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Gen X on retirement - 4/15/2008 4:36:10 AM   
Level


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quote:

Baby boomers say they are worried about achieving a comfortable retirement, but a new study suggests Generation X is even more pessimistic.

More than two-thirds of Americans aged 27 to 42 don't think they will ever be able to stop working, according to a survey published jointly on Monday by Scottrade and BetterInvesting.

In contrast, 64 percent of respondents aged 55 to 64 said they could retire and not worry, even though this group is much closer to retirement age.

"The Gen X group is the most anxious about their finances," said Chris Moloney, chief marketing officer at Scottrade.


http://news.yahoo.com/s/nm/20080414/ts_nm/usa_economy_retirement_dc


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RE: Gen X on retirement - 4/15/2008 4:59:04 AM   
SugarMyChurro


Posts: 1912
Joined: 4/26/2007
Status: offline 		Ah good, the plan is working...

...work until they drop. Consume while they live. Surveillanced and without choice.


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RE: Gen X on retirement - 4/15/2008 7:53:23 AM   
QuietlySeeking


Posts: 297
Joined: 5/5/2005
Status: offline 		As a Gen-Xer, here's my solution:
The government can keep all of the Social Security benefits it has promised me.(although I'll still pay the 1.45% for Medicare).

It can stop taking the 7.5% out of my check and let me have it back to invest.

It can stop taking the 7.5% from my employer (and have them deposit 4.5% into my retirement account).

We'll call it even.  I've already paid for my benefits for 20 years after my wonderful "allowed" retirement age of 67 (which should be 70 by the time I'm ready to retire).

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RE: Gen X on retirement - 4/15/2008 11:33:31 AM   
charmdpetKeira


Posts: 916
Joined: 6/2/2007
Status: offline 		This is new news to someone? Their kidding right?!?
 
I’ve been hearing how there won’t be any social security left for my generation, since I was a teen. Maybe before that.
 
Do people really wonder why so many in the generation of my kids, cares so little for the idea of taking my parents place running the wheel?
 
This is just crazy.
 
k

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RE: Gen X on retirement - 4/15/2008 1:02:51 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		hmm- this will become a self fulfilled profacy.   since there is no expectation- there will be no rioting in the streets.

i hear this all the time.   i dont think tho that benifits should be reduced.   even the way they are- they are low.

since x-ers dont expect SS- then NP.  besides "they" dont vote, and they dont write congress.     if it was important to x-ers more noise would be made about this.

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RE: Gen X on retirement - 4/15/2008 1:06:20 PM   
cyberdude611


Posts: 2596
Joined: 5/7/2006
Status: offline 		Everyone under 40 should withhold their taxes from the government until it is agreed that the youth should be allowed to invest social security in a manner in which they please.

Why?

Because if you are under 40 years of age....that money that is going to Social Security in every paycheck? You will never see it again.

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RE: Gen X on retirement - 4/15/2008 1:10:00 PM   
pahunkboy


Posts: 33061
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From: Central Pennsylvania
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quote:

ORIGINAL: cyberdude611

Everyone under 40 should withhold their taxes from the government until it is agreed that the youth should be allowed to invest social security in a manner in which they please.

Why?

Because if you are under 40 years of age....that money that is going to Social Security in every paycheck? You will never see it again.


You can try it.  But if you become disabled- and dont have 40 quarters paid in, then you dont qualify.   SSI is dismal- not like SSDI which is based by what you paid in.  Maybe you can buy disability insurance separately.

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RE: Gen X on retirement - 4/15/2008 1:43:09 PM   
Vendaval


Posts: 10297
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Status: offline 		X'ers more pessimistic?  Say it isn't so, Level! 

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RE: Gen X on retirement - 4/15/2008 3:25:22 PM   
Level


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quote:

ORIGINAL: charmdpetKeira

This is new news to someone? Their kidding right?!?
 
I’ve been hearing how there won’t be any social security left for my generation, since I was a teen. Maybe before that.
 
Do people really wonder why so many in the generation of my kids, cares so little for the idea of taking my parents place running the wheel?
 
This is just crazy.
 
k


No one wants to try to fix this.  At least in the government, it seems. As much as Bush has fucked up, at least he tried to address this.

