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The Greatest Retirement Crisis In American History
Forbes ^ | 20 March 2013 | Edward "Ted" Siedle

Posted on 03/28/2013 5:44:09 PM PDT by Lorianne

Teresa Ghilarducci, a professor of economics at the New School for Social Research, estimates that 75% of Americans nearing retirement in 2010 had less than $30,000 in their retirement accounts.

Corporate America and the financial wizards behind the past three decades of so-called retirement innovations, most notably titans of the pension benefits consulting and mutual fund 401(k) industries, are down-playing just how bad things are already and how much worse they are going to get.

Americans today are aware that corporate pensions have been virtually eliminated and that the few remaining private, as well as the nation’s public pensions, are in jeopardy. Even if you are among the lucky few that have a pension, you cannot rest assured that it will be there for all the years you’ll need it. Whether you know it or not, someone is busy trying to figure how to screw you out of your pension.

Americans also know the great 401k experiment of the past 30 years has been a disaster. It is now apparent that 401ks will not provide the retirement security promised to workers. As a former mutual fund legal counsel, when I recall some of the outrageous sales materials the industry came up with to peddle funds to workers, particularly in the 1980s, it’s almost laughable—if the results weren’t so tragic.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Government
KEYWORDS:
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1 posted on 03/28/2013 5:44:09 PM PDT by Lorianne
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To: Lorianne

Here it comes, folks.


2 posted on 03/28/2013 5:46:52 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Lorianne

So what is 75% of Americans have less than 30K in savings. Most have their house paid for and are doing just fine. Nanny state lovers are at it again.


3 posted on 03/28/2013 5:47:22 PM PDT by napscoordinator
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To: Lorianne

“Teresa Ghilarducci”. Anyone else here remember her?


4 posted on 03/28/2013 5:47:52 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Lurker

The name does ring a bell.


5 posted on 03/28/2013 5:49:57 PM PDT by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: napscoordinator

Your house paid off is little comfort when they raise property taxes beyond what you can afford.


6 posted on 03/28/2013 5:50:24 PM PDT by Lorianne (fedgov, taxporkmoney)
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To: BipolarBob

Goggle her up and read her plan to “rescue” all the poor victims of 401k plans.

Then get angry.


7 posted on 03/28/2013 5:51:45 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Lurker

I remember now. I googled her. Little wonder her school came up with the 75% number.


8 posted on 03/28/2013 5:52:56 PM PDT by Cyber Liberty (I am a dissident. Will you join me? My name is John....)
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To: Lorianne

Well think about it. I would imagine the average property tax is 5000. Six hundred a month which is less than rent. Even with just 1400 dollars Social Security, people should be able to survive on 900 extra dollars a month.


9 posted on 03/28/2013 5:55:23 PM PDT by napscoordinator
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To: napscoordinator

In the News/Activism forum, on a thread titled The Greatest Retirement Crisis In American History, napscoordinator wrote:
So what is 75% of Americans have less than 30K in savings. Most have their house paid for and are doing just fine. Nanny state lovers are at it again.

Not todays 40/50’s somethings..They went with the flip and tip.. over... concept with 2000 sq ft 4 bathroom 5 bedroom 2 people need a maid to help clean stuctures. 3 familys use to make do with. They’re 4X that ammount (30Gs note I didn’t say Ks) in the hole.


10 posted on 03/28/2013 5:58:21 PM PDT by mosesdapoet ("It's a sin to tell a lie", in telling others that , got me my nickname .Ex Chi" mechanic"ret)
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To: BipolarBob

http://beforeitsnews.com/opinion-conservative/2012/08/the-401k-confiscation-the-ghilarducci-plan-ann-barnhardt-2450914.html


11 posted on 03/28/2013 5:58:50 PM PDT by Afterguard (Liberals will let you do anything you want, as long as it's mandatory.)
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To: Lurker

I googled and found “the most dangerous woman in Amerika”. I watched the highlights of her confiscation plan and got angry. I went without and saved so this high paid socialist b*tch can steal it and give to somebody else and take credit for it?


12 posted on 03/28/2013 5:59:31 PM PDT by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: Afterguard

thanks


13 posted on 03/28/2013 6:00:44 PM PDT by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: Lorianne
I am John Galt and have been since 2010.

Come and take nothing, if you can find me.

14 posted on 03/28/2013 6:01:24 PM PDT by elkfersupper ( Member of the Original Defiant Class)
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To: Lurker

“New School” was all you really had to read !


15 posted on 03/28/2013 6:06:42 PM PDT by EDINVA
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To: Lorianne

“Whether you know it or not, someone is busy trying to figure how to screw you out of your pension.”

Theresa Ghilarducci, methinks?


16 posted on 03/28/2013 6:07:37 PM PDT by henkster (I have one more cow than my neighbor. I am a kulak.)
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To: Lorianne

Long and short.

This is the price of Socialism.

Socialism (Progressivism, Socialism, Marxism, Fascism, Communism) Destroys.

