UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev Thread | Next Thread
Author: desertdaveataol Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 457182  
Subject: Fiscal trouble ahead for most future retirees Date: 2/18/2013 12:49 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 23
For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents, jeopardizing a long era of improved living standards for the nation’s elderly, according to a growing consensus of new research.

The Great Recession and the weak recovery darkened the retirement picture for significant numbers of Americans. And the full extent of the damage is only now being grasped by experts and policymakers.

There was already mounting concern for the long-term security of the country’s rapidly graying population. Then the downturn destroyed 40 percent of Americans’ personal wealth, while creating a long period of high unemployment and an environment in which savings accounts pay almost no interest. Although the surging stock market is approaching record highs, most of these gains are flowing to well-off Americans who already are in relatively good shape for retirement.

http://www.washingtonpost.com/business/economy/fiscal-troubl...
Print the post Back To Top
Author: GalinAZ Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416170 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/18/2013 7:52 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Increasingly, as I read these types of articles, I am coming to a couple of conclusions:

1. The answer is not in getting enough money for retirement and old age. The answer is finding a different way to live. In the past, families to care of one another. Maybe we'll move back in that direction.

2. Retirement was an anomaly of the 20th century. Get over it.

Print the post Back To Top
Author: desertdaveataol Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416171 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/18/2013 8:24 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Increasingly, as I read these types of articles, I am coming to a couple of conclusions:

1. The answer is not in getting enough money for retirement and old age. The answer is finding a different way to live. In the past, families to care of one another. Maybe we'll move back in that direction.


Methinks that wasn't always due to kindheartedness. Often the old folks owned the farm/home and the offspring lived in it taking care of their parents and their inheritance.

In today's mobile society the spawn are spread from coast to coast, often living in apartements.

2. Retirement was an anomaly of the 20th century. Get over it.

In the days when average life expectancy was 60 or less I guess you could work until you dropped. Nowadays average life expectancy for Americans is approaching 78 years. How many 70 year olds do you know who could do the job they retired from at 65?
http://en.wikipedia.org/wiki/List_of_countries_by_life_expec...

My aunt actually helped found a retirement community that cared for her in her declining years, but many (most?) don't have the foresight /resources necessary for something like that.

Desert (Time: it's what keeps everything from happening at once.) Dave

Print the post Back To Top
Author: InconclusiveFool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416174 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/18/2013 10:09 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
They have no one to blame except themselves. Instead of living a lifetime below their means, many did the exact opposite, and now are crying the blues.

Print the post Back To Top
Author: somethingwicked One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416185 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 8:34 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 13
My observation is that my parents' generation - the greatest generation - benefited from the beneficient confluence of:

- Defined Benefit Pensions
- Defined Contribution Plans (401K's)
- Social Security (before it became fiscally challenged)
- Medicare (before it became fiscally challenged)

The most important, by far, was the broad existence of Pensions. And the watershed change between then and now is the broad lack of pensions.

That has made all the difference.

Print the post Back To Top
Author: AdvocatusDiaboli Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416186 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 8:37 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1

2. Retirement was an anomaly of the 20th century. Get over it.


Practically, how's this going to happen for the swelling number of Alzheimer patients?

Print the post Back To Top
Author: AdvocatusDiaboli Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416188 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 8:57 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 6

In the days when average life expectancy was 60 or less I guess you could work until you dropped. Nowadays average life expectancy for Americans is approaching 78 years. How many 70 year olds do you know who could do the job they retired from at 65?


Life expectancy at retirement has actually not gone up a whole lot, most gains in life expectancy have arrived due to the drop in infant mortality. This applies in particular for the bottom half of the income structure, whose gains over the last three decades have been negligible.


http://krugman.blogs.nytimes.com/2012/11/13/life-expectancy-...

http://www.nytimes.com/2012/09/21/us/life-expectancy-for-les...

Print the post Back To Top
Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416189 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 8:58 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
how's this going to happen for the swelling number of Alzheimer patients?


AD

I had a glib answer involving the difference between prison or nursing home costs but decided not to got there. Methinks the main reason for the increase in Alzheimer patients (no different than cancer) is simply that people are living longer and the reward is... well perhaps we need to reconsider some of our long held mantras?


Any <live hard, die young leave a beautiful corpse> mouse

Print the post Back To Top
Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416190 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 9:28 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
While it would be nice to be able to read the chart in a link from your second link I suppose the headline says a lot?

Banker lady who travels to a lot of different states and cities (she was in four different cities last week and flew to Baltimore yesterday then drove to Washington last night) often comments on the difference in lifestyle between states. She says the CEOs and CFOs that she meets with in Texas are always amazed that she eats like a horse and is skinny as a rail (she attributes it to wrestling with or chasing three little boys).


Any <never ask your kid what he wants to eat unless he is paying> mouse

http://www.ceda.berkeley.edu/News/NAS_WilmothBB_GeogDiff_e50...

US Ranks Last in Female Life Expectancy

Summary of Findings

Whereas the geographic variability of life expectancy at birth in the United States diminished during the 1960s and 1970s, disparities across states and counties have increased since 1980. The divergence of the geographic distribution of mean lifespan in the U.S. during the last two decades of the 20th century coincided with a rapid fall in the country's position in international rankings according to common measures of mortality or longevity (see graph above). This deterioration of international position is most notable for adult mortality and especially for women. Given the coincidence of timing (from the early 1980s until recently), we investigated whether the increasing geographic variablity was related in some causal fashion to the reduced pace of increase in life expectancy for the United States and thus to the country's loss of position in international rankings for this key indicator of population health.


Our study demonstrated that the slower progress achieved by the U.S in recent decades is only partially due to its increasing regional variability compared with other high-income countries....


Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post Back To Top
Author: alchook Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416191 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 9:34 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents

So what?

They’ll have cars that can drive themselves.

Print the post Back To Top
Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416193 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 10:36 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 25
"For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents"


And that's because they spent every dime they made, refinanced the house a few times to take that money and spend it, had 2 or 3 or 4 cars, snowmobiles, ATVs, a summer home and a winter ski condo, traveled the world....... ate out all the time, and didn't save enough.

Now...they plead that the working folks need to cough up a lot more money to support them in the style they have become accustomed to.


Geez...

My parents retired - my dad on disability at age 60. He lived another 13 years. They didn't eat out all the time. Maybe once a week at a budget lunch place in Florida. While they were working, they didn't blow thousands or tens of thousands on vacations to 'name' places around the world. As kids, we went TENT CAMPING and never owned an RV. My dad built, from the ground up, the small summer place (20x25 feet).....with the help of his brothers over 10 years. It took 20 years to get 'indoor' plumbing and we had 'running water' - you grabbed a bucket and ran over to the neighbors well and pumped it full and hauled it back to the house. duh!...... my dad could fix about anything. Including engine overhauls in my 13 year old VW I had the last 2 years in college.

They lived below their means and lived within budget with no problem. My mom lived another 10 years after that.

They never smoked (a half million dollar plus habit). Nor had to buy expensive wines - or any wine other than maybe once a year for a special celebration.

Now...my neighbors live in houses twice the size. They have 2 or 3 or 4 cars. Every kid gets a new car at age 16. They blow $10,000 plus on vacations and yak about "oh, we went to China" or some other destination.....they have houses full of expensive furniture....utility bills of $700-$800/month..... and likely aren't saving much toward retirement.

Yeah.....when the current standard is to spend 100 or 120% each year of what you make, run up $50,000 in credit card bills, send junior to the most expensive most prestigious schools.......you're going to wind up with not much at retirement time.

So? I should now fork out more because of your spendaholic habits?


I think not.



t.

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post Back To Top
Author: steve203 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416197 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 12:03 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
So? I should now fork out more because of your spendaholic habits?

This is "bailout nation". Everyone gets a handout. A few days ago, I posted an article about how people in Michigan are crying about the cuts in the state's subsidy program for movie production.

Steve

Print the post Back To Top
Author: mauser96 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416221 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 7:25 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 4
"I should now fork out more because of your spendaholic habits?" Unfortunately when the imprudent and spendaholics are the majority, they will get laws passed to bail them out, and since only the prudent have anything, this minority will indeed fork out more.

Print the post Back To Top
Author: jgc123 Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416222 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/19/2013 7:28 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 64
Unfortunately, when people like you and tele overrun boards with ridiculously stupid and hateful stereotypes, intelligent discourse is destroyed and intelligent posters give up and go elsewhere. I am dead serious about this.

Print the post Back To Top
Author: totolapse1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416249 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/20/2013 7:23 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 7
I think we will see more retirees moving overseas to more reasonable cost of living areas. This presents a problem i that more money that used to be spent here will be spent in foreign countries. Many of the countries I have looked at have more reasonable health care costs,and,face it, why stay here? Most people have ties that bind or are afaid of a different culture. If the US wants them to stay, fix the health system,take the casino out of finance, spend less and more wisely on defense.

I look at what Tele says and I have done none of those things. I'm moving to an area where I can easily live within my means and do some traveling. I will still pay Federal Taxes and not renounce citizenship. If you want government, you have to pay. I have had a great life, much better than my third world friends.

I waited for my GF at the beauty store and discovered a whole section of the store devoted to skin whiteners. My GF chuckled and noted that Americans spend a lot of money to get tanned, and they try to get white.

Print the post Back To Top
Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416255 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/20/2013 8:59 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Thank you for recommending this post to our Best of feature.

If you want government, you have to pay. I have had a great life, much better than my third world friends.

I waited for my GF at the beauty store and discovered a whole section of the store devoted to skin whiteners. My GF chuckled and noted that Americans spend a lot of money to get tanned, and they try to get white.



total

Are you sure you are American? }};-D

I watched an interesting clip this morning on a US government (potential?) project to map the human brain. The cost would be about $4 billion, value to the economy long term projects at $800 billion.

Even if you round up and down those numbers the advances in medicine would be incredible? Think of being able to look at the cause of all the various dementia diseases out there? No private company could or would do this because frankly it would take a decade or two to see any returns.


Any <the answer is brown... what was the question?> mouse

Print the post Back To Top
Author: FoolishWaldo Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416302 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/20/2013 4:01 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
The Great Recession and the weak recovery darkened the retirement picture for significant numbers of Americans. And the full extent of the damage is only now being grasped by experts and policymakers.

There was already mounting concern for the long-term security of the country’s rapidly graying population. Then the downturn destroyed 40 percent of Americans’ personal wealth, while creating a long period of high unemployment and an environment in which savings accounts pay almost no interest. Although the surging stock market is approaching record highs, most of these gains are flowing to well-off Americans who already are in relatively good shape for retirement.


My parents and their brothers/sisters lived well because of SS and union pensions. I have SS but don't have a union pension, so perhaps I won't live as well as they did.

Print the post Back To Top
Author: CCinOC Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 416329 of 457182
Subject: Re: Fiscal trouble ahead for most future retiree Date: 2/20/2013 7:10 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Unfortunately, when people like you and tele overrun boards with ridiculously stupid and hateful stereotypes, intelligent discourse is destroyed and intelligent posters give up and go elsewhere. I am dead serious about this.

They speak the truth. Ignore the truth at your peril.

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev Thread | Next Thread
Advertisement