good the idea behind it. Look at the mess in France today. People actually expect to be taken care of by private companies at the bidding of their government. Where is the money coming from: companies involved in capitalism.
Third, almost all progress on this planet has been motivated by selfishness and greed. You may be appalled, but that's a fact. Nearly every invention, every drug, every surgical procedure, every medical instrument has been developed by somebody hoping to make money or something in the long-run. Very few humans do things out of the kindness of their hearts, and when they do, they are often taken advantage of by bad people.
Why do we have supermarkets with tens of thousands of products? Capitalism. The desire of people to make money and lots of it. The Soviet Union was a perfect example of a society where inventing and producing yielded no direct personal benefit to the inventors or producers, and therefore, it had nothing: crappy cars, falling down buildings, hideous clothing, terrible food. Junk.
The vast variety of products and life-styles available to us today is a direct result of capitalism, and, yes, the selfishness behind it. Even Scandinavian countries, models of socialism, have lots of capitalism going on, and notice they have to import everything they use because they don't manufacture much of anything anybody wants (Volvos, Sabbs?). These "ideal" countries are not self-sustaining, and would cease to exist were it not for capitalism elsewhere.
Several years ago there was a bumper sticker seen in Florida that said "Kill a queer for Christ," and there were Christians claiming the world would be better without gay people. Islamic leaders today say the same thing. But, if you removed from the world all the inventions and contributions of gay people, we would all be living in caves eating dirt. The is true about capitalists. If you took away all the people you call greedy and all selfishness, we would all be living in caves, eating dirt, but possibly smiling, while we starved.
Greed is a built-in emotion for a reason. Nature isn't stupid, but apparently you, one of its creatures, are.
I believe socialism and capitalism combined may be effective, but to pretend that greed and selfishness are not powerful motivators is living a fantasy. And to blame conservatives for the state the world is absurd. It wasn't any better under communism or liberal American presidencies. Again, you cannot change human nature, much less Nature with a capital "N."
Speedingpullet
Move your time frame back 10 years, and you'll find the world was very grateful that the U.S. was running around trying to impose democracy on everyone,particularly the Nazis, and afterwards when it suited the purposes of NATO and UN, as in South Korea,Kuwait, Kosovo.
Having lived in Europe, I will agree that it can be a very pleasant life. The tradeoff is an almost complete lack of social mobility, exhibit A being France.
"Don't worry about boomers. I am a physician and boomers are HUGE (fat)"
Have you seen some of the kids these days?
"Yes, I believe we're getting fatter,
Getting fatter all the time.
Get-ting so much fatter all the ti-ee-iime!"
Only a boomer would understand...
Even Scandinavian countries, models of socialism, have lots of capitalism going on, and notice they have to import everything they use because they don't manufacture much of anything anybody wants (Volvos, Sabbs?). These "ideal" countries are not self-sustaining, and would cease to exist were it not for capitalism elsewhere.
Scandanavian countries are capitalist, but have socialist programs. The only truly socialist country left in the world is Cuba, and proabably not for much longer.
Once again trying to promote the black/white paradigm, without much success.
They don't need to 'self-sustaining' as most are in the EU.
In any case, how 'self-sustaining' would the US be if all imports stopped tomorrow?
Move your time frame back 10 years, and you'll find the world was very grateful that the U.S. was running around trying to impose democracy on everyone,particularly the Nazis, and afterwards when it suited the purposes of NATO and UN, as in South Korea,Kuwait, Kosovo.
Move it back 60 years and I'd agree with you ;-)
Not that Europe didn't have 'enough' Democracy, but that its hard to run a country thats half bomb-crater.
No surprise, really that places like the UK are still your allies?
Memories are longer in 'Old Europe'. Many people have heard stories from thier grandparents about how the US helped win WWII (note: 'helped', not 'won outright').
South Korea? A US war. Kuwait? Another US war with some help from US allies - see above for the reason.
Kosovo? Who knows - can't really say that anybody 'won' that war.
As for 'a lack of social mobility'. Is it any better here, really?
Social polarity exists in the US as much as any other country. Intstead of 'class' just substitute 'wealth' and you still get the same condition.
The rich get richer and the poor get poorer here, as they do everywhere else.
To the "irresistible swedish meatballs and speared skaktar strips"
I wish you luck. Just remember, if no one buys your house for what you're asking for. You'll be eating - hard boiled eggs. Ha!ha!ha!
