Scaring people into working till they drop?

[timo2]

Is this supposed to scare people to keep working forever? With inclusion of the dark music, this seems like it was going to be a commercial for some FA, but it wasn't, so I don't know what Yahoo is up to here?
'I’m never going to be able to retire.' - Yahoo Finance

 

[MichaelB]

I didn't watch the video but did read the article. It repeats a common theme

Her situation is unfortunate but not unique. Thirty-four percent of workers have nothing set aside for retirement, according to the U.S. Social Security Administration. A study by the National Institute on Retirement Security found 40 percent of workers 55-65 years old do not own assets in a retirement account.

This case, however, it not common at all. A 60 year old borrowing heavily to fund a graduate degree and also day to day expenses? This isn't about saving for retirement, it is about how to make choices in life.

Two years ago, she decided to start over completely, going back to school for a Masters degree in social work at Yeshiva University in New York. Today, Eichengreen now 60, is living off of student loans and says it’s unlikely that she’ll be able to pay off her $200,000 student debt, which includes what she borrowed for her first Masters studies in broadcast management.

“I don’t think social workers make much money so I’ll probably be dead before I pay that off,” she said.

 

[daylatedollarshort]

I wonder what the future holds for housing in the U.S. with the number of older households who either plan to sell their house to fund retirement or those who simply won't have enough money to keep their homes living on Social Security. With younger households bearing the brunt of one trillion in student loans and low to zero retirement accounts for most older households, I hope I am wrong, but I can't see any other possibility than the housing prices severely dropping long term. Also without most 65+ age people not financially able to voluntarily retire, that has to lead to long term increases in the unemployment rate.

 

[M Paquette]

Is this supposed to scare people to keep working forever? With inclusion of the dark music, this seems like it was going to be a commercial for some FA, but it wasn't, so I don't know what Yahoo is up to here?
'I’m never going to be able to retire.' - Yahoo Finance

It's simply encouraging everyone to participate in the program to maximize productivity by driving towards a common goal of attaining peak resource extraction from available labor units in the most economical fashion possible.

Well, that's what Marketing said...

 

[Tortoise]

Also without most 65+ age people not financially able to voluntarily retire, that has to lead to long term increases in the unemployment rate.

I doubt it. I don't think things have changed that drastically as far as the amount of people who go into retirement with little or no savings. Social Security was implemented because most blue-collar workers had no retirement savings prior to the Great Depression. In those days, people eventually could no longer work due to old age and the inability to continue physical labor. At that point, people moved in with their relatives until they died. Today, with SS benefits, people still have the problem of failing bodies and capabilities. Not many people, especially the poor, can keep working forever. They somehow manage to make retirement work using SS benefits and family.

 

[W2R]

Seems like a lot of people that I know don't have a choice about working till they drop. Some employers have used every legal excuse they can come up with to dump them and hire somebody younger (and cheaper) instead.

So, it seems to me that a lot of people in their late 50's and 60's are having to make do with whatever they have plus SS once they are eligible for it, becoming retired whether thay are ready or not for it. It's really pretty sad out there with a lot of seniors living on far less than they had once envisioned for retirement.

There, but for the grace of G*d, go I.

 

[HFWR]

What's scary IS working until you drop...

 

[daylatedollarshort]

I doubt it. I don't think things have changed that drastically as far as the amount of people who go into retirement with little or no savings.

My parents and grandparents all had decent pensions and health care costs were much lower. That seems to be a big change for future retirees.

We just know a lot of people our age with decent incomes living pay check to pay check or even living on paychecks plus credit cards. I am not sure what the future holds for them trying to live on Social Security and maybe not much else.

 

[Midpack]

Is this supposed to scare people to keep working forever? With inclusion of the dark music, this seems like it was going to be a commercial for some FA, but it wasn't, so I don't know what Yahoo is up to here?

For someone in the same boat as the unfortunate women they decided to feature (for the sensational aspect), it would be scary. But that doesn't include a majority of near retirement age people by the articles on statistics. There's almost no substance to it, it's just another piece of internet fluff "content" to fill space and generate clicks. I suspect it'll have almost no impact on anyone.

 

[foxfirev5]

This case, however, it not common at all. A 60 year old borrowing heavily to fund a graduate degree and also day to day expenses? This isn't about saving for retirement, it is about how to make choices in life.[/QUOTE]

200k in student loans at age 60. Where do I start? I find it very hard to have sympathy for anyone who goes out of their way to create problems. Anyway she certainly has no intention of paying off the loans. Irresponsible til the end.