It builds nothing but illusions.

Total Failure.


17 posted on 03/28/2013 6:07:42 PM PDT by Texas Fossil
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To: Lorianne

It’s okay now.. Stock market is reaching all-time highs under 0bama and everyone will be rich soon. :)


18 posted on 03/28/2013 6:17:39 PM PDT by Obama_Is_Sabotaging_America (PRISON AT BENGHAZI?????)
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To: Lorianne

I seriously doubt that 75% of people nearing retirement have their houses paid off. People give me a strange look when I tell them that the house, car, credit cards, etc. are all paid off. Most of them tell me about their debts which include student loans, mortgages, car loans, children’s student loans, second mortgages for the around the world cruise or the daughters once in a lifetime wedding that lasted two years, etc. and absolutely no savings. They all expect that the government will bail them out.


19 posted on 03/28/2013 6:20:22 PM PDT by RetiredTexasVet (Leveling the playing field for a Progressive is dragging everyone down to their level.)
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To: BipolarBob

That’s what she’s got planned for you. And people in high places are listening to her very, very carefully.


20 posted on 03/28/2013 6:22:31 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Obama_Is_Sabotaging_America

If I remember correctly, in 2007 there was that same euphoria about the stock market and the increased wealth that it was going to bring to future retirees.


21 posted on 03/28/2013 6:23:33 PM PDT by RetiredTexasVet (Leveling the playing field for a Progressive is dragging everyone down to their level.)
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To: napscoordinator

My house is paid off. Last year my taxes, insurance, utilities and maintenance took $12,4616.


22 posted on 03/28/2013 6:24:14 PM PDT by TexasKamaAina
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To: Lurker
Here it comes, folks.

Yep. Can't wait to have my 401k raided for those that didn't save. F$%^g thieves.

23 posted on 03/28/2013 6:27:48 PM PDT by CommieCutter
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To: RetiredTexasVet
I seriously doubt that 75% of people nearing retirement have their houses paid off. People give me a strange look when I tell them that the house, car, credit cards, etc. are all paid off. Most of them tell me about their debts which include student loans, mortgages, car loans, children’s student loans, second mortgages for the around the world cruise or the daughters once in a lifetime wedding that lasted two years, etc. and absolutely no savings. They all expect that the government will bail them out.

It's the majority of the people that I know too, young and old. It's scary. And these people don't give one rats rear end how you got there--with discipline. They will take it from all of us.

24 posted on 03/28/2013 6:36:39 PM PDT by CommieCutter
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To: CommieCutter

I went without a lot of things to put back money for retirement. I guess I should have been betting on slow horses, buying houses for ex-wives and driving vehicles I couldn’t afford like my buddies.


25 posted on 03/28/2013 6:37:17 PM PDT by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: BipolarBob

Same here! Everyone wanted me to buy a Harley but I did not.

Wish I had spent more on AR-15s and AK-47s though!


26 posted on 03/28/2013 6:41:52 PM PDT by Ruy Dias de Bivar (The murals in OKC are destroyed.)
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To: Ruy Dias de Bivar
Wish I had spent more on AR-15s and AK-47s though!

You and me both. And ammo. Don't forget the ammo. Those were the days ammo was cheap.

27 posted on 03/28/2013 6:43:47 PM PDT by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: BipolarBob

I’m in the process of doing without a lot of things myself.

Meanwhile my peers complain about rich people while they live beyond their means.

It’s disgusting and if they steal my savings and retirement I cannot help but want to shed blood in the streets.


28 posted on 03/28/2013 6:46:28 PM PDT by CommieCutter
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To: Lorianne

not to sound too strict but... a lot of people spend every darned dime they ever earn (and then borrow to spend spend spend even more...)...what do they think they are, the Federal Government?

I have little sympathy for people who spend everything and then complain they don’t have retirement savings.

“Not my problem....”
and I don’t want to hear about it. Sorry.

(now then, if somebody suffers an unforeseeable, costly tragedy or has genuine serious disabilities ... I’m only too happy to lend them a hand. I’m NOT willing to listen to a bunch of wailing from wasteful people who had 40 years to save for their retirements and just spent or wasted every dime instead.)


29 posted on 03/28/2013 6:49:59 PM PDT by faithhopecharity (()
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To: Lorianne; Lurker
Some haven't figure it out, but the boomer generation got economically gang raped, hoodwinked, robbed, looted and beat down.

Can you say, "Betrayed and sold out"?

Most will be lucky if Social Security doesn't run out before they drop dead, since those in government and those who manipulate the money and banks, looted that fund too.

30 posted on 03/28/2013 7:07:51 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Ruy Dias de Bivar

Well how bad is that when buying a motorcycle will ruin your chances of having a retirement...yuk yuk..

Welcome to the new America!


31 posted on 03/28/2013 7:09:38 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: napscoordinator

Are you on SS? $900 a month for utilities, car insurance, medical insurance and food. Good luck with that.


