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.
I don't think anyone should ever give up their job because someone else supposedly needs and deserves it more because they are young. That is a bunch of hooey.
Working, for many older people, extends their lives and keeps them active and healthy. For many of my father's generation, it gives them meaning. For some, it does provide income they need to continue the lifestyle they want to live. No one has the right to push them out of the job market if they are continuing to perform well.
How can boomers quit working if they are only earning 1% interest on retirement investments? You can't live on that. Also, there is the real question if social security will be available for boomers. Even if it is, there is a good chance payments will be cut significantly. Retirement is a pipe dream for many boomers now.
That's a good point but then it does show why people shouldn't put all their money in investments alone or rather like the old saying goes "don't put all your eggs in one basket." Looks like people can't blame it all on Immigrants/foreigners.
Math, mutual funds are often comprised of stocks which can be risky principal investments for fixed income retirees. Take a look at Japan's stock market index over the last 25 years. It has lost 70% of its value since the peak in 1989 to today. I don't have time to elaborate on parallels and differences in Japanese and current US fiscal policy.
If you feel comfortable, so be it. I was trying to explain a Boomer's reasoning for working longer than expected in response to the original post.
Last edited by texan2yankee; 08-28-2010 at 08:43 AM..
Reason: add information
the light follows the baby boomers.
after all somebody has got to be willing to work and carry the rest of us.
besides, if they are not around, who will you blame?
Absolutely. I wonder if Americans would be willing to pay more for products to at least keep customer service jobs within the USA. If we don't do something as a whole....the job mess will only continue to get worse. Our greed for everything cheaper is really coming back to bite us.
To say the least.
But people - as well as the govt - are too greedy/stupid to care, and corporations only care about making a buck.
That's a good point but then it does show why people shouldn't put all their money in investments alone or rather like the old saying goes "don't put all your eggs in one basket." Looks like people can't blame it all on Immigrants/foreigners.
Putting all your money in investments is hardly "putting all your eggs in one basket." That's why you diversify the TYPE of investments/mutual funds/etc you have.
Putting all your money in investments is hardly "putting all your eggs in one basket." That's why you diversify the TYPE of investments/mutual funds/etc you have.
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).
I don't think anyone should ever give up their job because someone else supposedly needs and deserves it more because they are young. That is a bunch of hooey.
Working, for many older people, extends their lives and keeps them active and healthy. For many of my father's generation, it gives them meaning. For some, it does provide income they need to continue the lifestyle they want to live. No one has the right to push them out of the job market if they are continuing to perform well.
But that's the thing, they are NOT performing well. Nobody is. Let's face it folks. People as a collective attempt 'careers' because they want to coast to the finish, not break their necks in their 50s. We're all rent-seekers, which is why you feel like you don't owe younger workers a spot in the labor market in the first place!
Look, coasting is anthropological. People in their 50s at my workplace are simply too tired to keep up with the young ones. It's a job that requires a certain level of physical fitness, and there is simply no expectation 50-some folks ought to keep up with folks in their 30s. If you get into a vocation with the intention of burning the candle on both ends at the twilight of said career you're either a liar or a fool. If boomers would move on this would all be a non-issue. But they're cooped up in their henhouses, the economy ain't growing, and the younger generation is starving at the bottom just because your "retirement house nestegg" tanked 5 years ago and you're trying to compensate by pulling a "from my cold dead hands" with your chair at work. I don't want to work until 65 just because the person in front of me felt like he needed to because his expectations of life had more of an entitlement taste to it than the supposed entitlement they blame the younger generations of having.
Give up that pension and then maybe millennials will give up the sentiment they should should aspire to the same benefits in retirement. What's good for the goose is good for the gander. FU I got mine is a poor rationalization for asking austerity of the younger generation while boomers rationalize their better life timing.
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).
thats the worst advice anyone can ever take..... loose your job or the company fails and loose you lifesavings too.
Math, mutual funds are often comprised of stocks which can be risky principal investments for fixed income retirees. Take a look at Japan's stock market index over the last 25 years. It has lost 70% of its value since the peak in 1989 to today. I don't have time to elaborate on parallels and differences in Japanese and current US fiscal policy.
If you feel comfortable, so be it. I was trying to explain a Boomer's reasoning for working longer than expected in response to the original post.
unless you dont need the money almost all of us need to invest and investing isnt just about stocks...
while the s&p may have been stagnant for a decade gold rose 400%, mid-cap stocks rose 50%, bonds had a great run up,my un-traded reits averaged 17%... there was lots up , just not certain markets or asset classes....
diversify and let it run, this isnt japan nor will we most likly be like japan so im not worried even being at retirement age myself.
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.
