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Baby Boomers Retirements in Jeopardy
Old 12-30-2010, 08:27 AM   #1
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Baby Boomers Retirements in Jeopardy

Retirement doesn't look too rosy for many baby boomers who are now turning 65 at a stunning rate of 10,000 per day according to this article...



Baby boomers facing retirements in jeopardy - Business - Your retirement - msnbc.com
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Old 12-30-2010, 09:28 AM   #2
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Scare tactics in the headline to entice people to spend time reading the article. Once I read it, it turns out to be a guy who constantly spent all his money and didn't save anything. Now he loses his job and finds out it's too late. Another lady who did who never saved anything either. Pretty much what I would expect from a network desperate for viewers.
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Old 12-30-2010, 11:06 AM   #3
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As I read articles such as the one you linked, I become more concerned we're going to have a new "ant and grasshopper" situation where those of us who saved and made good financial decisions will be supporting those who chose a different route. I'm not talking about the poverty level people - they should be helped. I draw the line at facing higher taxes on my retirement income to support people who could, and chose not to, save and plan for their financial future.

I realize this sounds like a hard line; however, I made a lot of financial decisions early in life so I wouldn't be poor later in life. I lived below my means and saved first and then could only spend what was left. Debt, except for a house that was paid off in 12 years, was not an option. Saving $5 a pay period was huge for me in my early years, yet I did it.

It's difficult for me to feel sorry for people who spent as much, if not more, than they made and they're now facing hard decisions.
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Old 12-30-2010, 11:11 AM   #4
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The same article was the point of discussions in this recent thread: Peer backlash against us?.
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Old 12-30-2010, 11:41 AM   #5
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Originally Posted by East Texas View Post
As I read articles such as the one you linked, I become more concerned we're going to have a new "ant and grasshopper" situation where those of us who saved and made good financial decisions will be supporting those who chose a different route. I'm not talking about the poverty level people - they should be helped. I draw the line at facing higher taxes on my retirement income to support people who could, and chose not to, save and plan for their financial future.

I realize this sounds like a hard line; however, I made a lot of financial decisions early in life so I wouldn't be poor later in life. I lived below my means and saved first and then could only spend what was left. Debt, except for a house that was paid off in 12 years, was not an option. Saving $5 a pay period was huge for me in my early years, yet I did it.

It's difficult for me to feel sorry for people who spent as much, if not more, than they made and they're now facing hard decisions.
Welcome to the Board. Maybe tell us more about yourself, in the New Members Forum.
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Old 12-30-2010, 03:11 PM   #6
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10K people a day turning 65 for 19 years, probably means 10K a day getting onto Social Security and Medicare. Can't wait to see what that means.
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Old 12-30-2010, 03:27 PM   #7
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Tis the season to make fun of those Boomers that spent their cash along the way and never got the hang of delayed gratification. No doubt there will be a raft of these kind of articles in the future that make all of us who practiced LBYM for many moons smile or smirk a bit.
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Old 12-30-2010, 03:43 PM   #8
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Originally Posted by mickeyd View Post
Tis the season to make fun of those Boomers that spent their cash along the way and never got the hang of delayed gratification. No doubt there will be a raft of these kind of articles in the future that make all of us who practiced LBYM for many moons smile or smirk a bit.
And it's not only the Boomers. Ever see that TV show "Til Debt Do Us Part"? Many in the current "younger generation" are continuing the trend, although folks like Suze Orman, Dave Ramsey, Clark Howard, and other current financial gurus are trying to wake them up.
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