_____________________________

Fake the heat and scratch the itch
Skinned up knees and salty lips
Let go it's harder holding on
One more trip and I'll be gone

~~ Stone Temple Pilots

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RE: Gen X on retirement - 4/15/2008 3:26:46 PM   
Level


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quote:

ORIGINAL: Vendaval

X'ers more pessimistic?  Say it isn't so, Level! 


It's true, and I can't entirely blame them

_____________________________

Fake the heat and scratch the itch
Skinned up knees and salty lips
Let go it's harder holding on
One more trip and I'll be gone

~~ Stone Temple Pilots

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RE: Gen X on retirement - 4/15/2008 3:31:56 PM   
sambamanslilgirl


Posts: 10926
Joined: 2/5/2007
From: Chicago, IL
Status: offline 		as long as these Baby Boomers and older generations continue to extend living beyond the prime because of the everchanging advances in medical science, there probably won't be any Social Security for GenXers like myself.  so i might have to rock with the bands when i'm 60 ...70 ...even 80!

< Message edited by sambamanslilgirl -- 4/15/2008 3:32:56 PM >

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RE: Gen X on retirement - 4/15/2008 5:10:35 PM   
charmdpetKeira


Posts: 916
Joined: 6/2/2007
Status: offline 		HB,
 
We should write them and say what? Thank you for a well executed plan?
 
I’m all set; I’ll just write a quick note to myself saying “Your Velcome”.
 
Wake up, even if they wanted to; they can’t help us.
 
k

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Life is tough, that does not mean it isn't fair.

There is no wrong choice, only consequence.

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RE: Gen X on retirement - 4/15/2008 5:20:04 PM   
charmdpetKeira


Posts: 916
Joined: 6/2/2007
Status: offline
quote:

ORIGINAL: Level

No one wants to try to fix this.  At least in the government, it seems. As much as Bush has fucked up, at least he tried to address this.


I wish I could believe as you do, Level. I see people throwing bones to keep the dogs happy.

Kind of like his “no child left behind” policy, that translates (at least around these parts) to “push ‘em on through”.

I’m sure it must be the students fault; I mean why can’t they all learn the same way?

I just don’t think it helped.

k

_____________________________

Life is tough, that does not mean it isn't fair.

There is no wrong choice, only consequence.

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RE: Gen X on retirement - 4/16/2008 1:28:08 AM   
mastervalentine


Posts: 157
Joined: 3/9/2008
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quote:

ORIGINAL: charmdpetKeira

quote:

ORIGINAL: Level

No one wants to try to fix this.  At least in the government, it seems. As much as Bush has fucked up, at least he tried to address this.


I wish I could believe as you do, Level. I see people throwing bones to keep the dogs happy.

Kind of like his “no child left behind” policy, that translates (at least around these parts) to “push ‘em on through”.

I’m sure it must be the students fault; I mean why can’t they all learn the same way?

I just don’t think it helped.

k


Somewhere in the three trillion we'll spend on this war...

We could have fixed social security for the next fifty years, provided free healthcare to all US citizens and legal visitors, revamped our education system (more schools, better paid teachers, and public outreach programs to the youth), initiated huge scientific advances into alternative energy methods, finally fixed New Orleans (again) so the displaced masses could go home to decent homes (again), and still have billions upon billions left over for federal reserves.

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RE: Gen X on retirement - 4/16/2008 1:39:16 AM   
Aneirin


Posts: 6121
Joined: 3/18/2006
From: Tamaris
Status: offline 		Is the same over here from what I have been told, and to that my reply is, I know and expect the promises made will never be fulfilled when I come to the age of retirement. But one thing is for sure, I won't be alone in poverty,as a great many others in a similar position can make a very great voting force.

But really, the pay now receive later ideal, wasn't it always going to be an ideal that was to die.


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RE: Gen X on retirement - 4/16/2008 3:48:10 AM   
LadyEllen


Posts: 10931
Joined: 6/30/2006
From: Stourport-England
Status: offline 		Those who left school at and around the time I did, came out into a world where there were not enough jobs. As a result, there are people of my age and around my age (40) that have never worked a day in their lives, and so never contributed a penny to any of the social welfare systems that have supported them through their lives to date. Some of us got what few jobs were available and have worked 20+ years, contributing to all of the social welfare systems which provide for our unemployed former schoolmates.

