Bernanke: Baby Boomers Will Strain U.S. (the sky is blue alert)

AP ^

[redgolum]

That is the other half of this issue.

When the wave of boomer retirements hit, they will stop putting money into the 401 (k) and start taking money out. Which will depress the market.

Be aware that the 401(k) plans have large risks also

[qam1]

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 (i.e. The Baby Boomers) 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.

[roses of sharon]

During the debate on SS after the 04 elections, all I saw on TV, read in the WSJ and think tank studies, and saw in poll #'s on CNBC, were Boomers not wanting to do a thing with SS, fear being the operative word in those polls and policy discussions.

Glad to hear you feel differently.

[linda_22003]

They certainly do, but they're getting to be all we've got. I think the only thing we can hope for is that the social chaos which would ensue if they all tank would be unthinkable. I have more than half a million dollars in mine and it's not nearly enough - fortunately, retirement is still more than ten years off. But I think a phased drawing-down of funds is the way to go; I don't think anyone is going to want the tax consequences of taking too much out at once.

[SDGOP]

Problem was republicans weren't ready for the offensive democrats would mount against it. Bush should have been more aggresive and also demanded a vote on the issue to see where people stood then worked from there.

[afnamvet]

Nah. Tie me to a chair and force me to watch seeBS with perky Katie over and over and over...........that would do me in for sure,

Boomer Roger

[redgolum]

Now that is just cruel.

[Kenton]

I'm sorry, but wasn't it your generation that coined the term "don't trust anyone over 30"?

Well, not my generation per se. It was a hippie/yippie fellow named Jerry Rubin who came up with that phrase and the media was so enamored of that kind of nonsense it got a lot of play. I think these inter-generational discussion would make more sense if we didn't generalize, because those generalizations wrongly insult a lot of good people.

I think boomers who weren't military or boomer women who didn't have kids, should have the benefits drastically cut.

US Navy, '66 to '70. Viet Nam '68 -'69.

There were a lot of us who weren't left-wingers, but you never heard much about that, because the MSM got so wrapped up in that "youth revolution" crap it tarred us all with the same brush.

[JPJones]

What about boomer men who didn't have kids?

Lol...You mean "kids they know about"..? Cut'em, unless they served in 'nam. My point was: there's only going to be so much money to go around. Make sure that it goes to those who've earned it: vets, and since women weren't really expected to be military in 50's & 60's, it's fair to include women who had kids (who are now working and paying into SS).

[pabianice]

You can have my Navy pension when you pull it from my cold, dead, salty fingers...

[groanup]

The idea of "retirement" was cooked up in the Weimar Republic as a way to manipulate the work force. If we think there is going to be anything similar to leisurely golf course living and suffle board playing over the next 50 years I think we are all sadly mistaken. There aren't enough baby boomers with any retirement money to buy all those shuffle board condos. And when the current crop of retirees goes to heaven or hell, there will be a lot of empty Del Boca Vistas.

Future retirees will be part time workers for life.

[linda_22003]

And..... you do understand the reasons that will never be implemented, don't you? :)

[JPJones]

US Navy, '66 to '70. Viet Nam '68 -'69.

Thank you for your service to the USA.

There were a lot of us who weren't left-wingers, but you never heard much about that, because the MSM got so wrapped up in that "youth revolution" crap it tarred us all with the same brush.

Yes I know that many boomers get angry at that 'other half' of their generation (as do the rest of us)

[SDGOP]

Fair enough, you can take my guns when you pry them from my cold dead fingers

[redgolum]

Great point.

For most of the world, and most of history, there has been no real retirement. You worked till you couldn't, and then moved in with the kids.

We are about to revert to the mean. God help us.

[roses of sharon]

Republicans/Conservatives can't beat the massive media machine, they would be better off starting to educate at the State level, or looking at some the State plans to take the place of SS.

And I would love to see some serious primary challengers to Senators who refuse to deal with their cash cow.

These challengers have to be groomed early, practiced, knowledgeable, they must be educating constantly, building a name and war chest.

That would be serious.

[JPJones]

And..... you do understand the reasons that will never be implemented, don't you? :)

Because boomers control everything...?

[art_rocks]

Just wait. Baby Boomers are just starting to retire.

We see certain companies scaling back pension plans.

Now we have to see some local governments do the same thing, such as San Diego. What do you think will happen if their pensions are cut.

[gogeo]

I understand your self-interest, but I'm sure you don't want to cut out medicare and have your parents wind up in the poor house because of unexpected medical bills wiping out their savings. After all, when they paid their taxes for that, they thought it was like insurance.

They were wrong.