Denial (no, not the river)

[REWahoo]

Yet another example of why you are "different" if you read this forum...

From a Marketwatch article on the failure of Boomers and seniors to respond to all the new products and services financial firms are rolling out aimed at helping folks save for retirement or generate income during retirement:

Matt Thornhill, founder of The Boomer Project and one of several speakers at NASAA's forum that focused on the regulatory and business issues raised as the first of the baby-boom generation turns 60 this year and heads toward retirement:

Baby boomers are also in "denial" about retirement and the need to save and plan, says Thornhill....

"As a generation, boomers feel they don't have to worry about retirement yet," he said. Thornhill's research suggests that boomers think middle age lasts from 48 to 73 and old age begins at age 74. For boomers who are 50, old age or retirement is a quarter century away.

What's more, boomers 50 and older say they plan to retire at age 68, far older than younger Americans say the plan to retire. And besides working, half of boomers age 50 and older say they have no idea what they will do in retirement. "Talking to boomers about retirement is a bit like talking to a 15 year-old about how they plan to raise their children," he said.

 

[Dawg52]

The article describes several of my friends. Most of them are saving for retirement but have no clue as to how much they will need. I only know one person that plans to retire early and he will be 58-59 when he pulls the trigger. But as others have said, the longer they work........the more they will help fund social security.

 

[Jane_Doe]

This reminds me of some friends of ours.

When we realized how close we were to FI (light bulb moment) last year, I was SO excited and this one couple I wanted to talk to especially.  He's an acccountant, she has always stayed home, they live the LBYM lifestyle (same house for 30 years, drive used older model cars, etc.) and are very level headed.  Add to that that there is a good amount of family money that has and continues to filter down to them.  So, I asked them how they were planning to slip the noose and run free.  He replied to me that they were nowhere near that point.  Not sure if they lost a lot in the dot.coms or what, but my jaw almost hit the floor.  Also may just be afraid of the  "unknown".  Whatever it is, I just know these two should be in really good shape.  

I had hoped to share/compare notes with him to see what his plan was.  So disappointing!      One thing, tho - I think they are not quite ready for the 24/7 of retirement!    Luckily he golfs, so she will be able to get him out of her hair for that.  My DH and I have worked together for years so are very used to being together.  8) Still, I think I will have to find him a few hobbies .................  

Just goes to show you that the FI/ER lifestyle/mindset is unique!  Don't know why it's such an exclusive club, but there it is!

Just my thoughts for today!     :

Jane    (using Dex's extra smileys for him!   )

 

[youbet]

What's more, boomers 50 and older say they plan to retire at age 68

Talk about a gross generalization! 

At least the non-saving Boomers are saying they plan to work until 68.  If they were not saving and also saying they were going to ER, then that would be a much larger problem.

 

[Rich_by_the_Bay]

Well, with all those can't-retire-yets, at least we'll have a ready supply of 70 year old laborers after they close the borders.

 

[Cut-Throat]

I end up at Home Depot a lot, picking up stuff for my projects that I have been working on.

Most all of the 'Home Depot Help' in the aisles is made of folks that are 60 years old or older. They are are older than myself. I not sure if these people are counted as retired, park of the work force, full-time, part-time or whatever - But they are all old!
And they are all contributing to S.S.

I think that the Home Depot Job is part of their retirement.

 

[laurence]

I have to admit I've thought working part time at Home Depot would be fun. Or Fry's. I have this dream that once I was FI, I would take up a job at one of these places for 20 hours a week, until we planned on a lengthy vacation/road trip etc. and then I'd quit, then when we got back, find another place like that and work there until the next trip. I truly enjoy jobs for the first six months, I literally bounce out of bed in the morning. It's once I get bored that it starts to drag. I've accepted my fate until I'm FI on that front.

Boomers plan on retiring later than younger generations? I think that's just everybody saying "25 years from now" or "later". As you age, yet haven't saved, that date gets pushed out. Most of my friends over the last 10 years (early 20's to early 30's) have transitioned from get rich dreams to "work untill I die" attitude.

