Global Retirement Crisis?

Teacher Terry said:
I noticed on Facebook people complain that the boomers are the reason young people have it hard. I don’t remember our generation picking on our parent’s generation.
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I do. Intergenerational sniping is not a new thing.
 
Spock said:
While not a facebook fan, ignoring one of the larger mediums by which that generation communicates is putting your head into the sand as to what they are saying.
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Which generation? AFAIK, kids no longer use Facebook; kids call it "the grandparent site" as that seems to be the recent predominant demographic there.
 
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Lots of people in their 30’s are on it. The ones bitching are college educated and mad about their student loans.
 
I have been watching Dave Ramsey on you tube lately. I had no idea who he was until someone mentioned him on ER. I don’t agree with him on everything but what he has to say about college and student loans are right on target. In state tuition runs about 12 k which students should me able to cover delivering pizza’s. No dorm, no out of state fees and it’s stupid racking up 100k in debt to get a degree in a career that pays 30 to 50 k.

People make choices, bad choices and then want to blame others.
 
been listening to dave for several years now. i, too, don't buy off on everything he advocates but he's right on more than he's not. and that includes ending the govt backed student loan program. schools have no incentive to restrain tuition increases and banks have no incentive to properly screen applicants. parents need to exercise more control on school choice.
 
Vacation4us said:
I have been watching Dave Ramsey on you tube lately. I had no idea who he was until someone mentioned him on ER. I don’t agree with him on everything but what he has to say about college and student loans are right on target. In state tuition runs about 12 k which students should me able to cover delivering pizza’s. No dorm, no out of state fees and it’s stupid racking up 100k in debt to get a degree in a career that pays 30 to 50 k.

People make choices, bad choices and then want to blame others.
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+1 regarding those kind of poor choices. I was in academia for 30+ years and saw this constantly. Since I was teaching students going into medical fields I would frequently see those that were not doing well or wanted to speed up the process to get into a nursing school, dental assistant, etc. opt to go to very expensive private run facilities of which there are many advertising on TV. The cost was typically 3-4 times a state college or university with the great majority paid by taking out loans.

Then there was the daily pilgrimage to the soft drink and snack machines, Starbucks, buying lunch instead of preparing your own, spring break, drinks out with friends and all other kinds of unnecessary spending while on a tight budget and borrowing money.


Cheers!
 
The idea of there being discrete 'generations' is interesting. As a recent thread on 'how many of your cohort are still alive' it is clear that births don't come in waves. With some exceptions it is more akin to sands in an hourglass not waves breaking on shore. 'Generations' tend to be defined by some large historical experience such as a major war or depressions or what not. Or by calendar 20 or now 30 year intervals but really largely arbitrary and artificial. Certainly the experience of a 1945 'Boomer' is very different than that of a 1961 'Boomer' - are they the same generation? Bottom line is that some people just like to complain.
 
joeea said:
I do. Intergenerational sniping is not a new thing.
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Very true.

Alas, there are those who profit from splinting We The People into various small groups and then instigating the various groups to fight with each other. The best name I have heard for these folks is Merchants of Outrage. They feed on our anger with each other.
We need to starve them.

Back on topic... I remember when predictions warned us about global cooling, peak oil would hit and give us gasoline at $5+ a gallon, and there would be no SS when I turned 65.
 
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Vacation4us said:
I have been watching Dave Ramsey on you tube lately. I had no idea who he was until someone mentioned him on ER. I don’t agree with him on everything but what he has to say about college and student loans are right on target. In state tuition runs about 12 k which students should me able to cover delivering pizza’s. No dorm, no out of state fees and it’s stupid racking up 100k in debt to get a degree in a career that pays 30 to 50 k.

People make choices, bad choices and then want to blame others.
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In many U.S. states simply joining the National Guard will pay for tuition/fees at that state's public schools...leaving the student/parents to cover books/supplies, room & board (if they don't choose to live at home)

And there's other sources of military money for education...my kids used ROTC scholarships to cover the tuition/fees cost at their ($$$) private universities.

