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BSUTOP25

Retirement Age

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Purely anecdotal but I personally know a lot of people at or approaching middle age with zero retirement savings. I think there are a lot of folks who are going to wind up working until they go tits up. 

https://www.cnbc.com/2019/12/30/why-retiring-at-65-could-become-a-thing-of-the-past.html

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In 1945 the life expectancy for males in the US was 63 and for females it was 67.

https://u.demog.berkeley.edu/~andrew/1918/figure2.html

That's why Social Security was solvent. Now we have people expecting it to support them for 20-plus years, and it is approaching insolvency.

Recipient age must be increased. People have to realize that it was never meant to be a retirement plan, and have to do without luxuries, in order to save for their retirement.

PA-040519-Millennial-Charts-01.png

Millennials are saving because they know they can't count on Social Security. The Boomers and Gen-X need to get their shit together.

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Another point to consider is that when older workers don't retire, they crowd out younger workers from desirable positions in the work force. So younger workers have to take positions paying less.

So they screw up our Social Security and the labor market because they simply didn't save. It gets me heated.

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38 minutes ago, CV147 said:

In 1945 the life expectancy for males in the US was 63 and for females it was 67.

https://u.demog.berkeley.edu/~andrew/1918/figure2.html

That's why Social Security was solvent. Now we have people expecting it to support them for 20-plus years, and it is approaching insolvency.

Recipient age must be increased. People have to realize that it was never meant to be a retirement plan, and have to do without luxuries, in order to save for their retirement.

PA-040519-Millennial-Charts-01.png

Millennials are saving because they know they can't count on Social Security. The Boomers and Gen-X need to get their shit together.

Does this take in to account the number of boomers/xers to a lesser degree that have real pension plans instead of 401 ks?

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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45 minutes ago, CV147 said:

Another point to consider is that when older workers don't retire, they crowd out younger workers from desirable positions in the work force. So younger workers have to take positions paying less.

So they screw up our Social Security and the labor market because they simply didn't save. It gets me heated.

Add the "will work for healthcare" folks, and it gets even  worse.

Even tho we have a good amount set aside for retirement....$1600 per month for healthcare until we are 65 is a huge consideration.

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18 minutes ago, happycamper said:

Does this take in to account the number of boomers/xers to a lesser degree that have real pension plans instead of 401 ks?

In truth, I don't know.

Here is the article:

https://www.planadviser.com/exclusives/millennial-misconceptions-younger-workers-prioritize-retirement/

Quote

The 2018 Millennium Trust Small Business Retirement Survey found that many Millennials already have accumulated sizable retirement savings, as the chart above shows. On average, Millennials who participated in the survey had saved more than Gen Xers.

It is a good thing Millennials are tucking away tidy sums at an early age. While recent reports from the Employee Benefit Research Institute (EBRI) indicate retirement security in America has improved since 2014, those gains are likely to be lost again in 2034 when the Social Security Trust Fund Reserve may be depleted and benefits reduced by 23%. Consequently, younger Americans may need to save more than earlier generations to secure comfortable retirements due to increased life span and overall increased cost of living.

In the Millennium Trust survey, the majority of respondents—across generations—indicated that having a retirement plan at work would help them save for the future. Not having access to a plan was seen as an obstacle to saving by some Millennials, as was confusion about how much to save.

 

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The boomerang effect.  Throughout time, cultures and religious belief was you take care of your parents in their old age.  People bought into shifting the company costs to the government, only to find out who really pays the bills.  Government is all to happy to make promises they can't deliver.  Politicians love to pilfer from any and every fund.  

Not to worry, the government has the assets on the books to cover Social Security funding needs for a long time.

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2 minutes ago, modestobulldog said:

The boomerang effect.  Throughout time, cultures and religious belief was you take care of your parents in their old age.  People bought into shifting the company costs to the government, only to find out who really pays the bills.  Government is all to happy to make promises they can't deliver.  Politicians love to pilfer from any and every fund.  

Not to worry, the government has the assets on the books to cover Social Security funding needs for a long time.

loop money GIF

Warm up the money presses!

There are only two things I can't stand in this world: people who are intolerant of other people's cultures and the Dutch. 

