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Sure, the younger generations will be effected too. I mentioned this when people starting to imply that Generation X, etc were "lazy" and so on. If that is really true, then the Boomers will have a greatly diminished retirement.
But Generation X and Y can hurt the boomers without hurting themselves by simply reducing Boomer entitlements. There is little question this is going to occur, the levels of debt on the local, state and federal level are just too high. Generation X and Y could not afford to pay the debt AND pay for future Boomer entitlements (which aren't included in the debt!) even if they want to. But not only will they not want to pay for it, they will want to do the opposite! Just look at this thread, all the typical lines come out. This is what Generation X and Y have been hearing their whole lives, do you really think after being called lazy, being told to "stop whining", etc that this generation is now going to reduce their standard of living to support you? Not a chance.
What makes you think Gen X & Y will have any more choice than any other generation. What makes you think you can control the government? In the past, most changes to SS has been directed towards the younger generations. Retirement age was 65 and now it's 66 to 70 depending on the year you were born. It's likely any future changes will protect the near to retirement and retired people and reduce benefits of the younger workers.
Retirees and soon to be retired have a strong lobby. Tell me the name of the Gen X & Y lobby. The reason for this? Older people vote. Younger people generally don't.
What makes you think Gen X & Y will have any more choice than any other generation. What makes you think you can control the government?
Because the government is elected? The boomers have been controlling the show political for around 2-3 decades, but that is going to end soon. Gen X and Y will be able to form public policy just as the boomers before them and like the boomers before them they will do it with their benefits in mind.
Quote:
Originally Posted by akck
It's likely any future changes will protect the near to retirement and retired people and reduce benefits of the younger workers.
Why is that likely? That assumes younger works are going to be willing to pay into the system at the same (or greater) rate and receive less benefits while those above them get plush benefits while paying no more into the system than them. If you think that is going to jive with Gen X and Y, than I'd suggest you don't know these generations very well.
The easiest way to reduce current retirees social security is to reduce their cost of living increases. This would be rather subtle as the reduction would occur over a long period of time.
Quote:
Originally Posted by akck
Retirees and soon to be retired have a strong lobby. Tell me the name of the Gen X & Y lobby. The reason for this? Older people vote. Younger people generally don't.
There are all sorts of lobby groups. Politicians will have to yield to Generation X and Y because they won't get elected otherwise. Lobby groups can try to lobby congress all they want, but congress will not yield to them if doing so puts them out on the street in the next election.
And sure older people vote in greater numbers, but suggesting that younger people "generally don't" is not all that accurate. Voter turn out between 18~35 increases steadily but after 35 the increase is very mild. Remember, the youngest Gen Xers are 28~30 depending what cutoffs you use. Furthermore in terms of raw numbers Gen X and Y of voting age already out number the boomers, but the boomers vote with greater frequency so its roughly even right now (or a little bit in the boomers direction). But that is going to change rapidly, each year Gen X and Y add millions to their voter ranks (by teens turning 18 and increased voter turn out due to age) while boomers lose voters. Within 5 years the shift will be noticeable and within 10 it will be unmistakable.
Jeez, first we ruined America. Then we refuse to retire early, killing the job market for the younger folks. Now, we are bad parents. Fortunately, with the coming Healthcare "improvements", we can be judged worthless and they can kill us off early.
I guess I'll just wait here to be euthanized so I can save America. In the interim let me alone so I can enjoy a cup of coffee because it's a beautiful Saturday morning.
I find it hilarious to blame the boomers for the problems of America today. I, too, was raised by parents who survived the Depression and WWII. I survived Vietnam. I worked and saved and am ready to retire.
I moved out of my parents house as soon as I could. (Not after 5 years of college and at the age of 40). I never purchased a piece a property that I could only afford to make "interest only" payments on. I'm not in hock up to my eyeballs in credit cards. I don't have a lot of electronic toys. (I have a motorcycle that I paid cash for. That's my toy. )
All I can say, if someone thinks the Boomers are to blame, they are either sick or lazy besides being ignorant.
Do like the rest of us have done for our retirement. Work and invest on the things that worked for our parents. Stop your whining. If I wanted to hear whining and lies, I turn on AM radio and listen to the hatemongers.
Retirees and soon to be retired have a strong lobby. Tell me the name of the Gen X & Y lobby. The reason for this? Older people vote. Younger people generally don't.
I was just 63 and I certainly do not blame myself for what has happened. And, no one on this forum should blame themselves either. The country was destroyed by corporate greed and an ill-advised and hopeless war. It's heartbreaking and unfair, but not the fault of anyone here, I'm sure.
Yes--unless they voted for Bush.
But that's unfair, our consumerist society developed long before Bush took office in 2000.
This is the 4th or 5th anti-Boomer thread I've seen on CD, and perhaps the most negative, but that's okay.
I am from Generation Jones, born 1954.
I don't think America is ruined, ultimately it may even be improved--but of course we can find fault with the Boomer generation, just as we ourselves probably shook our fists at the previous generation during the economic downturn during the late 70's.
It will be interesting to see how it all turns out: Where our younger-generation government ends up allocating funds, when and if we ever retire, how the youngsters will juggle their payments for Social Security, i-Phones and laptops and still come out ahead.
