Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

25 Bitter And Painful Facts About The Coming Baby Boomer Retirement Crisis That Will Blow Your Mind
The Economic Collapse ^ | 11/23/2011 | Michael Snyder

Posted on 11/25/2011 11:26:34 AM PST by SeekAndFind

For decades we were warned that when the Baby Boomers started to retire that this country would be facing a retirement crisis of unprecedented magnitude. Well, that day has arrived ladies and gentlemen. Back on January 1st, the Baby Boomers began to retire and more than 10,000 of them will be retiring every single day for years to come. Most of them have not saved up nearly enough money for retirement. At the same time, private sector pension plans are failing all over the place, hundreds of state and local government pension plans from coast to coast are woefully underfunded, and the Social Security system is on the road to complete and total disaster. A massive wave of humanity is hitting retirement age at a moment in history when the U.S. economy is coming apart at the seams. We do not have the resources to keep the promises that we made to the Baby Boomers, and most of them have not made adequate preparations for retirement. What we have is a gigantic mess on our hands, and millions of Baby Boomers are going to find retirement to be very bitter and very painful.

A lot of younger Americans just assume that Social Security is enough to take care of the needs of elderly Americans. But that is just not the case.

Have you ever tried to live solely on a Social Security check?

It is not easy. The truth is that those checks are just not that large.

The following comes directly from the Social Security Administration....

The average monthly Social Security benefit for a retired worker was about $1,177 at the beginning of 2011.

Could you live on less than 300 dollars a week?

And keep in mind that the $1,177 monthly figure is just an average. Many receive a lot less than that.

In addition, Social Security benefits have been seriously squeezed by inflation in recent years. The cost of food and other basics has risen briskly and Social Security benefits have not.

Today, many elderly Americans have to make a choice between buying food, heating their homes or buying medicine that they need. They simply do not have enough money to do all of them.

It would have been nice if all of the Baby Boomers had been busy saving money for retirement all these years, but that just did not happen. In fact, the Baby Boomers as a group are trillions of dollars short of what they need for retirement.

So why doesn't the U.S. government step in to help them out?

Well, the reality of the situation is that the U.S. government is flat broke. The federal government is now over 15 trillion dollars in debt. During the Obama administration so far, the U.S. government has accumulated more new debt than it did from the time that George Washington took office to the time that Bill Clinton took office.

Lawmakers are already looking at ways to make the Social Security program less costly. No, the federal government is not going to be riding to the rescue.

In fact, it will be a minor miracle if the Social Security program is able to survive until the end of this decade, and it will be a major miracle if the Social Security program is able to survive until 2030.

As for myself, I do not believe that I will ever see a single penny from Social Security, and many other working age Americans feel the same way.

Retirement is supposed to be a fun time, but sadly most Americans that are approaching retirement age are not going to have any "golden years" to look forward to.

Rather, millions of elderly Americans are going to find the years ahead absolutely agonizing as they struggle just to survive.

The following are 25 bitter and painful facts about the coming Baby Boomer retirement crisis that will blow your mind....

#1 According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

#2 According to a recent poll conducted by Americans for Secure Retirement, 88 percent of all Americans are worried about "maintaining a comfortable standard of living in retirement". Last year, that figure was at 73 percent.

#3 A study conducted by Boston College's Center for Retirement Research has found that American workers are $6.6 trillion short of what they need to retire comfortably.

#4 Today, one out of every six elderly Americans lives below the federal poverty line.

#5 On January 1st, 2011 the very first Baby Boomers started to retire. For almost the next 20 years, more than 10,000 Baby Boomers will be retiring every single day.

#6 At the moment, only about 13 percent of all Americans are 65 years of age or older. By 2030, that number will soar to 18 percent.

#7 Right now, there are somewhere around 40 million senior citizens. By 2050 that number is projected to increase to 89 million.

#8 Back in 1991, half of all American workers planned to retire before they reached the age of 65. Today, that number has declined to 23 percent.

#9 According to one recent survey, 74 percent of American workers expect to continue working once they are "retired".

