Skip to comments.Americans Are Giving Up on Retirement [Disaster of Obamanomics]
Posted on 10/25/2013 4:50:38 AM PDT by SoFloFreeper
he U.S. government managed to avoid a government shutdown -- for now --so now Americans can turn their attention from the economic dysfunction in Washington, D.C, to their own financial picture.
Unfortunately, a study from investment banking giant Wells Fargo says adults heading into their post-working years face a financial shutdown of their own.
Many middle-class Americans seem to be losing hope over any resolution to their retirement problems. A full 37% of middle-income Americans told Wells Fargo researchers that they will "never retire," but will "work until I'm too sick or die."
Left unsaid is that there is no guarantee their employers will keep them on the payroll until they're 70, 80 or 90 years old.
(Excerpt) Read more at thestreet.mobi ...
The media and his party applaud that destruction.
“retirement” was always a construct and illusory
>> A full 37% of middle-income Americans... will “work until I’m too sick or die.”
That’s me! Mrs. Tick demands it, even if I don’t! :-) Fortunately I like what I do.
>> there is no guarantee their employers will keep them on the payroll until they’re 70, 80 or 90 years old.
...and that in a nutshell is one of the problems in this country. People confuse “working” with “having a job”. There are many ways to work for a living that have nothing to do with an “employer”.
I am giving up on it
Instead I am trying to get all my employers to let me work 4-10hour days
I would do anything if I could have 3 day weekends every week
Sadly, it is true. I have three intelligent, formerly hard-working friends who have become more than happy to be burdens to my grandchildren’s future.
These people are denying that they’ll be unable to work at that point. It’s part of why there’s not a bigger backlash against a hundreds of dollars per mtt increase in their monthly bill That cash needs to go to their retirement but its not budgeted for that
It should NOT be budgeted for contributing to the outrageous ripoff of their kids’ college. They’ve acquiesced to that driving up prices making it impossible for those who do plan retirement, to send their kids to school
Obama and obamacare should be a distant memory. People don’t value their own money and just say no
When these middle class Americans reach their 50’s or 60’s they will lose their jobs to lower paid younger workers or their jobs will be outsourced. Once they deplete their meager savings and cannot find work they will embrace the welfare state for survival. That is the plan.
Unfortunately when they reach their 70’s they will discover the welfare state will not pay for life extending medical treatment. Beyond age 75 the welfare state will be encouraging euthanasia.
Not sure I really blame Obama for this. Many people are just stupid with there money—I’ve seen this my whole adult life. They fritter $$ away on expensive cars, going out to eat, even Starbucks. Then they complain they can’t afford to contribute to their 401k and get a matching contribution. Only a few people do something as rudimentary as maintain a budget. Even many people who are extremely sharp professionally are full retards when it comes to their finances.
What IS bad is that there is little incentive to save anymore. Savers currently get next to no interest on their $$. IMHO, this is by design.
This idea that someone can work for 25-30 years and then draw a pension and Social Security for about the same duration of time (if not longer) is a farce.
A lot more in upcoming generations are going to lose any hope of retirement just because of MahdiCare. Last night Fox News profiled a middle class family of four who will see their health insurance premium increase by about $600 per month. All of that is money that could have gone into a 401(k) plan but won’t, leaving that couple to scratch when it comes time to retire. The Mahdi is evil, pure anti-American evil.
Amazing that people that work all their lives won’t be able to retire because our government wasted so much money on those that didn’t work.
In the meantime, they have NO workable system to replace it with.
I ought to be thinking of retirement, but I can't because of the economic situation. I'm not unique.
For every retirement age person who has to remain on the job ... that's one LESS job a young person ought to have and can't get.
>> Savers currently get next to no interest on their $$. IMHO, this is by design.
Definitely by design! And transparently! The intent is to push those with cash to “invest” in keeping one or another bubble (housing, equities) inflated.
The only problem with this is sustainability — all the bubbles will burst someday — but let those born after us sort it all out!
(See any problem with this line of thinking? I do... but I’m powerless to stop it.)
receptionist in our office does that
she is young but works her fingers to the bone
-——Left unsaid is that there is no guarantee their employers will keep them on the payroll until they’re 70, 80 or 90 years old.-——
That statement indicates the author does not understand what he is talking about. Work after 65 is not restricted to continuing to drudge in the same old rut for 10 or 15 more years.