 

[frayne]

Just another Yahoo filler, slow news day I guess.

 

[CaliforniaMan]

I wonder what the future holds for housing in the U.S. with the number of older households who either plan to sell their house to fund retirement or those who simply won't have enough money to keep their homes living on Social Security. With younger households bearing the brunt of one trillion in student loans and low to zero retirement accounts for most older households, I hope I am wrong, but I can't see any other possibility than the housing prices severely dropping long term. Also without most 65+ age people not financially able to voluntarily retire, that has to lead to long term increases in the unemployment rate.

I know two people who before 2008 bought really huge dazzling homes. They are now unable to unload them to downsize into retirement because everyone else who bought with them, and waited for the market to stabilize, is now trying to do the same thing, and there is a glut of these oversize houses on the market. The more reasonably priced family homes are now increasing nicely in value and don't seem to stay on the market longer than in previous times.

I doubt it. I don't think things have changed that drastically as far as the amount of people who go into retirement with little or no savings. Social Security was implemented because most blue-collar workers had no retirement savings prior to the Great Depression. In those days, people eventually could no longer work due to old age and the inability to continue physical labor. At that point, people moved in with their relatives until they died. Today, with SS benefits, people still have the problem of failing bodies and capabilities. Not many people, especially the poor, can keep working forever. They somehow manage to make retirement work using SS benefits and family.

I agree. I remember some of the working class people who retired when I was a kid. They had much lower expectations about retirement than people do today. One old car or none, took the bus, small paid off house, hanged clothes on the line. Many still worked one or two part time jobs, janitor and mechanic for example, tended their gardens things like that. There wasn't any thought about travel or calling relatives outside of their town, except on a few holidays. Just boring and quiet. But maybe what they needed after a depression and two world wars.

I watched the video. I doubt the future will be anything but bleak for any of these people, but I do sense in young people today that there is a different sense of preparing for the future than there was before the great recession of 2008. Just hope this will continue, as it did for those with the 1930s depression experience. I am hopeful.

 

[Redbugdave]

Well I guess if you make your bed...you gotta sleep in it. It's like what Michael said...It's about the choices people make.

I don't feel in the least bit guilty. I also had choices. I pared down, lived below my means and managed to save. Educated myself on investing. And I weaseled my way into a good job. We all have had our hardships. I have worked with some pretty educated people that were also dumb as a box of rocks...We can't be responsible for stupid. Sorry for being so blunt.

 

[timo2]

Well I guess if you make your bed...you gotta sleep in it. It's like what Michael said...It's about the choices people make.

I don't feel in the least bit guilty. I also had choices. I pared down, lived below my means and managed to save. Educated myself on investing. And I weaseled my way into a good job. We all have had our hardships. I have worked with some pretty educated people that were also dumb as a box of rocks...We can't be responsible for stupid. Sorry for being so blunt.

DW and I don't feel guilty either, for the same reasons. We both have relatives that had the potential to, had the opportunity to, or actually did make much more money than us in their lifetime. For whatever reason, their decisions then mean DW and I will have more in retirement than them now. If I want to liven things up around the house, I will mention to DW that 'so and so wants to live with us when they retire', which always gets a 'over my dead body' type response. It's sort of a running joke anymore.

 

[splitwdw]

Quote "Two years ago, she decided to start over completely, going back to school for a Masters degree in social work at Yeshiva University in New York. Today, Eichengreen now 60, is living off of student loans and says it’s unlikely that she’ll be able to pay off her $200,000 student debt, which includes what she borrowed for her first Masters studies in broadcast management.
“I don’t think social workers make much money so I’ll probably be dead before I pay that off,” she said. "

So she got 2 Masters Degrees. Is this a professional student? I love the line where she doesn't "think social workers make much money.

 

[Dreamer]

Quote "Two years ago, she decided to start over completely, going back to school for a Masters degree in social work at Yeshiva University in New York. Today, Eichengreen now 60, is living off of student loans and says it’s unlikely that she’ll be able to pay off her $200,000 student debt, which includes what she borrowed for her first Masters studies in broadcast management.
“I don’t think social workers make much money so I’ll probably be dead before I pay that off,” she said. "

So she got 2 Masters Degrees. Is this a professional student? I love the line where she doesn't "think social workers make much money.

