Originally Posted by wheelsup
The boomers enjoyed one of the most prosperous times in US history and accompanying expansion of wealth. For folks in their 20's like me, we will most likely will be paying into SS and medicare but receive nothing when the programs go bankrupt in 20 years.
Back then blue collar jobs paid good money as we still built things here in the US. Being a college graduate meant long time employment in a white collar job most likely with a pension, not $8-$10/hr employment in retail or food service. Houses in decent neighborhoods could be bought for 1.5x-2x your annual salary. Vacation? You got 3+ weeks and were expected to take it! Oh and when you went on it you weren't expected to bring your blackberry or laptop.
It's almost sickening.
We've already lost so much. Please stop taking from us.
I do feel for the younger generation and what they will face. I have two kids in their 30's and I just keep telling them to prepare for the future the best they can and not count on anything or really trust anything except what they can do for themselves.
In fairness though to the boomers, we have been paying into social security and medicare our whole lives. I am 56 and have been paying in since I was 16. We are entitled to get our money back when we retire. The problem isn't with us it's with the government and how they handle seemingly everything. Yes the days of working for one company and getting a pension are long gone. Pretty much because the companies don't want to pay out any benefits. They will hire you for 30 hours instead of 40 so they don't have to pay.
And many of us are the "tweeners", taking care of children and parents while trying to work and just get by.
I have several friends in their 50's who have seen the 401Ks they have put money into now worried sick because the 401s have tanked. They have worked their whole lives for this and seen it gone in an instant with the stock market tanking. We believed that if we worked hard we would be taken care of in retirement with what we saved and paid into. Learn from our mistakes. The days when our parents retired at 65 and enjoyed the fruits of their labors are long gone. My husband and I will be working until we drop I guess. But that is how life is.
You are fortunate enough to be young and see what's going on so you can prepare for your retirement the best way you can. We are not taking anything away from you. We will be getting back what we paid in. Look to the government and hope the people wake up and start electing people who will make the right changes for the future of this country.
As far as no jobs, again, that isn't our fault. We did not make the economy what it is today. We are victims too. It will turn around as in my life I have seen many ups and downs-recessions and good times.
In an ideal world, we would be passing on prospertiy, a good economy and a safe world to the younger generations. Let's just hope that it will somehow turn out that way.
I do hope things turn around soon so people, young and older can get back to work and somehow achieve that now elusive American dream.
I wish you and all the generations behind me good luck. Hopefully you all will be wiser than we were and not count on anything. And maybe your generation will make the changes that need to be made.