#10 According to a recent AARP survey of Baby Boomers, 40 percent of them plan to work "until they drop".

#11 A poll conducted by CESI Debt Solutions found that 56 percent of American retirees still had outstanding debts when they retired.

#12 A study by a law professor at the University of Michigan found that Americans that are 55 years of age or older now account for 20 percent of all bankruptcies in the United States. Back in 2001, they only accounted for 12 percent of all bankruptcies.

#13 Between 1991 and 2007 the number of Americans between the ages of 65 and 74 that filed for bankruptcy rose by a staggering 178 percent.

#14 What is causing most of these bankruptcies among the elderly? The number one cause is medical bills. According to a report published in The American Journal of Medicine, medical bills are a major factor in more than 60 percent of the personal bankruptcies in the United States. Of those bankruptcies that were caused by medical bills, approximately 75 percent of them involved individuals that actually did have health insurance.

#15 Public retirement funds all over the United States are woefully underfunded. For example, it has been reported that the $33.7 billion Illinois Teachers Retirement System is 61% underfunded and is on the verge of complete collapse.

#16 Most U.S. states have huge pension obligations which threaten to bankrupt them. For example, pension consultant Girard Miller told California's Little Hoover Commission that state and local government bodies in the state of California have $325 billion in combined unfunded pension liabilities. When you break that down, it comes to $22,000 for every single working adult in the state of California.

#17 Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of Northwestern's Kellogg School of Management have calculated the combined pension liability for all 50 U.S. states. What they found was that the 50 states are collectively facing $5.17 trillion in pension obligations, but they only have $1.94 trillion set aside in state pension funds. That is a difference of 3.2 trillion dollars. So where in the world is all of that extra money going to come from?

#18 According to the Congressional Budget Office, the Social Security system paid out more in benefits than it received in payroll taxes in 2010. That was not supposed to happen until at least 2016. Sadly, in the years ahead these "Social Security deficits" are scheduled to become absolutely nightmarish as hordes of Baby Boomers retire.

#19 In 1950, each retiree's Social Security benefit was paid for by 16 U.S. workers. According to new data from the U.S. Bureau of Labor Statistics, there are now only 1.75 full-time private sector workers for each person that is receiving Social Security benefits in the United States.

#20 The U.S. government now says that the Medicare trust fund will run out five years faster than they were projecting just last year.

#21 The total cost of just three federal government programs - the Department of Defense, Social Security and Medicare - exceeded the total amount of taxes brought in during fiscal 2010 by 10 billion dollars. In the years ahead expenses related to Social Security and Medicare are projected to skyrocket dramatically.

#22 The Pension Benefit Guaranty Corporation is the agency of the federal government that pays monthly retirement benefits to hundreds of thousands of retirees that were covered under defined benefit pension plans that failed. The retirement crisis has barely even begun and the PBGC is already dead broke. The PBGC says that it ran a deficit of $26 billion during the fiscal year that just ended and that it will probably need a huge bailout from the federal government.

#23 According to a survey by careerbuilder.com, 36 percent of all Americans say that they don't contribute anything at all to retirement savings.

#24 More than 30 percent of all investors in the United States that are currently in their sixties have more than 80 percent of their 401k plans invested in equities. So what is going to happen to them if the stock market crashes?

#25 A survey taken earlier this year found that 20 percent of all U.S. workers admitted that they had postponed their planned retirement age at least once during the last 12 months. Back in 2008, that number was only at 14 percent.

Our politicians should have addressed the retirement crisis decades ago before we got to the point of being in debt up to our eyeballs.

It is being projected that the U.S. national debt will hit 344% of GDP by the year 2050, and the Congressional Budget Office says that U.S. government debt held by the public will reach a staggering 716% of GDP by the year 2080.

Obviously those figures will never be reached because our financial system would totally collapse long before then.

So what do we do?

We have tens of millions of elderly Americans that are completely and totally dependent on Social Security and Medicare, but those programs also threaten to bankrupt us as a nation.

