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The Greatest Retirement Crisis In American History


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2014 Mar 26, 1:24pm   2,060 views  5 comments

by jojo   ➕follow (2)   💰tip   ignore  

http://www.forbes.com/sites/edwardsiedle/2013/03/20/the-greatest-retirement-crisis-in-american-history/

We are on the precipice of the greatest retirement crisis in the history of the world. In the decades to come, we will witness millions of elderly Americans, the Baby Boomers and others, slipping into poverty. Too frail to work, too poor to retire will become the new normal for many elderly Americans. That dire prediction, which I wrote two years ago, is already coming true. Our national demographics, coupled with indisputable glaringly insufficient retirement savings and human physiology, suggest that a catastrophic outcome for at least a significant percentage of our elderly population is inevitable. With the average 401(k) balance...

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1   FortWayne   2014 Mar 26, 1:44pm  

I've been saying that too, and for a long time, no one listens no one cares.

Even on this forum I occasionally see some posters who just want old people to roll over and die. And they'll learn what society like that means, when they are old themselves.

2   hanera   2014 Mar 26, 4:31pm  

jojo says

Call it Crazy says

The only people these boomers can blame is the person they see in the mirror each morning!!!

Agreed.

Man in the Mirror?

3   Ceffer   2014 Mar 26, 5:02pm  

The Boomers can always sell their bodies to diaper fetishists. That would "make ends meet" har har har.

Better dispose of the Boomers while they still have some meat on their bones, they don't make good fertilizer if they are too skinny.

4   MAGA   2014 Mar 26, 11:28pm  

I'm a boomer (boom boom) and have been saving and investing since my mid-20's. My biggest problem is who to leave my estate to when I die. I am thinking about setting up a trust that will help hospitalized veterans in the VA.

Or maybe a fund that will help poor Realtor's.....

NOT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

5   corntrollio   2014 Mar 27, 3:41am  

Retirement, as it's currently perceived, seems to be a bit outdated. Before the recent generations, you tended to work, even if you scaled back a bit, until you dropped dead from it. Recent generations have seen it as a way to stop working entirely because they've benefited from cheap expenses and adequate pensions. Now we're seeing a shift back to working at least a little bit, and I don't see a problem with that. There's no "crisis."

It's sort of like the foreclosure "crisis." There was never a crisis. Just a bunch of shitheads taking loans they couldn't afford -- and they deserved to lose their house most of the time.

Almost all the sob stories you saw in the media were about people who had taken huge amounts of cash out of their house and pissed it away on "starting a [shitty] business", buying cars, going on vacations, etc. Why should I be sympathetic when someone took $465K out of her house as cash out refis and has lived in the house free for another $130K by not paying the mortgage for 3 years (actual story a "journalist" wrote about), totalling almost $600K? I shouldn't! Give me a free $600K, and I'll show you how it's done.

http://money.cnn.com/2011/06/09/real_estate/foreclosure_squatter/

Lynn, who didn't want her last name used, purchased a two-bedroom on Tampa Bay in 1998 for $135,000.

As the waterfront property's value skyrocketed, eventually reaching $750,000, she refinanced twice (once to expand a business), and took out a second mortgage. She now owes more than $600,000 on the home, which is worth only $235,000.

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