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Old 08-11-2019, 02:22 PM
 
72,795 posts, read 72,628,690 times
Reputation: 50311

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Quote:
Originally Posted by NewbieHere View Post
A nation can only do so much. Ask not what your country can do for you, ask what you can do for your country. Quote from a good looking president with a better looking wife.
Hmmmmmm this is a lot like ginger or Maryanne ? Personally I was always curious as to why they called her mrs Howell ... ha ha
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Old 08-11-2019, 03:29 PM
 
Location: Texas or Cascais, Portugal
3,473 posts, read 3,225,535 times
Reputation: 8427
Quote:
Originally Posted by RationalExpectations View Post
What's YOUR point?
The subject of this thread is “baby boomers with no retirement savings”. MY point was that I know several boomers in this situation so, I don’t find this surprising. You “seem” intent on pointing out your personal experience, citing multiple folks with solid pensions and savings. So, are you suggesting that the premise of the thread is wrong and, that most boomers are well financed for their retirement years, or, perhaps you are inferring that those who do not have savings are irresponsible, and/or a small minority? I have no idea what point you are trying to make, which is why I asked.
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Old 08-11-2019, 04:14 PM
 
Location: Ypsilanti, MI
2,494 posts, read 3,710,001 times
Reputation: 4911
Quote:
Originally Posted by mathjak107 View Post
That’s why it is a concern. .it has to be addressed...but not by me ...I ain’t smart enough to save the world
I agree based on myself. My wife and I have too many extended family members in this situation. We gladly pay our Fed and State taxes without compmaint to fund the Social Programs these family members desperately need to survive. If not for these programs all eyes would be on my wife and I for assistance - a task we cannot financially afford.

No one knows until they draw their final breath whether they may need such assistance at some point in their life.
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Old 08-11-2019, 04:48 PM
 
Location: Noth Caccalacca
5,684 posts, read 6,744,490 times
Reputation: 5010
Where did all those old, poor folks go?



https://www.youtube.com/watch?v=6zAFA-hamZ0
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Old 08-11-2019, 05:32 PM
 
1,507 posts, read 294,334 times
Reputation: 1781
Quote:
Originally Posted by Sibay View Post
The posted link is doling out limited information, certainly not new, for the sole purpose of bringing in new customers/investors, it's also used to create income for the owner of the site hence the array of ads on the website connected to AdSense or similar. Nothing wrong with what Investopedia is trying to accomplish (make money) but the purpose of the article is nothing more than a marketing strategy.

The article states the following: Why Baby Boomers Lack Funds - A key reason Boomers lack funds is the stock market decline of 2008 to 2009. This leads people to believe that the majority of Boomers had investments to begin with. Anybody believe that? Boomers lack retirement funds for various reasons, some of their own doing, some not.
The market bottomed out about 2009.
I went on a buying frenzy myself
My best buy...Apple at $96/share

I didn't liquidate anything though. Maybe that's what many did..liquidate their holdings at the bottom and never recovered ?
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Old 08-11-2019, 06:40 PM
 
1,839 posts, read 646,955 times
Reputation: 3429
I believe it because I was one of those who had investments. Unfortunately I was forced by life threatening medical circumstances to liquidate them DURING the Recession and its immediate aftermath (worst possible time) and so that money's gone forever. Even if I was inclined to invest again, I don't have the discretionary funds to do so and never will again.

I've no idea how many other Boomers were or are in a situation similar to mine, though.
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Old 08-11-2019, 06:54 PM
 
620 posts, read 176,031 times
Reputation: 1489
BBC, I have friends who did the same thing for medical bills even with insurance. I would have went on a forever payment plan because they cannot take your retirement money. I find this so sad that it happens to people.
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Old 08-11-2019, 07:10 PM
 
Location: Tennessee
24,068 posts, read 17,905,479 times
Reputation: 28236
Quote:
Originally Posted by BBCjunkie View Post
I believe it because I was one of those who had investments. Unfortunately I was forced by life threatening medical circumstances to liquidate them DURING the Recession and its immediate aftermath (worst possible time) and so that money's gone forever. Even if I was inclined to invest again, I don't have the discretionary funds to do so and never will again.

I've no idea how many other Boomers were or are in a situation similar to mine, though.
In theory, you'd have been better off to not liquidate and keep anything that could persist and not be touched through a medical bankruptcy.
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Old 08-11-2019, 07:29 PM
 
2,490 posts, read 638,796 times
Reputation: 4333
Quote:
Originally Posted by jertheber View Post
Growing up in poverty can be a life altering experience to the extent that many in that situation continue to live a life of, right here, right now. There isn't much of a future planning sense among the poor, their entire focus is on today and the instant gratification of what can be obtained in the present.
Similar things can be said of some children of the affluent - always stoned, never planning for the future because there is always money to take care of the future, and living a life where they don't need to excel or succeed.

I also know poor who save for the future and plan for the future.
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Old 08-11-2019, 07:36 PM
 
2,490 posts, read 638,796 times
Reputation: 4333
Quote:
Originally Posted by NewbieHere View Post
We’ve been trying to deal with poverty since the 60s.
Quote:
Originally Posted by fluffythewondercat View Post
And it's been a disaster. Which makes it quite apparent that a governmental solution is NOT the answer.
With all respect, fluffy, it has been an overwhelming success -- if you understand the objectives. The objective was -- and is -- to employ tens of thousands of government employees and bureaucrats whose jobs and careers depend on the existence of the poor and the homeless. From the perspective of those government employees and bureaucrats, their efforts are highly successful because they have careers and paychecks.

Imagine for a moment what would occur if someone waved a magic wand and ended all poverty and homelessness. In short order, we would collectively say, "Great. Now we can end the War on Poverty." All those government employees fighting the war on poverty would lose their jobs.
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