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Boomer retirement could slow U.S. recovery
chicagotribune.com ^ | Aug 22 2011

Posted on 08/22/2011 3:33:07 PM PDT by KeyLargo

Boomer retirement could slow U.S. recovery

CNNMoney

12:02 PM CDT, August 22, 2011

The aging of the U.S. baby boom generation may slow an already weak recovery as boomers sell stocks to pay for retirement, according to research released Monday from the San Francisco Federal Reserve Bank.

Many baby boomers have already sold some assets in preparation for retirement, research adviser Zheng Liu and Mark Spiegel, vice president of economic research, said in the latest San Francisco Fed Economic Letter.

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Business/Economy; Chit/Chat; Reference; Society
KEYWORDS: boomers; collapse; economy; retirement; sell; shtf; stocks; teotwawki
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In my opinion this is one of many factors, but the primary factor of our depressed economy is the socialist in the White House and his regime.

GRANDPA EATS DOG FOOD WHILE OBAMA PARTIES

1 posted on 08/22/2011 3:33:16 PM PDT by KeyLargo
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To: KeyLargo

Grandpa goes Galt earlier than planned.


2 posted on 08/22/2011 3:36:39 PM PDT by Paladin2
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To: KeyLargo

Sorry...just the opposite. Folks lost a lot of money a couple years back and are now forced to work....I see people 70 years old who still work to keep what they have.


3 posted on 08/22/2011 3:38:43 PM PDT by Sacajaweau
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To: KeyLargo
The fed is full of it as usual. They really think boomers are going to be able to retire anytime soon? By selling stocks?

Dreamers. Just go to any job site, from Mcdonald's to the local road crew and look at all the gray haired workers. Ain't nobody retiring but the upper crust.

4 posted on 08/22/2011 3:39:12 PM PDT by hinckley buzzard
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To: Sacajaweau

Yep. I plan to be at it when I’m 70 as well.


5 posted on 08/22/2011 3:40:12 PM PDT by RitchieAprile (The Democrat Party is a continuing criminal enterprise..)
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To: KeyLargo
I know a lot of laid off 60-somethings who decided to go for early retirement rather than look for work. Some were old enough to start Social Security. Others will start collecting as soon as they are eligible and are now drawing their personal retirement funds.

This economy has been tough on all unemployed, but those closer to retirement age are least likely to find another job and often just start their retirement early.

6 posted on 08/22/2011 3:40:36 PM PDT by cc2k ( If having an "R" makes you conservative, does walking into a barn make you a horse's (_*_)?)
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To: KeyLargo

To the Obama Blames file we need to add:

Obama blames time


7 posted on 08/22/2011 3:43:11 PM PDT by NoLibZone (Obama is bad luck for the US.)
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To: Paladin2

That was me, retired end of 08 and been essentially out of the stock market since 2007. I missed Ben’s QE runup but don’t feel bad about it.


8 posted on 08/22/2011 3:45:58 PM PDT by nascarnation
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To: KeyLargo

Now it’s the Boomers’ fault. Realli, is that how he and his team is spending their summer vacation, thinking up excuses???


9 posted on 08/22/2011 3:46:36 PM PDT by NonValueAdded (Tagline on vacation, day 3)
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To: KeyLargo
It's the fault of grandma and grandpa! I knew it! They've been livin’ large and now they're dragging the whole country down.

They live too long and too well and suck up too much medical care instead of just toughing it out.

Just not enough ice floes when mom and dad can't chew hides anymore.

10 posted on 08/22/2011 3:46:47 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: KeyLargo

Propaganda...For every retirement, there’s a new job opening...That will move people off the unemployment compensation roll or off welfare...Just a shift in payout from one agency to another...


11 posted on 08/22/2011 3:49:24 PM PDT by Iscool (I don't understand all that I know...)
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To: hinckley buzzard

The problem is that nobody will hire older workers. What else can they do but take early retirement? It’s a crock.


12 posted on 08/22/2011 3:49:50 PM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: KeyLargo

We obviously need to ship these mooching boomers of to fema camps!