Yes the rich often get richer, because they keep doing the things that made them rich. Similarly, the poor often get poorer, because they keep doing the things that keep them poor. Neither of these has much to do with politics, race, or ethnicity, just the way people see the world and how they live their lives.
Every now and then some wise ass screws up and breaks the trend.
OT: world wide oild surges:
This is part of the attack on American's fundamental right to travel freely about the country. It consists of two parts: 1. Raise the price of oil so high, people can't afford it anymore. 2. Make air travel so obnoxious through excess security, inefficiencies in booking, drops in maintenance quality, poor service, etc., that no one will want to fly anymore. Americans take the right to travel for granted as a basic right. We are about to lose this right.
Message to all SUV and mini-van owners.... Bwahahahahahahaha! We're approaching $1 per mile to drive that thing now. I love seeing "W" stickers on Escalades and Hummers. It warms my heart to know just how much your own guy screwing you and not even having the common courtesy to use Vaseline. Bwahahahahahahaha!
Lack of savings and pensions. A mountain of debt that people equate to wealth? Soon to be homeless Boomers. Who could have foreseen such craziness??
Thomas Jefferson said, "If the American people ever allow private banks to control the issuance of their currencies, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered."
Ever wonder why the Fed always goes too far one way or another??
To find out more click here
Americans born between 1946 and 1964
OMFG!!! I am a boomer!
Did not see that coming!
Born in '64 wtf
Welcome to the club. (:
We young Boomers are hated just as much as the old fart Boomers.
Autoforeskin, take your spamming bullshit somewhere else. An in-duh-vidual investor has as much chance to make money on FOREX as a baby seal has waddling though the polar bear exhibit at feeding time.
the upcoming war between gen x and gen y versus the baby boomers will be u-g-l-y
president barack obama will fire the first shot in 2012
Who is barack obama and why does he have such a stupid name?
Anyways, you do have to worry about the boomers ... worry about how you're going to take care of your parents when they lose a ton of their money in the house crash.
Did you know that most pension plans including the government are heavily invested in real estate and mortgage securities? They'll lose double as real estate goes down and mortgages default.
Message to all SUV and mini-van owners.... Bwahahahahahahaha! We're approaching $1 per mile to drive that thing now.
The grasp of econimics here is what I've come to expect In addition to being a wildly overinflated cost estimate there's another term you should look up; value. My honey is off to the Costco with the SUV7.8 miles round trip but saving a delivery charges and delays for an item that won't fit in the '06 Civic.
To the greed-lover:
Actually, most every invention, drug, device or whatever was NOT created out from greedy motivation. That's only a modern occurrence. Often, discoverers were broke or simple people. Was Galileo a tycoon? No. Did Salk issue an IPO for the polio vaccine so that it would cost $1000 a dose and only the well-heeled could get it? No, he GAVE it to society. He'd be considered a CHUMP in the shithole culture of greed we've created today.
And most of our technology, particularly medical and drug, came from basic research funded by the government. Go check it out. Our three greatest achievement areas are agriculture, medicine and defense. All three were heavily funded, researched and developed by GOVERMENT. Oh my God! That's socialism!
But it's far easier to believe that private industry acting alone created everything now that we're where we are. But without the combination of resources from everyone and a focus on the GREATER good, not individual good, a society cannot progress.
" Yes the rich often get richer, because they keep doing the things that made them rich."
Yeah, passing down the money they made fucking over other people.
"Who is Barack Obama and why does he have such a stupid name?"
Barack Obama is a junior senator from Illinois and a Harvard Law graduate. There we go again, a lack of intellectual depth and substance and, quick in making fun of other people's name. That kind of show how ignorant we are, about ethnicity. Rather than judging a person based on his/her capabilities, we judge them by the sound of their name or accent.
"we judge them by the sound of their name or accent."
Or the balance in their checking account.
Balance in their checking account is more diverse. I'll go for that. It doesn't matter whether you're black, brown, white , green , blue or yellow; bottom line, if you bought a McMansion house beyond your means and secured by an IO or ARMS during the last quarter of 2004, you're F_ _ CK'd. Hahaaaaaa!
if you bought a McMansion house beyond your means and secured by an IO or ARMS during the last quarter of 2004, you're F_ _ CK'd. Hahaaaaaa!
I have relitives in this position, shame of it all is you can not tell them a thing..they know it all.
I say cool cool best of luck..and move on to the next conversation.
Hard talking to geniuses, living the Credit Life..I mean good life.
Years from now , when people talk about retiring on the killing they made on there house, will actually involve a body, not money!
speedingpullet said...