Anyone that believes that there is a "quick fix" to these issues is being naive.

The "supercommittee" was supposed to address this problem, but they failed so spectacularly that they have become a national joke.

Sadly, most of our politicians just keep kicking the can down the road. They hope that somehow things will just magically "work out".

Well, the truth is that things are not going to "work out". The poverty level among the elderly is going to continue to increase. Pension plans all over this nation are going to continue to fail in staggering numbers. Social Security and Medicare are going to bleed more red ink with each passing year.

Something should have been done about this problem a long, long time ago.

But it wasn't.

This crisis was ignored, dealing with it was put off time after time and all the doomsayers were laughed at.

Now the crisis is here, and we are all going to pay the price.



TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: babyboomer; babyboomers; cheating; drugs; economy; entitlements; lying; promiscuity; retirement; seniors; socialsecurity
Navigation: use the links below to view more comments.
first 1-5051-100101-128 next last

1 posted on 11/25/2011 11:26:38 AM PST by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind

We’ve all been living on borrowed resources for a long time. We’re all going to have to pay.


2 posted on 11/25/2011 11:29:45 AM PST by SuzyQue
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

My wife and I eat “Fancy feast”


3 posted on 11/25/2011 11:29:56 AM PST by sanjuanbob (Festina Lente)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

more crappy news


4 posted on 11/25/2011 11:30:27 AM PST by yldstrk (My heroes have always been cowboys)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

What’s the state with the lowest cost of living?


5 posted on 11/25/2011 11:30:32 AM PST by CaptainK (...please make it stop. Shake a can of pennies at it.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

We’ve known this was coming for 3 decades, yet no has had the political will, even now, to properly address it.

Those who set this up, KNOWING IT WOULD EVENTUALLY FAIL, already got there’s, and are long gone.

The butcher’s bill for decades of liberalism is now due, and payable in full.


6 posted on 11/25/2011 11:31:32 AM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

bookmark


7 posted on 11/25/2011 11:31:54 AM PST by GOP Poet (Obama is an OLYMPIC failure.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: sanjuanbob

Yummm, good eats.


8 posted on 11/25/2011 11:34:43 AM PST by MarkeyD (Obama is a victim of Affirmative Action)
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind
It would have been nice if all of the Baby Boomers had been busy saving money for retirement all these years, but that just did not happen.

Some of us were, some of us were saving 15% since they were in their 20's; however some things you cannot plan for. I did not plan to have 3 of my employers fail, 2 to ship my job overseas, or to be laid off several time and have to pay my mortgage out of retirement, relocate and sell my house at $30,000 loss (3x!). To blame the 'victim' is often, is akin to blaming a victim of a building fire. How about blaming the person who set the building afire? Or blaming the person who neglected to install and maintain proctective measures?

5 years ago, I had $300k in retirement and a nice home; now, through no fault of my own; I'm forced to start from zero. I'm not alone - we planned, we did what seemed to be the logical and smart thing to do; we expected our employers to do the same.

9 posted on 11/25/2011 11:36:15 AM PST by Hodar ( Who needs laws; when this FEELS so right?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: sanjuanbob

At least you’re going gourmet. LOL!


10 posted on 11/25/2011 11:37:08 AM PST by writer33 (Mark Levin Is The Constitutional Engine Of Conservatism)
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind

What is disgusting is that the government has known these folks were coming down the tracks since the day they were born. This should not be a shock that the largest group of folks are retiring. Sheesh. Any idiot could have counted 66-67 years on to their birth year and see it was coming. This is NOT a surprise. I am not a Baby Boomer but my parents are and I think it is disgusting how they keep threatening to take away money that they worked 40+ years to receive.


11 posted on 11/25/2011 11:40:59 AM PST by napscoordinator (Anybody but Romney, Newt, Perry, Huntsman, Paul. Perry and Obama are 100 percent the same!!!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CaptainK

“Whats the state with the lowest cost of living?’’, Mexico.


