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The height of the baby boom was 1957.
These folks won't be turning 66-67 for another 10 years.
For them 65 is just medicare not full SS.
The youngest of the baby boomers is just 46 years old..still has another 20 years to full SS retirement.
We've only just started seeing the effects of boomer retirement (or lack of) on society.
Baby boomers 1946 and 1960's weighted more heavily towards the 1946 range. with a rapid drop afterwards.
the initial ones are hitting 69, So yeah we're seeing them impact heavily right now, and its going to keep on for a bit. The thing is...what all is it going to do? There was an assumption that we'd see a lot of them retire, but the depression has kept a lot more of them working then expected.
With the economy improving, are we going to see a lot of them start to retire you think? Or have they lost too much during the depression?
Baby boomers 1946 and 1960's weighted more heavily towards the 1946 range. with a rapid drop afterwards.
the initial ones are hitting 69, So yeah we're seeing them impact heavily right now, and its going to keep on for a bit. The thing is...what all is it going to do? There was an assumption that we'd see a lot of them retire, but the depression has kept a lot more of them working then expected.
With the economy improving, are we going to see a lot of them start to retire you think? Or have they lost too much during the depression?
Lack of savings is what woke them up.
The boomers led the age of the "consumer".
Those with money have retired. Those without are still working.
One guy I worked with was 66 when I left. He had put three kids through private college and then paid for one wedding. He was tapped out and then figured he had to keep working because his pension just wouldn't pay the bills..and he did still have a mortgage. Boomers upgraded their homes.
Boomers are going into retirement with mortgages, car loans and CC debt.
And pensions/401Ks aren't enough to live on.
Of course this does not apply to all.
Retirement Living: Debt holds many Boomers back
The National Foundation for Credit Counseling (NFCC), which helps people who are having trouble paying their bills, says one-third of its 3 million clients nationwide last year were 55 or older, up 7 percentage points in two years. Nearly 15% are over 65. That's scary.
..
American Consumer Credit Counseling, which says 25% of its clients are 55 and older, paints a similar picture. Seniors are going into retirement still carrying debt, including mortgages, credit card debt and student loan debt. They are depleting their savings and retirement accounts just to make ends meet.
For a name like HappyTexan that was depressing as all heck.
Hey..that's reality today.
The Silent Generation grew up during the depression.
They were the ones that retired debt free with pensions.
They were the ones that lived in the same house for 30 years and drove cars forever and a day.
The boomers were the first "consumers".
They traded up, had kids later, used "credit" like it was water and thought they would be young forever.
The early boomers are not as bad off as the later boomers regarding savings/debt/pensions.
Imagine boomers near retirement still paying off their student loans ?
Im sure thats part of it, but the other part is that before the boomers, jobs were often for life, and had a retirement plan provided. Things have changed.
Now social security is viewed as the retirement plan more and more, and pay is so low that most people cannot realistically pay into a good 401k, and a sudden job loss can wipe that 401K out if one exists.
I think the boomers will face the worst retirement of all. They will miss out on some of the huge technological changes that will make retirement less expensive, and they wont live long enough for a expanded safety net.
Im sure thats part of it, but the other part is that before the boomers, jobs were often for life, and had a retirement plan provided. Things have changed.
Now social security is viewed as the retirement plan more and more, and pay is so low that most people cannot realistically pay into a good 401k, and a sudden job loss can wipe that 401K out if one exists.
I think the boomers will face the worst retirement of all. They will miss out on some of the huge technological changes that will make retirement less expensive, and they wont live long enough for a expanded safety net.
It was the boomers that started the "job hopping" trend.
That's when 401Ks came into the picture to replace the pensions.
That "freed up people" to move to new jobs and take their retirement money with them.
And since then job hopping has become the norm.
There is no more company loyalty and that is on both sides ..companies don't want 30 year long employees and employees don't want to be locked into jobs for life anymore.
Yes, the scene has changed and I watched it happen.
It was the boomers that started the "job hopping" trend.
That's when 401Ks came into the picture to replace the pensions.
That "freed up people" to move to new jobs and take their retirement money with them.
And since then job hopping has become the norm.
There is no more company loyalty and that is on both sides ..companies don't want 30 year long employees and employees don't want to be locked into jobs for life anymore.
Yes, the scene has changed and I watched it happen.
I came into it when the company pension was just gone. My father had one from a company...but I'd never see one unless I went military for 20-30, government, or extremely large company-and even the large companies have gotten rid of them for everyone outside of the C level.
I think it will force some changes eventually. Not sure if they will be good or bad, but I can't see whats going on as being a sustainable trend.
Wait till our kids get to retirement age. Hope they've learned some saving lessons from this last downturn.
I have 8 kids, and know tons of their friends. If they're any guide....nope. Yeah they get saving, etc...but.....they just arent making enough money, nor do I see them making enough money for quite some time.
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