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I think the term, "retirement crisis," is being processed in several different ways in this thread.
It is kind of like the "employment crisis." If you are out of work and looking for a job, you are in a crisis. If you are working, you may realize that others are struggling, but it doesn't affect you personally, so . . . it isn't "your" crisis.
When we talk about a "retirement crisis" - we are often referring to a FEDERAL FISCAL CRISIS. Anyone who isn't aware of the fact that we are a gazillion dollars in debt (as a nation) is living under a rock. Now, for those who have "planned well" -- that fiscal crisis may mean nothing at all. But that doesn't mean the fiscal crisis doesn't exist. And there are those of us who actually feel it is responsible to participate in the politics of solving that fiscal crisis rather than passing it on to our children and g/children.
Not wanting to take this thread off track! Just saying . . . the snarky comments about their being no "retirement crisis" are both smug and silly. If you are in a great situation, commendations to you! No one is trying to rock your boat or shake your tree. Live happily and securely as a content member of society. My hat is off to you. Congratulations on being able to live your life without concern for the future.
The OP presented a scenario that was, indeed, a crisis.
I think the term, "retirement crisis," is being processed in several different ways in this thread.
It is kind of like the "employment crisis." If you are out of work and looking for a job, you are in a crisis. If you are working, you may realize that others are struggling, but it doesn't affect you personally, so . . . it isn't "your" crisis.
When we talk about a "retirement crisis" - we are often referring to a FEDERAL FISCAL CRISIS. Anyone who isn't aware of the fact that we are a gazillion dollars in debt (as a nation) is living under a rock. Now, for those who have "planned well" -- that fiscal crisis may mean nothing at all. But that doesn't mean the fiscal crisis doesn't exist. And there are those of us who actually feel it is responsible to participate in the politics of solving that fiscal crisis rather than passing it on to our children and g/children.
Not wanting to take this thread off track! Just saying . . . the snarky comments about their being no "retirement crisis" are both smug and silly. If you are in a great situation, commendations to you! No one is trying to rock your boat or shake your tree. Live happily and securely as a content member of society. My hat is off to you. Congratulations on being able to live your life without concern for the future.
The OP presented a scenario that was, indeed, a crisis.
For anyone interested a very good discussion on this very subject framed around Does Anybody Save Anymore. One of the interesting thoughts by a participant is that the increased average square footage of homes and the increased cost of cars above normal inflation has consumed the savings potential of many Americans. About 6-7 minutes long but SOME might consider it right on spot as it talks about the long term impact of this on retirements and how folks consume/use their available resources. Sorta like the OP life boat. Morning Joe
A crisis, or multiple ones, have an ugly tendency to spread even to folks who are not currently having one. The people down the street have flu or some other serious communicable illness. They are in crisis. I certainly would not feel comfortable because I happen to be well. I still bring up the example of Cyprus where the government seized citizen deposits above a certain amount. If it happens in Europe, and it might, such a good idea might well spread to our current "progressive" government which will be in power for another 3.5 years. If you have a nice pension, I would not be overly comfortable that it will remain intact if your source goes bankrupt. Happens. Or, if you have a nice pension but inflation eats it up and devalues it, I'd say the crisis that hasn't affected you as yet has now shown up on your doorstep. If my friend, my neighbor or my community finds itself in a severe financial crisis whether retirement or job or whatever, it can easily become my problem however directly or indirectly. I am living quite comfortably in retirement but I certainly am concerned about this "boat" we are all in together like it or not. When the Titanic, the Lusatania and other large ships have gone down, the secure folks go with it just like those in steerage.
A crisis, or multiple ones, have an ugly tendency to spread even to folks who are not currently having one. The people down the street have flu or some other serious communicable illness. They are in crisis. I certainly would not feel comfortable because I happen to be well. I still bring up the example of Cyprus where the government seized citizen deposits above a certain amount. If it happens in Europe, and it might, such a good idea might well spread to our current "progressive" government which will be in power for another 3.5 years. If you have a nice pension, I would not be overly comfortable that it will remain intact if your source goes bankrupt. Happens. Or, if you have a nice pension but inflation eats it up and devalues it, I'd say the crisis that hasn't affected you as yet has now shown up on your doorstep. If my friend, my neighbor or my community finds itself in a severe financial crisis whether retirement or job or whatever, it can easily become my problem however directly or indirectly. I am living quite comfortably in retirement but I certainly am concerned about this "boat" we are all in together like it or not. When the Titanic, the Lusatania and other large ships have gone down, the secure folks go with it just like those in steerage.
All the more reason why the 1% should support the idea and viability of a strong middle class (and being interested in some of the lower class stepping higher into it). Allowing the mid class to be zapped creates a state of huge poverty at the bottom of the pyramid and no traditional buffer between the bottom and the top, making the whole structure insecure for everyone.
All the more reason why the 1% should support the idea and viability of a strong middle class (and being interested in some of the lower class stepping higher into it). Allowing the mid class to be zapped creates a state of huge poverty at the bottom of the pyramid and no traditional buffer between the bottom and the top, making the whole structure insecure for everyone.
Think French Revolution where the rich and powerful wound up on the business end of a guillotine. We think we are somehow immune from social upheavals. We are not. No one predicted the demise of the Soviet Union but it happened and quickly. Japan has an ongoing economic crisis; who would have thought? Not good times. I would not count on the 1% for much of anything.
All the more reason why the 1% should support the idea and viability of a strong middle class (and being interested in some of the lower class stepping higher into it). Allowing the mid class to be zapped creates a state of huge poverty at the bottom of the pyramid and no traditional buffer between the bottom and the top, making the whole structure insecure for everyone.
Think French Revolution where the rich and powerful wound up on the business end of a guillotine. We think we are somehow immune from social upheavals. We are not. No one predicted the demise of the Soviet Union but it happened and quickly. Japan has an ongoing economic crisis; who would have thought? Not good times. I would not count on the 1% for much of anything.
Their heads wouldn't have wound up on the blade of the guillotine if they hadn't hoarded all the wealth for themselves. They created a huge very lower class.
Their heads wouldn't have wound up on the blade of the guillotine if they hadn't hoarded all the wealth for themselves. They created a huge very lower class.
Back then weren't the poor taxed to give to the rich? Aren't the rich taxed now to give to the poor?
Back then weren't the poor taxed to give to the rich? Aren't the rich taxed now to give to the poor?
Some might argue that the rich (many of whom know their way around taxes) give back to the poor a bit of what was taken from them in a number of ways. (To be discussed some day in another forum, not here.)
Some might argue that the rich (many of whom know their way around taxes) give back to the poor a bit of what was taken from them in a number of ways. (To be discussed some day in another forum, not here.)
Seeing as how the upper 5% pays more than half the taxes in this country but earns an aggregate of about 1/3 the salaries . . . I don't think there is any way that we can diminish how much that group contributes towards the social programs for those who pay NO taxes.
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