When each group reaches retirement, they are each to receive two pensions. One which is a basic and one which is contributions based or a private pension to which contributions have been made. The contributions based state pension has long been under threat - the governments of the last two decades have been desperately trying to get everyone able to do so, to sign for a private pension. The provision of the state contributions based pension would bankrupt the country. Many signed for a private pension, on promises of it being better than the state pension - and then found that the stockmarket in which their contributions were invested, lost the lot. Meanwhile those selling these pensions are still driving around in their Mercedes.....

Personally, I dont believe in handing over my money for a pig in a poke - which is what a private pension is and which many have found out to their cost. And I dont believe that there is anything beneficial to me in saving my money or investing it myself for my old age - because the social benefits system will top up the funds of those who never contributed, whilst my savings and investments will deny me such a top up. There is no advantage to gain for me, in doing the right thing.

Instead, I intend to keep working in my business for as long as possible - or at least to draw salary from my business (my kids will run it I'm planning). And I shall sell my house - because otherwise the state will require me to sell it to pay for my care in old age - another investment through my life which will come to naught and leave me no better off than if I had done nothing for myself.

And there is the problem - that we have learnt that doing the right thing is of no benefit to us. So it then becomes a little perverse to ask why we dont or wont do it.

E

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RE: Gen X on retirement - 4/16/2008 3:53:44 AM   
QuietlySeeking


Posts: 297
Joined: 5/5/2005
Status: offline 		It's a beautifully designed Ponzi scheme.

When it originated, most people didn't live to collect it. 
It is basic math now.  More money being collected by pensioners than is being contributed by workers.

Unless there is a huge population explosion in my generation (Gen-X) and the following ones, the age to collect will have to be raised or the benefit will have to be reduced.
quote:

ORIGINAL: pahunkboy
But if you become disabled- and dont have 40 quarters paid in, then you dont qualify.   SSI is dismal- not like SSDI which is based by what you paid in.  Maybe you can buy disability insurance separately.

...which is why I have disability insurance.  I've seen what people have to experience to get SSI Disability.  Even when the SSI doctors say you are disabled, some non-medical bureaucrat has the ability to say NO, and the only way to overturn it is take them to Federal Court.

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RE: Gen X on retirement - 4/16/2008 5:35:39 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Lady E,  keep tallking on this issue.  People need to know it here.  Stocks lose money.   Simple.

But so many think otherwise.  In the 80s- people invested in money market, CDs- today even elderly are in the stock market. At least with real estate you still have somehting other then a worthless peice ofpaper.

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RE: Gen X on retirement - 4/16/2008 5:47:19 AM   
BossyShoeBitch


Posts: 3931
Joined: 1/13/2007
From: South Florida
Status: offline
quote:

ORIGINAL: sambamanslilgirl

as long as these Baby Boomers and older generations continue to extend living beyond the prime because of the everchanging advances in medical science, there probably won't be any Social Security for GenXers like myself.  so i might have to rock with the bands when i'm 60 ...70 ...even 80!

I can just see that big grin you were wearing while typing that!

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A clever man can get out of situations a wise man never gets into...
A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.

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RE: Gen X on retirement - 4/16/2008 6:18:47 AM   
QuietlySeeking


Posts: 297
Joined: 5/5/2005
Status: offline 		And I can make a 3-4% return on investment in CDs right now, with the stock market in the tank....which is about what the Social Security Administration is going to give me back on the money I contribute.

I'm not saying that everyone in SSI can/should move out of it.  I'm saying that there are investment strategies, without the "total loss" risk of the stock market, that produce far better returns than the 3-4%. 

Starting at the age of 36...and retirement age of 67
Based on a 3% real return and a 15% contribution (7.5% of my income, 7.5% from the company), 12 months of my work generates an equivalent SSI benefit almost 16 months (as reported by SSI to me last year).  So unless, I'm planning on living to be 106 years old, my benefit won't run out. 

Starting at the age of 26...
Based on 3% real return and a 15% contribution, 12 months of work generates 21 months of SSI benefits. So unless I'm planning on living to be 138 years old, my benefit won't run out.

Do you see the problem here?






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