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Old 01-06-2017, 07:06 AM
 
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Everyone in my family who retired had something that is almost nonexistent today.

A PENSION.
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Old 01-06-2017, 07:13 AM
 
Location: USA
6,223 posts, read 5,353,584 times
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Quote:
Originally Posted by newtovenice View Post
Everyone in my family who retired had something that is almost nonexistent today.

A PENSION.

Same here, but they either had a union job, or a state/government job. I knew a gentleman in his 60's who retired from a grocery store with a pension. This man literally stocked grocery store shelves for like 30 years and was able to retire. The grocery store had a union of course.
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Old 01-06-2017, 07:14 AM
 
6,211 posts, read 4,715,040 times
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Quote:
Originally Posted by Serious Conversation View Post
I think it's going to be tough for older Millennials and younger Gen-Xers........
.........Keep in mind I live in a small town in Tennessee where this isn't a lot of opportunity...........
Tennessee is ranked 5th from the bottom for household income by State. Small towns and rural areas have never been great places for employment. With the decline in agricultural jobs the situation in rural areas just continues to decline.


I think your anecdotal information is a long way from reflecting what is happening nationwide.
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Old 01-06-2017, 07:17 AM
 
Location: Central IL
15,201 posts, read 8,504,300 times
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Quote:
Originally Posted by basehead617 View Post
I

I was a little bit off talking about wealthy boomers. Though there are a lot of them, the Silents are indeed wealthier as was pointed out. Ability to save being debt-free after college (if they went), pensions on top of social security, vast increases in value of real estate, and vast investment gains in the past, made it much easier for these people to retire.

My example of a mailman and a teacher was intentional. Many teacher pensions for 20+ year veterans used to approach their pre-retirement income. Federal pensions were good too. It's not uncommon for two people of middling careers to have a net worth of a few million dollars when retiring, especially the Silents. The idea that two 30 year olds with liberal arts degrees right now, who have been working in retail and trying to pay off college debt, will ever be in that position, even not adjusted for inflation, is laughable.
Really - not uncommon for Silents to have MILLIONS? Because it isn't that common NOW for retirees to have millions...I guess I need to see some actual percentages from a reliable source. Back in the day there weren't than many two income families either - and if so, one was usually LOW salary (yeah, the woman in most cases).

Also, even when pensions were in their heyday, it was not more than 30% of workers getting them. I thought I also read that the amount was somewhat less than today's amounts (even correcting for inflation). So let's not say everything WAS great for everyone and now it is terrible.

At least now there are 401(k)s for many (certainly not all) workers so there is some tax benefit to saving.
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Old 01-06-2017, 07:19 AM
 
7,567 posts, read 2,219,660 times
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Originally Posted by s1alker View Post
Same here, but they either had a union job, or a state/government job. I knew a gentleman in his 60's who retired from a grocery store with a pension. This man literally stocked grocery store shelves for like 30 years and was able to retire. The grocery store had a union of course.
My grandfather was a mechanic for a privately owned business and he had a pension. They all did. Today, most people will never have that. There is no way he could have retired without it.
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Old 01-06-2017, 07:23 AM
 
Location: USA
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Quote:
Originally Posted by newtovenice View Post
My grandfather was a mechanic for a privately owned business and he had a pension. They all did. Today, most people will never have that. There is no way he could have retired without it.

Exactly. And when you have a pension you're more likely to retire early or at SS retirement age. My uncle just retired from NJDOT in his late 50s after working there since he was 17 or 18 years old. That opens up opportunity for a younger worker to take the helm. Many people are scared to retire, and will hold on for as long as possible.
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Old 01-06-2017, 07:46 AM
 
Location: Tennessee
23,541 posts, read 17,525,434 times
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Quote:
Originally Posted by jrkliny View Post
Tennessee is ranked 5th from the bottom for household income by State. Small towns and rural areas have never been great places for employment. With the decline in agricultural jobs the situation in rural areas just continues to decline.

I think your anecdotal information is a long way from reflecting what is happening nationwide.
That's why I put that caveat on there.