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1 hour ago, BSUTOP25 said:

Purely anecdotal but I personally know a lot of people at or approaching middle age with zero retirement savings. I think there are a lot of folks who are going to wind up working until they go tits up. 

https://www.cnbc.com/2019/12/30/why-retiring-at-65-could-become-a-thing-of-the-past.html

40% of Americans can't even cover a $400 emergency with cash, savings, or a credit-card they could quickly pay off. Our politicians represent us in almost every way, including our inability to balance a budget and save for Rainy Days and Dre's mom. 

 

 

 

Epstein didn't kill himself. 

There are only two things I can't stand in this world: people who are intolerant of other people's cultures and the Dutch. 

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4 minutes ago, modestobulldog said:

The boomerang effect.  Throughout time, cultures and religious belief was you take care of your parents in their old age.  People bought into shifting the company costs to the government, only to find out who really pays the bills.  Government is all to happy to make promises they can't deliver.  Politicians love to pilfer from any and every fund.  

Not to worry, the government has the assets on the books to cover Social Security funding needs for a long time.

 

1 minute ago, madmartigan said:

FIFY (use GIF icon by bold, italic, underline, emoji icons).

money want GIF

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28 minutes ago, modestobulldog said:

Throughout time, cultures and religious belief was you take care of your parents in their old age. 

Yeah but that is changing and needs to continue doing so. I managed my parents' affairs after they reached 75 or so but they never expected me to support them financially and between my mom's modest pension from SD County and Dad's IRA, although I inherited basically nothing, neither did I need to pay to keep them alive. Similarly, unless my wife and I have a catastropic medical situation uncovered by our insurance, our son shouldn't need to give us any of his income after we stop working.

Frankly, considering that the vast majority of us on this board have attended college, most for at least four years, I would guess my situation is the norm around here. And I have to ask this. Why would any college graduate start a family in this day and age if he or she expected the kids were going to have to care for them?

Boom goes the dynamite.

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4 minutes ago, SleepingGiantFan said:

Why would any college graduate start a family in this day and age if he or she expected the kids were going to have to care for them?

Why would people have kids to begin with..... 

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When Social Security was first started, the baby boomers were just entering the job market, so there was four to five workers to pay for one person.  Now, that the baby boomers are retiring, it's not even a one to one ratio. 

 

 

 

 

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6 hours ago, Broncomare said:

When Social Security was first started, the baby boomers were just entering the job market, so there was four to five workers to pay for one person.  Now, that the baby boomers are retiring, it's not even a one to one ratio. 

Better let in some immigrants!

Thay Haif Said: Quhat Say Thay? Lat Thame Say

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31 minutes ago, Old_SD_Dude said:

Better let in some immigrants!

Reasonable people are OK with that. Especially with falling birthrates in the US and the rest of the developed world.

But it doesn't help with 70-year-olds holding on to that manager position, because they didn't save, when 25-year-olds could do the job.

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High level managers and executives at the company I work for are required to retire at age 65, maybe that should be rolled out to lower levels.  

When I was younger, my goal was to retire at 58 like my dad.  A divorce set me back, and I was close to retiring when I turned 60 and coincide with maxing out company pension contributions.  Unfortunately / fortunately, about that time, we took in two granddaughters, so I delayed again.  Now at 62 I am finally throwing in the towel.  The older granddaughter is freshman in college, the younger one turned 12 a couple weeks ago so we will be in parenting mode for a while.  Thankfully, the wife retired in 2013 after she too put in 35 years on the company treadmill, that made the recent parenting easier.

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We just had two kids that basically replace ourselves but better versions of us, these kids are principals honor roll every year, they're way smarter than we were. We decided to have them for selfish reasons I guess, they bring a substantial amount of joy to our lives and how do I say complete a circle kinda. Does that make sense? I can honestly say, without the kids there just wouldn't be the amount of love and joy in our marriage. As far as retirement there's just my small pension the wifes 401k and I have a couple other opportunities I have going that I need to figure out but should pay off in a couple of years handsomly and allow me to save more. I still got another 20 years to reach 65.

 

 

 

 

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