Posted on 05/13/2009 11:12:59 AM PDT by SeekAndFind
"HOPE I DIE BEFORE I GET OLD" always seemed to be the retirement-planning credo of Baby Boomers.
It seems like ages ago, but just back in October 2007, Kiplinger's was featuring a cover story shouting, "Retire Rich," a theme favored by finance-magazine editors nearly as often then as "New Sex Secrets" or the like got plastered on the front of the likes of Cosmopolitan. Both are probably equally fictional, though I have not researched the latter.
Most likely, it's doubtful there are any revelations on either score. Retiring rich requires the discipline to save along with discipline, diversified asset allocation with a keen eye on expenses. Simple, but not easy.
And certainly not a course to which we Boomers have been inclined to hew. We were quite aware that we could not count on a defined-benefit retirement plan -- the traditional pension -- to provide for retirement. That's been supplanted by the defined-contribution plan -- the 401(k) or the equivalent -- though there might be some form of matching by employers, a perk that's getting cut back in hard times.
Even if they couldn't count on a pension, Boomers had thought they could emulate their parents by cashing in on the appreciation of their homes. Mom and dad might have plunked down $40,000 for a house 40 years ago -- an expensive home back then -- —that might have sold for 20 times as much a few years ago.
If they did sell out, there probably would be little if any mortgage left by that point, so they could clear virtually the whole sales price. And they could pocket a cool half million in gains tax free. Just for having lived in a house during the greatest property inflation ever, subsidized by incredible tax breaks.
(Excerpt) Read more at online.barrons.com ...
http://www.youtube.com/watch?v=M9rdPI8sfmM
Now you can take a pill so you don’t have to go pee! Since the Medicare Prescription Drug Benefit, a lot of these commercials have been popping up. Watch to the end to see the date of the class reunion so you know what age group is being targeted, and who is paying for the prescriptions.
My Grandfather, a VERY wise man, once told me, "Never retire. When you retire you die."
I'll be taking that advice to heart.
Just as a side statement, my grandfather ran his own business till he was 92. He died at 93.
We call them the "Free scoots for old coots" commercials.
The whole idea of retirement meaning "permanent vacation" is a very recent phenomenon.
It's the solution to the Social Security problem by reducing lifespan.
“Sheesh, some boomers are foolish but most are broke from funding the retirement of the “greatest generation”. “
Yep. ...................... @ 550 A MONTH? Big whooop for my mom. But she had a 2 family home and Union benefits to make up for it. She was self sufficient, the 550 was a drop in the bucket. I held 2 jobs and paid into the SS System on both. If anyone blew the system apart it was our elected officials. NOW WE GIVE BENEFITS TO ANYONE WHO ENTERS THE COUNTRY. THEY EVEN HAVE CLASSES FOR IMMIGRANTS TO LEARN HOW TO MILK THE SYSTEM.
Ouch, that’s spot on.
My mom and brother.
They were both Real Estate salesmen part time for my Grandpa, the real estate broker.
My Mom got her broker's license some time back.
Better hope not, my boomer owned company employs, on the average, ten of you. I go, your jobs go.
What is a scooter store?
It is a place that advertises motorized wheel chairs (costing many thousands of dollars) for elderly and handicapped people. The scooter store makes a lot of money selling these chairs to low income people. I have no problem helping those that really need these chairs but there is a lot of room for abuse and NO over sight.
It is a place that advertises motorized wheel chairs (costing many thousands of dollars) for elderly and handicapped people. The scooter store makes a lot of money selling these chairs to low income people. I have no problem helping those that really need these chairs but there is a lot of room for abuse and NO over sight.
Oh. Up here we had “theraputic riding” where braindamaged and emotionally handicapped people and children were taken horseback riding once or twice a week on state monies. That spigot must have turned off because all of a sudden all the riding rings are for sale.
It seams that we the tax payers are the ones being taken for a ride.
It seams that we the tax payers are the ones being taken for a ride.
Emotionally disturbed kids have been big moneymakers in this area. I have a feeling that the spigot will turn off soon and it will go back to Thorazine and custodial care.
Oops!
Now, all ages of people are struggling to tread water with their equity investments. I've pulled ALL of my retirement funds out of equities - ten years before I was supposed to.
If you called them “investments” folks might take a percentage out and put it into small, portable items of tangible value or use, thus denying the looters additional scam creation reserves...
The owner of my company is a pre-boomer, was an officer in WWII. Yeah, he’s old. He dies, we all become owners, well, us upper management types.
I’m good, thanks.
Besides, if the boomer kicks the bucket, it just opens the door for us non-boomers to pick up the slack, so no wories there, either. Bogus premise, but nice try.
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.