32 posted on 03/28/2013 7:17:38 PM PDT by ThisLittleLightofMine
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To: Lorianne

If idiots like this guy think 401Ks are a disaster why don’t they convince congress to make them completely tax free?

What would happen to 401K savings accounts if you knew the money you saved would be forever tax free out of it?


33 posted on 03/28/2013 7:26:16 PM PDT by VeniVidiVici (Obama's vision - No Job is a Good Job)
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To: napscoordinator
Sure, that 900 a month should easily cover maintenance on the house, utilities, insurance and maintenance on the car, medicare premiums, medical co-pays, clothing, leaving maybe a couple of hundred over for food and everything else. No problem.
34 posted on 03/28/2013 8:37:43 PM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough)
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To: napscoordinator

people should be able to survive on 900 extra dollars a month.

Not that easy for lots of folks:
Family pet gets cancer, is part of the family. Vet bill can run into the thousands. You going to just let it die?
Car wears out. Even used cars are expensive
Roof wears out and leaks everywhere
Heating/air conditioning crash. Repair bill can be several hundred.
Co-pay for meds and doctor
phones, cable and computer hookup may be a plus to have but eat up some of that $900 every month. If you own a home that is part of an HOA you got HOA fees as well as taxes.
In my area HOA fees average more than $350 per month.
Gas, utilities, groceries, maybe AAA membership and NRA membership run up and eat up that $900 quickly. Most seniors can’t do it on $900 even if their homes are paid for in full.

The first emergency that comes up can wipe them out.


35 posted on 03/28/2013 8:51:05 PM PDT by Joan Kerrey
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To: Lorianne

Impossible.
Everyone I know says they have 5 mil in the 401K
and that they will retire in Hawaii.

Little Susy wil be a corporate lawyer and Little Johnny is bound for a career in neuroscience.


36 posted on 03/28/2013 8:51:28 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: TexasKamaAina

Factor in health care and food.


37 posted on 03/28/2013 8:55:52 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: count-your-change

I think the plan is for the SS money to pay your obama care.


38 posted on 03/28/2013 8:56:41 PM PDT by justrepublican (Screaming like Marx Dayton, the "Vexatious requester" at a Wellstone memorial...........)
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To: Ruy Dias de Bivar

Amen.


39 posted on 03/28/2013 8:57:19 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: Joan Kerrey
Heating/air conditioning crash. Repair bill can be several hundred thousand.

The first emergency that comes up can wipe them out.

Totally agree.

40 posted on 03/28/2013 8:58:29 PM PDT by steve86 (Acerbic by Nature, not NurtureĀ™)
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To: CommieCutter
Meanwhile my peers complain about rich people while they live beyond their means.

I see it everyday, all around me.

41 posted on 03/28/2013 8:58:52 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: dragnet2

Bingo.

I have been saying it for years.


42 posted on 03/28/2013 9:00:17 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: RetiredTexasVet

I bet 25% having their house paid off is too high in today’s economy. The number of people in the 60’s whose finances are totally $hit is astounding. Most with good paying jobs but broker than dick.


43 posted on 03/28/2013 9:07:44 PM PDT by packrat35 (Admit it! We are almost ready to be called a police state!)
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To: napscoordinator

And in many states, there is a property tax reduction for those over 65. In short, families and businesses pay more so the elderly can pay less.


44 posted on 03/28/2013 9:08:58 PM PDT by tbw2
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To: Lorianne

See my tag line.


45 posted on 03/28/2013 9:13:26 PM PDT by Mike Darancette (And winter is coming.)
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To: VeniVidiVici
What would happen to 401K savings accounts if you knew the money you saved would be forever tax free out of it?

Agreed and would add that savers are being scalped with the fiat money printing presses. People claim that the cyprus bank robberies would never happen here. I disagree. It is happening everyday with the fed printing press.

I foresee the seizure of 401Ks as collateral to the central banks to keep the fiat bubble inflated.
46 posted on 03/28/2013 9:13:37 PM PDT by PA Engineer (Liberate America from the Occupation Media.)
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To: TexasKamaAina

Mine is over $6,000 myself. Good thing my house is paid off.


47 posted on 03/28/2013 9:14:33 PM PDT by packrat35 (Admit it! We are almost ready to be called a police state!)
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To: VeniVidiVici
If idiots like this guy think 401Ks are a disaster why don’t they convince congress to make them completely tax free?

In exchange for being tax free the government would want to own it and be the beneficiary after you die.

48 posted on 03/28/2013 9:26:49 PM PDT by Mike Darancette (And winter is coming.)
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To: Lorianne

The baby boomers strike again. Who couldn’t see this coming?


49 posted on 03/28/2013 9:46:27 PM PDT by Figment
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To: Obama_Is_Sabotaging_America

“It’s okay now.. Stock market is reaching all-time highs under 0bama and everyone will be rich soon. :)”

The news media crow about this as though you made back in your 401 what you lost in 2008


50 posted on 03/28/2013 9:50:34 PM PDT by Figment
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