Retirement - Expectations and Reality

[imoldernu]

I posted this link on an older thread, but feel it's important enough to bump it here as a separate subject. A fairly long study of retirement as it applies to different age groups, with some emphasis on those aged 49 to 69, as well as those who are older.
Some interesting numbers that contrast fears and reality, from Pew Research, and then going through the statistics from different sources as to retirement success and failure.
In additition there are many other overviews of what the future may hold in terms of continuing care, the status of Social Security, and the future expectations about pensions and self investments.
Some surprising numbers about various scams for eldercare and the dollars being spent in financial vehicles.

Many positives, many negatives. Overall, probably more germaine to the general retirement community as a whole, than to those here, who have spent more time in detailesd planning, but as we go through the coming years, some benchmarks to be aware of.

Many Fears Stalk the Aging As Safety Nets Shrink; Media Stereotypes Miss the Full Story | Alternet

 

[Big_Hitter]

thanks for posting this

 

[purplesky]

I posted this link on an older thread, but feel it's important enough to bump it here as a separate subject. A fairly long study of retirement as it applies to different age groups, with some emphasis on those aged 49 to 69, as well as those who are older.
Some interesting numbers that contrast fears and reality, from Pew Research, and then going through the statistics from different sources as to retirement success and failure.
In additition there are many other overviews of what the future may hold in terms of continuing care, the status of Social Security, and the future expectations about pensions and self investments.
Some surprising numbers about various scams for eldercare and the dollars being spent in financial vehicles.

Many positives, many negatives. Overall, probably more germaine to the general retirement community as a whole, than to those here, who have spent more time in detailesd planning, but as we go through the coming years, some benchmarks to be aware of.

Many Fears Stalk the Aging As Safety Nets Shrink; Media Stereotypes Miss the Full Story | Alternet

Interesting article. Unfortunately this issue is heavy in politics as the article states and politics are not allowed on this forum. So a honest discussion will not happen.

I am a old Gen-X or a very young Baby Boomer. So I have witnessed first hand the outsourcing of America and the economic effects of globalization on the American standard of living.

So its going to be a bumpy ride to the nursing home for most . :face palm:

Corporate capitalism has been great for shareholders. For little workers not so much.

 

[M Paquette]

Interesting article. Unfortunately this issue is heavy in politics as the article states...

Indeed. And as long as how we treat our elderly is considered a political problem, rather than a social problem, the problems will continue.

I see lots of complaints about the elderly, generally linked to money. Typical complaints:

• They're moochers living off my taxes.
• They're moochers living off my savings.
• They're moochers living off my rightful inheritance. (Yes. Really.)

This is the sort of thing that tempts one to draw up a bill for all the pesky expenses people ran up against their elders:

• Pain and suffering Mother endured in pregnancy and birth
• Costs of rearing a child
• Pain and suffering from lost nights of sleep with child's illness/schoolwork/delinquency
• Lost opportunity costs from covering their educational expenses
• Accumulated hotel services and meal costs.

Yeah, you may say, but that's different. By being parents, they became obligated to do all of that. Heh. Or, if we go with the abandoned elders as 'someone elses problem' model, parents could just as well go all old school on the kiddies and leave it in the hands of the gods.

If you're a big fan of an ideology that says the elderly are not your problem, that they should have planned better, and Bad Stuff never ever happens, beware. Someday, you'll be getting old. Better hope nothing bad ever happens to you, your pension, or portfolio.

 

[donheff]

Worth reading. It didn't seem overly political.

 

[modhatter]

Where's the politics?

 

[pb4uski]

....I see lots of complaints about the elderly, generally linked to money. Typical complaints:

• They're moochers living off my taxes.
• They're moochers living off my savings.
• They're moochers living off my rightful inheritance. (Yes. Really.)

This is the sort of thing that tempts one to draw up a bill for all the pesky expenses people ran up against their elders:

• Pain and suffering Mother endured in pregnancy and birth
• Costs of rearing a child
• Pain and suffering from lost nights of sleep with child's illness/schoolwork/delinquency
• Lost opportunity costs from covering their educational expenses
• Accumulated hotel services and meal costs.

Yeah, you may say, but that's different. By being parents, they became obligated to do all of that. Heh. Or, if we go with the abandoned elders as 'someone elses problem' model, parents could just as well go all old school on the kiddies and leave it in the hands of the gods.

If you're a big fan of an ideology that says the elderly are not your problem, that they should have planned better, and Bad Stuff never ever happens, beware. Someday, you'll be getting old. Better hope nothing bad ever happens to you, your pension, or portfolio.

+1

That first list you cite really angers me. These elders paid their taxes for many years while the moochers were playing and getting educated or trained so they earn enough to pay taxes, besides, if they live their turn will come later and let's see how they feel when the shoe is on the other foot. Not sure what these moochers are referring to in living off savings unless they're referring to financially supporting their parents and while I can see some frustration in those cases, it is what is is... man up. The last one is outrageous and I would love to see elders with heirs with such attitudes secretly re-write their wills and donate their estates to charity.

I feel blessed that I sense no such animosity from my peers.

 

[travelover]

Where's the politics?

For some people, everything is political.

 

[ERhoosier]

Where's the politics?

In unbalanced and controversial statements presented as fact, such as-

"National Institute on Retirement Security estimated that the “retirement income deficit” could be $14 trillion. The reason for the massive shortfall is decades of middle- and working-class wage stagnation and the disappearance of pensions—delayed salary payments for retirement. Wall Street’s touted replacement, stock market index funds, have not yielded anything close to pensions."
Gross political oversimplification. No mention of other major contributors to this retirement income deficit such as chronic low savings rate/LAYM, pension overpromising/underfunding/mismanagement, etc. And Wall Street's touted replacement? Fact is that most (inc me by any reasonable projection) would have done far better putting their life-long SS "contributions" into those index funds than they will ever get back from SS. During those "decades" cited, "investment" returns of SS Trust Fund, that de facto and mandatory gov't "pension", pale in comparison to index funds. (And yes, I do realize that SS also funds disability and survivor benefits- but those bloated programs are a whole 'nother issue)

Or-

"While there has been a push by Democrats and Independents in Congress to increase Social Security payouts, Republicans keep balking, even though the fairest fix is lifting a cap on payroll taxes for the wealthy."
First, And many Dems and Independents also balk at eliminating the payroll tax limit. And Fairness is a value judgement. The option of raising the payroll tax should not have been mentioned without presenting other options- like limiting bureaucratic overhead, improving SS Trust Fund returns, or cracking down on fraud (like continuing benefits to the long deceased).