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

[familyop]

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! ;-)

[randita]

You might want to add your thoughts.

[firebasecody]

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?

[Jane Long]

bfl.

[silverleaf]

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?

[Forrestfire]

“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!!!

[ExtremeUnction]

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

[grobdriver]

Oh boy...

[alexander_busek]

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,

[roadcat]

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.

[silverleaf]

the seond most difficult thing is that those who had children are still supporting them.....and sometimes their parents, too

[Bloody Sam Roberts]

...and someone is going to get screwed.

I feel screwed already by the knowledge that I can never receive all the funds that I have been paying since age 18. No effin' way.
Give me the lump sum now and let me spend 10 years building it up myself.

[ProtectOurFreedom]

Does your cardboard box keep the rain and snow out?

[Sequoyah101]

Yes, you are correct and we have also paid for every welfare baby, every drug addict treatment, every housing program, medicade for anyone who stumbles across the border, every police action for the last 50 years, international aid and on and on and on and on.... ad infinitum. We also paid for people to retire at least two decades too early. Sooner than we could ever afford because a bunch of damn fool politicians who don’t care allowed it in spite of actuaries telling them it was impossible. Our parents and grandparents enjoy(ed) a retirement most of us will never know. The problem has been know for decades as someone pointed out. Politicians won’t face the problem and so the only conclusion is FAILURE of the whole financial system. We will see the largest abused geriatric population the world has ever known. Life expectancy even now is falling in the U.S. Medical care is just too expensive and more technology has not become equivalent to better care.

#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?

And where else would you invest? Bonds?

The stock market WILL crash, it already has and the growth is negative. Only the money changers are prospering.

[DuncanWaring]

...for the most part, the boomers are responsible for the policies of the last 40 years that have led to this economic disaster.

The oldest of the Boomers barely became old enough to vote 40 years ago.

Much of this economic disaster can be attributed to the parents and grandparents of the Boomers.

[MarkL]

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.

I feel for you. I have been far luckier than you, though I was forced to sell my house due to health reasons - I couldn't deal with the stairs, and I haven't had to start back at zero. But I was on-track to have saved well over $1,000,000 by the time I was ready to retire, and now I'm at about 1/10th that amount in retirement savings. The 2008 "dip" pretty much wiped me out, and I hadn't even quite gotten back even when the last "dip" took me back down again.

I doubt that I'll ever be able to retire, even though I played the game by the rules. I guess I'm just a sucker. I am so glad that I have no children, but I do feel terribly sad for my nieces and nephews. The future looks pretty bleak.

Mark

[The FIGHTIN Illini]

Hey Bombthrower,
I’m 54 and have been saving for retirement my whole working career (my money, not some golden pension plan). Why should I be penalized because I’m 11 years from 65 and not the ‘magical’ 10 years? It’s almost enough to really pi** me off.

[Nepeta]

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.

I was born in 1950. Social Security had been in place more than a decade before. The Johnson social programs were voted in before I could cast a ballot anywhere. I voted for Nixon, and he is responsible for the abomination of the EPA--he was no conservative.

I was never a hippie. I loathed hippies. Don't believe the pop culture image that all boomers were at Woodstock. We weren't. Most of us worked, saved when we could (I would have to stop and think about how many times companies have cut back and laid me off). I've lived frugally all my adult life, honestly and morally.

[DuncanWaring]

Social Security can be run the exact same way and still survive.

For how long?

[Smokin' Joe]

I feel for you. Over three decades riding the boom and bust of the oil industry has done similar things to us. Starting over is someting we've done a few times, too.

Those who have never been through a layoff (and I've been laid off from the top "too expensive"--wasn't even offered the option of a pay reduction, and the bottom--new hire, price collapsed) have no idea.

Good luck this time around.