Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Baby Boomers - Greatest Victims
Old 02-03-2013, 05:58 PM   #1
Thinks s/he gets paid by the post
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Illinois and Florida
Posts: 2,255
Baby Boomers - Greatest Victims

http://www.nytimes.com/2013/02/03/bu...l?ref=business
Quote:
These Americans in their 50s and early 60s — those near retirement age who do not yet have access to Medicare and Social Security — have lost the most earnings power of any age group, with their household incomes 10 percent below what they made when the recovery began three years ago, according to Sentier Research, a data analysis company.
Quote:
New research suggests that they may die sooner, because their health, income security and mental well-being were battered by recession at a crucial time in their lives.
Agree?

Is the danger a result of not LBYM? or a loss of income in the peak earning years? Since the beginning of time, the economy has always been subject to ups and downs, but it seems that the current uncertainty is causing more stress than usual, with less surety of a solid recovery.

... or something else?
__________________

__________________
imoldernu is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-03-2013, 06:03 PM   #2
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 14,431
The good news for Boomers is that most of them are old enough that they will probably be spared the brunt of SS and Medicare reform.

The bad news is that many of them had the plug pulled on them in terms of pensions, a lousy job market and rampant age discrimination -- at an age where it's too late to really recover from those things. And that SS and Medicare, even if they still get grandfathered into the current deal, won't be enough.
__________________

__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Old 02-03-2013, 06:51 PM   #3
Recycles dryer sheets
 
Join Date: May 2006
Posts: 439
Bloomers had good opportunities growing up. Dirt cheap college tuition, low housing prices and booming domestic economy in the 80s and 90s. Yes there is rampant age discrimination but I'm not so sure that it's any different than in the early 80s when I got hired in. And this talk about ones 401K getting hit by the stock market crash is simply an excuse to hide the fact that one failed to fund their 401k and/or kept taking out loans. The simple truth is that the average 401K was small even before the crash and most folks didn't have all their money in stocks. That said I do have sympathy for those laid off and unable to find another job. There are not too many good options if you're in that situation.
__________________
dmpi is offline   Reply With Quote
Old 02-03-2013, 07:04 PM   #4
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 28,179
Makes me realize how bad things could have been. Rather than resenting what anyone may or may not have, I feel so bad for all, no matter what their age, whose hopes and dreams are dashed. I know, that is so corny but that is how I feel about the article.
__________________
“Knowing others is intelligence; knowing yourself is true wisdom. Mastering others is strength; mastering yourself is true power. If you realize that you have enough, you are truly rich.”
- - Lao-tzu
W2R is offline   Reply With Quote
Old 02-04-2013, 06:27 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Posts: 7,190
I have a couple of friends who got laid off and couldn't get comparable jobs for years. Pair that with kids in college and you are facing a major setback, LBYM or not. DW and I view ourselves as fortunate to have missed blows like that. Preparations and approach count heavily but sh** happens.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 02-04-2013, 07:41 AM   #6
Recycles dryer sheets
 
Join Date: Mar 2011
Posts: 388
It's been said that the boomers spent their parents retirement and their children's inheritance.

I think that's a bit harsh, but not without some truth to it. Expanding on Ziggy's point, its the generation(s) after them that will bear the brunt of the fiscal excesses for which the boomers were/are the primary beneficiary.
__________________
jon-nyc is offline   Reply With Quote
Old 02-04-2013, 07:43 AM   #7
Moderator Emeritus
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 33,617
Looks like this is turning into another 'generational warfare' thread.

I smell bacon.
__________________
Numbers is hard...



REWahoo is offline   Reply With Quote
Old 02-04-2013, 07:53 AM   #8
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 8,370
So much depends on luck. Anyone sidelined by severe health issues at a young age isn't going to be able to save enough no matter how frugal their lifestyle.

Granted many have squandered their opportunities (some relatives come to mind) but (thinking of other relatives) many didn't have those opportunities in the first place.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 02-04-2013, 08:06 AM   #9
Full time employment: Posting here.
Tadpole's Avatar
 
Join Date: Jul 2004
Posts: 744
One thing is for sure - As long as the stressed populations in our society are willing to point fingers at each other or resent each other or ..., the winners in this society can rest peacefully at night in the knowledge that they will remain the winners.

[Mod Edit]
__________________
Tadpole is offline   Reply With Quote
Old 02-04-2013, 08:09 AM   #10
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 60
Timely article. Good, good friend, a single mom, just got caught in a company-wide layoff at age 61 1/2. Kid about to go to college. New (refinanced to 30 year) mortgage. Planned to work until age 66 or, at most, 65. Will try to find a needed job.

As for me, I have "the pension" but no longer feel secure about future earning power of my kid. So today's project is to rethink allocations under the "new" scenario that will be to maximize kid inheritance. No longer plan any draw-down of assets to fund fun stuff in years ahead.

Kind of think of it as the "duty" (well mine, given our circumstances) to the next generation of a baby-boomer fortunate enough through simple plain almost random luck to have ended up with a decent pension just enough to maintain pre-retirement, but not extravagant post-retirement lots-of-free-time lifestyle.
__________________
EveryLady is offline   Reply With Quote
Old 02-04-2013, 08:26 AM   #11
Recycles dryer sheets
 
Join Date: Mar 2011
Posts: 388
Quote:
Originally Posted by REWahoo View Post
Looks like this is turning into another 'generational warfare' thread.

I smell bacon.

