For boomers, it's a new era of 'work til you drop' When Paula Symons joined the U.S. workforce in 1972, typewriters in her office clacked nonstop, people answered the telephones and the hot new technology revolutionizing communication was the fax machine. Symons, fresh out of college, entered this brave new world thinking she'd do pretty much what her parents' generation did: Work for just one or two companies over about 45 years before bidding farewell to co-workers at a retirement party and heading off into her sunset years with a pension. Forty years into that run, the 60-year-old communications specialist for a Wisconsin- based insurance company has worked more than a half-dozen jobs. She's been laid off, downsized and seen the pension disappear with only a few thousand dollars accrued when it was frozen. So, five years from the age when people once retired, she laughs when she describes her future plans. "I'll probably just work until I drop," she says, a sentiment expressed, with varying degrees of humor, by numerous members of her age group. – AP
Dominant Social Theme: Too bad for the baby boomers! They shoulda invested better.
Free-Market Analysis: There are 78 million boomers, and apparently they are not going to retire. Does anybody notice an irony in this?
The dominant social theme of retirement has been one of the most pervasive of all elite memes. Never has any group of people been subject to more propaganda in the history of humankind, in our view.
Maybe TRILLIONS of words about "investing" have been spoken and written in the past 50 years, most of them aimed at US workers. And now we find that perhaps it has all come to naught.
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7 comments:
Oh yeah. Investing. You mean like contributing to your company's 401(k) plan? Or do you mean your mutual fund buying the dundled "securities" that included millions of deliberately overpriced and worthless home mortgages? Or do you mean stocks that big investors get to buy and trade in "real time" and AFTER trading hours are over (for you and me) with inside information thats only available to Senators and Representatives? Well, the 401(k) was stolen from millions of us (think Enron and WorldCom), many of the mutual funds also tanked, CD's get 1% or less, as do savings accounts, and unless you have LOTS of time and money, investing in the stock market (for middle class people) is a losing proposition (YOUR "trades" occur 15-30 minutes, often longer in a volatile market). The baby boomers have had their money stolen from them at every turn, in every way, by every scam know to man. Thats why Wal-Mart has 77 year old men and women greeting you and "reverse mortgages" are so big. Home equity is the last bit of money they have. And now banks and "investors" are trying to get THAT, too.
207-boo-friggin-hoo. Blame everyone but yourselves. EXAMINE the historic savings rate in our society. EXAMINE the fact that more than 50% of "baby boomers" have less than 50K in retirement savings. EXAMINE the fact of our of control consumer spending. Take a look in the mirror, personal responsibility starts there.
I've seen it in my own family. An aunt of mine has been an RN for 30+ years. Has less than 90K in retirement savings. Spends like there is no tomorrow(currently with 30K in credit card debt). Another relative was approved for a 400K+ mortgage on a 42K a year salary, and then spent 300K on a home. After years of not listening to this 20-something, I got her to finally sell her devaluing home and go from a $1900/30 year mortgage, to a $600/10 year mortgage. She'll net 130K and pay it off by the time she retires. She went from living in the city, fraught with crime, to owning a larger home on acreage in a much nicer area. Nobody is ever going to care as much about your money as yourself. Stop blaming others, and swallow the bitter pill.
Imclain is one of the clowns that scammed himself. Yeah you should invest in stocks. You should have also had enough common sense to cash out during the boom and put a good chunk of those earnings into safer investments (bonds, cd's, regular savings). Yes, you should be putting money into your 401k. You should also have enough common sense to know not to have most of your funds invested in stock when you are 10 years or less away from retirement.The more you people complain, the more you sound like you really would rather have someone baby sit you.
2:19....I'm not crying about anything...you missed the point (so did 3:26) in your efforts to show how much smarter and ahead of the curve you were. I'm sure all your family members are so happy that you are around to give them the sage advice. My point was that corruption and legalized theft have robbed millions upon millions of people. Your self-righteous lecturing makes you feel really good, I'm sure, but it doesn't do much to alleviate the suffering of people who watched their 401(k)'s go from $500,000 to $10,000. I, by the way am NOT in that group. I DO feel sympathy for those that are, instead of smug satisfaction at my personal financial brilliance. Most people are not that adept at anticipating stock swings or real estate bubbles or government condoned and facilitated wealth transfers. I hope you haven't hurt your arm patting yourselves on the back....
2:19...don't your figures also mean that 50% of baby boomer DO have more than $50,000 in savings? So half of them don't have any bitter pills to swallow. and 2:36, who says "yes you should be putting money into your 401(k)..." lol!!! THAT'S EXACTLY what millions were told 10-15 years ago. This time its correct?? Is THAT what you are saying? And "buy stocks" is what we were also told by really smart guys, like yourself, before the stock market crashed (are you old enough to remember that?) and wiped out TRILLIONS in wealth. And yeah, the market is "up" again. Time to buy now? So when the world markets admit that every country on earth especially the USA, can't pay its bills (ever --- as in we are BROKE for generations), the stock market WON'T collapse again and take the money --- again?...is THAT what you advise? I'm (along with millions of people in my age bracket) are ALWAYS amazed at the stupendous pomposity and endless ego of people of YOUR age who think they have it all figured out and would create a Utopia of financial security. If only people would listen. LOL. And for the record, I did NOT get wiped out by the theft of 401's and ain't looking for a babysitter.
716-Sounds like you are talking of the plight of those who sold low. Too bad. If you were stupid enough to SELL when prices were at historical lows, you should get taken for what you had. That goes against ANY sound advice. Those that stuck through it, have done fine. Those that sold and got that "bunker" mentality, lost out. It's not thievery, it's stupidity.
2:07-You mentioned reverse mortgages.The infomercials keep coming,but would'nt the decreasing home values also decrease the amount of home equity?Reverse mortgages seemed to really take hold at the height of the housing spike during the mid 2000's.Unless I'm missing something,the decrease in equity for newly aquired reverse mortgages would provide a much smaller monthly payment to the mortgagee.
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