 

[Papi]

I have two friends that are both working at HD.  Both are in their mid-50's.  They are not working at HD because they thought it would be their "dream" job; they are there because they could not find employment.  So after 6-8 months of no local job offers, it was either work at Starbucks or HD and get some health ins, or drag their families off to another city that would supply a satisfactory job.  With kids in late high school, that can be tough on the family.

One of these friends told me that the number of employees at HD with advanced degrees is astonishingly high. 

 

[laurence]

I'm sorry your friends got a raw deal. But the thought of a bunch of educated co-workers only makes the job sound better! We could debate Socrates vs. Aristotle while loading sod into the back of a truck, Federalism vs. State's Rights while mixing paint...

 

[BigMoneyJim]

Hey, thanks for the employment idea! If I can't find a Real JobTM soon, HD could be a good "tread water" gig, especially if they have health insurance. Last time I wound up in that situation I worked at Office Depot for three or four months. I don't like retail, but HD sounds like it could be more interesting than OD.

 

[Papi]

Hey, thanks for the employment idea! If I can't find a Real JobTM soon, HD could be a good "tread water" gig, especially if they have health insurance. Last time I wound up in that situation I worked at Office Depot for three or four months. I don't like retail, but HD sounds like it could be more interesting than OD.

I would opt for StarBucks.  You get health ins, a free pound of coffee each week, and the younger college female employees are nicer looking than the old farts at HD

 

[Cool Dood]

Still, I think I will have to find him a few hobbies .................

Just make sure it's not a hobby like coaching high school girls' swim team

 

[Nords]

".._. / .. / ._. / ."

Great sig, youbet!  I confess I had to look up the first letter but I figured it out.

This could end up being spray-painted in the parking lots of MegaCorps all over the world.  Hypothetically speaking, of course...

Speaking of Home Depot, I feel sorry for the USMC O-5 who's assigned to work with Nardelli.  After 20 years of thinking that you're gonna be a great combat leader and a flag officer it must be a harsh bucket of cold water to realize what you could end up doing when you retire.

Hey, you guys on the Mainland, ask some of those hyper-educated older experienced HD employees to consider working in Hawaii, OK?  I'm getting tired of promising to teach our slacker 20-somethings the difference between a GFCI circuit breaker and a regular circuit breaker if they would only show me where they've hidden them.

 

[youbet]

Thanks Nords. I was wondering if anyone would ever notice......... Your military training really stuck if you only had to look up one letter!

 

[BigMoneyJim]

I would opt for StarBucks. You get health ins, a free pound of coffee each week, and the younger college female employees are nicer looking than the old farts at HD

Ooooh, there's an idea. I hope they have "roomy" aprons!

 

[Cool Dood]

Re: ".._. / .. / ._. / ."

Great sig, youbet! I confess I had to look up the first letter but I figured it out.

I get it!




OK, I admit it, I cheated....

 

[astromeria]

I didn't notice youbet's sig till Nords pointed it out. I figured it out immediately because Daddy taught us for fun. I got the last letter immediately, the 2nd letter right after, and then of course the other letters were obvious (can't claim I remembered letters one and three).

Thanks for the trip down memory lane...this was one of the things Daddy taught us that I was better at than my brothers (others were fishing and bird recognition). I'll never forget that he kiddingly offered a quarter to anyone who could ID a bald eagle (never happened).

My daughter is getting married this weekend (I'm enjoying a rare and blessed sit down as I await the arrival of final bridesmaid and her dress that needs to get pressed), and I really miss Daddy right now. He would've loved to see his first grandchild married.

 

[Nords]

Thanks Nords.  I was wondering if anyone would ever notice.........  Your military training really stuck if you only had to look up one letter!

More "seared" than "stuck". Months of rockin' & rollin' under the North Atlantic, pretending that the satellites had all been shot down and that we could only copy Sky King's transmissions.

Navy radiomen used to have to be able to copy 16 wpm to be eligible for promotion to Chief Petty Officer. If you wanted to understand the non-verbal conversations around you in the radio shack, you'd better be able to copy CW.

