The Future of the USA when Baby Boomers Retire (communities, federal, inherit)

[Visvaldis]

When I retire you don't want to be my neighbor. I'm gonna run around naked and play my stereo at full blast (Jefferson Airplane, Rolling Stones, plus some Motown, etc.). If anyone complains I'll just flash the peace sign and say "far out, man!" or "right on!". I wonder if anyone knows where I can buy some bell-bottom jeans and tie-dye shirts for my retirement.
Actually, I'm 60, still have some years to go before retirement. And chances are I'll kick the bucket before then.

[GregW]

I figure my pension is just going to finance the start up costs of my next career. Anyone need a motorcycle tour guide fer instance?

[wallstreet1986]

As was said earlier people have a lot of wealth tied up in their homes -- home equity loans, gains from an overinflated real estate market. Our population is increasing but currently in many areas, it is a lot harder to sell homes than it was one or two years ago. With the cost of healthcare, credit card debt, and the fact that many Baby Boomers haven't saved enough for retirement, they will have to sell their homes and there will be a glut of homes on the market. Additionally there are more Baby Boomers than younger people and perhaps less demand for houses in the future however this might be counteracted by an increase in the immigrant population.

The best jobs are those you can do on American soil -- I do not trust my job to a corporation, low wage retail/service sector, manufacturing concerns, agriculture -- things like law, healthcare, luxury goods/services, high tech design although this could arguably be done elsewhere. All ways to channel money from Baby Boomer overlords and cash in when they are desperate to sell their houses to pay for their retirement. I still want to do as least as well as my Daddy did in spite of the odds -- you just have to know how to play the system.

[BlueVueRacer]

If the Senate, Congress and all of them would be forced into the Social Security we have, It will never end, but unfortunately they get their almost full pay retirement, on top of already being rich, so they don't care about the working peple of America. If the Immigration Bill would have passed, our Social Security would be gone in 2010, right now it is good until 2040. I might be able to get some retirement. I am not counting on it, so I have a 401 and a savings account. hopefully that will get me by. I think that the US will slow down, and after another 911, I don't think people will be invited into this country as they are now. we will finally stabilize and get our self together. The way things are going, something has to give........

[VagaBond12]

Class warfare...how interesting....I wonder who appreciates that more...the corporate execs with their multi-million dollar golden parachutes, or the working stiffs barely surviving on $8 to $10 per/hr...socialism has proven to be an illusion and pure capitalism puts the working class at the mercy of merciless and faceless corporate execs..what this country needs is some common-sense solutions to problems of wealth inequity, unaffordable healthcare, despicable public education, and politicians who couldn't care less about you and me, no matter which party is in power..there is a solution to every problem. It is up to US to find those solutions and make sure that they are implemented. It is our responsibility. I retire in one year. Good luck everyone.

[southernlady5464]

One poster early in this thread, LONG before it got hijacked asked this question?

What about Columbia, S.C.? It seems like it's an affordable retirement spot.

I have lived in SC...I wouldn't live in Columbia if you paid me...too far from the coast and too far from the mtns...it gets WAY too hot there. Now if we were talking the upstate or the lowcountry of SC, I would.

Now, as to the rest...best thing you can do is try to find a way to make retirement good for yourself. Liz

[Kingsnkali]

We are going to be in big trouble by 2030. Federal expenditures for S.S./Medicare/Medicaid/Fed/Mil Retirements will amount to over 70% of the total budget by then. It's around 40% now. This will leave little for national defense, roads etc.

We're up the creek without a paddle. And greedy/misguided outfits like AARP will make sure that today's young people never will be able to retire. Social Security MUST CHANGE to make it work. The numbers don't lie. And nothing pisses me off more than watching the AARP and their big lobby hold the young people hostage to what is about to happen.



Better make sure you contribute to an IRA and 401-k. You'll need it.

[brightdoglover]

Social Security needs only to raise the income cap to be fine, in my opinion. There's plenty of income out there over $97K or whatever the limit is.
Now, health coverage. I think the only answer is single-payer, and there's a lot more pain to come along the way.
Remember, baby boomers don't all up and retire fully at age 65 in one fell swoop (nor convert any stock holdings to bonds on one day). I think the bb cohort runs from birth years 1946-1957 or so- where each cohort is larger than the next- not the 1964 endpoint invented by marketers.
So there's quite a spread of ages within the group, and no doubt a spread of retirement plans/times/resources. Overall, yes, there will be increasing numbers of retired and older people, and there are real societal problems associated with any demographic bulge.
My anecdotal observation is how many people haven't done much about finances for the future, or have young children late in life, or end up divorced and broke from child support or from not having worked in a realistic way during marriage/family time. These people are going to be hurting. And they will do whatever they have to do, and that might mean living in a mobile home in the South or something, because it's all they can afford. Is that so terrible? People will do what they have to do.
Anecdotally (again) I've seen many people rev up their financial behavior late, but they do rev up and make some realistic moves about money. In my job, I see a lot of people hit 50 and really start putting money into the 403b, or going fulltime from part-time, and noticing the lucrative old-fashioned pension my hospital system has.
I do think, in the future, at least in some areas, there will be a surplus of high-end "55+ housing."

[kansaslady]

One thing to remember about s/s, is that even though millions+ of boomers and pre-boomers will begin, or are already collecting s/s, there are a large percentage of 'retirees' who will have to continue working to be able to make ends meet - either part-time, or some even full-time. And those workers will be paying into s/s, even though they are also collecting it at the same time. Therefore, we will not be draining the kitty without putting some back in.

I know for a fact that I will have to work part-time, and may even continue with full-time for several years after my first s/s check arrives in a few years. I'd much more prefer that it be just a few hours a week that I have to work, but I will do what I have to do to make a go of it.

[crittersitter]

<<Wow, what a bunch of socialist BS that you've bought into.>>

Ditto, Sunsprit! When will people realize that the principals that this country was based on has made it the MOST successful in history. Granted the US has some big problems. But a great deal of those stem from too many free bees and entitlements for people that the government has no business giving out. When did people wake up and decide someone else was going to take care of them??? What has happened to personal responsibility. Check out our constitution. Socialism is not what this country is based on. Love it or live it. No more free rides.......
P.S. I am not rich, but I do not expect to be taken care of by those that are wealthy, neither should you....