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Seventy-five percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts. The specter of downward mobility in retirement is a looming reality for both middle- and higher-income workers. Almost half of middle-class workers, 49 percent, will be poor or near poor in retirement, living on a food budget of about $5 a day.
How is this country supposed to deal with these peoples mismanagement of their lives? This is going to have dramatic effects on a ton of things
We aren't. They're just going to have to work until they're physically unable, I guess.
We are all in it together, whether you like it or not, and for better or worse. Your neighbors problems become your problems, as much as you try to avoid it.
We are all in it together, whether you like it or not, and for better or worse. Your neighbors problems become your problems, as much as you try to avoid it.
From a practical point of view this is true (considering the existing welfare/redistribution system), but, if you're an older liberal and don't have an interest in driving younger folks to the right I wouldn't express this attitude with such ill-disguised triumphalism - the entitlement driven debt is one of the two big issues that drives people towards voting Republican among the younger generation. Hearing certain baby boomers practically gloat about how we will be stuck picking up the tab for their generation's overspending/undersaving really sticks in your craw.
The days of multi-generational homes will have to make a comeback as the younger generation will have to help support their aging parents. That part of it is not necessarily a totally bad thing.
How is this country supposed to deal with these peoples mismanagement of their lives? This is going to have dramatic effects on a ton of things
I see it every day in retail stores. People well past retirement age working for little over minimum wage. 401K plans were the worse thing to hit the U.S. At one time pensions were all that were around and people tended to stay with one company until they retired. Now, people leap frog back and fourth, and although most 401Ks are transferrable, most end up taking the money out the first time they get layed off or fired. At the end, they have no money invested.
From a practical point of view this is true (considering the existing welfare/redistribution system), but, if you're an older liberal and don't have an interest in driving younger folks to the right I wouldn't express this attitude with such ill-disguised triumphalism - the entitlement driven debt is one of the two big issues that drives people towards voting Republican among the younger generation. Hearing certain baby boomers practically gloat about how we will be stuck picking up the tab for their generation's overspending/undersaving really sticks in your craw.
Where did you read that baby boomers are gloating? I've never heard that. Many people I know that had fairly secure jobs and good retirement and/or investment accounts were force to delay retirement after the stock market hit 6000. They are finally starting to see some of that come back. They are just as concerned as everyone else about the current economy and the future for their children.
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