12 posted on 11/25/2011 11:44:52 AM PST by jmacusa (Political correctness is cultural Marxism. I'm not a Marxist.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: SeekAndFind

The Boomers have actually paid all their lives...at an increasing percentage of income...the people who didn’t pay or didn’t pay proportionally are the parents or grandparents of the Boomers, who have had much better retirements than any Boomer can ever expect.

However, the point is that SS was meant to be a floor to keep the elderly from utter destitution. It doesn’t pay much now, but for some people, it’s probably very necessary. People who work at low-income jobs (which describes a lot of people, although apparently FReepers don’t believe this or believe that low-income people are just faking it) often did not get any retirement program and definitely didn’t have enough to save.

BUT you have to have higher income people contributing the same or greater amounts (as they raised the cut-off point) in order to make it work, and those people also have to be able to collect, or otherwise it’s expropriation of income and they’ll find a way of not contributing.

Keeping SS as a floor is fine. People who have more money and don’t need it can always refuse it or send it to their favorite charity. Others who marginally need it can adapt their lives to it...and you can work and make certain amounts of money in addition, so as long as they can do this, that’s fine. It wasn’t meant to give you a luxurious retirement, but one where you weren’t desperate, and I think it has done that.

The big problem, however, is that the Federal government has been getting huge amounts of money and absolutely pillaging the fund and squandering the money. That’s where the problem lies.


13 posted on 11/25/2011 11:45:14 AM PST by livius
[ Post Reply | Private Reply | To 1 | View Replies]

To: napscoordinator

NOBODY is threatening to take money away from people currently retired or within 10 years of 65. It is the younger generation that is going to be told they will have to wait 5-10 years later to retire. But they will have plenty of warning. I think that’s fair.


14 posted on 11/25/2011 11:45:33 AM PST by bombthrower
[ Post Reply | Private Reply | To 11 | View Replies]

To: bombthrower

Well I am 42 and already worked 24 years so I believe for me to start in the stock market with the SS money is too late. They should start with the first 18 year old of 2012. That is how most things work. You are grandfathered. The other thing is my investments about four years ago were around 325,000 and now they are 280,000. Just our luck that the day I want to retire, the SS account will fall due to the stock market. Nobody thinks about that.


15 posted on 11/25/2011 11:49:02 AM PST by napscoordinator (Anybody but Romney, Newt, Perry, Huntsman, Paul. Perry and Obama are 100 percent the same!!!!!)
[ Post Reply | Private Reply | To 14 | View Replies]

To: SeekAndFind
As a boomer, I'm proud that the younger generation is working on the problem.

Those OWS cats seem to have a real plan.

16 posted on 11/25/2011 11:49:58 AM PST by Glenn (iamtheresistance.org)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
We do not have the resources to keep the promises that we made to the Baby Boomers,

I didn't make these promises, for the most part, the boomers are responsible for the policies of the last 40 years that have led to this economic disaster.

They are also largely responsible for the social culture that has destroyed family structure that is the last line of defense against a poverty stricken old age.

You can't vote yourself rich, and this is the proof.

17 posted on 11/25/2011 11:51:29 AM PST by Valpal1 (I have a dream... Herman Cain being sworn in by Clarence Thomas.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

The stats regarding the poor state of Soc. Sec. and Govt finances is important, but not the most important. I don’t care what country or age you live in - the Gov’t can never be trusted to take care of you, esp. over the long-term.

The most difficult thing many baby-boomers will face is that many of them never had children. The family is not only the moral base of society, it is the economic safety-net as well.


18 posted on 11/25/2011 11:52:36 AM PST by PGR88
[ Post Reply | Private Reply | To 1 | View Replies]

To: livius
The big problem, however, is that the Federal government has been getting huge amounts of money and absolutely pillaging the fund and squandering the money. That’s where the problem lies.

From the Article: "#19 In 1950, each retiree's Social Security benefit was paid for by 16 U.S. workers. According to new data from the U.S. Bureau of Labor Statistics, there are now only 1.75 full-time private sector workers for each person that is receiving Social Security benefits in the United States."

