Boomer Retirement Disaster Looms

[CavsSuperFan]

I just seems that if generation X & Y were taxed more & worked until they were maybe 70 to prop up social security there would not be any problem…

More disturbing are the numbers that reflect boomers’ woeful undersaving for retirement as the economy struggles to gain its footing in a low-yield environment, as pointed out in a report published in December by asset management firm Manning & Napier, “Potential Macroeconomic Consequences of an Aging Population With Insufficient Savings.”

“Data provided by the Employee Benefit Research Institute shows that, excluding long-term care, a 65-year-old couple in 2012 (with median drug expenses) would need approximately $163,000 to have a 50% chance of meeting their medical expenses throughout retirement, and approximately $283,000 to have a 90% chance. A stunning 60% of workers have less than $25,000 in savings and investments, excluding their primary home and defined benefit plans, and 30% had under $1,000 in savings and investments,” says the Manning & Napier report.

http://www.advisorone.com/2013/01/17/demographic-nightmare-boomer-retirement-disaster-l

[boutons_deux]

"taxed more & worked until they were maybe 70"

maybe of them, well of in the middle class, were wiped out in the Banksters Great Depression, so they are, without being externally forced, are looking at working forever.

SS isn't in crisis. To make it even less "in crisis", simply raise the SS cap from $113k to $1M, and apply it to all income, not just earned income.

and "serious" economists, not in the employ of the 1%, have shown raising retirement age would have little effect on their fabricated, false SS crisis.

[Clipper Nation]

I just seems that if generation X & Y were taxed more & worked until they were maybe 70 to prop up social security there would not be any problem…
Maybe that would be possible if the Boomers didn't wreck the economy, ruin the job market, and spend decades voting yourselves OUR money from the public largesse, tbh....

[CavsSuperFan]

Maybe that would be possible if the Boomers didn't wreck the economy, ruin the job market, and spend decades voting yourselves OUR money from the public largesse, tbh....

Be that as it may…You need to work harder & take care of your elders…It is only right...

[boutons_deux]

Maybe that would be possible if the Boomers didn't wreck the economy, ruin the job market, and spend decades voting yourselves OUR money from the public largesse, tbh....

boomers didn't wreck the economy,the conservative-deregulated, neo-liberal financial sector/1%/VRWC wrecked the economy, Class Warfare by the 1%.

[2centsworth]

Be that as it may…You need to work harder & take care of your elders…It is only right...

Our elders, the true welfare recipients. chaps my hide when foodstamps and illegal immigrants are blamed for the debt. Code for minorities are to blame.

[DUNCANownsKOBE]

Be that as it may…You need to work harder & take care of your elders…It is only right...
What's funny is you're saying this as a joke because you know it sounds ridiculous when it's actually what you seriously believe.

[Trainwreck2100]

What's funny is you're saying this as a joke because you know it sounds ridiculous when it's actually what you seriously believe.

He like most boomers will be long dead while we're still working out assess off paying their debt

[vy65]

Put everyone over 65 to sleep, Logans Run style I saiddddddddddddddddd

[Halberto]

I just seems that if generation X & Y were taxed more & worked until they were maybe 70 to prop up social security there would not be any problem…

More disturbing are the numbers that reflect boomers’ woeful undersaving for retirement as the economy struggles to gain its footing in a low-yield environment, as pointed out in a report published in December by asset management firm Manning & Napier, “Potential Macroeconomic Consequences of an Aging Population With Insufficient Savings.”

“Data provided by the Employee Benefit Research Institute shows that, excluding long-term care, a 65-year-old couple in 2012 (with median drug expenses) would need approximately $163,000 to have a 50% chance of meeting their medical expenses throughout retirement, and approximately $283,000 to have a 90% chance. A stunning 60% of workers have less than $25,000 in savings and investments, excluding their primary home and defined benefit plans, and 30% had under $1,000 in savings and investments,” says the Manning & Napier report.

http://www.advisorone.com/2013/01/17/demographic-nightmare-boomer-retirement-disaster-l

An important question we should ask is should it really cost that much?

[FuzzyLumpkins]

Put everyone over 65 to sleep, Logans Run style I saiddddddddddddddddd

Theyre dying off already so that is fait accompli anyway. They key is to do a better job. Be responsible and pay our own way would be a good start.

[Latarian Milton]

boomers exhausted the nation's resources and they're on their own bills now. motherfuckers have used up their grand kids' money and have no heritage to leave behind except the 16 trillion worth of debt. the boomers are indeed the spoiled generation imho

[boutons_deux]

boomers exhausted the nation's resources and they're on their own bills now. motherfuckers have used up their grand kids' money and have no heritage to leave behind except the 16 trillion worth of debt. the boomers are indeed the spoiled generation imho

what fucking bullshit, nothing but right wing propaganda, a smoke screen to protect the health care industry bastards, the economic domination of the 1%. The SS "crisis" is pure fantasy, along with the deficit "crisis".