The fact is, retirement work is frequently something completely different using skills obtained over a lifetime. It does not need to be heavily structured and restrictive. It is the freedom do do what ever you want.
Public employees are the only ones privilaged enough to retire with full benefits. The rest of us pay for the ruling class.
Pray America will wake up
And in many states, even paying off your home you still have to pay property taxes, so, the state government gets to recycle your property when the savings are all dried up and there is no job opportunities left. Our system as it stands today is parasitic on the producers to the point of killing the host.
I think I would work my ass off too- for a 4-10 work week
I guess the only alternative will be to step into the Sleepshop or be chased by the Sandman when we reach the age of 30 pretty soon.
>> What we now know as “retirement” in this country is really a fiction
I don’t know that I agree that the concept of retirement is a fiction — but I agree it’s a relatively new *invention*.
It might be possible for a vibrant economy full of people with character and a good work ethic to enjoy “retirement” after working (hard!) for a certain period — the same way a vibrant economy can enjoy other common benefits like good infrastructure.
However, it’s also pretty clear that American Retirement version 1.0 ain’t gonna work much longer. Which I think is your real point.
yeah Logan’s Run
of course life may be more pleasant dead than alive
“Obama destroys liberty, private property, and freedom.”
And, he’s destroyed hope as well.
And it achieves the double whammy of making cheap $$ available to finance the US deficit.
What Americans fell for was a form of AMWAY hype ... if you have a dream, you can fulfill it.
Hellivision wiped anything normal from our minds and replaced it with a "dream" of retiring in Florida (they are ALL palm tree type commercials) playing golf, active because of Cialis or Viagra or Ovaltine ... , wearing nice clothes married to a good looking wife/husband, and using OUR service(s) you will have the money to live like this AND play golf or go fishing with the grandkids (amazing how THEY seem to live so close and have the time to be with YOU .. ).
God's promise is to supply all our needs and not our dreams
King James Version (KJV)
19 But my God shall supply all your need according to his riches in glory by Christ Jesus.
I'M retired on a small piece of God's earth I bought 20 years ago, eat food I grow, drive older but stable (and paid for) vehicles and I never had a desire to play golf (too expensive)
Even in zero's Amerikkka, you CAN retire, but you can't start thinking normal at the last minute.
I believe retirement starts with Let This Mind Be In You Which Is Also In Christ Jesus and allow Him to guide your thought .. PROCESSES ... at least 10 years before retiring.
I do not feel sorry for any individual who voted for this beast occupying the white hut. They deserve whatever happens to them! They are part of the destruction of this once great nation!
I should have retired a long time ago, but instead I get up every day and go to work. I agree about what is left unsaid, what happens when even the most loyal employer can’t put up with the mistakes that are made because you can’t see as well or think as fast on your feet. The only good thing is the longer I work the more what little I have left squirreled away might be able to supplement my social security. Before all this downward spiral It was barely enough, after the stock market got done with it, and the economy got done with inflation, I may have enough to cover my utilities. Electric bills that were $75.00 a month are now $143.00 (on the equalizer) and natural gas that was $15.00 a month is now $45.00.
What’s the point of a middle class person (non-elitist) trying to build up a retirement nest egg when a tyrannical government is going to end up confiscating it all to re-distribute to those who chose not to be responsible for themselves?
>> And it achieves the double whammy of making cheap $$ available to finance the US deficit.
YOU’VE BROKEN THE CODE!!! Watch your back. :-)
>> I believe retirement starts with Let This Mind Be In You Which Is Also In Christ Jesus and allow Him to guide your thought .. PROCESSES ... at least 10 years before retiring.
That post, and particularly that statement, may be the best retirement advice I have EVER seen.
You ought to go back to work as a counselor. :-)
IIRC, “Sanctuary” was actually a freezer filled with the previous “Runners”... a bit of a Soylent Green subplot.
