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The problem the Millennials face, as I see it...the answers and things that worked for the Boomers...does not work anymore. The world has changed far too much.
Used to be that a college degree was pretty much a guarantee of lifetime employment and a fairly good, solid income.
Nowadays, the only thing a college degree guarantees you is a mountain of student debt.
Hmmm is the thread about boomers or millennial impact on the structural economy? Am I to assume the link is off target and it is millennials who are having the most impact?
low rates are great for debtors and that is just what most americans are . most owe more than their net worth so low rates benefits a whole load of americans more than a few extra cents on their non exsistant long term savings,
if they happen to do have long term savings wrapped up in a bank and not diversified in other investments which by the way did great than they deserve to be penalized for not paying attention and taking little interest in their money..
the same way we all learned to take an interest in our food labels folks have to learn to take an interest in their own finances.
What an irresponsible statement. Even an investment expert will ask people whether or not their investment(s) can be left untouched longterm. The fact that even lay people (like seniors) know is that they can't. This demographic knows it doesn't have decades to accommodate the ups and downs of the stock market and that's why their investments have always been conservative. The comment that they, therefore, haven't "[learned] to take an interest in their own finances" doesn't even make sense.
The fact remains that savers and seniors are being penalized and borrowers are the beneficiaries of the Fed's market-meddling. And encouraging people to pull out the plastic isn't helping them in the long run, either.
What an irresponsible statement. Even an investment expert will ask people whether or not their investment(s) can be left untouched longterm. The fact that even lay people (like seniors) know is that they can't. This demographic knows it doesn't have decades to accommodate the ups and downs of the stock market and that's why their investments have always been conservative. The comment that they, therefore, haven't "[learned] to take an interest in their own finances" doesn't even make sense.
The fact remains that savers and seniors are being penalized and borrowers are the beneficiaries of the Fed's market-meddling. And encouraging people to pull out the plastic isn't helping them in the long run, either.
Beg to differ and not argue but I am soon to be 66 and have been retired just over six years and still have a thirty year time horizon. I understand your point and also understand MathJak and you are coming from different perspectives. It is possible to have a long term portfolio and depending on pensions etc most of your portfolio can be equities some with a higher volatility point. MathJak and I have had many conversations and much of my portfolio and more each year goes to riskier assets and in fact goes to riskier assets. It can depend on size of portfolio, other income sources and perhaps most importantly the percentage of your portfolio you are dependent on at any point ours is at the point of becoming minimally important. We are fortunate but it is still our reality and that of others regardless of our percentage in the retirement community.
I am one of the Boomers and the following is another article in the ongoing Bloomberg series on the new face of retirement. I am posting it here as it is a good economic read and perhaps not as much of interest for most in the retirement forum. Sorta glad to be one of the early Boomers. Sorta funny that the very low interest rates seniors hate, we may well be contributing to the creation of.
We boomers didn't create a problem just be existing long enough to get old. The problem was created by the idiots we keep voting for and their policy wonks, who only calculate equations in terms of "what helps me get elected" or "what helps me keep my job in the Beltway".
Bad economic policy over the long term... but these people aren't ignorant. They're evil.
Even a five year old knows he's broke when he spends up his allowance.
Boomers around the industrialized world are causing issues as they age ...
Japan is considered one of the leading indicators of such a society. Their population peaked in 2007 and has been declining since then. They already have 50% retired / 50% workforce and younger and an inverted age pyramid. Last time I went to a countryside town there, everyone was over 40, it was spooky. All the local children had to travel by train to the nearby big city for schooling, so I'm told. The local schools closed down and the kindergarten was on the verge of doing so since no one was having kids. NHK recently interviewed a couple who had been separated for 7 years. They were in their 40s, and contemplating divorce due to the fact they had elderly parents to take care of. Retirement homes are rare there, and expensive, due to a lack of workers. Their society is ill prepared for the silver wave that has hit them.
One of the things I keep hearing is that in Japan, fewer children and fewer people is a good thing due to overcrowding, high cost of living, stifling conservative culture, and a philosophical bent towards having fewer people on the planet, in general.
I have to say I agree with that, for Japan. Speaking my own opinion as a Millennial, for the USA, I tend to agree too. There's simply too many people on the planet. The Boomer generation, for better or worse, did many good things in their time but also put too much of a strain on the planet from an environmental and resources and cultural perspective. I don't personally see this changing until we either use technology to explore the solar system and mine it OR become cybernetically enhanced to require less food and use nano machines to restore cells energy. Such technology is being worked on by DARPA and other places already. There will likely be cultural upheaval as capitalist society is forced to evolve to deal with a declining population.
For me, I'm planning on two kids. Enough to replace, but not grow, the population.
Yes Dorothy, there are to many people on the planet and their distribution is not the most effective for long term stability. If you read the link and some of the other research part of the problem is that the talent pool in this country is aging and the replacements for multiple reasons aren't what is needed.
Boomers have controlled every part of this economy since the 70's. It started with the growth in the universities and colleges in the 70's (boomers out of high school and getting their degrees) and expanded to the explosion of the new housing and the expansion of suburbs in the 80's (boomers starting their families). Then the markets exploded in the 90's (boomers with their better white collar and blue collar middle income jobs investing the extra income through the employer 401K programs). Selling their larger mortgage heavy home to a smaller home. (boomers down sizing after the kids left the nest). The market collapse of 2008 was a major blow the boomers getting close to retirement and now those same people are the ones putting money into the markets now to make the money back (unfortunately they will also lose this money because the risks Vs reward are not there). Right now the industries benefiting from the boomers are the health, retirement and burial service companies, however the health portion is suspect till the ACA issue have been addressed correctly.
When I hear that boomers are going to work till they are 80 or till they die, my first question is , what makes it their choice, most companies will hire a 40 or 50 somethings over an 80 something. When unemployment is high there will be to many people looking for employment in their prime years. The idea that jobs will be available is thinking from better times.
To all the posters that want to give retirement advice and they are more then 5 years from retirement age. Save your breath, you sound foolish to those of us in retirement. The one thing that I have learned now that I'm retired is that something mentally changes when you get to retirement age or you get retired and those people younger then that have not earned there stripes in this portion of life and have no understanding of this time. How many times have I had a financial planner in there 20 and 30's say that even if the markets collapse that they always come back in 5-10 years, wake up man I may not be alive in 5-10 years. I've heard this at least 10 times in the last 10 years. Or I had one work and put together a 10 year plan that included me still putting money into retirement. When I told her that I'm retired so you want me to go back to work to make your plan good? And then I get the blank stare of "I don't understand". I have only heard common sense from already retired people, I disregard all others now!
One of the things I keep hearing is that in Japan, fewer children and fewer people is a good thing due to overcrowding, high cost of living, stifling conservative culture, and a philosophical bent towards having fewer people on the planet, in general.
I have to say I agree with that, for Japan. Speaking my own opinion as a Millennial, for the USA, I tend to agree too. There's simply too many people on the planet.
Quote:
Originally Posted by eskercurve
For me, I'm planning on two kids. Enough to replace, but not grow, the population.
Is it just me, or are these two statements out of balance?
I tell you what I get from it:
"I can replace me and my spouse, but, there's too many people on the planet, so YOU shouldn't replace yourself."
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