Actually, who cares? Your statements are not valid. Belonging to the EU doesn't help, when none of the members produces much of anything.
If the U.S. stopped importing crap from China and elsewhere, it would be fine. We really don't need slave-labor produced t-shirts, and knock-off cosmetics, French cheese, or Italian pre-packaged tomato sauce. But, America grows most of the world's food, and refines most of the world's oil output (the stuff has to be refined before it can be used), and without us, the world would spin into misery.
Another writer claims that most of the worlds inventions were created by selfless persons. Rubbish. Alexander Graham Bell, for instance, made a fortune off his inventions, including the phone and phonograph. Edison made his fortune in electronics. Polio vaccine is only one out of hundreds of vaccines, most created and produced for profit. The government may fund research, which it should not be doing, but the companies doing the research do so out of greed, not generosity. Notice that they don't give away their drugs; they charge many times their actual cost, and it doesn't matter who funded the original research.
Cars, airplanes, computers, motion pictures, CDs, DVDs, and on and on--all created to make money. Greed most certainly is a primary motivator in much of the world's development, and to claim otherwise is to hide from reality.
Since Nature created the urge to have and expand, I guess you think Nature is evil and possibly Republican.
To Anonymous 1:12:54
I am not a greed-lover, and if you read my comments, you would know this. Go back, re-read, and stop leaping to conclusions.
Isn't it ironic, we borrow from China and in return purchase goods from them derived from borrowed money - also from them. China makes a profit in a form of interest on borrowed money and at the same time, makes a profit derived from sale of exported goods to us.
Did it ever occur to you geniuses that the "big bucks" you made by exiting the HP could be taxed to pay for the welfare of the people you are laughing about? Jesse Jackson and others have proposed several plans that tax "wealth" sitting in accounts and pension funds to pay for the immediate needs of the poor.
The IDIOT that wrote this must be smoking his own SHIT! Because he is full of it! Dream on stupid - Jessie Jackson can tax his own self and you too because if you believe that pile of shit you deserve it - what a dip shit....
All this talk will not change a Damm thing - it never has and it never will - so all you Eienstiens and Word Doctors give you self a Perscription 1/2 less sefishness and 1/2 more honesty along with a long shot of back breaking honest days work - Wait where are all you generation X and Y's running off to hide - Afraid of honest work, real giving of oneself to a cause other than pure selfish and greed -Honest it won't get you rich Monitarily but it will help clean out all the years of greed that fills your selfish hearts!
most every invention, drug, device or whatever was NOT created out from greedy motivation. That's only a modern occurrence - Yes it is a Invention by the X and Y Generations the most gready of all humans that ever walked this earth - because their stupid boomer parents gave them everything they did not have thinking that they would be the most squared away generation to ever walk this earth - HA HA that sure did not work - in fact the reverse happined they are the Laziest - most dishonest - lie telling and thieving of all - I am truly ashamed of what my generation created out of our children - we failed big time...
Effing boomers deserve the ass-pounding they shall receive in retirement. Their first mistake was actually believing they would be able to retire someday, WRONG. Boomers will work until they drop dead.
The rich get richer and the poor get poorer here, as they do everywhere else.
----------------------------
The rich get richer because they keep repeating the things that made them rich... the poor keep buying smokes, 30packs and knocking up mama.
I think the poster is right about Gens X & Y. Perhaps it's my advanced age but they do seem very callow, conniving and dishonest. Sort of an anything is ok if you can make a buck mentality.
But generalizations are maybe not accurate.
I think you can rest assured that the vast majority of Boomers will retire to their own special version of Hell after a lifetime of low savings/high consumption lifestyle. Many won't be able to retire at all.
I'm a boomer who saved, lived well within my means, and basically took the financial advice of my parents & grandparents seriously. But 90% of my peers sure as hell didn't save and their obsession with consumption is appalling.
I think it highly unlikely that 90% of that group is going to get 'lucky' enough through dumb-ass RE 'investments' to retire wealthy. They'll just end up giving back their winnings over the next 10 years like the innumerate amateurs they really are.
Cheers, Haggis
HP dumb ? of the day - Why are Anons ..."Anons"? Kinda takes all the fun out of name calling when one does not know what name to call.
Bingo, you just answered your own question.
I've been telling people for a long time that if they plan to retire on a 401k they are sadly mistaken. There is a reason corporations switched from a pension to 401k. It costs them less, therefore you have less. Pretty simple concept. Glad I work for local gov't and get paid for the rest of my life. You HAVE TO PAY taxes to keep yoru house.
