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Perceived social obligation to spend retiree assets
06-20-2016, 06:35 PM
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#1
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Recycles dryer sheets
Join Date: Jun 2015
Posts: 106
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Perceived social obligation to spend retiree assets
Top Japanese political leaders including vice Prime Minister Aso have recently expressed some rather extreme views suggesting old folks have no business living so long and hanging onto their money:
In fresh shot at elderly, Aso asks: 'How much longer do you intend to keep living?' | The Japan Times
The implications of such thinking could be enormous. No doubt these views resonate with elements of US political leadership (I recall 25 years ago John Silber, a prominent candidate for Massachusetts governor, made similar comments). As it becomes clearer (perhaps) that our basic economic problem is lack of demand, I wonder if there could be some real policy proposals (beyond say confiscation of retirement assets) that could encourage spending of retirement assets? Does any of this make macroeconomic sense?
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06-20-2016, 09:23 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
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He just needs to be a bit more patient. If they are like people I know, that next generation will "get the Yen circulating" once it is bequeathed to them. My 86 year old neighbor would be offended by that, though. He just nailed another hole in one today. That will keep up his desire to stay above ground a few more years.
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06-20-2016, 11:16 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,093
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I suppose he has found the fountain of youth, or is even stupider than most folks realize, as he too will age.
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06-21-2016, 12:13 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2003
Location: Pasadena CA
Posts: 3,346
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He needs to be careful what he says . In just about all democracies the older folks vote more than younger
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__________________
T.S. Eliot:
Old men ought to be explorers
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06-21-2016, 04:21 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,655
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Most old folks will spend large amounts in the final years of life. It just won't be on consumer goods. So maybe the politicians need to support the building of more old-folks' homes, services for elderly, etc.
Quote:
Originally Posted by I was misinformed
Top Japanese political leaders including vice Prime Minister Aso have recently expressed some rather extreme views suggesting old folks have no business living so long and hanging onto their money:
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__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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06-21-2016, 05:32 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,434
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Amazon is the only one in my life doing a good job of getting me to spend the money. I think it's because their style is a bit flirtatious.
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06-21-2016, 09:06 AM
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#7
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Recycles dryer sheets
Join Date: Feb 2013
Location: San Jose
Posts: 290
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September 19 would be the perfect occasion for this sound bite. No silver sakazuki for you!
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06-21-2016, 09:58 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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I hope to avoid any such scrutiny by spending lavishly.
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06-21-2016, 10:01 AM
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#9
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Full time employment: Posting here.
Join Date: Aug 2011
Location: Atlanta
Posts: 507
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Quote:
Originally Posted by Mulligan
... My 86 year old neighbor would be offended by that, though. He just nailed another hole in one today. ...
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that's great! my neighbor shot his age at 84 - he turned 89 this month
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06-21-2016, 12:27 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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I think they are having some serious economic problems relating to lack of immigration and zero population growth combined with an aging population. We will be there soon.
Still, that's no reason to beat up on the elderly.
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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06-21-2016, 02:36 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,969
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Quote:
Originally Posted by Amethyst
Most old folks will spend large amounts in the final years of life. It just won't be on consumer goods. So maybe the politicians need to support the building of more old-folks' homes, services for elderly, etc.
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I don't know how they do it in Japan but when they give me guaranteed money, and guaranteed health care, and guaranteed assisted living, and guaranteed nursing home care, all of high quality, and guarantee that I won't go broke, then I'll start spending for more "kicks" in the here-and-now. Until they do I'll have to save my money for such contingencies. Life, as the saying goes, is about choices
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06-21-2016, 02:51 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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Well maybe if the Finance Minister et al (past and present) hadn't so screwed up Japan's economy/market, and retirees felt confident, and could earn a positive return on safe investments instead of negative yields, then they'd feel safer spending instead of saving for an insecure future.
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06-21-2016, 03:17 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,912
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Anyone recall the discussions of "Death Panels" in OB care? The "name" was accurately denied. But close reading of the fine print all but verified the concept IIRC. So, those of us wanting a kidney transplant after 75 might do well to set $175K aside for such an eventuality. Non-covered medical expenses may help you spend down your assets very quickly and "solve" this "problem."
What's really funny is that the same folks now criticizing the "old" people for living so long will very soon be old themselves (it happens faster than any 30 year old can conceive.)
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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06-21-2016, 03:21 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Simple solution with a one-word revision to the IRS laws: Change RMD (Required Minimum Distribution) to RMS (Required Minimum Spending).
__________________
Numbers is hard
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06-21-2016, 03:29 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 2,232
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I feel more of a social obligation to not run out of money before I die.
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06-22-2016, 04:25 AM
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#16
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gone traveling
Join Date: Oct 2007
Posts: 1,135
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Let's not forget the Japanese savings rate is far higher than that of the USA savings rate. Also Much of the wealth in Japan's silver generation is locked up in the form of real estate too.
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06-22-2016, 04:58 AM
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#17
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Recycles dryer sheets
Join Date: Oct 2013
Posts: 265
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I read on CNN sometime ago that Japan does have problems with the older generations voting detrimental policies that cause a lot of harm to younger citizens. Not sure how true that is but it could be the case of voters going short term gain today and I'll be dead before any pain tomorrow. Usually takes quite awhile before things ever get bad anywhere...
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06-22-2016, 05:37 AM
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#18
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gone traveling
Join Date: Oct 2007
Posts: 1,135
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Quote:
Originally Posted by Greencheese
I read on CNN sometime ago that Japan does have problems with the older generations voting detrimental policies that cause a lot of harm to younger citizens. Not sure how true that is but it could be the case of voters going short term gain today and I'll be dead before any pain tomorrow. Usually takes quite awhile before things ever get bad anywhere...
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Webster's See: Venezuela.
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06-22-2016, 05:44 AM
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#19
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,708
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Quote:
Originally Posted by papadad111
Webster's See: Venezuela.
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If you're suggesting that anything happening in Venezuela has any significance at all with anything that might happen in Japan, I disagree.
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06-22-2016, 05:55 AM
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#20
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gone traveling
Join Date: Oct 2007
Posts: 1,135
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Quote:
Originally Posted by MichaelB
If you're suggesting that anything happening in Venezuela has any significance at all with anything that might happen in Japan, I disagree.
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Bzzz. Nope. Not suggesting that at all.
See last sentence. "could be the case of voters going short term gain today and I'll be dead before any pain tomorrow. Usually takes quite awhile before things ever get bad anywhere..."
Didn't take very long in Venezuela for things to go to **** with the short term focus.
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