Tuesday, December 28, 2010

Starting January: 10,000 A Day Retire With No Savings

(CHICAGO) — Through a combination of procrastination and bad timing, many baby boomers are facing a personal finance disaster just as they're hoping to retire. Starting in January, more than 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years.
The boomers, who in their youth revolutionized everything from music to race relations, are set to redefine retirement. But a generation that made its mark in the tumultuous 1960s now faces a crisis as it hits its own mid-60s. (See 10 smarter ways to reach your retirement goals.)
"The situation is extremely serious because baby boomers have not saved very effectively for retirement and are still retiring too early," says Olivia Mitchell, director of the Boettner Center for Pensions and Retirement Research at the University of Pennsylvania.
There are several reasons to be concerned:
— The traditional pension plan is disappearing. In 1980, some 39 percent of private-sector workers had a pension that guaranteed a steady payout during retirement. Today that number stands closer to 15 percent, according to the Employee Benefit Research Institute in Washington, D.C.
— Reliance on stocks in retirement plans is greater than ever; 42 percent of those workers now have 401(k)s. But the past decade has been a lost one for stocks, with the Standard & Poor's 500 index posting total returns of just 4 percent since the beginning of 2000.
Read more: Here..

13 comments:

  1. People are so gullible when they think the Hippies were some force of good in the world. My how they really twist history, even that which wasn't too long ago. The boomers revolutionized everything? No, the boomers ruined everything.

    What did the boomers (Hippies) accomplish besides normalizing drug use, spreading STDs, "don't think for the future - for the world may end today" type focus (thus, buy everything now), and having failed Generation X and Y? And how exactly were they responsible for changing racial relationships? People could marry anyone of the opposite sex they wanted to in this country long before those idiots came into this world.

    Of course, the north wasn't always the most easy going people. That was often a motivation for those who headed west. For example gays actually were treated decent in the wild west; notwithstanding Hollywood's false representation of homosexuals in Broke Back Mountain. And in the south of course lots of prejudice existed against African Americans. But the fact is that most Americans had nothing against anybody (like today). It was the government that tried to keep things like segregation going.

    They push multiculturalism and diversity here when we are the least that need it... they do that for a reason. And they also do a disservice to the cultures they pretend to want to help. So MTV, VH1, such things will show the dumb, crack smoking, women abusing, "nigger" types and act like you need to understand them. They'll never show the educated, family oriented, hard working African Americans though. They want to get everybody to become stupid in other words.

    Funny as hell how we've been programmed to believe that the Hippies, kids who did nothing but smoke dope, saved the human race and created world peace. Wow. What a miracle. 100,000 years the homo sapien has been around and magically changed for the better by 15 years of a relatively young chemical synthesis, lysergic acid diethylamide, scrambling the brains of the youth. Not to mention their brains weren't even done growing. Good LORD! Now you all understand why most baby boomers are brain dead.

    For those who actually think the Hippies made the world a better place let me ask you this. Why is it that drug use, STDs, pedophelia, rape, violent crimes, theft, teen pregancy, depression, mental disorders, divorces, moms drowning their children - type murders, corruption, greed, and ignorance have all become the prevailing essence of modern reality?

    I suppose it would be ignorant in a way to claim it was the Hippies who caused all of that. The human world was never rainbows and roses afterall. But still, those idiots only helped propagate bad things in this world. They failed at stopping the war too despite all their violent protesting. 12 or 15 years they protested right?

    Since I came across something this fucking stupid I feel an incentive now to go swallow a bottle of Vicodin. Hopefully I won't ever wake up again. And when I do wake up, I can say my vegetated state will inspire others to attempt suicide.

    That literally is analogous to how people perceive the Hippies to be a generation of greatness. A generation of greatness were the ones who survived the Great Depression, and who fought in WW2. The men who risked their lives and did die, and the women who also went over their as nurses, donated their clothes, or built planes and guns for them. That was a generation that revolutionzed things.

    What were the baby boomers (Hippies) successful at? They were the generation that ruined what the truly awesome generation before them had built for them. They were successful at ruining things.

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  2. The real question is how many people per day will be added to the workforce during that same time frame.

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  3. 5:12 I'm a boomer born in 1949 and raised by my grandparents. I cannot agree with you more. Thanks for your comments.

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  4. If everybody saved their money the economy would collapse. if everybody who went out Friday Saturday nights and Sundays decided to stay home and bank the money they would have spent just imagine the chaos.

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  5. 5:12, I also am in agreement with you. The generation you speak of gave us nothing but dissention and disrespect for all. Now, we are to cry and wring our hands because these, "retiree's" have no funds for retirement. Horse crap, I know many from our area alone, they thought that the good times were forever and never once thought of the hard times or times of ill health and ever the thought of retirement. One of the thinks that frost the marbles, is that there are so many people on the dole as a result of SSDI. Return the SS to what it was originally designed to do, get the lazy asses back to work. If Barry wants to make positive changes and is insisting on growing the Gov't payrolls, hire people to investigate the SSDI rolls and remove the deadbeats. I am sure if they know the gov't-democrats wont't give them a titty to suck on, the'll go to work.

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  6. As with most generation labels, "Generation X" is a loaded term, first coined and later disowned by Douglas Coupland, author of the 1991 book Generation X: Tales for an Accelerated Culture. For Coupland, the letter "X" was meant to signify the generation's random, ambiguous, contradictory ways. Similarly, Gordinier's book is at times contradictory, ambiguous and random.

