Gen X has no retirement plan...

bots2019 · 11-08-2007, 03:35 PM

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.

ziggy29 · 11-08-2007, 06:23 PM

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.

Maurice · 11-08-2007, 06:55 PM

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.

TickTock · 11-08-2007, 07:01 PM

Most of us on these boards are exceptions, I think.

CCdaCE · 11-08-2007, 08:57 PM

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

**bssc** · 11-08-2007, 09:30 PM

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.

Matuski · 11-12-2007, 09:06 AM

Quote:

Originally Posted by Maurice

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.

FinanceDude · 11-12-2007, 09:44 AM

Quote:

Originally Posted by bots2019

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..........

dgalbraith100 · 11-12-2007, 01:22 PM

Quote:

Originally Posted by Matuski

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.

starter82 · 11-12-2007, 05:30 PM

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.

Maurice · 11-12-2007, 08:02 PM

Quote:

Originally Posted by Matuski

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?

CompoundInterestFan · 11-12-2007, 11:09 PM

Quote:

Originally Posted by Maurice

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.

laurence · 11-13-2007, 12:13 AM

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.

FinanceDude · 11-13-2007, 10:39 AM

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..........

SLC Tortfeasor · 11-13-2007, 11:11 AM

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.

FinanceDude · 11-13-2007, 12:18 PM

Quote:

Originally Posted by SLC Tortfeasor

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)

Milton · 11-13-2007, 04:10 PM

Quote:

Originally Posted by Maurice

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.

armor99 · 11-15-2007, 09:53 AM

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...

FinanceDude · 11-15-2007, 10:11 AM

Quote:

Originally Posted by armor99

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.............

EarlyRetiree1978 · 11-15-2007, 05:15 PM

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. =Þ
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).

11-08-2007, 03:35 PM	#1
bots2019 Recycles dryer sheets Join Date: May 2007 Posts: 119	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.

11-08-2007, 06:23 PM	#2
ziggy29 Thinks s/he gets paid by the post Join Date: Oct 2005 Location: Texas Hill Country Posts: 2,328	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. __________________ FIRE Clock: Retired. Since it feels like I'll never be now. waiting for the government to privatize the gains and socialize my losses in my 401K...

11-08-2007, 06:55 PM	#3
Maurice Recycles dryer sheets Join Date: Oct 2007 Location: New York Posts: 387	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.

11-08-2007, 08:57 PM	#5
CCdaCE Full time employment: Posting here. Join Date: Apr 2006 Posts: 579	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

11-08-2007, 09:30 PM	#6
bssc Moderator Join Date: Dec 2005 Posts: 2,627	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.

11-08-2007, 07:01 PM	#4
TickTock Recycles dryer sheets Join Date: Oct 2007 Posts: 463	Most of us on these boards are exceptions, I think.

11-12-2007, 05:30 PM	#10
starter82 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.

11-13-2007, 12:13 AM	#13
laurence Moderator Emeritus Join Date: Feb 2005 Location: San Diego Posts: 4,754	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.

11-13-2007, 10:39 AM	#14
FinanceDude Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Aug 2006 Posts: 7,362	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).......:) President Obama, please know that I will continue to cling to my guns and religion........:)

11-13-2007, 11:11 AM	#15
SLC Tortfeasor Recycles dryer sheets Join Date: Jun 2005 Posts: 214	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.

11-15-2007, 09:53 AM	#18
armor99 Recycles dryer sheets Join Date: Feb 2007 Posts: 442	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...

11-15-2007, 05:15 PM	#20
EarlyRetiree1978 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. =Þ 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).