Mmmmmm.... bacon!

__________________
jon-nyc is offline   Reply With Quote
Old 02-04-2013, 08:42 AM   #12
Recycles dryer sheets
NotMyFault's Avatar
 
Join Date: Jun 2012
Posts: 90
IBTL
__________________
NotMyFault is offline   Reply With Quote
Old 02-04-2013, 09:43 AM   #13
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 14,431
Quote:
Originally Posted by REWahoo View Post
Looks like this is turning into another 'generational warfare' thread.

I smell bacon.
I hope you're going to share.

The bottom line is that probably every generation can point to *something* in terms of demographics, the economy and government programs that will feel like they are getting the worst of it. Doesn't matter whether we are talking about Boomers, Gen X or the Millennial generation -- in some ways, depending on the issue and the outlook, each of them is getting a pretty raw deal somewhere.

In reality, addressing the problems effectively and fairly requires that we resist the urge to adopt an "us versus them" mindset. That mindset has been polarizing and paralyzing inside the Beltway for years now.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Old 02-04-2013, 09:58 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 8,494
Quote:
Originally Posted by ziggy29 View Post

The bottom line is that probably every generation can point to *something* in terms of demographics, the economy and government programs that will feel like they are getting the worst of it. Doesn't matter whether we are talking about Boomers, Gen X or the Millennial generation -- in some ways, depending on the issue and the outlook, each of them is getting a pretty raw deal somewhere.

In reality, addressing the problems effectively and fairly requires that we resist the urge to adopt an "us versus them" mindset. That mindset has been polarizing and paralyzing inside the Beltway for years now.
I agree completely Zig. And I'd like to additionally point out the analytical mistake involved with characterizing the population into distinct groups. For example, I'm at the leading edge of the so-called "boomers." When I look at economic and social conditions over my life, they seem very different than for folks born at the trailing end of the so-called "boomer" generation. Yet we're all slapped with the same label.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-04-2013, 10:09 AM   #15
Moderator Emeritus
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 33,617
Quote:
Originally Posted by ziggy29 View Post
I hope you're going to share.

The bottom line is that probably every generation can point to *something* in terms of demographics, the economy and government programs that will feel like they are getting the worst of it. Doesn't matter whether we are talking about Boomers, Gen X or the Millennial generation -- in some ways, depending on the issue and the outlook, each of them is getting a pretty raw deal somewhere.

In reality, addressing the problems effectively and fairly requires that we resist the urge to adopt an "us versus them" mindset. That mindset has been polarizing and paralyzing inside the Beltway for years now.
Agreed.

But with posts like this, none of us are going to get any bacon...
__________________
Numbers is hard...



REWahoo is offline   Reply With Quote
Old 02-04-2013, 10:32 AM   #16
Recycles dryer sheets
 
Join Date: Mar 2012
Location: seattle
Posts: 351
Generalizing about the behavior of a group ~ 76 million people always seemed absurd to me, but scapegoating sets a low bar.

Next up are millenials, just because again, the population is so large, it's like a high tide.
__________________
bld999 is offline   Reply With Quote
Old 02-04-2013, 10:46 AM   #17
Recycles dryer sheets
 
Join Date: Mar 2011
Posts: 388
Generalizing about groups is very useful, its difficult to imagine social sciences without some sort of generalization about groups.

Of course trying to infer anything about specific individuals based on group generalizations would be absurd, but I don't think that is what the article is doing, nor any poster in this thread.
__________________
jon-nyc is offline   Reply With Quote
Old 02-04-2013, 10:52 AM   #18
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 14,431
Quote:
Originally Posted by jon-nyc View Post
Of course trying to infer anything about specific individuals based on group generalizations would be absurd, but I don't think that is what the article is doing, nor any poster in this thread.
Yet at the same time, these generalizations can be -- and often are -- used as ammunition in "generational warfare" over public policy.

We as a society are increasingly used to "us versus them" and looking at all public policy debates as zero-sum games, where there have to be clear winners and losers. I don't think that bodes well for actually addressing the fiscal and demographic issues we face in a way that is respectful and reasonably fair across generations (and other demographic groups).

Generalizations can be useful when they are used to foster problem-solving and seeking solutions, not scapegoating or engaging in "us versus them" rhetoric.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Old 02-04-2013, 11:07 AM   #19
Recycles dryer sheets
 
Join Date: Mar 2011
Posts: 388
Sure, but I didn't sense anything of the kind in the Times piece. In fact, very little in the piece is really specific to any named generation.
__________________
jon-nyc is offline   Reply With Quote
Old 02-04-2013, 11:09 AM   #20
Full time employment: Posting here.
 
Join Date: Sep 2010
Location: El Cerrito
Posts: 670
Quote:
Originally Posted by EveryLady View Post
Timely article. Good, good friend, a single mom, just got caught in a company-wide layoff at age 61 1/2. Kid about to go to college. New (refinanced to 30 year) mortgage. Planned to work until age 66 or, at most, 65. Will try to find a needed job.
I obviously don't know the specific circumstances of your friend but it seems to me that taking out a 30 yr loan when you are over 60 is not good planning for the future retirement. Who wants a mortgage during retirement?
__________________

__________________
Happy, Wild, and Free
martyp is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 04:10 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2014, vBulletin Solutions, Inc.

Early Retirement News right to your Email!

Stay up-to-date with all the latest news to your inbox!

unsusbcribe at anytime with one click

Close [X]