I think that's the real problem, and that doesn't have anything to do with Congress raiding the "trust fund".

The problem is that Social Security was a short-sighted and ill-conceived plan from the very beginning. It was based on the assumption that the demographic makeup that existed in the 1930s would continue in perpetuity. That assumption was proven wrong decades ago, but nothing was ever done about it.
19 posted on 11/25/2011 11:53:34 AM PST by The Pack Knight (Laugh, and the world laughs with you. Weep, and the world laughs at you.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: SeekAndFind
10,000 of them will be retiring every single day for years to come...

Gotta get with the Lingo! Let me rephrase that:

10,000 units will be retiring every single day for years to come.

20 posted on 11/25/2011 11:53:34 AM PST by C210N (zer0 - a Marxonist spreading the flames of obamunism wherever he goes.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

We were also told for decades that the USA faced economic warfare from outside our borders. What we were never told was that the 535 (Congress) + 1 (POTUSs) who write and pass laws and make policy have for decades sided with our enemies. Their one and only job was to make sure that trade policy benefited every American, our posterity and our security. It wasn’t to make a few globalists rich or blindly support a belief.

We once had the greatest manufacturing nation on earth and a society that was well paid in the process, and a strong middle class that paid taxes. Today this same gang of 536 now tout McDonalds hiring 50,000 as an accomplishment. I blame both Parties for total mismanagement and mis-prioritizing and in the end almost destroying the USA.


21 posted on 11/25/2011 11:55:30 AM PST by apoliticalone (Honest govt. that operates in the interest of US sovereignty and the people, not global $$$)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

I’m really looking forward to $130 trillion of unfunded liabilities that will be part of that!


22 posted on 11/25/2011 11:55:40 AM PST by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SuzyQue

One of the problems with too much democracy is that the mob of baby boomers will be large enough to outvote the folks paying into the system. The checks will be written, the taxes will be raised, all other spending will stop just to pay SS and all that goes with it. The economy is doomed to fail in a vain effort to pay for the ponzi scam that is SS. I do hope you all have a plan B cause you are gonna need it.


23 posted on 11/25/2011 11:58:04 AM PST by gfbtbb (The answer to your question will not be found here.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Hodar

Wow. You have my sympathy. Good luck and God Bless.


24 posted on 11/25/2011 11:59:17 AM PST by Poundstone (A recent Federal retiree and proud of it!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: SeekAndFind

Nancy Pelosi said that Social Security is financially sound until the year 2035. And after that, she said that Social Security will still be able to pay about 75% of expected benefits after that. So, Nancy concluded, the talk of Social Security being in a financial crisis is Republican scare mongering.

Nancy Pelosi is a good Democrat. Nancy Pelosi would not lie to us about the true state of Social Security would she????


25 posted on 11/25/2011 11:59:56 AM PST by Dilbert San Diego
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

When we slice the potatoes it depends on whether we want skinny or fat fries. lateley we’ve gone with fat ones. they’re great.


26 posted on 11/25/2011 12:01:53 PM PST by Fester Chugabrew (minds change)
[ Post Reply | Private Reply | To 1 | View Replies]

To: napscoordinator

Will that 18 year old still have to pay FICA taxes even though he’ll never receive any benefits? If not, where will the money come from to pay the people who do get benefits?

Social Security has become a game of generational musical chairs, and someone is going to get screwed.


27 posted on 11/25/2011 12:02:31 PM PST by The Pack Knight (Laugh, and the world laughs with you. Weep, and the world laughs at you.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: CaptainK

Bangladesh. Or maybe Haiti.


28 posted on 11/25/2011 12:04:58 PM PST by Past Your Eyes (I'm sticking with Herman. No more second terms!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: CaptainK

Bangladesh. Or maybe Haiti.


29 posted on 11/25/2011 12:05:06 PM PST by Past Your Eyes (I'm sticking with Herman. No more second terms!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: The Pack Knight

Social Security can be run the exact same way and still survive. This is all scare tactics. It is not the SS recipients fault that the government spend the money.


