Boomer Anxiety About Retirement (55, conversation, inherit, depression)
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The study found that more than 50% of those surveyed had saved less than $100,000 for retirement, 19% have saved less than $10,000 and 14 percent do not have a pension, 401(k), IRA or any other retirement savings vehicle.
We cannot draw any conclusions from this. Someone may have under $100K "saved" but may have a great pension for life; others may have much more than $100K and have only a tiny pension, or no pension, just SS. I'm amazed (not) that the media keeps chasing these kinds of statistics.
We cannot draw any conclusions from this. Someone may have under $100K "saved" but may have a great pension for life; others may have much more than $100K and have only a tiny pension, or no pension, just SS. I'm amazed (not) that the media keeps chasing these kinds of statistics.
As I said - all sorts of "reports" out there. My understanding of this one was - assets in total, but again - who knows. I wonder if there really is any way to gather such info accurately. ???
Here in Australia, if anyone is interested, a lot of self funded retirees are doing it tough at the moment through no fault of their own, having saved and had good pensions they now find the interests rates are so bad and with the economy as it is at the moment they haven't quite got the lifestyle thay expected, so sooner or later they will have to apply for help from the government. We downsized to a smaller property but in a beautiful rural area, this enabled to us live a good healthy lifestyle and money to spare for some luxuries. I'm not sure how the young will fare when their time comes.
I would have though the falling share market would have a lot bigger effect on the lifestyle of self funded baby boomers than interest rates?
My folks are totally self funded, and bought a life style they can afford with their own money, and as such are not directly affected by interest rate rises at all. The falling share market however has totally decimated the value of their pensions. Of any thing interest rates falls are a bad thing, you get less return on the funds invested in cash.
Last edited by danielsa1775; 11-15-2011 at 05:29 PM..
Based on what I have read in the past, a lot of those folks retired with pensions. That was the heyday of "company loyalty" and people often worked for a corporation or factory or railroad or the government their entire lives. And typically, that generation did not move around often - and owns property.
The Pew report is pretty reliable. Here is an interesting article on retirement (attitudes, expectations and some asset info) across several generations:
Based on what I have read in the past, a lot of those folks retired with pensions. That was the heyday of "company loyalty" and people often worked for a corporation or factory or railroad or the government their entire lives. And typically, that generation did not move around often - and owns property.
The Pew report is pretty reliable. Here is an interesting article on retirement (attitudes, expectations and some asset info) across several generations:
I think there are a variety of reasons so many boomers plan to keep on working:
1. Insecurity about the stability of the govt. and the SS system.
2. Lack of investments and savings for retirement.
3. Unwillingness to cut back living their paycheck to paycheck materialistic lifestyle.
4. Having spent all their savings on supporting children into their adult years and beyond, they are just plain broke.
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