Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
and even if they had more their kidults would devour it anyway.
there is no finish line for many boomers. not as long as mama has them feeding and housing her 40 year old baby. 60% of unmarried adult male live with their parents.
Recall who she is ? She is the person who told Congress that Americans couldn't save and that Americans wanted the government to take their money and invest it for them. She is the one who wants government to manage retirement accounts for all Americans.
And here's the last paragraph from her article linked in the OP:
"My plan calls for a way out that would create guaranteed retirement accounts on top of Social Security. "
Then I go back to look at this "report" and it's from "The New School" which is her think tank.
Then I went looking for stats from other sources.
Here's one that has a breakdown by age group. This is more reliable because younger workers have smaller balances so to average that is not fair to those nearing retirement.
So with that..I'm done here. That author of the OP article is but a shill for the government.
With $18 trillion in retirement accounts I can easily see why there is a push for Government takeover.
She is one of the regular speakers to Congress when they start talking about SS, retirement, pensions, etc. with her 401K pension reform that will "guarantee all Americans an adequate retirement income" if you just hand over all your current retirement money to the government.
The concept of a 401k is not responsible for individual irresponsibility.
.
I agree, but they should absolutely make it more difficult to cash in your 401k when you change jobs. There should be some kind of setup whereby it's automatically transferred to an IRA rollover account.
Mircea creates great posts that are good reading but I do not agree that the states should be handling the SS trust fund. I have seen and spoken to people who have had to use the medicaid that states run. As much as they claim to run it well I have seen how wasteful and poorly run it is. The state govts are not able to run pension programs for their employees. As this eco. moves on the failed eco.theories will start showing up more and more.
People without kids have no excuse, but, for people with children earning below the median income in all but the lowest of cost areas, it could be pretty tough. Make that a non-two-parent household and it becomes near impossible.
People with kids don't have an excuse either. Nobody puts a gun to your head and makes you have kids.
How many of those below median income people have all the latest tech gadgets, cable TV,
eat at restaurants and spend money wastefully like most Americans do.
I was a single parent since my child was one year old and I managed to retire early.
It can be done with self-discipline and God's blessings.
.
Amen! And good for you . It just goes to show you can make some mistakes or go through some rough things in life but still manage to have a decent retirement for yourself.
Recall who she is ? She is the person who told Congress that Americans couldn't save and that Americans wanted the government to take their money and invest it for them. She is the one who wants government to manage retirement accounts for all Americans.
And here's the last paragraph from her article linked in the OP:
"My plan calls for a way out that would create guaranteed retirement accounts on top of Social Security. "
Then I go back to look at this "report" and it's from "The New School" which is her think tank.
Then I went looking for stats from other sources.
Here's one that has a breakdown by age group. This is more reliable because younger workers have smaller balances so to average that is not fair to those nearing retirement.
So with that..I'm done here. That author of the OP article is but a shill for the government.
With $18 trillion in retirement accounts I can easily see why there is a push for Government takeover.
She is one of the regular speakers to Congress when they start talking about SS, retirement, pensions, etc. with her 401K pension reform that will "guarantee all Americans an adequate retirement income" if you just hand over all your current retirement money to the government.
Maybe you didn't notice that I said when they died..... of course it's not 2012 dollars. But the point is that they never made a lot of money, but also never spent a lot of money and their only debt EVER was a house. Almost anyone can do that today, but they don't have the self discipline to achieve it. They prefer to spend $100 per month on a smart phone than put $100 into an IRA.
Quote:
Interesting, you have nothing to back it up, but when it favors you and your decisions, it's most.
When someone posts something you disagree with, it's few.
Maybe you don't watch the market, so I'll offer some help. The Russell 3000 index is a very broad indicator of the stock market. In the six months prior to the 2008 crash, it was moving between about 1300 and 1400. It dropped to about 700 in 2009, but is now back around 1300. What does this mean? I means (like I said) that most people in the market have recovered their losses. In fact, if you DID NOTHING in 2009 you would now be approximately back where you were prior to the crash.
So, like I told the poster, MOST of us have recovered. He said he lost everything in the crash. That is highly unlikely, and if so, he should immediately fire his financial adviser.
Mismanagement of their lives?
How about many barely eek out a living to begin with.
How about those who have a medical emergency and wind up with nothing?
Yes, it's time to start calling people on the carpet for mismanagement of their lives. Let's start with:
---The 41% out of wedlock birth rate the consigns many people to poverty or semi poverty. And before anyone dismisses me as a right wing nut job...even the liberal New York Times is (finally) pointing out the obvious relationship between single parenthood, poverty, and income inequality:
---The high divorce rates that people now accept as normal, natural, and inevitable.
---The fact that we have a culture that celebrates consumption over saving.
---The fact that 68% of us are overweight and 33% of us are obese. Many of our medical problems and disabilities are self imposed.
Yes, I get it. You can do everything or most things right and still end up wiped out financially, but that is the exception and not the rule.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. It just goes to show you can make some mistakes or go through some rough things in life but still manage to have a decent retirement for yourself.
