Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Boomers are setting precedence. Hopefully, the subsequent generations learn from this.
"Further underscoring the financial squeeze, 1 in 4 boomers still working say they'll never retire. That's about the same number as those who say they
have no retirement savings."
"The survey suggests how politically risky that would be: 64 percent of boomers see Social Security as the keystone of their retirement earnings, far outpacing pensions, investments and other income."
"Two-thirds of those still on the job say they will keep working after they retire, a plan shared about evenly across sex, marital status and education lines, the survey finds."
Apparently not many (or any) Baby Boomers on this Forum.......but I am! Anyway, I will be turning 62 in a couple of months and due to being currently unemployed and having an extremely rough time finding a job, I will be forced into "early retirement"/SS! I will continue to look for a job after I start collecting, but I know I can't have a good salary like I had before. If I do find a job with a good salary, I will lose my SS for the time being, but that would be ok. Early retirement/SS wasn't on my mind a year or so ago, but due to no income on my part now, I want to help out my wife with our finances, so......
Have we used some of our Retirement Savings........oh yes, unfortunately, but had to do it.
My wife was lucky as she got a good paying full-time job last Nov and didn't have to go with early retirement/SS when she became illigible last year. Actually, right now I know some folks who have a very good retirement (from a job) coming in, but still went for early retirement/SS anyway.
You can't take it with you. Coffins don't have pockets.
At least all those baby boomers were able to enjoy their bass boats, daily $4 cups of coffee, a new car every three years, and 15 movie channels.
Haha, I guess this is true. I have a co-worker who tells me that I need to spend everything I have, that I shouldn't even think about saving until after 30 (I'm 25 now). Maybe he's right?
Haha, I guess this is true. I have a co-worker who tells me that I need to spend everything I have, that I shouldn't even think about saving until after 30 (I'm 25 now). Maybe he's right?
You should have been saving three years ago. It's one of those things that works out something like you'll earn more saving between 21 and 26 than you will saving between 40 and 60.
You should have been saving three years ago. It's one of those things that works out something like you'll earn more saving between 21 and 26 than you will saving between 40 and 60.
Oh I have been saving. He just harasses because I do.
You should have been saving three years ago. It's one of those things that works out something like you'll earn more saving between 21 and 26 than you will saving between 40 and 60.
Didn't want to explain compounding to the non engineer?
Haha, I guess this is true. I have a co-worker who tells me that I need to spend everything I have, that I shouldn't even think about saving until after 30 (I'm 25 now). Maybe he's right?
Given your usual doom and gloom about the rich getting richer etc etc, you should have started long ago...or perhaps you don't want to be like some of them when you're older?
I think that those the OPs age really need to think about what they will retire on.There is alot more to fear as the poll say in the future with the way the nation is going than now.
Oh I have been saving. He just harasses because I do.
Even if you started now, you'd be in good shape, but hnsq is right, every year has a big impact. The sooner the better of course, since it also makes for a good habit. Hard to change habits later in life.
The boomers I know were never very financially responsible. Lots of credit card debt, flashy, impractical, unreliable cars (traded in left and right), much more house than needed, etc. A generation that never really understood the value of money (maybe since things came so easy to many of them), and unfortunately their reckless practices have been passed down to their kids too.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
