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Here's Wikipedia's breakdown, which seems to meet the general consensus:
The Baby Boom Generation is the generation that was born following World War II, about 1946 up to approximately 1964, a time that was marked by an increase in birth rates.[citation needed] The baby boom has been described variously as a "shockwave"[9] and as "the pig in the python."[10] By the sheer force of its numbers, the boomers were a demographic bulge which remodeled society as it passed through it. In general, baby boomers are associated with a rejection or redefinition of traditional values; however, many commentators have disputed the extent of that rejection, noting the widespread continuity of values with older and younger generations. In Europe and North America boomers are widely associated with privilege, as many grew up in a time of affluence.[9] One of the features of Boomers was that they tended to think of themselves as a special generation, very different from those that had come before them. In the 1960s, as the relatively large numbers of young people became teenagers and young adults, they, and those around them, created a very specific rhetoric around their cohort, and the change they were bringing about.[11]
Generation X is the generation generally defined as those born after the baby boom ended, and hence sometimes referred to as Baby Busters,[12] While there is no universally agreed upon time frame, [13] the term generally includes people born in the 1960s and 70s, ending in the late 1970s to early 80s, usually not later than 1982.[14][15][16] The term had also been used in different times and places for various different subcultures or countercultures since the 1950s.[17]
Generation Y, also known as the Millennial Generation (or Millennials),[14][18] Generation Next,[19] Net Generation,[20] Echo Boomers,[21] describes the next generation. As there are no precise dates for when the Millennial generation starts and ends, commentators have used birth dates ranging somewhere from the mid-1970s[22] to the early 2000s.[23] Today, many follow William Strauss and Neil Howe's theories in defining the Millennials. They use the start year as 1982, and end years around the turn of the millennium.[24][25]
Generation Z, also known as Generation I or Internet Generation, and dubbed the "Digital Natives," is the following generation.[26] The earliest birth is generally dated in the early 1990s.[27
I'm 34 years old, and have very little in my retirement (CalPERS & a private account) at this point... my situation is a little different, since I have a guaranteed "nest egg" that will take care of me. But I've learned in recent years you can't count on anything, so I'm planning to get more serious about saving! I'll never have to worry about being broke or homeless, but it can't hurt to save anyway.
I'm 34 years old, and have very little in my retirement (CalPERS & a private account) at this point... my situation is a little different, since I have a guaranteed "nest egg" that will take care of me. But I've learned in recent years you can't count on anything, so I'm planning to get more serious about saving! I'll never have to worry about being broke or homeless, but it can't hurt to save anyway.
What is CalPERS?
What is considered very little?
What is a guaranteed nest egg?
Hmm...how ironic. I don't know? Good thing I didn't suggest people saving for retirement our in any sense "weird", on the other hand many people have suggested all sorts of things about those that don't save for retirement.
Perhaps, you didn't read the OP but....it was asking if there is anybody else that doesn't care about saving for retirement.
To say it again, I'm not talking about saving in general but rather saving for the act of retirement. For example, the accounts one utilizes for this end can't be effectively used for other purposes.
Although I don't save much for retirement, I do have a liquid emergency fund with more than a years living costs, I save for health costs (in a HSA), and have other assets. I have no problem saving for the things I find useful, the issue is that I don't find the notion of retirement useful for myself.
It really does matter what you save for if you endup using it in retirement that is what it ended up being. I know alot fo epople who never palnned on retring but they ended up that way and not i a very good position. People are freee to do what they want tho.
Well, I suppose if someone doesn't like work then retirement makes perfect sense. But for people that enjoy what they do, what's the purpose?
It's called "Having a Plan B". You may change your mind between now and the time you're 65 or 70.
Your business might go out of business. You may be forced out of the work force due to age discrimination. Even if you take care of yourself, you may still fall ill and become disabled.
It's not smart to just sit back and rely on the government safety net or on disability insurance. Who knows if the safety net will be there? And even if it is, it typically provides for a subsistence way of life, which, from reading our other posts, I'm sure is not the way you want to live. Who knows if the insurance will find a way to not pay your claim?
Sure, you can save in other non tax advantaged accounts, but that doesn't make sense to me. Might as well get the tax breaks as you go along and accrue more money in the process.
It's called "Having a Plan B". You may change your mind between now and the time you're 65 or 70.
Sure, its a plan B, a very costly plan B. Locking up that much money because I may change my mind doesn't seem that sensible.
Quote:
Originally Posted by mysticaltyger
It's not smart to just sit back and rely on the government safety net or on disability insurance. Who knows if the safety net will be there?
But its smart to rely on the value of the US dollar and the value of stocks, bonds, etc?
Quote:
Originally Posted by mysticaltyger
And even if it is, it typically provides for a subsistence way of life, which, from reading our other posts, I'm sure is not the way you want to live.
If things went terribly wrong, I'd be okay with that. I'd just buy a house out in Pennsylvania or a similar location and live a basic life.
Quote:
Originally Posted by mysticaltyger
Sure, you can save in other non tax advantaged accounts, but that doesn't make sense to me. Might as well get the tax breaks as you go along and accrue more money in the process.
It doesn't make sense to save for retirement outside of retirement accounts, but that isn't what I'm talking about. Additionally, you're thinking about a very particular sort of savings, more broadly you can save in numerous other ways. You can save via real estate, via business, etc.
I'm not really saving for retirement. I save, but my game plan is to buy many rental property, invest in the stock market, and what not, no 401k or IRA, I understand them. Plan on just living my life. I have plenty of tricks up my sleeves to make money when I get older, don't really plan on retiring either.
Someone stated they didn't travel much because they work so much but still don't think they have enough. At least I'm lucky to say I got the chance to travel, to the point I'm tired of traveling.
Thankfully my husband did think about retirement at an early age and he was able to totally stop working at age 47 with full medical benifits for both of us It is very nice to not have to try and shove all your recreation into weekends or two weeks a year I work part time and I don't have to look for a job that will pay me benefits which is really a huge issue.
What is considered very little?
What is a guaranteed nest egg?
CalPERS is California State Employee pension. I think they pay into it, but not very much, as it is a pension and not a 401K... but she's guaranteed when she retires to get (correct me if I am wrong) 80% of her last years salary for the rest of her life. And at least from what I hear, they often pump up the last year as much as they can for their retirement.
It's not uncommon for people that have a pension to not save tons of cash because they have that mindset that the pension is there forever... but she's also right about there being a danger in that mindset. Public employee pensions just could go the way of the rest of the private pensions.... extinct.
There's a huge backlash on public pensions out here. There are tons of cities throughout California whose pension pay ins are larger than the rest of their city budgets. It's strangling our cities. There have to be cut backs. The police have given back a little -- they are paying in more of their own salary... but it's still a drop in the bucket.
I'm not really saving for retirement. I save, but my game plan is to buy many rental property, invest in the stock market, and what not, no 401k or IRA, I understand them. Plan on just living my life. I have plenty of tricks up my sleeves to make money when I get older, don't really plan on retiring either.
Someone stated they didn't travel much because they work so much but still don't think they have enough. At least I'm lucky to say I got the chance to travel, to the point I'm tired of traveling.
No retirement for me. Don't worry about me.
So why not invest in 401K and IRA's since that is the Stock market? They have tax savings.
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Don't worry about me.
It is very nice to not have to try and shove all your recreation into weekends or two weeks a year
I work part time and I don't have to look for a job that will pay me benefits which is really a huge issue.