13 posted on 08/22/2011 3:52:33 PM PDT by glock rocks ( I like Palin, but < insert PDS here >)
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To: hinckley buzzard
"Dreamers. Just go to any job site, from Mcdonald's to the local road crew and look at all the gray haired workers. Ain't nobody retiring but the upper crust."

Agreed for the private sector.

However there are millions of public employees retiring now to a life of luxury with no need to worry about having to work at a real job.

14 posted on 08/22/2011 3:55:06 PM PDT by KeyLargo
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To: glock rocks
"We obviously need to ship these mooching boomers of to fema camps!"
15 posted on 08/22/2011 3:59:06 PM PDT by KeyLargo
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To: KeyLargo

This recovery is starting to sound a lot like global warming.


16 posted on 08/22/2011 4:01:06 PM PDT by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: KeyLargo

What @$%#@!% Recovery?


17 posted on 08/22/2011 4:01:54 PM PDT by dfwgator
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To: dfwgator
"What @$%#@!% Recovery?"
18 posted on 08/22/2011 4:05:26 PM PDT by KeyLargo
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To: KeyLargo
Many baby boomers have already sold some assets in preparation for retirement

It has little if anything to do with "preparing for retirement". Many sold because they either lost their jobs or the market was tanking and they couldn't afford to lose anymore. They also knew that Obama's policies were destructive to the markets. This article is total BS and nothing but a Chicago cover story for their Messiah.

19 posted on 08/22/2011 4:05:44 PM PDT by Starboard
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To: KeyLargo

LOL. Oh, I’m a boomer; I just wanted to beat the resident gen-f’ers to the punch.


20 posted on 08/22/2011 4:06:06 PM PDT by glock rocks ( I like Palin, but < insert PDS here >)
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To: KeyLargo

The Fed is full of shite. Anybody working who can continue probably will continue to work. This economy has dashed most hopes of retirement.

Here in the REAL WORLD there isn’t much in the way of retirement. Stocks are just going to go sideways like they did in the 60s and 70s. IRAs are a fools bet designed to further enrich Wall Street as they make money on both sides of the trade, win or lose, and for “management fees” of IRAs.

Wonder what politician got rich over that legislation?


21 posted on 08/22/2011 4:08:35 PM PDT by Sequoyah101 (Half the people are below average.)
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To: lacrew
"This recovery is starting to sound a lot like global warming."
22 posted on 08/22/2011 4:08:52 PM PDT by KeyLargo
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To: KeyLargo

John Galt took his social security, cashed in his IRA and bought a condo?


23 posted on 08/22/2011 4:08:52 PM PDT by silverleaf (WS)
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To: Starboard
Many baby boomers have already sold some assets in preparation for retirement

The smart ones converted some assets in preparation for the future.

24 posted on 08/22/2011 4:08:57 PM PDT by glock rocks ( I like Palin, but < insert PDS here >)
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To: dfwgator
"What @$%#@!% Recovery?"

I see that mantra bothers you as well. They just won't stop using it will they? Our local TV news (propaganda) station throws "the recovery" into every story they can as often as they can. My wife is tired of hearing me yell "What @$%#@!% Recovery?" everytime they do.

25 posted on 08/22/2011 4:09:43 PM PDT by Graneros ("It is no exaggeration to say that the undecided could go one way or another.")
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To: Starboard

“This article is total BS and nothing but a Chicago cover story for their Messiah.”

Yes. This article does originate at CNN and is published by The Chicago (Lib-une) Tribune which endorsed Obama.


26 posted on 08/22/2011 4:13:06 PM PDT by KeyLargo
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To: NonValueAdded
"Now it’s the Boomers’ fault. Realli, is that how he and his team is spending their summer vacation, thinking up excuses???"

8/22/11 2:36 p.m.

WLS RADIO CHICAGO

http://www.wlsam.com/

OAK BLUFFS, Mass. (WLS) - After two outings at the golf course during his Martha's Vineyard vacation, President Barack Obama has switched to basketball.

Obama arrived at the Oak Bluffs Middle School on Monday afternoon, within an hour of delivering a statement on the apparent end of Moammar Gadhafi's regime in Libya.

The White House says he's playing basketball with friends and members of his staff.

Obama has played golf twice during his 10-day stay on this resort island off the Massachusetts coast.

