Skip to comments.Retirees Will Face Dire Straits [Baby Boomers to force following generations to suffer]
Posted on 06/24/2006 11:14:12 AM PDT by Incorrigible
click here to read article
When and if the $$ runs out We'll get Mexican citizenship.sneak into the USA,rob a bank, and get amnesty for being illegal aliens if we get caught.
But as the article points out, Generation X is saving more than the Baby Boomers at the same age. It's the anticipation of the Baby Boomer whining (and wow can they whine!) 10 to 20 years from now that we're worried about!
yep - I am (marginally - 1962) a boomer, but I expect gov. to be flat broke when I retire, If ever I should live so long.
Oh, I like that! This is just the tagline I was looking for ... with the addition of a little more punctuation.
>>More Boomer bashing.
Jealous of our music.
That was my first thought. I always thought that we'd sell our farms for our retirement and that may still happen but we've had a couple of bad yrs. I would be despairing if we weren't getting a multi-million dollar inheritance eventually.
Wow! And I thought I knew how to push people's buttons!
You guys are pros!
And ,Oh! if only we greedy, shiftless baby boomers and our employers hadn't thrown so much of our earnings down the social security and medicare rat hole these many years, and invested it as well, the nanny state would have even more to confiscate. I am truly contrite.
See Post 12.
So you are whining today about somebody who may or may not be whining in twenty years....pretty much validates my original post.
And jealous of the days of "free love"!
When I was in college, AIDS had just been announced and everyone, hetero or not, was paraniod!
LOL! Importing illegal immigrants to pay SS taxes seems to be the governments answer.
Rest of my stuff is in 401k, can't be touched for 27 years.
Yep! I appreciated that one!
Especially not with you leaving them in that earthquake zone, you parent hating SICKO!
>>And jealous of the days of "free love"!
I can't wait to tell my kids about that. But the oldest is only 28. Way too tender yet.
"But as the article points out, Generation X is saving more than the Baby Boomers at the same age. "
I'm not sure that's even true. Some Gen-Xers are saving and prepping for their retirement. A heckuva lot of them are doing no such thing.
Along the same line, a heckuva lot of boomers have their retirements well in hand. A bunch more don't. And so it is with every generation.
LOL!!! OK! Waa! Waa! Waa!
Every time I'm posting stuff where there are liberal young people reading it, I make it a point to mention that a big part of my retirement plan is my voting to keep them chained to the oars and paying high taxes to support me. I've saved up a tidy sum and I won't really need government support, but they don't know that. I'm hoping that gloating about confiscating their wages to pay for my beach house and Viagra might cause some of them to start thinking that Social Security privatization might be a good idea.
But unfortunately for the present boomer retirees, there is nothing left for anyone to take from me. Some very vicious conservatives beat them to it. And they know who they are.
Well, the article didn't give a break down of Gen X saving rates, but it states that only a forth of Boomers are prepared and a forth will likely be destitute. The other half is iffy.
The very definition of a GenX thread.
The sky is falling! The Sky is Falling!!
"When I was in college, AIDS had just been announced and everyone, hetero or not, was paraniod!"
Yeah. When I was in college, there was no such thing as AIDS. The birth control pill had just been introduced and most of the other STDs weren't all that prevalent on the college scene (except for gonorrhea).
Times were good. I was in college from 63-65, then spent 4 years in the USAF and came back to college in 1970. No AIDS in any of those years. Good times!
If that is your concern. Start saving outside retirment accounts. The government will go after those first.
I just find it ironic that conservative FReeper GenXers who claim to support traditional family values don't seem to understand that boomers are not the "me" generation, but they certainly seemed to give birth to them. Boomer dads (and some moms) worked their butts off for their GenXer children. Slamming baby boomers when discussing Social Security reform is not something that should go hand-in-hand.
Darn good point.
"But unfortunately for the present boomer retirees"
There are no boomer retirees, yet, except for those who could retire around age 60. I was born in 1945, so I'm 60 years old (for another month). I'm not retiring for several years yet.
The boomers don't start to retire for five more years.
Precisely! Thank you.
Can we call it Roe v. Wade Part II?
We could fund a lot more and devote more time to family (though a lot of geezers only give lip service to "family values") if the geezers weren't using 15% of our paychecks as spending money.