I understand that even the ham operators have gone to packet radio from their computer keyboards. Another useless skill that my cerebral cortex will never relinquish...

 

[youbet]

I understand that even the ham operators have gone to packet radio from their computer keyboards. 

That's true, but I still keep up my Morse skills as a hobby.  Copying Morse in your head vs. letting your computer decode packet for you is like going out and playing golf  as opposed to playing a golf game inside on your computer!

I have a modest collection of antique telegraph keys and enjoy using them to chat via shortwave radio (ham radio) with other Morse enthusiasts around the world. My station and antennas are a little dusty from little use right now, but with ER around the corner I'm looking forward to firing everything up again.

Years ago, I used to keep schedules with the the Navy radio operators at MacMurdo Sound, Antartica and deliver messages to their families in our area.  Today, of course, that's no longer needed since they can just pick up the satellite phone and give them a call!

Cool Dood - anyway you figured it out works.  There's no cheating in "cracking the code."

astromeria - hey, two out of four and a little intuition to figure out the rest is pretty darn good!

 

[MJ]

Never learned Morse code but it's one way to hide your anonymous id.

...- / .- / --. / .- / -... / --- / -. / -.. formerly -- / .--- 8)

 

[cute fuzzy bunny]

Or Fry's.

Bad news...fry's is supposed to be one of the worst companies on the planet to work for. I was given the description "Like working at mcdonalds, only without the self respect and dignity". High turnover, they periodically pat down employees that are leaving to see if the're stealing anything, lousy pay, and no authority or discretion by the individual workers...everything has to be okay'ed by a manager.

One of my night jobs in my 20's was working in a hardware store, not a home depot size one, just a mid size local chain in MA (Moe Blacks). I think they're gone now. Learned a lot and it was a pretty pleasant job. Not so sure it'd be as good in a big box shop. Although the local HD people seem to do a lot of standing around and chit chatting, and the stores a mess. So's the other HD I go to.

As far as the original topic, I think anything thats more than 5 years away is just too far in the future to be comprehended or acted on by a lot of people.

 

[mathjak107]

That's true, but I still keep up my Morse skills as a hobby.  Copying Morse in your head vs. letting your computer decode packet for you is like going out and playing golf  as opposed to playing a golf game inside on your computer!

I have a modest collection of antique telegraph keys and enjoy using them to chat via shortwave radio (ham radio) with other Morse enthusiasts around the world. My station and antennas are a little dusty from little use right now, but with ER around the corner I'm looking forward to firing everything up again.

Years ago, I used to keep schedules with the the Navy radio operators at MacMurdo Sound, Antartica and deliver messages to their families in our area.  Today, of course, that's no longer needed since they can just pick up the satellite phone and give them a call!

Cool Dood - anyway you figured it out works.  There's no cheating in "cracking the code."

astromeria - hey, two out of four and a little intuition to figure out the rest is pretty darn good!



fellow ham here   N2UTA

 

[Gumby]

Another useless skill that my cerebral cortex will never relinquish...

How about the signal flags we were required to memorize? I found that to be quite useful in our line of work.

 

[bpp]

Bad news...fry's is supposed to be one of the worst companies on the planet to work for.

I visited Fry's recently for the first time in over 15 years, and was quite surprised. Last time I had visited them, in search of parts with which to hack my trusty Amiga (stuff for a wire-wrapped hard-disk interface and blinkenlights, as I recall), there was only one store, a medium-sized warehouse, kind of a West-coast version of Eli's. Now it is some kind of a cross between Universal Studios (ersatz Aztec decorations) and a Walmart for electronic components.

Bpp

 

[perinova]

Here is an article showing that Denial may be over for some
http://money.cnn.com/2006/05/12/retirement/savings_poll/index.htm?cnn=yes

My conclusion is that the system regulates itself in such a way that the great majority of people will always - bearly- be able to save for retirement and they will achieve their goal in their mid to late 60s.
With salaries and taxes the government and companies keep people on the job as long as possible. Companies that pay individuals a higher level may run the risk to loose them early, the government would loose those contributions.