Gen X will never retire.

[Soul Crusher]

Retirement May Be Mission Impossible for Gen X (those born from 1965 to 1981)
Yahoo ^ | 4/16/12 | Jessica Rao - CNBC
Posted on April 16, 2012 6:15:52 PM EDT by NormsRevenge

As kids, they sat on gas lines in the backs of their parents’ cars. As young adults, they saw the stock market crash, and when it finally came time to settle down, they bought a house at the peak of the housing bubble and then were faced with the worst economy since the Great Depression. It’s no shock that Generation X — those born from 1965 to 1981 — may get short changed in their golden years.

Though they’ve watched parents and grandparents nestled with pensions, Social Security and strong economic growth, these are no longer guarantees. On the other hand, longer life spans with more medical bills and greater need for cash are the reality for many.

Gen X is the first generation to deal with the fact that the models of American retirement are changing — and its members are flustered. The generation once called “slackers” has been true to form with retirement planning.

“Gen X is a transition generation,” says Carol O’Rourke, a certified financial planner and Executive Director for the Coalition for Debtor Education in New York City. “Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to.”

According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are "very confident" about having enough money to live comfortably during retirement, cover their medical expenses, and pay for their children’s higher education.

(Excerpt) Read more at finance.yahoo.com ...

[Straw Man]

Retirement May Be Mission Impossible for Gen X (those born from 1965 to 1981)
Yahoo ^ | 4/16/12 | Jessica Rao - CNBC
Posted on April 16, 2012 6:15:52 PM EDT by NormsRevenge

As kids, they sat on gas lines in the backs of their parents’ cars. As young adults, they saw the stock market crash, and when it finally came time to settle down, they bought a house at the peak of the housing bubble and then were faced with the worst economy since the Great Depression. It’s no shock that Generation X — those born from 1965 to 1981 — may get short changed in their golden years.

Though they’ve watched parents and grandparents nestled with pensions, Social Security and strong economic growth, these are no longer guarantees. On the other hand, longer life spans with more medical bills and greater need for cash are the reality for many.

Gen X is the first generation to deal with the fact that the models of American retirement are changing — and its members are flustered. The generation once called “slackers” has been true to form with retirement planning.

“Gen X is a transition generation,” says Carol O’Rourke, a certified financial planner and Executive Director for the Coalition for Debtor Education in New York City. “Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to.”

According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are "very confident" about having enough money to live comfortably during retirement, cover their medical expenses, and pay for their children’s higher education.

(Excerpt) Read more at finance.yahoo.com ...

considering the that oldest Gen X is ~ 47 and most are younger it's not bad that right now 1/3 are "very confident" about having enough money to live comfortably during retirement.   I'm gonna guess the same 1/3 are the ones who are most likely also living very comfortably right now too.   

[tonymctones]

considering the that oldest Gen X is ~ 47 and most are younger it's not bad that right now 1/3 are "very confident" about having enough money to live comfortably during retirement.   I'm gonna guess the same 1/3 are the ones who are most likely also living very comfortably right now too.   

the issue is that they paid into the system their entire lives and due to fucked up govt and an entitlement state of mind that is only being propagated more and more by the left they wont ever see any return on their investment.

[Emmortal]

the issue is that they paid into the system their entire lives and due to fucked up govt and an entitlement state of mind that is only being propagated more and more by the left they wont ever see any return on their investment.

Exactly.  If I was left to invest the money taken from  me for SS I would be far better off than I am now, retirement wise.  That's not to say I'm not doing ok in that regard, but it would just mean that much more cushion for a very volatile future.

[Soul Crusher]

Exactly.  If I was left to invest the money taken from  me for SS I would be far better off than I am now, retirement wise.  That's not to say I'm not doing ok in that regard, but it would just mean that much more cushion for a very volatile future.

SS is a classic ponzi scheme and should be abolished.   Even if you were forced into CDs or some type of very conservative investment, you would be better off and could at least pass the money to your heirs.   

[Emmortal]

SS is a classic ponzi scheme and should be abolished.   Even if you were forced into CDs or some type of very conservative investment, you would be better off and could at least pass the money to your heirs.   

I wouldn't call it so much of a ponzi scheme as I would classify it more accurately as a readily available pool to which monies can be drawn against for other uses by the government.  The big problem is that it's been dipped into and borrowed against for decades.  It could easily be fixed by upping the availability age to 65 and then just slowly phase it out by upping the age by 2 years every couple of years until it goes into the death range.

There's no one willing to do anything like that except Rand Paul (that I've heard of) and his ideas get shot down instantly due to politics.  On top of that with so many Baby Boomers relying on it, it would be political suicide to even suggest anything that would cut it.

[Straw Man]

the issue is that they paid into the system their entire lives and due to fucked up govt and an entitlement state of mind that is only being propagated more and more by the left they wont ever see any return on their investment.

this very short article is not about people "paying into a system their entire life lives amd getting "fucked" by the govt.

There wasn't hardly a mention about social security and much more talked about the housing bubble, stock market collapse, etc..