Will they? Why? Are you telling me the government can't cut social security benefits on current retirees? Of course they can. The easiest way to do it (politically and socially) is to limit the cost of living increases.
I think its a bit far fetched to think that Generation X and Y are going to agree to continue to pay into social security at the current rates while the government cuts their benefits, yet continue to provide plush benefits to the Boomers. The sacrifices will have to be made across the board if they are to be supported politically.
Let's remember that the boomers have just started to collect social security. The vast majority of them are not collecting it yet and for many its still a decade away! Some of the oldest boomers may be able to get off the ship before it sinks.
This is only half true, the pensions are guaranteed but can be changed if a municipality goes bankrupt. For example see the rulings on the Vallejo California case. Now there is no state level bankruptcy, so it will be really interesting to see what happens in states like California, New York, etc.
Regardless, the money need to "guarantee" the pension will have to come from the younger generations. Its again far fetched to assume that they are going to be willing to have their potential pensions cut, keep contributing the same amounts while the boomers receive plush benefits.
I tend to disagree, I hear these things all the time. Its always not as explicit as what is said on forums, but the general theme is the same. Generally speaking I just don't think the boomers (collectively) have installed a value system into their kids that would make them willing to make personal sacrifices for their benefit.
Anyhow, Boomers like to think their pensions, etc are ironclad. You are essentially expressing that sentiment here and I think its a mistake. I think the boomers that do the best are the ones that are willing to consider (and act on) the fact that the country may under go many social, economic and political changes while Generation X/Y start to "take over".
We have had a number of forums on pensions and discussed what you raise so need to rehash. As far as what you hear from your friends my experience is that water seeks it's own level. Not bad or good but folks often associate with those who agree with them. We disagree but then I have my kids and their experiences and the many kids I have known. You have your parents and your experiences and they don't appear to be the same. Thus we have a different perspective. What does seem to be apparent and perhaps it is a misread is that you aren't to fond of Boomers or Educators and like to go into those forums and spew negativity towards those who are. If that rocks your boat then forums are a perfect life choice for you. So enjoy the trip and party on.
What does seem to be apparent and perhaps it is a misread is that you aren't to fond of Boomers or Educators and like to go into those forums and spew negativity towards those who are..
I don't care about spewing "negativity" towards the boomers or educators. In terms of the boomers, I'm more interested in how they have shaped public policy and the economy over the last 2-3 decades and how things may change when they start to retire. The reason for the interest is pretty simple, as they retire things are going to change and this will undoubtedly change which investments, etc make the most sense. My default strategy in terms of investments is to do the opposite of what worked for the boomers! Not because I have some sort of hatred for them, but rather because what worked over the last 2-3 decades was the result of the collective action of the boomers and that action of course will shift as they retire. So far this strategy has been rather successful!
But really, the things I have said in this thread are mostly fact based. Every generation has its pros and cons. But really, this thread makes me happy! You guys seem to be sticking to the "things will be fine" line, that makes things so much easier for us.
Because the government is elected? The boomers have been controlling the show political for around 2-3 decades, but that is going to end soon. Gen X and Y will be able to form public policy just as the boomers before them and like the boomers before them they will do it with their benefits in mind.
Why is that likely? That assumes younger works are going to be willing to pay into the system at the same (or greater) rate and receive less benefits while those above them get plush benefits while paying no more into the system than them. If you think that is going to jive with Gen X and Y, than I'd suggest you don't know these generations very well.
The easiest way to reduce current retirees social security is to reduce their cost of living increases. This would be rather subtle as the reduction would occur over a long period of time.
There are all sorts of lobby groups. Politicians will have to yield to Generation X and Y because they won't get elected otherwise. Lobby groups can try to lobby congress all they want, but congress will not yield to them if doing so puts them out on the street in the next election.
And sure older people vote in greater numbers, but suggesting that younger people "generally don't" is not all that accurate. Voter turn out between 18~35 increases steadily but after 35 the increase is very mild. Remember, the youngest Gen Xers are 28~30 depending what cutoffs you use. Furthermore in terms of raw numbers Gen X and Y of voting age already out number the boomers, but the boomers vote with greater frequency so its roughly even right now (or a little bit in the boomers direction). But that is going to change rapidly, each year Gen X and Y add millions to their voter ranks (by teens turning 18 and increased voter turn out due to age) while boomers lose voters. Within 5 years the shift will be noticeable and within 10 it will be unmistakable.
Don't hold your breath waiting for this change you're positive is going to happen. You'll die of asphyxiation.
Don't hold your breath waiting for this change you're positive is going to happen. You'll die of asphyxiation.
This comment is of course ironic. Because you are positive that such things will not occur. I plan for what is more likely to occur, nothing is certain. So far avoiding "boomer-think" has resulted in some big gains. If it stops being beneficial I will rethink matters.
I think sometimes young people come into retirement forums looking for Daddy and Mommy figures. Sorta like teenage girls from broken homes needing a Daddy figure. In some cases it is a Daddy figure to look up to and love and in others it is a Daddy figure to focus their life frustrations on and to seek blame transfer.
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Then we refuse to retire early, killing the job market for the younger folks. 
Now, we are bad parents.
Fortunately, with the coming Healthcare "improvements", we can be judged worthless and they can kill us off early.
In the interim let me alone so I can enjoy a cup of coffee because it's a beautiful Saturday morning.