I don't even know what to say about someone like this person. However, I think that the institution that is giving her the money is just as much to blame. What are they thinking, loaning money to this lady. IMHO, this is what is wrong with our society today. Do not lend money to people, who will not be able to repay the money.

 

[Cassie]

WOW, I didn't realize it was that bad out there, it's sad.

 

[HFWR]

...she doesn't think much...

FIFY

 

[Ready]

It's not hard to find people out there who make really bad decisions, as the woman who financed a $200K education at 60 years old did.

Unfortunately, my sister is in a similar situation. She has never held a job for very long, and has no money saved at 50 years old, and has never earned enough to pay her bills. My parents still pay her expenses. And I'm afraid that some day I'm going to be faced with the decision of whether to take over for my parents when they are no longer around. I really don't want to, but I have a feeling it's going to be a decision I have to face whether I like it or not.

 

[razztazz]

And I'm afraid that some day I'm going to be faced with the decision of whether to take over for my parents when they are no longer around. I really don't want to, but I have a feeling it's going to be a decision I have to face whether I like it or not.

I am currently in that boat.. almost. I am hoping for a miracle and expansion of social services.

 

[aja8888]

And I'm afraid that some day I'm going to be faced with the decision of whether to take over for my parents when they are no longer around. I really don't want to, but I have a feeling it's going to be a decision I have to face whether I like it or not.

I wish I could find someone to pay my expenses.....then maybe I can work on a Masters Degree in Broadcast Management....

 

[Ready]

I wish I could find someone to pay my expenses.....then maybe I can work on a Masters Degree in Broadcast Management....

Well, I'm certainly not planning on sending her enough to live in luxury.

She has a college degree, but can't seem to hold a job. She suffers from depression, anxiety, blah blah blah. And she can't have a job in retail because she can't stand on her feet all day, or work in a noisy environment. So the bandwidth of jobs that are suitable to her is very narrow, and when she gets one, she usually gets fired within a few weeks.

She is setting herself up for a very meager existence. I may not let her live on the streets, but beyond finding a room to rent, and a little food money, I'm not willing to provide anything further. It's very disturbing to watch.

 

[aja8888]

Well, I'm certainly not planning on sending her enough to live in luxury.

She has a college degree, but can't seem to hold a job. She suffers from depression, anxiety, blah blah blah. And she can't have a job in retail because she can't stand on her feet all day, or work in a noisy environment. So the bandwidth of jobs that are suitable to her is very narrow, and when she gets one, she usually gets fired within a few weeks.

She is setting herself up for a very meager existence. I may not let her live on the streets, but beyond finding a room to rent, and a little food money, I'm not willing to provide anything further. It's very disturbing to watch.

I fully understand and have seen way too many people like her. We have one in the family and she is 34, single, college degree, and an emotional freak show. Add to that, a slew of pills to fix everything, but nothing is getting fixed. A few of us are contributing support to the woman wondering when it will end.

 

[growing_older]

The old guy at the beginning of the film laments that he never thought about saving for retirement when he was younger. It should be no surprise that when he's older he lacks savings. What did he expect would happen?

Likewise the professional student who goes back to school for a second masters degree, in a low paying field, and seems surprised to realize that she may have trouble paying back 200k from her new profession, despite the fact it is low paid, hard to break into at age 60, and she will only work a limited number of years. What did she think would happen? It sounds like she expected she would spend the loan proceeds on living expenses, then default.

There are near retirees in difficult circumstances through no fault of their own, but these people do not seem to be in that group.

 

[daylatedollarshort]

Well, I'm certainly not planning on sending her enough to live in luxury.

She has a college degree, but can't seem to hold a job. She suffers from depression, anxiety, blah blah blah. And she can't have a job in retail because she can't stand on her feet all day, or work in a noisy environment. So the bandwidth of jobs that are suitable to her is very narrow, and when she gets one, she usually gets fired within a few weeks.

She is setting herself up for a very meager existence. I may not let her live on the streets, but beyond finding a room to rent, and a little food money, I'm not willing to provide anything further. It's very disturbing to watch.

I have a relative like that. I started researching how to live on Social Security and Medicare alone with her in mind. I don't want to see her homeless but I also don't want her living with us.