Though one moved on to a service academy (USNA) after their first year.
 
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joeea said:
"Don't trust anyone over 30."

- November 1964.
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"Our sires' age was worse than our grandsires'. We, their sons, are more
worthless than they; so in our turn we shall give the world a progeny yet more
corrupt"
Horace, 20 BC
 
GravitySucks said:
"Our sires' age was worse than our grandsires'. We, their sons, are more
worthless than they; so in our turn we shall give the world a progeny yet more
corrupt"
Horace, 20 BC
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Prescient.
Look what happened to Rome! :LOL:
 
Badger said:
+1 regarding those kind of poor choices. I was in academia for 30+ years and saw this constantly. Since I was teaching students going into medical fields I would frequently see those that were not doing well or wanted to speed up the process to get into a nursing school, dental assistant, etc. opt to go to very expensive private run facilities of which there are many advertising on TV. The cost was typically 3-4 times a state college or university with the great majority paid by taking out loans.

Then there was the daily pilgrimage to the soft drink and snack machines, Starbucks, buying lunch instead of preparing your own, spring break, drinks out with friends and all other kinds of unnecessary spending while on a tight budget and borrowing money.


Cheers!
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But I thought there was some kind of evidence which showed that getting into elite schools did give some graduates advantages, from being in certain social/professional networks that they otherwise wouldn't be in.

And those networks would lead to increased earnings power.
 
explanade said:
But I thought there was some kind of evidence which showed that getting into elite schools did give some graduates advantages, from being in certain social/professional networks that they otherwise wouldn't be in.

And those networks would lead to increased earnings power.
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At one of my Megacorp jobs, the head of the Derivatives desk would only hire folks from Wharton where he graduated from, so kind of a self fulfilling action.
 
Another retirement article based on replacing 70% of pre retirement earnings and also not including government retirement programs.
 
Dtail said:
At one of my Megacorp jobs, the head of the Derivatives desk would only hire folks from Wharton where he graduated from, so kind of a self fulfilling action.
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OTOH, my company wouldn't hire any graduate from a certain college here in Boston. Harvard, MIT and BU were ok though.
 
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Dtail said:
Another retirement article based on replacing 70% of pre retirement earnings and also not including government retirement programs.
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Another retirement 'crisis of the week'.

“The real risk people need to manage when investing in their future is the risk of outliving their retirement savings,” warned Han Yik.

OMG! I hadn't thought of that!
 
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By the time I left my megacorp, an entry level engineering position required a masters from a top tier university. While the local university had a good engineering program, graduates struggled to get hired there.

They were really more concerned about maintaining their elite image of “hiring the very best”.
 
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Retirees worldwide may run out of money 10 years before they die

Dtail said:
Another retirement article based on replacing 70% of pre retirement earnings and also not including government retirement programs.
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+1 Seriously, this makes the “facts” cited seem really misleading to me - guess you wouldn’t want to include any payments that are lifelong (currently)
 
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Thanks to LBYM and great jobs, we are living on 35% of final pay and that is before we count pensions. I guess I would start by doubling the number of years of longevity (to 70%) and then increase it further by the contributions of pensions. Of course, our spending on taxes of all kinds except property are way down too.

So maybe I would end up with an article about the growing crisis in health care spending. That seems to be the only thing left!
 
Yeah most of the time, people didn't care too much where I went to school but I got one of my best jobs and the interviewer noted my school in the interview.

He wasn't a fellow alum but guess he liked the brand names.
 
Dtail said:
Another retirement article based on replacing 70% of pre retirement earnings and also not including government retirement programs.
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I have been living on <30% of gross pay for a long time, supporting DW and myself.

I don't know where this 70-80% pre-retirement earnings crap comes from.

They should be preaching LBYM.
 
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