30 posted on 11/25/2011 12:05:48 PM PST by napscoordinator (Anybody but Romney, Newt, Perry, Huntsman, Paul. Perry and Obama are 100 percent the same!!!!!)
[ Post Reply | Private Reply | To 27 | View Replies]

To: gfbtbb

The other scary possibility is that we could see runaway inflation in the future.

This could happen if future presidents and future Congresses are determined to pay all promised Social Security benefits come hell or high water. In that case, they would simply run the printing presses overtime to create the money to pay the Social Security benefits as promised. The fact that they will be devalued dollars will not matter. The only thing that would matter would be that the politicians could claim that all promises made to Soc. Security recipients have been kept.

Another factor will be that all future Presidents and Congresses will look at the problem in two or four year increments, corresponding to election cycles. And they will look for ways to take care of paying benefits for the next two to four years, without considering a long term solution.


31 posted on 11/25/2011 12:06:26 PM PST by Dilbert San Diego
[ Post Reply | Private Reply | To 23 | View Replies]

To: SeekAndFind
Re #10. I'm one of those 40%. I'll be 70 when my youngest son graduates from college (assuming 22).

My primary goal is to reach that age without turning into a bitter old man. I have at least three weapons to help me reach that goal:

1. My 9 YO son, as well as my two older kids.

2. My grandson (now 14 months old).

3. Weekly Bible classes to the 6th graders in my parish (Old Testament), 14th consecutive year.

32 posted on 11/25/2011 12:06:26 PM PST by Night Hides Not (My dream ticket for 2012 is John Galt & Dagny Taggart!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: gfbtbb

The other scary possibility is that we could see runaway inflation in the future.

This could happen if future presidents and future Congresses are determined to pay all promised Social Security benefits come hell or high water. In that case, they would simply run the printing presses overtime to create the money to pay the Social Security benefits as promised. The fact that they will be devalued dollars will not matter. The only thing that would matter would be that the politicians could claim that all promises made to Soc. Security recipients have been kept.

Another factor will be that all future Presidents and Congresses will look at the problem in two or four year increments, corresponding to election cycles. And they will look for ways to take care of paying benefits for the next two to four years, without considering a long term solution.


33 posted on 11/25/2011 12:06:32 PM PST by Dilbert San Diego
[ Post Reply | Private Reply | To 23 | View Replies]

To: tcrlaf
Those who set this up, KNOWING IT WOULD EVENTUALLY FAIL, already got there’s, and are long gone.

Yea, true. But they can be found.
34 posted on 11/25/2011 12:07:10 PM PST by Jay Santos CP ("Idiocracy"... It's no longer just a movie.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: sanjuanbob

If we had some ham we could have “ham and eggs” ...if we had some eggs.


35 posted on 11/25/2011 12:07:18 PM PST by gorush (History repeats itself because human nature is static)
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind

Bfl


36 posted on 11/25/2011 12:09:27 PM PST by FreedomPoster (Islam delenda est)
[ Post Reply | Private Reply | To 1 | View Replies]

To: livius

If we absolutely had to, I suppose we (both born in ‘47 and now drawing SS) could live on Social Security. Probably have to live in “Senior Housing” or in a mother-in-law apartment somehow. Fortunately things worked out better than that for us, partly due to luck but mostly due to hard work, good planning and delaying gratification, the later of which is a foreign concept to young people these days by and large.


37 posted on 11/25/2011 12:11:08 PM PST by Past Your Eyes (I'm sticking with Herman. No more second terms!)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Valpal1

“I didn’t make these promises, for the most part, the boomers are responsible for the policies of the last 40 years that have led to this economic disaster.”

I totally agree and have been saying this for a long time. The baby boomers are a huge voting block and one that the politicians have been too scared of to do what is right for the country. Everyone needs to pay for this. They are more responsible for the 18 year olds. I say great, change it for the young people, but it only seems fair to have senior citizens share in the sacrifice, even if it means no pay increases for a few years.


