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401K plans were the worse thing to hit the U.S. At one time pensions were all that were around and people tended to stay with one company until they retired. Now, people leap frog back and fourth, and although most 401Ks are transferrable, most end up taking the money out the first time they get layed off or fired. At the end, they have no money invested.
The concept of a 401k is not responsible for individual irresponsibility.
The days of multi-generational homes will have to make a comeback as the younger generation will have to help support their aging parents. That part of it is not necessarily a totally bad thing.
In the end people will take care of their own parents, but, where the public-sphere problem will come in is when the people who neither raised kids nor saved adequately try to force the younger generations to pay for the lifestyle they want/expect at the ballot box.... it will be a political crisis at the very least.
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Originally Posted by king's highway
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Some of that 75% may be disabled, have huge medical bills or other uncontrollable issues that prevent them from saving.
But I don't understand why the average American can't be disciplined enough to below his means and save for both a rainy day and retirement.
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People without kids have no excuse, but, for people with children earning below the median income in all but the lowest of cost areas, it could be pretty tough. Make that a non-two-parent household and it becomes near impossible.
edit, to Mayiask - I never said that as a collective they were, just that certain individuals amongst them do; and very often it takes the form of a smug "well that's just the way the world works and it will go down, shut up and deal son" put more politely -- see the exact post I was responding to earlier for an example of that.
The concept of a 401k is not responsible for individual irresponsibility.
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I don't disagree with that. Having said that it did not allow for irresponsibility. Your pension could not be taken out until you reached retirement age; therefore the irresponsible could not spend it until retirement age.
I don't disagree with that. Having said that it did not allow for irresponsibility. Your pension could not be taken out until you reached retirement age; therefore the irresponsible could not spend it until retirement age.
When they are working in retail at 80, that will be a great visual lesson for their grandkids to be more responsible adults.
People without kids have no excuse, but, for people with children earning below the median income in all but the lowest of cost areas, it could be pretty tough. Make that a non-two-parent household and it becomes near impossible.
How many of those below median income people have all the latest tech gadgets, cable TV,
eat at restaurants and spend money wastefully like most Americans do.
I was a single parent since my child was one year old and I managed to retire early.
It can be done with self-discipline and God's blessings.
How is this country supposed to deal with these peoples mismanagement of their lives? This is going to have dramatic effects on a ton of things
Mismanagement of their lives?
How about many barely eek out a living to begin with.
How about those who have a medical emergency and wind up with nothing?
That's the reason why we have social security, to give people a basic amount of money to live on.
Have you been to countries with no social services (except for healthcare)?
It's not pretty.
Try Poland or Czech where there are no jobs and women are hooking at rest areas; men are begging on the streets and people live outdoors.
From a practical point of view this is true (considering the existing welfare/redistribution system), but, if you're an older liberal and don't have an interest in driving younger folks to the right I wouldn't express this attitude with such ill-disguised triumphalism - the entitlement driven debt is one of the two big issues that drives people towards voting Republican among the younger generation. Hearing certain baby boomers practically gloat about how we will be stuck picking up the tab for their generation's overspending/undersaving really sticks in your craw.
No cons are taking social security?
The only time boomers were gloating on this board was in response to the idiotic comments hurled against them.
BTW, they paid into SS.
Do you really think that we have that much control over what the government does?
If so, you're kidding yourself.
Quit trying to blame any generation for the problems of society, it's divisive and absurd.
We were, as are all generations, sold a bill of goods.
I don't disagree with that. Having said that it did not allow for irresponsibility. Your pension could not be taken out until you reached retirement age; therefore the irresponsible could not spend it until retirement age.
When the 401k was introduced one of the benefits was control over your own money.
Unfortunately, we now live in a society where people have no self-discipline.
In the end people will take care of their own parents, but, where the public-sphere problem will come in is when the people who neither raised kids nor saved adequately try to force the younger generations to pay for the lifestyle they want/expect at the ballot box.... it will be a political crisis at the very least.
Pretty big assumption. Ever go to an old-age home?
People without kids have no excuse, but, for people with children earning below the median income in all but the lowest of cost areas, it could be pretty tough. Make that a non-two-parent household and it becomes near impossible.
Health care costs will destroy any bank account or savings.
Not everyone makes enough money to save. What do you think the median income of the US is?
It's not as if all people aren't being frugal.
edit, to Mayiask - I never said that as a collective they were, just that certain individuals amongst them do; and very often it takes the form of a smug "well that's just the way the world works and it will go down, shut up and deal son" put more politely -- see the exact post I was responding to earlier for an example of that.
You can generalize all you like.
Let's see you get hit with open heart surgery or cancer and see what your bank account looks like.
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