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Old 10-18-2007, 03:35 PM
 
Location: When the people find that they can vote themselves money, that will herald the end of the republic
1,072 posts, read 1,833,786 times
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Quote:
Originally Posted by NewToCA View Post
I agree that the stock market dive discussed in association with Baby Boomer retirement is probable nonsense.
This is in to-days Finance.yahoo.com "Stock ownership is extremely concentrated among the very highest income brackets - those in the top 10% hold 68% of financial assets, according to a 2006 study by the Government Accountability Office. These wealthy investors are unlikely to be so strapped for cash that they have to sell their shares in a hurry. Instead, says George Walper, co-author of "Get Rich, Stay Rich, Pass It On," most affluent families intend to preserve assets for their heirs. Moreover, many baby boomers plan to stay in the work force longer than an earlier generation did, even into retirement, which would further reduce the need to sell shares abruptly."
This makes perfect sense to me!!!!!!
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Old 10-18-2007, 06:55 PM
 
29,809 posts, read 34,894,042 times
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Default and when we retire?

Quote:
Originally Posted by Marcian View Post
This is in to-days Finance.yahoo.com "Stock ownership is extremely concentrated among the very highest income brackets - those in the top 10% hold 68% of financial assets, according to a 2006 study by the Government Accountability Office. These wealthy investors are unlikely to be so strapped for cash that they have to sell their shares in a hurry. Instead, says George Walper, co-author of "Get Rich, Stay Rich, Pass It On," most affluent families intend to preserve assets for their heirs. Moreover, many baby boomers plan to stay in the work force longer than an earlier generation did, even into retirement, which would further reduce the need to sell shares abruptly."
This makes perfect sense to me!!!!!!
One of the things thats key to financial planning for retirement is that once you reach that point your need to save for retirement in not really there if you have done things right. The money going in to your portfolio can start coming out thats good for the economy. That doesn't mean we stop investing either. Our strategy may change. Those who have a secure retirement can become more aggressive again with their investments since their base is now secure. Does all of this sound contradictory? Yup it is, so stay tuned and see what we do, it will be fun.
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Old 10-18-2007, 09:18 PM
 
Location: Forests of Maine
30,695 posts, read 49,488,800 times
Reputation: 19146
I have read that only 4% of the affluent can successfully transfer wealth from one generation onto the next. While money and holdings can be transferred, rarely does knowledge, experience, and wisdom transfer well.

So far I am enjoying my retirement

I hope that everyone can.
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Old 10-19-2007, 10:41 AM
 
414 posts, read 1,470,165 times
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Quote:
Originally Posted by NewAgeRedneck View Post
Waterlily wrote:
Watch out world because we are not going to be working much longer!
Actually I think that many or most boomers will probably continue working in one way or anoither.....some from necessity and others by choice. At age 58, I would certainly like to cut back on the hours or do something more appealing than sitting in front of a computer in a cubicle for 8 hrs a day, complete retirement ain't too appealing.

blessings....Franco
What's too bad is, as I said in an earlier thread, many Boomers who want to continue working won't be considered as qualified job applicants if they are jettisoned by their companies. Our society can't continue to complain about the Boomers retiring early and sucking the money out of the system when they won't hire older workers.
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Old 10-19-2007, 11:42 AM
 
Location: Wherabouts Unknown!
7,764 posts, read 16,886,160 times
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Kathleen54 wrote:
What's too bad is, as I said in an earlier thread, many Boomers who want to continue working won't be considered as qualified job applicants if they are jettisoned by their companies. Our society can't continue to complain about the Boomers retiring early and sucking the money out of the system when they won't hire older workers.
As for me, my concept of continuing to work is being self-employed. I'm already burned out on the job scene at @ age 58. I can't imagine doing a job after age 65. UGH! But that's just me. I understand that some folks would tremendously enjoy having a job after age 65. You're probably right that they won't be considered as qualified job applicants, especially for the better paying full time positions. We can't all be walmart greeters though.

blessings....Franco
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Old 10-20-2007, 08:03 PM
 
Location: North Idaho
239 posts, read 1,187,105 times
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For all the talk about 'socialistic' entitlements and the boomers draining the economy when they retire en masse, one thing that is seldom if ever mentioned is that these same boomers have paid into Social Security their entire working lives. Back when Social Security began, they were told that the money paid in to the system would only be used for retirement funds. Then our government started dipping into it for every thing imaginable, since the funds were in excess of what 'was needed' at the time the raiding began. And this has continued. So much for locked boxes and such.