[TDMVPDPOY]

u guys think you have a big problem, lol look at chinas population and their baby boomers, they dont have the capacity and infrastructure atm to handle a large population of retirees....lol

anyway back to america, the family home is the biggest asset if they owned it outright, so whats stopping them boomers from selling up and renting in the future to sustain that life style?

[FuzzyLumpkins]

what fucking bullshit, nothing but right wing propaganda, a smoke screen to protect the health care industry bastards, the economic domination of the 1%. The SS "crisis" is pure fantasy, along with the deficit "crisis".

spoken like a true boomer. being in debt forever with no visible way out is just fine. enjoy your retirement.

[Wild Cobra]

Wow...

I see things differently many of Baby Boomers are dead, some retired, and generation X has started voting in the early 80's. If you wish to blame a generation, blame those who are the majority for many years now. Not my generation.

[boutons_deux]

spoken like a true boomer. being in debt forever with no visible way out is just fine. enjoy your retirement.

civil war debt and othe war debts are not paid. USA has been, will be in debt forever, ain't a boomer problem

[boutons_deux]

u guys think you have a big problem, lol look at chinas population and their baby boomers, they dont have the capacity and infrastructure atm to handle a large population of retirees....lol

anyway back to america, the family home is the biggest asset if they owned it outright, so whats stopping them boomers from selling up and renting in the future to sustain that life style?

the the VRWC having flattened real household income, right through the boomers' prime earning years, many boomers are retiring to shared living.

With good, or any jobs, being scarce for young people, college grads, young people living at home until 30 or more, and shared living (rather than buying/building homes) is more common.

Kitchen Sink Socialism (http://jacobinmag.com/2013/04/kitchen-sink-socialism/)

http://jacobinmag.com/2013/04/kitchen-sink-socialism/Kitchen Sink Socialism (http://jacobinmag.com/2013/04/kitchen-sink-socialism/)


Then there's the "sharing economy"/fractiona ownership holding down rampant consumption (consumption of finite resources)

http://phys.org/news/2013-03-homeless-airbnb-founder-hails-economy.html

http://techcrunch.com/2013/02/10/the-future-of-fractional-ownership/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29

[boutons_deux]

a lot of boomers in these groups, esp the middleclass underwater homeowners who got screwed by the Banksters housing bubble or had their homes outright stolen by the criminal Banskters


"But for millions of Americans, nothing is “recovering” — instead things are getting worse. In fact, 11 million renters currently pay more than 50 percent of their incomes on housing. Meanwhile, 15 million “underwater” homeowners pay inflated mortgages and an estimated 3 million families and individuals are homeless. That’s why 11 cities (http://salsa3.salsalabs.com/o/50109/p/salsa/event/common/public/index.sjs?distributed_event_KEY=636) held demonstrations on Wednesday to launch the new nationwide “Homes For All!” campaign, which demands affordable and secure housing."

http://www.alternet.org/activism/how-much-your-income-goes-toward-rent-11-million-shelter-comes-high-price

[CosmicCowboy]

:lol @ Boutons getting slapped around by the trolls for being a greedy baby boomer.

[boutons_deux]

:lol @ Boutons getting slapped around by the trolls for being a greedy baby boomer.

The Great Boutons doesn't get slapped around as badly as CC slaps his fat self.

[CavsSuperFan]

Truth Bombs

Gen X & Y are spoiled and lazy
Most of them will live at home their entire lives…It is a fact that major companies have sensitivity training to communicate effectively with said species…If a Boomer takes a two hour lunch his supervisor says, “Hey when you clock out, get your butt back in here to make up your time”…If Gen X or Y takes a two hour lunch his supervisor says stuff like” Now was that a good thing”? “Why don’t you just reflect on it for a while?”

It is fact that social security has been well funded.
Democratic controlled congress has raided the funds on two occasions to pay for their non funded pensions, entitlements and raises.

When the Boomers retire & start downsizing Gen X & Y are going to be hit with a rude awakening…

[boutons_deux]

Social Security Internet Myths

http://www.socialsecurity.gov/history/InternetMyths.html

[boutons_deux]

Truth Bombs

Gen X & Y are spoiled and lazy
Most of them will live at home their entire lives…It is a fact that major companies have sensitivity training to communicate effectively with said species…If a Boomer takes a two hour lunch his supervisor says, “Hey when you clock out, get your butt back in here to make up your time”…If Gen X or Y takes a two hour lunch his supervisor says stuff like” Now was that a good thing”? “Why don’t you just reflect on it for a while?”

It is fact that social security has been well funded.
Democratic controlled congress has raided the funds on two occasions to pay for their non funded pensions, entitlements and raises.

When the Boomers retire & start downsizing Gen X & Y are going to be hit with a rude awakening…

bullshit bombs

have a link where exclusively Dem Congresses raided the SS trust fund?

[DUNCANownsKOBE]

I've never taken a two hour lunch at any job (and it was fior a specific reason like a doctor's appointment) without asking my supervisor first. Doing that kind of stuff unannounced is baby boomer behavior.