    Though his original essay was melancholy and defeatist ("It's over, baby. Gen-X has been crushed. You might as well retire."), Gordinier's book conveys a far different message. Shirking the media myth that Xers are slackers, Gordinier argues that Generation X has — to borrow a '60s term — changed the world. Citing Gen-X icons like Quentin Tarantino and Jon Stewart, along with Gen-X triumphs like Google, YouTube, and Amazon, among others, Gordinier argues that not only are Xers far from over, they might be the most unsung and influential generation of all time. "Gen-X stomping grounds of the past — the espresso bar, the record shop, the thrift store — have been resurrected in digital form. The new bohemia is less a place than it is a headspace. It's flexible enough to bypass all the old binaries. It encompasses mass and class, mainstream and marginal, yuppie and refusenik, gearhead and Luddite. It's everywhere and nowhere in particular," he writes.

    In short, "GenXers are doing the quiet work of keeping America from sucking."



    Read more: http://www.time.com/time/arts/article/0,8599,1731528,00.html#ixzz19R7fecNQ

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  7. cont

    And what of the legacy that millennials inherited from Generation X? Aren't Gen-X creations like YouTube and MySpace largely responsible for millennial narcissim? Didn't punk rock begat Rock Band? Perhaps. "We've created all these great Websites that now millennials waste their lives on," Gordinier says with a laugh.

    Somewhat ironically, these same technologies have also transformed the very notion of generations. Steve Gillon, author of "Boomer Nations," believes that people born between 1946 and 1964 will be the last to really experience national culture in such a unified way. "If you grew up in the '50s and '60s, you came of age at the same time that national culture first developed. There were three major TV networks. Everyone was watching the same thing. The assassination of J.F.K., for instance, was the first event the nation experienced in real time at the same time."

    And of course, broad descriptions of generations are not always true. A Washington Post review, titled "Wild Generalization X," called Gordinier's original essay "big fun, ... but all baloney." Gordinier's stock response? His generalizations "are more along the lines of mortadella, which is that really expensive and delicious baloney they make in Italy."

    Gordinier wants to be clear about one thing: X Saves the World isn't personal. "A lot of what I'm doing is channeling all these things I would hear about millennials in the office, or boomers forcing their history down our throats," he tells TIME. "It's more about radar. It's more about antennae. These are signals I'm picking up."



    Read more: http://www.time.com/time/arts/article/0,8599,1731528,00.html#ixzz19R8cGhFQ

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  8. Baby Boomers, Gen X, Gen Y, we will all suffer in the new economy that George H.W Bush proposed, and Bill Clinton pushed through.....NAFTA!

    All of the White Collar jobs have gone to India, that job stealing nation. What this country should do is nuke India to Kingdom Kum.

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  9. The leadership for several decades (some Baby boomers; some younger, many older ( 65 yr olds and up today)these are the scum of the earth, they trashed the country, selling out the jobs, industry to foreign countries. Politician scum incl. congressmen, senators, local, state politicians, etc. also involved in some way (agenda 21, etc)The Elitists and the politician puppets controlled by banks and corporations run the show. Prepare and live for self/family; it's all over folks. Stupidity by the masses let it happen. Community and church leaders who are bought off, kept quiet and did nothing. We have a hopeless future for sure.

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  10. Yes, we are so screwed. There's likely no recovering from this one. This one is a game changer! The only way is f America uses its military might to expand and seize.

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  11. the hippies stoppped the fake vietnam war, that is what they did, what did you gen y pukes do? Text lol, stupid morons.

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  12. The peace and love hippies achieved very little after they were stuffed full of LSD and allowed access to pot by the FBI and CIA in COINTELPRO operations to tune them in ,turn them on ,and drop them out,in order to split them away from serious anti war struggles.

    The US government did not listen to hippies any more than listened to the majority of Americans that were opposed to the BUSH?Obama /McCain Pausen /goldman sache led TARP coup to control treasury and get unlimited money printing bailouts.

    Right now there appears to be a COINTEPRO operation to set up fights inter-generational entitlements war between Americans,baby boomers against generation x lazy " niggers' etc so that they do not unite and do not concentrate on hanging bankster criminals or the ruling elites .

    It was the Vietnamese themselves that won and ended the war.

    By kicking a demoralized American armies butt where fragging of officers had become a regular occurrence.
    The Soldier’s Revolt
    by Joel Geier
    Our army that now remains in Vietnam is in a state approaching collapse, with individual units avoiding or having refused combat, murdering their officers and noncommissioned officers, drug-ridden, and dispirited where not near-mutinous Conditions exist among American forces in Vietnam that have only been exceeded in this century by…the collapse of the Tsarist armies in 1916 and 1917.
    Armed Forces Journal, June 1971
    The most neglected aspect of the Vietnam War is the soldiers’ revolt–the mass upheaval from below that unraveled the American army. It is a great reality check in an era when the U.S. touts itself as an invincible nation. For this reason, the soldiers’ revolt has been written out of official history.
    The army revolt pitted enlisted soldiers against officers who viewed them as expendable. Liberal academics have reduced the radicalism of the 1960s to middle-class concerns and activities, while ignoring military rebellion. But the militancy of the 1960s began with the Black liberation struggle, and it reached its climax with the unity of White and Black soldiers.”
    see
    http://alethonewsa.wordpress.com/2009/10/01/the-hidden-story-of-the-americans-that-finished-the-vietnam-war/

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