Originally Posted by pb4uski
+1 The problem is that far to many of our contemporaries have lived beyond their means and not adequately saved and as a result are either going to have to accept a lower standard of living in retirement or work longer than they expected to.
While perhaps some blame can be put that this generation was the transition from defined benefit pension plans to 401k's and cash balance plans and that the need to save wasn't adequately communicated the fact is that too many had to have the fancy cars, fancy homes, exotic travel and whatever NOW and their savings for the future suffered as a result.
Their imprudence is not our fault. I just hope that those of us who were prudent don't get forced to bail these people out.
Don't worry about the answer to that question. You will be forced to do so through higher taxes, means-tested Social Security & Medicare, etc.... The rationale will be "you don't need it," even though the unspoken words following that answer are "even though you paid for it." Redistribution of wealth baby!
I'm strongly in favor of forcing those Boomers (and anyone else for that matter, regardless of age) to live with the repercussions of having been financially irresponsible. It is the only way they will learn, and the only way others will learn from seeing such repercussions to avoid the same fate.