38 posted on 11/25/2011 12:17:03 PM PST by No Socialist
[ Post Reply | Private Reply | To 17 | View Replies]

To: SeekAndFind
Most boomers I know have no serious retirement plans. "Work till I drop" is the popular alternative. There will be the union thugs, wanting to cash in on their pensions, but many will be sorely disappointed as time goes on.

Some govt employees will have enough, as will the multitude of fifty year old "police officers" on their "medical retirement" as well as union draw.

Most normal people are not looking at retirement the way this article imagines.

39 posted on 11/25/2011 12:18:38 PM PST by hinckley buzzard
[ Post Reply | Private Reply | To 1 | View Replies]

To: sanjuanbob
Did you get your Government supplied can opener yet?
Cubans got rice cookers.
40 posted on 11/25/2011 12:24:32 PM PST by MaxMax
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind

Combine that good news with the much colder weather fluctuations to be noticed within four years or so, our US process of default and collapse (debt-to-GDP greater than 100% now), and quite a few countries like Iran unimpeded in building nukes. Oh, and us Baby Boomers croaking en masse over the next 20 years or so (real estate). There’s also the end of globalism just in front of us. Good times may follow our demise! ;-)


41 posted on 11/25/2011 12:24:40 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the world.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rabscuttle385

You might want to add your thoughts.


42 posted on 11/25/2011 12:24:50 PM PST by randita (I'm not a percentage. I'm a free person.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

The SS program is well funded. Unfortunately, the bulk of its resources are IOU’s. THAT is the problem. Imagine an HONEST federal budget that points out by sequestering the SS funds, .gov is worse off than what folks are even being told now.

Is any politician capable of telling the American Public the truth?


43 posted on 11/25/2011 12:25:23 PM PST by firebasecody (Orthodoxy, proclaiming the Truth since AD 33)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

bfl.


44 posted on 11/25/2011 12:26:03 PM PST by Jane Long (Soli Deo Gloria!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
It would have been nice if all of the Baby Boomers had been busy saving money for retirement all these years, but that just did not happen

Kinda glossed over this in the article and moved along to " why doesn't the government do something"

So, why so little savings?
45 posted on 11/25/2011 12:26:32 PM PST by silverleaf (common sense is not so common- voltaire)
[ Post Reply | Private Reply | To 1 | View Replies]

To: livius
“However, the point is that SS was meant to be a floor to keep the elderly from utter destitution”.

Only partially true! That was the stated purpose, but it was set up as a ponzi scheme from the beginning.All you have to do is look at the retirement age and the life expectancy at the time. Most people never lived to collect!!!

46 posted on 11/25/2011 12:27:19 PM PST by Forrestfire (("To educate a man in mind and not in morals is to educate a menace to society." Theodore Roosevelt))
[ Post Reply | Private Reply | To 13 | View Replies]

To: Valpal1

My wife and I are retired Boomers on SS and we are doing just fine. We use SS money for gambling and travel.


47 posted on 11/25/2011 12:28:31 PM PST by ExtremeUnction
[ Post Reply | Private Reply | To 17 | View Replies]

To: SeekAndFind

Oh boy...


48 posted on 11/25/2011 12:30:00 PM PST by grobdriver (Proud Member, Party Of No! No Socialism - No Fascism - Nobama - No Way!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
For decades we were warned that, when the Baby Boomers started to retire, that this country would be facing a retirement crisis of unprecedented magnitude.

Regards,

49 posted on 11/25/2011 12:30:25 PM PST by alexander_busek
[ Post Reply | Private Reply | To 1 | View Replies]

To: Glenn
As a boomer, I'm proud that the younger generation is working on the problem.
Those OWS cats seem to have a real plan.

The solution is so simple. They can have lots of babies. Then maybe one of their grown-up children can take them in when old. Maybe. But the OWS people don't want any responsibility, just pampering now.

50 posted on 11/25/2011 12:30:46 PM PST by roadcat
[ Post Reply | Private Reply | To 16 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-100101-128 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson