Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev Thread | Next Thread
Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19222  
Subject: Oh Dear. Not Good. Date: 7/10/2008 12:49 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Dean Baker | Housing Market Meltdown Cause Massive Losses http://www.truthout.org/article/housing-market-meltdown-caus...
Dean Baker, for the Center for Economic and Policy Research: "As Senators McCain and Obama fine-tune their plans for Social Security in preparation for the 2008 presidential election, a new report from the Center for Economic and Policy Research (CEPR) shows that, due to the collapse of the housing bubble, the vast majority of Americans have accumulated little or no wealth. This means that they will be almost completely reliant on Social Security and Medicare to support them in their retirement years."
Print the post Back To Top
Author: dcoop46 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13660 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/10/2008 2:04 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Or they don't retire and keep on working until they drop.

Print the post Back To Top
Author: ResNullius Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13661 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/10/2008 2:06 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 7
a new report from the Center for Economic and Policy Research (CEPR) shows that, due to the collapse of the housing bubble, the vast majority of Americans have accumulated little or no wealth. This means that they will be almost completely reliant on Social Security and Medicare to support them in their retirement years."

This is odd. Accumulated wealth via home equity has little to do with disposable income during retirement. Very few people sell or downsize in retirement, so the value in the home rarely ends up being used for daily/annual support. Sounds like someone is trying to overhype an admittedly sad situation in housing.

Print the post Back To Top
Author: 0x6a74 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: 13662 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/10/2008 3:52 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0


Or they don't retire and keep on working until they drop.


yup.

[ article yesterday in my thing from AARP on couples who thought they would retire soon ..but Can't. And folks who retired, but had to un-retire. ]



-b
....could be bad news for young people

Print the post Back To Top
Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13663 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/10/2008 4:20 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
<<This analysis should also prompt serious re-examination of policy proposals to cut Social Security and Medicare for near retirees. Baker commented, "policies that perhaps could have been justified at the peak of the housing bubble make much less sense now that tens of millions of near-retirees have just seen most of their wealth disappear."
>>


Means testing Social Security and Medicare is proceeding apace.


Those who have other assets and income will receive less in benefits, and pay more for them.

Whether people lose wealth or assets should have no impact on such policies. If people lose wealth, they will simply qualify for more benefits than if they still had it and could pay more.


Why pay benefits to people that don't need them?


And even more to the point, why should Gen X, Y and Z pay ever higher taxes to pay benefits to people that don't need them.


There is a reasonable argument for paying a small benefit to the indigent elderly.



Seattle Pioneer

Print the post Back To Top
Author: Trini209 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13664 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/10/2008 6:28 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 4
This is odd. Accumulated wealth via home equity has little to do with disposable income during retirement. Very few people sell or downsize in retirement, so the value in the home rarely ends up being used for daily/annual support. Sounds like someone is trying to overhype an admittedly sad situation in housing.

This isn't really true where I live on Long Island, and also in other areas where homes are very expensive in comparison to the rest of the country.

A great many people here sell their homes when they retire and move somewhere, such as Florida, where they can buy a home for a fraction of the price they sold their old home for. They bank the difference and use it to have a much better quality of life.

Trini

Print the post Back To Top
Author: dcoop46 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13667 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/11/2008 12:54 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
"....could be bad news for young people "

Only if they don't prepare for it. I have been saving since I was 26 and still am worried that I will not have enough, I have a Pension, plus a 401K (with I contribute max) (been here 25 years) and a Roth. I do know I will not have to sleep under an overpass but will I be able to afford health insurance?

Print the post Back To Top
Author: 0x6a74 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: 13668 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/11/2008 2:22 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
"....could be bad news for young people "

Only if they don't prepare for it. I have been saving since I was 26 and still am worried that I will not have enough, I have a Pension, plus a 401K (with I contribute max) (been here 25 years) and a Roth. I do know I will not have to sleep under an overpass but will I be able to afford health insurance?



i meant that in the sense that if old people have to work longer, there might not be as many 'good' jobs available for young

and if old people are struggling, their kids will have to think about helping them.


... any bad news for older people is Fair Warning to the young.


=

Print the post Back To Top
Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13669 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/11/2008 2:23 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I do know I will not have to sleep under an overpass but will I be able to afford health insurance?




Without health insurance you could very well find yourself sleeping under an overpass. :(

AM

Print the post Back To Top
Author: dcoop46 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13670 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/11/2008 4:16 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
" meant that in the sense that if old people have to work longer, there might not be as many 'good' jobs available for young

and if old people are struggling, their kids will have to think about helping them.


... any bad news for older people is Fair Warning to the young."


This is true, don't you think the longer a person works in most non specialist positions.... employers are looking to downsize or squeeze them out. Due to the higher cost of keeping them in position(increased group health insurance, longer earned vacation, higher salary) Instead they can get just out of college workers.

Print the post Back To Top
Author: 0x6a74 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: 13671 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/11/2008 5:00 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0

This is true, don't you think the longer a person works in most non specialist positions.... employers are looking to downsize or squeeze them out. Due to the higher cost of keeping them in position(increased group health insurance, longer earned vacation, higher salary) Instead they can get just out of college workers.



actually ....you're right .

it depends on the industry and the jobs and the way it's handled.

theres' -some- law against age discrimination /
there's union rules protecting seniority.

i probably exagerate because i ran into it twice (and once from the other end)



=

Print the post Back To Top
Author: Follydolly Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13672 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/12/2008 2:45 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
and if old people are struggling, their kids will have to think about helping them.

Hmmm, so how come I am the one who always has to help the kids who have no money and will not be able to retire. That the younger population will be in trouble by the time they should be retiring is not new news. They get no pensions, many can only afford to sock away a bit into their 401K's and some never have enough left over for IRA's.

We are the lucky ones.

~Birgit

Print the post Back To Top
Author: 0x6a74 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: 13673 of 19222
Subject: Re: Oh Dear. Not Good. Date: 7/12/2008 4:46 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
and if old people are struggling, their kids will have to think about helping them.

--------------
Hmmm, so how come I am the one who always has to help the kids who have no money and will not be able to retire. That the younger population will be in trouble by the time they should be retiring is not new news. They get no pensions, many can only afford to sock away a bit into their 401K's and some never have enough left over for IRA's.

We are the lucky ones.



so far.

not knowing your actual age .. but like my Dentist said one day, "we boomers might be the luckiest generation in the history of the world. Good, 'free' education; no great war or plagues; SS/Medicare took care of our parents (so we didn't have to) ..."

but if inflation wrecks our budgets, Market whacks our 401(K)s/IRA/home-equity, and politicians attack SS/Medicare .. not so much. And some of that grief will fall on the children


..but no Big. just idle rambles



=

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev Thread | Next Thread
Advertisement