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Old 09-15-2010, 08:26 AM
 
86,640 posts, read 84,053,881 times
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i want to go in my sleep just like my grand father, not like all those people yelling and screaming on his bus. ha ha ha
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Old 10-19-2010, 06:48 PM
 
Location: Kentucky
470 posts, read 974,517 times
Reputation: 281
I've had enough of this nonsense about Baby Boomers are going to reinvent retirement, or never leave the workforce. It goes to show you how narcissistic they are. Guess what, I bet they get old and die like every generation before them. Remember that annoying Dennis Hopper commercial where he paraded around talking about how they're going to reinvent retirement for an investment firm. Yeah, where is Dennis Hopper today? I'll give you a hint, it's six feet under.
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Old 10-19-2010, 11:44 PM
 
9,840 posts, read 20,576,985 times
Reputation: 7668
Quote:
Originally Posted by Spokanejobseeker View Post
I've had enough of this nonsense about Baby Boomers are going to reinvent retirement, or never leave the workforce. It goes to show you how narcissistic they are. Guess what, I bet they get old and die like every generation before them. Remember that annoying Dennis Hopper commercial where he paraded around talking about how they're going to reinvent retirement for an investment firm. Yeah, where is Dennis Hopper today? I'll give you a hint, it's six feet under.
Yes I remember that commercial.

Irony, but Dennis Hopper barely had any estate left at all to pass on to descendants. For such a long term working hollywood star, he didn't have much left to show for it.

The boomers overall is the generation that thought they had all the answers. But they didn't know squat and all they have left us with is a massive bloated government and debt out the wazoo. Thanks. When I am in Congress I'll be voting to cut your medicare.
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Old 10-20-2010, 11:23 AM
 
Location: Ohio
22,798 posts, read 16,047,631 times
Reputation: 19294
You better hope they retire.

According to the BLS, between 2008 and 2018 there will only be 50.9 Million job positions available.

The math here is very simple: that works out to 5,090,000 per year on average, or 424,166 jobs per month.

Here's the catch: those aren't "new" jobs.

Again, according to BLS, 67% of those jobs will be "created" when Boomer retires and leaves a job opening available for a non-Boomer.

In other words each month there should be about 284,191 job openings created by Boomers dying or retiring.

The remaining 139,974 jobs are supposed to be fresh new jobs.

Since it takes about 150,000 jobs just to absorb new entrants and returning entrants (ie those that voluntarily quit their jobs to get advanced training or education, or to care for someone at home) that leaves only

274,166 new and old jobs available. That means it would take about 8 years and 3 months to get the current unemployment rate back down to 5%.

That makes for lots of 99-Weekers.
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Old 10-20-2010, 02:58 PM
 
8,317 posts, read 27,163,892 times
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Many, many Boomers will "die in the saddle"--thanks to poor financial planning and "living it up," they can't afford to. Add to that the massive number of Boomers whose private or public pension plans are likely to go belly-up in the next few years, and you will have a massive number of Boomers that either will retire late or never retire at all.

The other factor adding to the problem is how pathetically unprepared many in the younger generation are to enter the workforce. They may be good at video games, but their ability to actually work efficiently, communicate coherently, and manage themselves competently (much less manage anyone or anything else) is sadly lacking compared to most of their older peers. In an economy that is not going to be creating very many new jobs for years, they are ill-prepared to compete for the available jobs with older, experienced workers--even if some of those "oldsters" are past their prime.
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Old 10-20-2010, 03:08 PM
 
Location: Ohio
22,798 posts, read 16,047,631 times
Reputation: 19294
Quote:
Originally Posted by jazzlover View Post
Many, many Boomers will "die in the saddle"--thanks to poor financial planning and "living it up," they can't afford to.
You got that right.

What idiot would buy $250,000 McMansion with no money down when they're just 5 years from retirement?
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Old 10-20-2010, 04:02 PM
 
8,265 posts, read 11,238,435 times
Reputation: 4788
Probably an idiot who's friend just bought a $240k one.
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Old 10-20-2010, 04:18 PM
 
8,317 posts, read 27,163,892 times
Reputation: 9224
Quote:
Originally Posted by Mircea View Post

What idiot would buy $250,000 McMansion with no money down when they're just 5 years from retirement?
Well, I do know for a fact that there are way too many of 'em. My community is full of them, and a lot of them are getting their a**es handed to them now.
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Old 10-20-2010, 04:28 PM
 
Location: Upland, CA
3,875 posts, read 7,010,200 times
Reputation: 4522
Quote:
Originally Posted by stars99 View Post
Some poeple advise that it's good to put most of your money in the stock of the company you work for (IOW, b/c you work there, you are desirous for them to do well).
Yeah, that is NOT good advice at all. Tying not only your current situation and your future to ONE entity is not a good idea.

There could be exceptions to this, but, look at people at WorldCom, Enron, ect... they were convinced to invest in their company... next thing you know everything is gone.

Even when I used to work for GE... lots of people there would use all of their 401K to invest in Company stock, even when it was in the 30's and higher.. took a tremendous bath when the stock went down.
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Old 10-20-2010, 05:40 PM
 
8,265 posts, read 11,238,435 times
Reputation: 4788
Good call, there are stories of people from Enron who were near retirement and went from 700k to almost nothing in the blink of an eye, so stuck with both unemployment and no life savings at the same time.

If you feel good about your company and they give you and advantageous angle for stock purchase (discount share price, matching, etc.) then it is fine to have 10% of your portfolio in your companies stock but these people loaded to the hilt in one stock are just nuts.
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