27 posted on 08/22/2011 4:27:32 PM PDT by KeyLargo
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To: KeyLargo

We finally found a picture of Obama from college


28 posted on 08/22/2011 4:30:23 PM PDT by dfwgator
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To: Iscool

“For every retirement, there’s a new job opening...That will move people off the unemployment compensation roll or off welfare.”

Unfortunately, many companies are not replacing their retirees, but shifting their workloads to other employees.


29 posted on 08/22/2011 4:32:03 PM PDT by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: KeyLargo

Grasping at straws, the state-run media seeks to blame the elderly for Obama’s rotten economy.


30 posted on 08/22/2011 4:35:42 PM PDT by kittymyrib
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To: qam1; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; InShanghai; xrp; ...

Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.  

31 posted on 08/22/2011 4:39:10 PM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: KeyLargo

If the money they paid into the pot was misappropriated it will hurt everyone. It was so it will.


32 posted on 08/22/2011 4:49:26 PM PDT by allmost
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To: KeyLargo
"The aging of the U.S. baby boom generation may slow an already weak recovery as boomers sell stocks to pay for retirement"

What the He** did they think was going to happen? That's WHY the Boomers contributed to their retirement accounts and let the dividends and interest accrue for 40 years.

In other words..."Oh, crap, the bill is coming due".

33 posted on 08/22/2011 4:55:58 PM PDT by radioone (Don't let the media pick our nominee. "Palin 2012")
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To: KeyLargo

BS


34 posted on 08/22/2011 5:00:34 PM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: Sacajaweau

exactly I have been looking for work for 15 months now. Tons of applications and only two interviews so far.


35 posted on 08/22/2011 5:06:04 PM PDT by television is just wrong
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To: glock rocks

“The smart ones converted some assets in preparation for the future.”

Yep. Convert some assets but maybe hang onto others just in case it becomes clear that Barry is on the way out. That would be a huge green light for the markets and all that cash that has been sitting on the side lines. We could eventually see a major bull run if that scenario plays out.


36 posted on 08/22/2011 5:07:48 PM PDT by Starboard
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To: KeyLargo
Blah Blah Blah. If a person is managing his own portfolio, he is likely selling stock when it reaches the target and then reinvesting it in a value stock or one he expects to outperform the market and maybe precious metals and some cash or cash equivalents.

My self, back when the dow was pretty high in 2007, I searched to find some stock to invest in. Everything I looked at was over priced. I could not find a decent investment.

I decided the market was due for at least a correction and liquidated 1/2 of all stock holdings as well as IRA’s and 401k’s in favor of cash equivalents. That was in September of 2007. I am too old to put all of that back in the market whether I am working or not.

I have made some small stock investments since then: Ford, Precious Metals, Bank of America etc. They have more than doubled since I purchased them. Mostly, just like corporations, I am sitting on more cash than usual. Too much uncertainty where I might need liquidity.

When companies lay off workers, they sometimes give a pretty good voluntary incentive to older workers to avoid age discrimination complaints. Then they turnaround and hire younger workers at a much cheaper wage and benefit package.

In fact, that was a selling point for social security under FDR. Get the old people to retire so the younger people could have a job. Anyone who has a job had better be making some good investment decisions, to make up for the lousy pension and social security situation.

I expect it to get worse before it gets better, and I don't expect it to get better anytime soon, but not because of retirement. Where's the jobs? Put all the millions of unemployed back to work, and there will be plenty of people saving and investing for their future retirement.

37 posted on 08/22/2011 5:20:19 PM PDT by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: KeyLargo

Ha. I remember an article from long ago (1990s?) that basically said there would be a boom as boomers retired, because they would be spending all that money they had saved.


38 posted on 08/22/2011 5:48:21 PM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
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To: qam1; NormsRevenge; Jim Robinson; Eaker; humblegunner; B4Ranch; Pete-R-Bilt; SouthTexas; ...
including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Yah, it's a sad commentary. Yet, some of us boomers have been fighting the good fight since Eisenhower. Read up on Birch and Welch. Some of us over here have been fighting the dragon all our lives, and now it's your turn. Dig in, kick ass, and forget blame. We did. Maybe 'thanks for putting me through college, dad - sure a f'd up world you left us' would be a tad more acceptable in that it involves 'thanks, dad.' Sorry about the world, son. Wasn't a hell of a lot better than that handed down by my depression father, but at least he drummed in a work-yer-ass-off work ethic into me and my brothers.