This reminded me of Orwell’s “Animal Farm” and his character Boxer the horse. Boxer was promised his entire life that he would eventually get a beautiful retirement where he could frolic in the field and do whatever he wanted. In the end, though, he worked long hours, harder and harder each day, until the day he died. Of course, the horse was a little “slow-witted”, sort of like many of the low information voters of today.
And and on top of that, the same morons want to repeat Europe’s experience: “We’ll import immigrants to support us in our old age.” To replace the children they didn’t have.
As soon as the immigrants—north African Muslims for the most part—figured out the wonder and glory of eurosocialism, they’re on the dole!
So if the Dems and GOP-e have their way, we will have not only a domestic underclass of ‘birds that don’t sing’, but a restive non-English speaking class of “new citizen” deadbeats as well.
Time to take control from the Demoblicans! “Immigration”, no budget for five years and the Unaffordable Care act demonstrate they either don’t have a clue as to what they’re doing, or more ominous—they do.
It's a very bad design. Add to that job instability, and there's no way most people can save for retirement. This problem won't turn around for decades, if it ever does.
There's another aspect to those interest rates. Baby boomer and older retirees have a very large percentage of people who have saved for retirement. We have an amount of savings on which 4% (or so) interest would be a comfortable amount to supplement Social Security and pensions. That interest goes almost completely (except for the cruise or trip to FL) into local economies. Factor in how near-impossible it is to start and grow small businesses, and you've got a negative impact on local economies. Since retirees are spending off the principal, there will be less money passed forward to younger generations.
The job market got dismal when those interest rates got obscenely low. The best way to stimulate the economy would be a decent rate. Instead, Obama, like GWB before him, prefers an artificially propped up stock market.
I beg to disagree.
There was once a time when gov’t didn’t have its hands out to steal 40%+ of whatever $$ one made by the sweat of their brow or using their noodle. Enough to have one stay @ home, BUY a home, BUY a car, take vacation and still SAVE.
It’s damn tough these days to save penny ONE when gov’t makes living so costly.
At 40%, I’m dumping as much as I can into Roth and 401K (if gov’t doesn’t confiscate them first), live modestly (old car, house I can afford)...but utilities, food, gas, taxes?!?
There’s a reason I’ve learned to like Ramen /s
I live like you, 10 year old car, Honda Pilot, great car, 4WD, house I can afford, if I bought no more clothes the rest of my life I would be fine because all I wear is black white and gray!
Never got into golf, play tennis with church ladies at the public park, don’t carouse out at watering holes or gambling places, use netflicks instead of going out to the moving pic.
Guess what? People in the old days worked until they couldn’t work any more and then if their children took them in, they were expected to help out around the house. Heart attacks and illnesses took them earlier ithan today so mostly they did not linger on to be a burden on their children.
I am aware of the history you cite. I think it is abysmal that the CHOICE people in American society once had regarding their vocation is being greatly diminished.
Also abysmal is the quick acceptance of Obamanomics destruction of this choice.
We are self-employed. We have slowed down, but will continue as long as possible. We also have hobbies. We like being engaged and we will work as long as possible.
Yet there is a bubble of Americans doing just that. Worked 25-30 years, pension and Social Security for the next 25-30 years. They smugly think they deserve it because they are special and worth it. Never mind that their kids and grandkids suffer.
If you have the option to be self-employed, as I have, you can keep going as long as your health holds out. I’ll turn 67 next month and definitely can’t afford to retire. However, as the article points out, if you have a job that only exists in a corporate environment, you WILL face age discrimination and will have a tough time staying employed into old age.
When these middle class Americans reach their 50s or 60s they will lose their jobs to lower paid younger workers or their jobs will be outsourced. Once they deplete their meager savings and cannot find work they will embrace the welfare state for survival. That is the plan.
Unfortunately when they reach their 70s they will discover the welfare state will not pay for life extending medical treatment. Beyond age 75 the welfare state will be encouraging euthanasia.
Perfect description of what is happening/will happen. My friends and I have all seen it happen to someone we know and to others around us in the work place. It does start between age 50-60 as far as being pushed out. It is happening where my husband and I work now and we are scared for the future. Weknow we are next!
Meh, this trend has been coming for a long time before Obama, he just hastened the finality of it for a whole lot of people.