CNBC 'Survival Guide: BoomerAngst'

[Rustic23]

Saw a promo today for this. Tomorrow, Fri 5/16/08. "A generation faces unease due to a lack of savings and the unreliability of pensions and Social Security."

Most likely will have a heavy dose of CNBC scare tactics, but may be interesting.

[Notmuchlonger]

Hopefully it gets the ants to work longer. Keep paying into the system

[Achiever51]

Just finished watching it on CNBC -- noted that every one of the panelists had a recent book out -- and didn't hear anything that I suspect everyone on this forum already knows and is practicing.....
...diversify your portfolio
...plan for a long retirement
...used to be that retirees were advised that up to 5% could be withdrawn in the first year of retirement, with subsequent years' adjusted for inflation, but now "4% is the new 5%" to ensure that you'll have sufficient $$ for that long retirement
...never too late to start, but by all means, START to save for retirement
...many folks will continue to work at part-time jobs in retirement
...don't try to keep up with the Jones; they're probably spending $$ they don't have
...and of course, LBYM.

But for folks who don't frequent this board -- or the thousands of baby boomers who haven't saved a penny for retirement -- it might be a good kick in the pants for them. I hope.

[FIREdreamer]

From the show: "people who work live longer, happier lives".

[youbet]

Quote:

Originally Posted by FIREdreamer From the show: "people who work live longer, happier lives".

Don't assume "working" means being employed by MegaCorp or govt. You might be "working" for yourself managing your portfolio, maintaining your house and cars to keep costs down, etc. I think active, productive people do, generally, feel better about themselves which could lead to living longer.

[youbet]

Watched last night. Little info for anyone who frequents this board. A lot of good soundbites for boomers who haven't done much prep for retirement and need to get on the stick. A few not so good soundbites however.......

Of course, having the show open with Quinn recommending that boomers go hire a FP quickly followed by an Ameriprise commercial was a little disconcerting.

[FIREdreamer]

Quote:

Originally Posted by youbet Don't assume "working" means being employed by MegaCorp or govt. You might be "working" for yourself managing your portfolio, maintaining your house and cars to keep costs down, etc. I think active, productive people do, generally, feel better about themselves which could lead to living longer.

I didn't make such assumption. I just reported what was said. You draw your own conclusions. I do personally draw much satisfaction and happiness from things you mentioned like managing our finances, wood working, gardening, cooking and so many other unpaid activities, but in the context of the show (geared toward people who aren't financially prepared for retirement), I am not certain that's what was meant by this sound bite. I agree with you though that there is a lot to be said about the benefits of work in general.

[youbet]

Quote:

Originally Posted by FIREdreamer I am not certain that's what was meant by this sound bite. I agree with you though that there is a lot to be said about the benefits of work in general.

Agreed!

[megacorp-firee]

This was an affirmation of the collective thinking of members of this board.
Not anything new at all. Shameless book promotions. Some questionable (like some of Suze's quick sound bites) suggestions.

I'm starting to think that the national financial literacy that is being touted should begin with people subscribing to this forum.