I don't mean to offend, honestly. Some of us on this side of the age barrier have been fighting the good fight all our lives. I truly hope you can take over for us and do better to turn this around for your children, our grandchildren. We do love you and pray for you. God speed, and God bless.

39 posted on 08/22/2011 6:01:10 PM PDT by glock rocks ( I like Palin, but < insert PDS here >)
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To: glock rocks; qam1
I don't mean to offend

You were very polite to what appears to be a whiny little shit.

I am really not looking forward to what this bunch of yahoos leave my baby grandson to deal with. Thank goodness when things get really tough they can fall back on their Wii or gameboy skills.

40 posted on 08/22/2011 6:28:16 PM PDT by Eaker ("If someone misquotes you, it's because they know you're right.")
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To: Eaker

I homeschool, and tend to be eternally optimistic. Even the foolish get older... whether they grow up is to be determined.


41 posted on 08/22/2011 6:35:00 PM PDT by glock rocks ( I like Palin, but < insert PDS here >)
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To: glock rocks

Yer a good man Charlie Brown!


42 posted on 08/22/2011 6:38:22 PM PDT by Eaker ("If someone misquotes you, it's because they know you're right.")
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To: Eaker

I figured it was worth giving a shot.

We’ll see what kind of response I get... my kids carry the flame, as I’m sure do yours.


43 posted on 08/22/2011 7:20:44 PM PDT by glock rocks ( I like Palin, but < insert PDS here >)
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To: KeyLargo

Retire as soon as you can—all of you. You’ll spend far less and have more money for having a great time (not to mention time for having a great time).


44 posted on 08/22/2011 7:27:36 PM PDT by familyop ("Plan? There ain't no plan!" --Pigkiller, "Beyond Thunderdome")
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To: familyop

I retired and then worked another ten years in a second career that I liked. But I realized that all I was doing was paying more taxes on the more money that I made. I now enjoy life as everyday is Saturday now. And I pay less tax.


45 posted on 08/22/2011 8:07:44 PM PDT by KeyLargo
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To: familyop
pretty much decided that when my husband hits the 62 1/2 stage, he should start collecting....I'll keep going part time til I'm there....

enough is enough...

we've done everything by the book...

saved...

paid bills off...

bought used cars....

no grandiose vacations...

for what?....for what?....

what is , is....we've tried to get rich and it just ain't happening...

46 posted on 08/22/2011 8:14:34 PM PDT by cherry
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To: KeyLargo
it depends really on whether you have a defined pension or not....then you can weather the ups and downs of the market....

but those guarenteed pensions...especially the govt ones....it makes it all very easy to just "retire"....

47 posted on 08/22/2011 8:18:00 PM PDT by cherry
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To: KeyLargo

Lots of boomers, including me, aren’t going to be able to retire. Our investments tanked a while back.


48 posted on 08/22/2011 8:20:22 PM PDT by rejoicing
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To: cherry
"we've done everything by the book...

saved...

paid bills off...

bought used cars....

no grandiose vacations...

for what?....for what?....
"

You and your husband are being wise, IMO. Become as self-sufficient as you can. I'm in my fifties and am building (very slowly, out-of-pocket) off-grid utilities, fencing, etc., on a cheap, remote place (very sunny and windy here).


49 posted on 08/22/2011 8:37:28 PM PDT by familyop ("Plan? There ain't no plan!" --Pigkiller, "Beyond Thunderdome")
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To: glock rocks; qam1; NormsRevenge; Jim Robinson; Eaker; humblegunner; B4Ranch; Pete-R-Bilt
I have people working around me that are already in the 80s.
Most are well off enough to retire, many quite comfortably.

I honestly don't see myself retiring simply because I'd be bored to death. Growing up I remember seeing men retire to their rocking chairs and be dead in six months.

So I will endeavor to persevere. ;)

50 posted on 08/23/2011 6:29:16 AM PDT by SouthTexas (You cannot bargain with the devil, shut the government down.)
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