Boomers Not Ready For Retirement

The ledger (Lakeland, Florida) ^ | Monday, November 27, 2006 | MARINA BLOMBERG

[staytrue]

And I'm very concerned that my 401k will be the place those who didn't save will want to get their retirement income from.

That is the way it works. You are a fool for saving.

I imagine that it will work like college tuition. They jack up the rates artificially and give grants to people who can not afford it.

[Lou L]

I have a defined benefit pension... So does my spouse...

Shhh! Two more things, besides 401(k)s, for the Dems to tax...

[seacapn]

I'm afraid that in the future, it won't just be dems making these kind of money grabs.

[dakine]

"are they going to pay you what you used to get ? NOT A CHANCE."

Then they will have to work for less...if you can bring profit to a someone, they will pay you, if not...oh well...

[KarlInOhio]

Between the difference in lower capital gains tax rates and the higher income tax rate you'll be charged for 401k and IRA withdrawls and the risk of retirement account raiding, I wonder if tax deferred accounts are the best place to save money. It used to be a no brainer, but should I keep my future retirement money in a retirement account or is it just begging for the government to raid it.

[FastCoyote]

"Unfortunately, I think your fears are well-founded. When this big wave of Boomer retirees gets hit by a financial crunch, they will instinctively look for pools of money to raid and "redistribute.""

That's why I've tried to keep everything out of "plans" that someone can manipulate. I have my own business interests that I am trying to expand so that I can take the money and run.

[pikachu]

I'm very concerned that my 401k will be the place those who didn't save will want to get their retirement income from.

Unfortunately, I think your fears are well-founded. When this big wave of Boomer retirees gets hit by a financial crunch, they will instinctively look for pools of money to raid and "redistribute." I'm not sure what the solution is aside from people saving more money. But what are the chances of THAT?

Well, we've invested in 401Ks assuming that we will be at a LOWER tax rate when we retire and start to draw money from these accounts. I doubt the tax rates will be lower when the time comes and I am sure President Chelsey Clinton will sign an executive order confiscating 401K money for non-Democrats anyway.

[staytrue]

I'm not sure what the solution is aside from people saving more money.

I think we will need to outsource the elderly either by dumping them in a low wage country like thailand where we can take care of them for much less, or let them "self terminate" via medical neglect, or outright euthanasia.

[linda_22003]

"That's why I've tried to keep everything out of "plans" that someone can manipulate."

So, which savings vehicle do you prefer? Simmons, or Sealy PosturePedic?

[FastCoyote]

"Confiscatory tax policies which might even hit the boomers who did save..."

That's why I'm trying to "become" my business rather than be employed by a business. In other words, build useable equity that isn't taxable. Never show income, always show business expenses.

[staytrue]

That's why I've tried to keep everything out of "plans" that someone can manipulate.

There is no where to hide. If you look at what we do to bank accounts of terrorist and/or IRS delinquents, they can and do freeze then seize you assets.

It has a catchy ring to it. FREEZE AND SEIZE.

[winodog]

They better start making babies too.

[FastCoyote]

"Between the difference in lower capital gains tax rates and the higher income tax rate you'll be charged for 401k and IRA withdrawls and the risk of retirement account raiding, I wonder if tax deferred accounts are the best place to save money."

I think you are better off putting it into a home business of some sort.

[Spacewalker]

Retire later... 65 was an age that Bismark fixed in the 19th century as one where few were alive still and even fewer could work...

Today I think that the retirement age should be increased to 70 ...

[poobear]

Just wait till we "Boomers" start taking money out of the stock market upon retirement and everyone's 401K's/mutual funds start to slide. I think THAT's what the real concern should be. Hopefully we can do that before the Democrats start redistributing these mere trillions of dollars.

[tx_eggman]

Only 40 percent of workers indicate they or their spouse have a defined benefit plan

Mine's still in place ... along with a nice chunk of change in my 401K.

I've been living as an ant, not a grasshopper.

[FastCoyote]

"There is no where to hide. If you look at what we do to bank accounts of terrorist and/or IRS delinquents, they can and do freeze then seize you assets.

It has a catchy ring to it. FREEZE AND SEIZE."

I think you are right there as well. I've been trying to put some of my money in physical assets that are relatively hard to seize. A digital bank account can be locked in two seconds.

[lilylangtree]

"not ready" or just "can't afford" retirement.

[AustinBill]

What's going to happen is fairly obvious. When boomers realize they can't afford to retire they won't. There's no law of nature that says when you turn 65 it's time to trade a career for a rocking chair. I fully expect many boomers will choose to work well into their 70s and 80s, partly because they have to and partly because they will choose to.