Most responsible adults don't plan on living off social security when they retire.   Most have a plan to have their house paid off, money in the bank, personal retiement accounts, etc... and that is what the 2/3'rd of Gex X'ers have failed to set up so far (or did and saw their values collapse)

This constant bitching about the government screwing everyone is just getting old

I'm 45 and I have plenty of friends around my age who have planned properly who could stop working today or in a few years and be fine and it has nothing to do with depending on a meager check from social security

Plan for yourself and you'll probably be fine

[Soul Crusher]

this very short article is not about people "paying into a system their entire life lives amd getting "fucked" by the govt.

There wasn't hardly a mention about social security and much more talked about the housing bubble, stock market collapse, etc..

Most responsible adults don't plan on living off social security when they retire.   Most have a plan to have their house paid off, money in the bank, personal retiement accounts, etc... and that is what the 2/3'rd of Gex X'ers have failed to set up so far (or did and saw their values collapse)

This constant bitching about the government screwing everyone is just getting old

I'm 45 and I have plenty of friends around my age who have planned properly who could stop working today or in a few years and be fine and it has nothing to do with depending on a meager check from social security

Plan for yourself and you'll probably be fine

I hear the gay community is very well off typically.   Good job man.   

[Straw Man]

I hear the gay community is very well off typically.   Good job man.   

so basically you have no comment for the 1/3 of Gen X'rs (I'm barely in that group) who have not wasted money, bought a house, funded their own retirement, etc.... and are not worried about being to retire

btw - I know plenty of people who are older than me who made more money than me but spent it even faster than they made it and got wiped out or severely harmed when both the RE and stock markets crashed and I've never heard any of them bitch and moan about social security

 

[Soul Crusher]

so basically you have no comment for the 1/3 of Gen X'rs (I'm barely in that group) who have not wasted money, bought a house, funded their own retirement, etc.... and are not worried about being to retire

btw - I know plenty of people who are older than me who made more money than me but spent it even faster than they made it and got wiped out or severely harmed when both the RE and stock markets crashed and I've never heard any of them bitch and moan about social security

 

I'm busting balls. 


where I live - the cost of living is so freaking high for any semblence of a normal life that it is hard to put away money, not to mention the nickle and diming. 

[Straw Man]

I'm busting balls. 


where I live - the cost of living is so freaking high for any semblence of a normal life that it is hard to put away money, not to mention the nickle and diming. 

didnt' you buy your place at foreclosure auction and isn't your mortgage ~ 40k (or did you already pay it off)

[Soul Crusher]

didnt' you buy your place at foreclosure auction and isn't your mortgage ~ 40k (or did you already pay it off)

I'm fine.  Always was very thrifty and tried to save as much as possible.     I am talking about most people my age I know. 

[Straw Man]

I'm fine.  Always was very thrifty and tried to save as much as possible.     I am talking about most people my age I know. 

so you're in that 1/3 as well that is not worried about retirement

doesn't it all come back to personal responsibility then ?

no one I know is planning on living off social security when they are older, regardless of whether they expect to receive it or not

[Soul Crusher]

so you're in that 1/3 as well that is not worried about retirement

doesn't it all come back to personal responsibility then ?

no one I know is planning on living off social security when they are older, regardless of whether they expect to receive it or not

Yes it does, best thing I ever did was not get caught up in the housing mania here from 2002-2006.  The taxes on property where I live are highest in the nation.     

[Roger Bacon]

I don't understand this retirement shit.

Social Security isn't going to provide you shit, some corporation you have 30 years to isn't going to provide you shit.  These people aren't your parents, they see you as a commodity that can be replaced.

People need to learn to save and invest their own damn money like our great, great grandparents did.

[Soul Crusher]

I don't understand this retirement shit.

Social Security isn't going to provide you shit, some corporation you have 30 years to isn't going to provide you shit.  These people aren't your parents, they see you as a commodity that can be replaced.

People need to learn to save and invest their own damn money like our great, great grandparents did.

Been accumulating Silver Maple leafs, Silver American Eagles, guns, ammo, gear, contributing to my sep, ira, etc.  Got cash, savings, business i can operate from almost anywhere at this point. 

Only thing i need left is some remote property in the Adirondacks near a lake

[tonymctones]

this very short article is not about people "paying into a system their entire life lives amd getting "fucked" by the govt.

There wasn't hardly a mention about social security and much more talked about the housing bubble, stock market collapse, etc..

Most responsible adults don't plan on living off social security when they retire.   Most have a plan to have their house paid off, money in the bank, personal retiement accounts, etc... and that is what the 2/3'rd of Gex X'ers have failed to set up so far (or did and saw their values collapse)

This constant bitching about the government screwing everyone is just getting old

I'm 45 and I have plenty of friends around my age who have planned properly who could stop working today or in a few years and be fine and it has nothing to do with depending on a meager check from social security

Plan for yourself and you'll probably be fine

No matter what has happend they would be better off if they would have and from this point on got to keep the money that is being taken out of each paycheck wouldnt you agree?

would it not be easier to plan and live responsibly with more money?

sorry straw, the whole "get over it" argument is just moronic. The govt waste our money and you just want ppl to accept it and move on?

GTFO!!!