When I worked in Indianapolis, I think one person out of the ten there when I left was over 35. The starting pay was at least $50,000 for any position. Most positions started at $70,000+. Everyone in that office came from at least a middle class background - the H-1B Indian guy's dad was an MD. If I lived in Nashville or even one of the bigger TN cities, then you'd have a more normal sampling.

These were people who came from educated, professional families, and for whom "going somewhere in life" was important. Around here, it's nowhere near as important for most families.

Probably 10%-20% of my peers that I know have not been meaningfully attached to the labor force in years, if ever. What are these people going to get back in SS in their old age? What, if any, private savings will they have?

I'm not saying it's "normal," but there are more people out there in this shape than a lot of folks realize.
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Old 01-06-2017, 08:06 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,743 posts, read 54,373,866 times
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I come from a large family of boomers, 5 brothers and 2 sisters. I am still working at 64 an plan to stay until 68-70 because I have great pay and benefits, and enjoy my work. I will have a pension, 401K, SS and about $400k in home equity. For my siblings:

One older brother is 66, works part time, no pension or assets, will have only minimal SS
Younger sister married, husband already retired with great pension, she will also get a good pension
One brother is retired with a decent pension and now works part-time, too young for SS
Two other brothers will have good pensions when they retire but are just in their early 50s
One brother is still working but modest pay and no house, pension, or savings and will have only minimal SS
One sister has never made much money, no house, pension or savings, will have only meager SS

So that's 3 of 8 that will be trying to live on what will likely be only $1,000 or so in SS benefits, if it's still around in 10-15 years when they reach 65-70.
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Old 01-06-2017, 08:25 AM
 
Location: RVA
2,163 posts, read 1,264,175 times
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There is barely real talk about the rising tide crisis of current and upcoming (next 10 years ) of poor retirees. Why would anyone be talking or worrying about what might happen to those slated to start retirement in 35 - 40 years? Dear lord, right or wrong, literally no one really ever cared about anything that far in the future regarding young people. Not for ANY generation. That's why.
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Old 01-06-2017, 08:37 AM
 
Location: Loudon, TN
5,768 posts, read 4,822,990 times
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Quote:
Originally Posted by in_newengland View Post
The idea that two 30 year olds, with liberal arts degrees right now who have been working in retail and trying to pay off college debt, will ever be in that position, even not adjusted for inflation, is laughable.

Well, the news is that you are generalizing and stereotyping us. Most of us had to specialize in something, often something we weren't interested in, to get a job. And many of us went to cheap state colleges and worked our way though.

For example, when I told my dad I wanted to major in liberal arts, he said No. And that was final.

You can't usually get a real job if you major in liberal arts and I don't know who is telling anyone that they can. Another example: my ex had to give up his love of music (his dream of majoring in it and becoming a professional musician) to become a CPA in order to earn a living. He also gave up his dream of attending Williams College because his parents couldn't afford it. He lived at home, worked, and attended a local college.

I gave up my love of art to major in education "so that you can get a job." I purposely went to a state college because I had younger siblings who needed to go to college too.

I don't have kids but my nieces are going to college and living at home and they are studying some high tech stuff that I don't even understand. They'll do fine but they are NOT studying liberal arts. They both are serious about being able to support themselves.

You major in something that is marketable. Very often you don't even need to go to college because there is already a surplus of college educated people. The young people can research and find out what jobs to train for.

It probably won't be a dream job. Most of us never worked at a dream job. But most of us didn't have to work ten hours a day in a sweat shop either, like our grandparents or great grandparents may have. We had it better but we did not have it great.

Life is full of surprises but those who do the research and put some thought into it can probably figure out what to do. A lot of us floundered, fell down, got back up again and kept on trying. Yes, there should definitely be safety nets for those who, through no fault of their own, fall upon hard times or simply do not have the ability to earn a living. But I think most young people just have to figure out how to earn money, get a job, and start out at the bottom and work their way up. And be patient--how many of us started out at the top?
YES!!! I agree with every word.
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