I don't see anything wrong with local governments defaulting on their pension obligations. I would rather see that than sky high taxes for decrepit retired boomers to sit around and do nothing. The sooner they default, the more money we save, and the more time for the defaultees to get back to work and get off their fat retired boomer asses.
"I think you can rest assured that the vast majority of Boomers will retire to their own special version of Hell after a lifetime of low savings/high consumption lifestyle. Many won't be able to retire at all."
+++++Hmm....I am an older Boomer and many of my friends tell a different story about why they don't have enough money for retirement. It isn't high consumption that has lowered their savings accounts. For years, they've been supporting their Gen X/Y children who have been trying to maintain the lifestyle they were born to when the wages from their kids' current Mcjobs cannot cover their expenses, let alone their I/O McMansions. In addition, some of my friends are raising their grandchildren, who have been victims of their children's messy divorces.
Why don't any of you leftists work?
Oh yeah, you're living off your boomer parents.
"For years, they've been supporting their Gen X/Y children who have been trying to maintain the lifestyle they were born to when the wages from their kids' current Mcjobs cannot cover their expenses"
In other words, it looks like Chris Elliott's 'Get A Life' series was more art imitating life than an off the wall comedy.
http://www.x-entertainment.com/messages/28.html
"Get A Life"
The best of Chris Elliot, in a nutshell.
Also, a reminder as to why it's better for some not to have kids. Imagine having a 35-45 year old loser, living in your basement or attic, till your grave.
I'm sticking with pets.
X and Y Generations are basically worthless - titts on a borr - I am a boomer who watches my friend be totally helpless every day when it comes to his two children who are both X and Y generations 13 years seperate their age - they both try to live way above their earned level - She works at Target ( Real high earner) He works construction and droped out of high school - they both mooch off of their dad just like vampires - he was totally squared away to retire 15 years ago, but today he is broke - seems the Law problems with his son cost him alot just to keep the shithead out of jail - the kid thought he could take stuff out of peoples homes while they slept - They call that burglery and the Girl has been pregnant two times Gave one up for adoption and is trying to raise the other one without a father so she leaves the kid with his parents so she can work at Target and Date a Mexican who by the way is a illegal alien but he has a job at Home Depot in the parking lot part time. He says that we owe him since we stole calif from his relatives in texas -Fucking beaner someone ought to shoot that worthless bastard. back to those kids - I know he loves them but both of them are clueless and just bleed their dad dry. I am so Glad that I do not have any children when I see what has happined to Bill, I at least can retire and take it easy - I am not rich but I can eat and put a roof over my head the rest of my life
God Willing and isn't that what this is all about. I have a great little dog that is my family and he is loyal and never asks a thing of me. The Point of all this jabber is that Kids now days want to live like Kings and Queens but do not want to earn the Privledge they want it given to them. They are without any remorse or guilt and feel that anything no matter how wrong is OK for a fast buck. They do the easy thing and never the Right thing - I am ashamed of our American Youth - I went to Vietnam and stayed 18 months getting shot at several times a week - never did it enter my mind to just split I thought about earning the right to be an American and that I was Saving America from her own land being the war zone by going over there, to this day I can walk proud down the street knowing that I did not run from the duty of every American that expects to be free and prosper. God help us because the Children are really Messed up and America is going to suffer when they have to take over its maintanence and direction.
"X and Y Generations are basically worthless"
I am an Xer and I totally agree with you on my generation.
When we entered the early 90s recession, I thought that society would buckle down, par down debt, focus on Apollo-like national science projects, and we'd start over.
Instead, it's borrow and spend, stupid IT IPO rip offs, and then people in my generation saying that they have more opportunities then the generation which had actually invented today's science and technology. How worthless? And these chumps are corporate cronies today, 32-42 year olds, making sure that no one over 48 has a job, and that only "yes-man" entry level idiots get hired so that these bozos overlords get finance a BS life of BMW leases and condos in hip areas while inventing nothing of value for future generations since of course no one challenges their ideas in the office. And these aforementioned are the successful gen Xers, nevermind the true slackers like the one's you've known.
Well, unfortunately, I have to pretend to listen to them in order to keep my job and save for those rainy days. But nowadays, I only hang out with people over 50. I can't stand anyone in my age bracket anymore. If I could, I would have liked to have been born ten years earlier so that I could be around people who think more like me. C'est la vie.
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