Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Gen X has no retirement plan...
Old 11-08-2007, 03:35 PM   #1
Recycles dryer sheets
bots2019's Avatar
 
Join Date: May 2007
Posts: 128
Gen X has no retirement plan...

Nothing we didn't know already... although I'm not sure they need a broker

For Gen X, time to grow up and get a broker - Cracked Nest Egg - MSNBC.com

"62 percent say they live paycheck to paycheck"

Wow.
__________________

__________________
bots2019 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-08-2007, 06:23 PM   #2
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
On one hand, survey after survey shows that GenX is more savvy about retirement savings than the Boomers were at the same age.

Of course, the difference is that the Boomers saw their own parents getting retirement health benefits, pensions and a very solvent Social Security check.

So to some degree, the Boomers can be forgiven for not thinking they needed to do it all themselves since they saw their parents and grandparents taken care of by other means, and there were still pensions all over the place when they entered the work force. Fair or not, Gen X should see the writing on the wall and plan to count on no one but themselves. I'm sure that's a big part of the reason why Xers have had to be more active in retirement savings than Boomers were at their age.
__________________

__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 11-08-2007, 06:55 PM   #3
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: New York
Posts: 898
Well I'm an exception, a 39 yr old Gen-Xer with a net worth of almost 4MM and plans to retire in my early 40s.

It doesn't surprise me that many or most live hand to mouth, though. But then a lot of boomers did too, the difference was many of them didn't have to plan for retirement since many of them had employers that planned for them.
__________________
Money's just something you need in case you don't die tomorrow.
Maurice is offline   Reply With Quote
Old 11-08-2007, 07:01 PM   #4
Recycles dryer sheets
 
Join Date: Oct 2007
Posts: 463
Most of us on these boards are exceptions, I think.
__________________
TickTock is offline   Reply With Quote
Old 11-08-2007, 08:57 PM   #5
Full time employment: Posting here.
CCdaCE's Avatar
 
Join Date: Apr 2006
Posts: 887
Retirement is one thing. It's a coin flip as to whether Gen Xer's are saving or not. Well, according to that article anyway...

Health care, now that's the real brain buster. A broker solves neither problem.

... as I sock away the cash for retirement in my low expense index fund, but continue my unhealthy lifestyle. That's why there's smokin'/McD's/alcohol/etc. Knock out those nursing home years.

-CC
__________________
"There's those thinkin' more or less, less is more, but if less is more, how you keepin' score?
It means for every point you make, your level drops. Kinda like you're startin' from the top..." "Society" - Eddie Vedder
CCdaCE is offline   Reply With Quote
Old 11-08-2007, 09:30 PM   #6
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,927
I suspect that they will work until 70 and keep SS solvent. Brokers won't help, especially not for people who can't save.

I am missing out on the free music downloads.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Old 11-12-2007, 09:06 AM   #7
Confused about dryer sheets
 
Join Date: Jun 2006
Posts: 7
Quote:
Originally Posted by Maurice View Post
Well I'm an exception, a 39 yr old Gen-Xer with a net worth of almost 4MM and plans to retire in my early 40s.

It doesn't surprise me that many or most live hand to mouth, though. But then a lot of boomers did too, the difference was many of them didn't have to plan for retirement since many of them had employers that planned for them.

I think you may have your definition of GenXer a little mixed up.
__________________
Matuski is offline   Reply With Quote
Old 11-12-2007, 09:44 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by bots2019 View Post
Nothing we didn't know already... although I'm not sure they need a broker
Time to celebrate, they will be paying my SS check for many years..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 11-12-2007, 01:22 PM   #9
Recycles dryer sheets
 
Join Date: Feb 2006
Posts: 82
Quote:
Originally Posted by Matuski View Post
I think you may have your definition of GenXer a little mixed up.
Maybe Maurice does have the definition messed up, but it depends on which definition you are using. A 39 year old could be GenX. (Born 1968ish)

AskOxford: Search Results

Generation X


noun the generation born between the mid 1960s and the mid 1970s, perceived as being disaffected and directionless.

There is another definition of Gen-X that is sometimes used which is a 20 something year old. So if that was the definition, then a 39 obviously doesn't fit

Laters,
-d.
__________________
dgalbraith100 is offline   Reply With Quote
Old 11-12-2007, 05:30 PM   #10
Recycles dryer sheets
 
Join Date: Jun 2007
Posts: 97
I think Maurice is right on with GenX. What do others think it means?

Being a GenYer, I think much of the same is true for us. Admittedly, I'm much more interested in saving (not just for retirement) than my peers. I save 5% over my 5% match into the 401k and max out my Roth IRA annually. I've done this for the last 2-4 years (2 for the 401k, didn't have one before then). This alone will probably put me in a good position for retirement.

Most others my age would rather watch the money flow down the drain in the form of alcohol, electronics, etc. Of course, there's also a significant part of my generation that wants to do better with saving but are finding it harder and harder with higher gas prices, insurance, etc.
__________________
starter82 is offline   Reply With Quote
Old 11-12-2007, 08:02 PM   #11
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: New York
Posts: 898
Quote:
Originally Posted by Matuski View Post
I think you may have your definition of GenXer a little mixed up.

Really? I always understood the Gen-Xers to be the post boomer generation. Born after 1964. Lets say 64-80.

What is your understanding?
__________________
Money's just something you need in case you don't die tomorrow.
Maurice is offline   Reply With Quote
Old 11-12-2007, 11:09 PM   #12
Recycles dryer sheets
 
Join Date: Jan 2007
Posts: 222
Quote:
Originally Posted by Maurice View Post
I always understood the Gen-Xers to be the post boomer generation. Born after 1964. Lets say 64-80.
That's always been my understanding. Of course it's just a marketing term anyway, but it is convenient sometimes.