Having more kids will solve that problem. ;)
It wouldn't matter if you had a bevy of them, if they couldn't, or wouldn't, share your commitment to your parents.
HUH???? What stock market is she talking about?
I was wondering the same thing as well.
However, I guess you can't really expect accuracy from journalists.
The trickle of Baby Boomers retiring and drawing Social Security has already begun. (Some are turning 60 this year and are retiring on Widow's Pension.) The avalanche will grow from year to year. It is high time we tell everyone to make better preparation for multiple streams of retirement income. And the politicians should pay serious attention to the problem. (Bush tried!!) Thanks for posting this article.
"Well, the article didn't give a break down of Gen X saving rates, but it states that only a forth of Boomers are prepared and a forth will likely be destitute. The other half is iffy."
Yeah, that sounds about right. Now, go see what the Gen Xers are doing. I have them living all around me, and I don't see them putting money anywhere except into more toys for themselves and their kids.
They all seem to be in new cars, and have new boats and new strollers for their offspring, along with big screen TVs and all that stuff. Most of the ones I know also have "creative" mortgages on their McHouses, too.
Looks to me like the ones I see are spending about 110% of their earned income, based on my knowledge of what they do and the cost of things.
Yes, there are GenXers who are thinking ahead, but I doubt if it's more than the 25% of boomers who did.
I don't need or want your money. I have done my retirement planning premised on there being no SSI (and my California State Pension will also not be there).
I will probably be penalized worse than you Xers.
That is obvious.
I tell all my friends with siblings how lucky they are and to make sure they keep in good with their siblings since they will need their help when their parents are older!
Firstly, why was this piece of junk posted. Second, why do you assume that Baby Boomers are spend thrifts? Is it because they are an convenient target to bitch about.
"How many people living in expense areas could sell homes that were purchased for $50K and lower in the 1970's that are now worth $300K and $400K. Move to smaller digs and bank the money. Lots of money in them thar homes."
Among boomers? Lots and lots. I bought a California home in 1974 for $20,000, and paid it off in 6 years. I lived in it for 35 years.
Two years ago, I sold it for $337,000. I packed up and moved to Minnesota, where I bought a home twice as big for $175,000, and banked the rest. Why did I move to Minnesota. Well, my wife's parents, who are part of "The Greatest Generation," were getting older and needed some help from day to day. So we moved to be near them.
What I'm hearing from the Gen-Xers is that they plan on dumping the Boomers (their parents), rather than moving to take care of them. OK, then...there it is. Screw 'em.
That's only because the market value of our McMansions will double in value every four years forever! Right? Won't it???
Speak for yourself.
I'm first wave boomer. Retired at fifty on my own well-invested earnings and doing what I want until I get tired of it. My oldest is a home owner because we gave him the down-payment after fully funding his college. Will do the same for his three sisters. Grad school is on them.
I will take SS on the very first day that I am eligible and invest it every month. I expect to live another forty years and I am beginning to relish the thought that some of the x-slackers here will be getting up everyday so I can golf.
And what was the percentage of those geezers' paychecks that went into raising you?
Equitable ways out of the S.S. mess have been proposed - the latest by G.W. Bush - and shot down by members of Congress who love incumbency. Decades from now, I'm afraid you'll be replying this lament to a disgruntled Gen-Yer.
My father retired at 65 and died at 76 ... he lived long enough to collect every cent he put into S.S. I'll have to live to 103 to recoup mine. I can only sympathize with the dire circumstances of Gen-X, Gen-Y, and those lower on the Ponzi pyramid.
People forget that we boomers have paid into SS our entire lives, and are the first generation to do so. Now they tell us we can collect full benefits at 67, not 65, and it will eventually be 70, nearly the death age age for a man.
Rich liberal baby boomers who inherited wealth are one thing. Middle class boomers who will work til the day they die are another. This is just another attempt to divide people, and libs are very good at that.
They are giving away our Social Security to loafers and mental patients. They have to blame it on somebody that isn't the Democrat voting base.
What I'm hearing from the Gen-Xers is that they plan on dumping the Boomers (their parents), rather than moving to take care of them. OK, then...there it is. Screw 'em."
I think I've just developed a new respect for you. :)