Had the government not raided the fund, there would be no question as to their being sufficient funding for ALL the boomers who paid into it, and then some. But as it is now, no one can retire with the hope of making it strictly on SS payments. No one. Unfortunately, too many people will be doing just that, since they have no other pension or source of funding for their retirement. And ageism will continue to keep most of them sitting at home, if they are lucky enough to have one.
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Old 10-21-2007, 08:17 AM
 
13,325 posts, read 25,586,246 times
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A lot of older people work at my psych hospital. I see- a 65-yr.old RN who is also a chiropractor, who cannot do chiropractic anymore because of arthritis. A 65-year-old mental health assistant with a very bad back. A 54-yr.old RN (me) with multiple back injuries at work from the nature of the work. A 63-yr.old. RN with macular degeneration and cannot drive anymore, whose elderly husband drives her.
Sometimes, despite healthy lives (or not) you simply cannot rely on being able to work full-blast as you get older At least, it can't be a financial plan. In many areas, the work isn't there, and in other areas, you are not able to perform the work.
I hope to get to a place where I can work the "weekend package"- work two shifts every weekend, get paid for three- and get 16-hour pro-rated benefits. I don't expect to have enough money to whoop it up full-time as a retireee, and not sure I really want to, anyway- I've spent most of my life going here and there, doing what I thought I wanted to do, unlike people who have spent a lot of time with nose to the grindstone and raising kids and all (and likely doing the right things financially!).
But our bodies do wear out. Even handwriting can become a problem from arthritis or repetitive stress, or typing. For those doing physical labor, it's even tougher. Every carpenter I know over 40 has back/elbow/etc. problems.
It's all very tricky. Yeah, I worry.
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Old 10-21-2007, 08:42 AM
 
Location: Wherabouts Unknown!
7,764 posts, read 16,886,160 times
Reputation: 9324
My dad is now in his 80's. He built houses full time up until age 65. He continued to work part time into his 70's with my brother who took over the business. He gave it up completely a few years ago. Although he appreciates not working so hard, he misses the action. Based on the reaction of my dad and many of his contemporary friends, complete retirement ain't all that's it's cracked up to be....even with the financial part of the equation taken care of.

I think that many of us boomers will feel the same way. I don't think the desire to hang up the spikes so to speak is what we desire. Cutting back on the hours....YES. Quitting the game completely....NO. I thiink that we will invent many creative ways to extend our working days in ways that keep us growing rather than stagnating into the sunset.

blessings...Franco
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Old 10-21-2007, 09:45 AM
 
1 posts, read 1,026 times
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Baby boomers have already started spending, and will be for many years to come.That's a lot of money thats been put up for a long time. I think the boomers will be responsible for keeping the economy up and moveing in the right direction. Many of us are selling businesses, which remain in operation, and also start new, completely different ones to play with, and also subsidise our comfortable lifestyle.
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Old 10-21-2007, 11:07 AM
 
Location: Forests of Maine
30,695 posts, read 49,488,800 times
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Quote:
Originally Posted by gotte 648 View Post
Baby boomers have already started spending, and will be for many years to come.That's a lot of money thats been put up for a long time. I think the boomers will be responsible for keeping the economy up and moveing in the right direction. Many of us are selling businesses, which remain in operation, and also start new, completely different ones to play with, and also subsidise our comfortable lifestyle.
LOL

Born in 1959, retired in 2001.

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