But about the whole retirement thing. I was born in 74, so I'm closer to the tail end of GenX, and yeah, sometimes I get pretty anxious thinking about what's going to happen when my generation gets to retirement age. I don't think a lot of my peers understand the implications that 1) they won't be getting pensions and 2) SS will most likely not be there in any useful form. I don't think they've seriously looked at how much they need to save to support themselves through retirement.
__________________
CompoundInterestFan is offline   Reply With Quote
Old 11-13-2007, 12:13 AM   #13
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
I really don't see a generational difference. I'm surrounded by 20-something and 30-something LBYM engineers who will be just fine in retirement, thank you. They may not ER, but they get it, and will work late because they want to. Apples don't fall far from the tree.
__________________
laurence is offline   Reply With Quote
Old 11-13-2007, 10:39 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
I think Generation "Y" has more to worry about, those born in the early 80's and up. I have met a number of early 20's folks whose biggest decision is whether to add to their PlayStation2 games or their Xbox 360 games, at $50-$60 a pop..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 11-13-2007, 11:11 AM   #15
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
I agree that Generation Y has more to worry about. We Gen Xers aren't much better though. We've all grown up in a culture of instant gratification, glorification of material goods, and easy consumer credit, so it's hardly surprising that so many of us would rather buy stuff than save for rainy days.

I have to admit I'm no better than my peers. I was just lucky to be born into better circumstances, so I was blessed with more financial means and better personal financial education.
__________________
SLC Tortfeasor is offline   Reply With Quote
Old 11-13-2007, 12:18 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by SLC Tortfeasor View Post
I agree that Generation Y has more to worry about. We Gen Xers aren't much better though. We've all grown up in a culture of instant gratification, glorification of material goods, and easy consumer credit, so it's hardly surprising that so many of us would rather buy stuff than save for rainy days.

I have to admit I'm no better than my peers. I was just lucky to be born into better circumstances, so I was blessed with more financial means and better personal financial education.
Better to be "lucky" than "good"........(My dad's words, when I was 6)
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 11-13-2007, 04:10 PM   #17
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,074
Quote:
Originally Posted by Maurice View Post
Really? I always understood the Gen-Xers to be the post boomer generation. Born after 1964. Lets say 64-80.

What is your understanding?
There is no hard-and-fast criteria [see Generation X defies definition]. FWIW, Douglas Coupland has said that Generation X is not a chronological age "but a way of looking at the world."

Personally, I think a 39-year-old [i.e., someone born in 1968] is too late to be called a boomer, so must by default be an Xer.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is offline   Reply With Quote
Old 11-15-2007, 09:53 AM   #18
Full time employment: Posting here.
 
Join Date: Feb 2007
Posts: 595
I was born in 73 so I am towards the end of GenX myself. But I think reguardless of which generation you were born into, it is really your own actions that will determine where you wind up. I think in every generation there are those who are always looking for "something for nothing", and there are others that realize that effort and hard work are the way to achieve their goals. I have had to work for everything that I have in life, and honestly it makes me happy what I have been able to achieve so far. I guess I do not fit into the traditional slacker lazy GenX mold, although I sure have met many that do...
__________________
armor99 is offline   Reply With Quote
Old 11-15-2007, 10:11 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by armor99 View Post
I was born in 73 so I am towards the end of GenX myself. But I think reguardless of which generation you were born into, it is really your own actions that will determine where you wind up. I think in every generation there are those who are always looking for "something for nothing", and there are others that realize that effort and hard work are the way to achieve their goals. I have had to work for everything that I have in life, and honestly it makes me happy what I have been able to achieve so far. I guess I do not fit into the traditional slacker lazy GenX mold, although I sure have met many that do...
I hope there are more like you out there. My brother was born in 1970, and he's probably 10 years from retirement max. He's smart, got into and out of Cisco Networks at the right times, and now works for Juniper Networks, and saves a lot.............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 11-15-2007, 05:15 PM   #20
Dryer sheet aficionado
 
Join Date: Oct 2007
Posts: 34
I think a large portion of how a person ends up will depend on how they grew up.
My parents always taught us about the impact of taxes from a young age as well as the importance of saving and value of compounding.
They would not spoon feed us even though they had the capability to do so. I was taught to always improve yourself and never fear failure.
At 18 I was shy and introverted. My dad convinced me to take a job at Best Buy in sales. Even though the hourly rate was less then what I was making as a network admin, I took the job to learn how to overcome my fear of social interaction and "come out of my shell". I was forced to interact with people and I quickly learned how to overcome people’s decision on not wanting a product (warranties, printer cables, etc). I was that annoying salesmen you guys probably always hate running into. =Ž
I turned out fine and people to this day can't believe I was once shy and introverted.
I have 2 younger brothers who where also guided and taught like myself and turned out fine (investment banker in San Francisco and Lawyer in NY doing Mergers and Acquisitions).
__________________

__________________
EarlyRetiree1978 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Safe car part of health plan and/or retirement plan Buckeye Health and Early Retirement 21 07-10-2016 03:58 PM
I need some advise regarding my retirement plan xmanz3 Young Dreamers 8 12-15-2006 12:31 PM
Another retirement plan option... LRAO FIRE and Money 10 10-17-2006 10:31 PM
Please critique my retirement plan JohnEyles FIRE and Money 22 09-15-2006 02:26 PM
New retirement plan - keep working! laurence Life after FIRE 31 03-16-2005 06:20 AM

 

 
All times are GMT -6. The time now is 06:31 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.