[CavsSuperFan]

Did you hear about the Gen X guy who died drinking milk? The cow fell on him…

[CosmicCowboy]

I've never taken a two hour lunch at any job (and it was fior a specific reason like a doctor's appointment) without asking my supervisor first. Doing that kind of stuff unannounced is baby boomer behavior.

I eat at my desk.

[boutons_deux]

flatter yourself, CC?

a LOT of wage slaves eat at their desk, and millions take no vacation, come in to work sick (no sick pay, fear of being fired) and are unofficially on call 24 unpaid hours/day.

the VRWC War on Employees as wasted money has intimidated people into over-working for less real take home pay, skipping vacaction, 40+ hour weeks (no macho), staying in shitty jobs with shitty bosses, etc, etc.

Social/economic Darwinistic, inhumane America is fucked and unfuckable.

[DUNCANownsKOBE]

I eat at my desk.

Of all the arguments I've had with you i don't think I've ever questioned your personal work ethic, tbh.

My desk jobs have been internships where it was regularly my job to get food for the office, so I rarely took lunch at all.

[Clipper Nation]

Truth Bombs

Gen X & Y are spoiled and lazy
Most of them will live at home their entire lives…It is a fact that major companies have sensitivity training to communicate effectively with said species…If a Boomer takes a two hour lunch his supervisor says, “Hey when you clock out, get your butt back in here to make up your time”…If Gen X or Y takes a two hour lunch his supervisor says stuff like” Now was that a good thing”? “Why don’t you just reflect on it for a while?”

It is fact that social security has been well funded.
Democratic controlled congress has raided the funds on two occasions to pay for their non funded pensions, entitlements and raises.

When the Boomers retire & start downsizing Gen X & Y are going to be hit with a rude awakening…
The Social Security thing is mostly a truthbomb (wasn't the social security fund reduced to a bunch of IOU's at some point?), but your first point is the typical Boomer attempt at deflecting how your generation failed society onto future generations....

There's a reason why Boomers are known as the "Me Generation," tbh.... bottom line is that you all felt entitled to OUR money and voted yourselves to it....

[DUNCANownsKOBE]

plenty of baby boomers know the truth about themselves...

o1Sal6N5OiE

[boutons_deux]

Boomers paid SS just like everybody.

it was the Congress of all ages that raided the SS trust fund (converted the trust fund into US bonds) to finance general operations. in fact, SS is required to take any surplus and buy US bonds (lend to the govt).

the boomer trash talk is nothing but the guilty plutocrats, VRWC, 1% hiding behind a smokescreen as they have rigged and continue to rig the economy and govt to their outlandish, irretrievable advantages.

SS is not broken, just like USPS is not broken. All it has to do is cash in its bonds and/or raise the highly regressive SS cap from $113K to $1M.

What really fucking up the post-boomer generations is globalization of labor and the war on unions destroying well paying jobs and college loans as decades long-millstone (as loan servicers rack up the $100Ms in fees and interest).

[Ginobilly]

Boomers paid SS just like everybody.

it was the Congress of all ages that raided the SS trust fund (converted the trust fund into US bonds) to finance general operations. in fact, SS is required to take any surplus and buy US bonds (lend to the govt).

the boomer trash talk is nothing but the guilty plutocrats, VRWC, 1% hiding behind a smokescreen as they have rigged and continue to rig the economy and govt to their outlandish, irretrievable advantages.

SS is broken. All it has to do is cash in its bonds and/or raise the highly regressive SS cap from $113K to $1M.

What really fucking up the post-boomer generations is globalization of labor and the war on unions destroying well paying jobs and college loans as decades long-millstone (as loan servicers rack up the $100Ms in fees and interest).


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The majority of the 47% wont ever work. So that means the 1% rides healthy middle and lower middle class individuals into the ground by making them pay for the laziness of the 1% and 47%. And what a lot of people don't realize is that the 1% owns all the worlds banks and control EVERYTHING dealing with currency. It's always rigged so that the federal reserve always wins. it's a big ole ponzi scheme that only certain people benefit. I own a small business and work full time(6 days a week,10-12 hours a day) and I paid over 20 thousand in taxes to those fuckin leeches. Me chingo bien y bonito for all the shit that I own.

[vy65]

You do realize boomers = the 1%/VRWC/banksters etc..., right?

[boutons_deux]

You do realize boomers = the 1%/VRWC/banksters etc..., right?

you do realize that the 1%, the plutocracy pay relatively nothing into highly regressive SS?

you do realize that the real war isn't the your bogus boomer bullshit, but the 1% vs 99%, aka Economic Class Warfare?

[FuzzyLumpkins]

Boomers paid SS just like everybody.

it was the Congress of all ages that raided the SS trust fund (converted the trust fund into US bonds) to finance general operations. in fact, SS is required to take any surplus and buy US bonds (lend to the govt).

the boomer trash talk is nothing but the guilty plutocrats, VRWC, 1% hiding behind a smokescreen as they have rigged and continue to rig the economy and govt to their outlandish, irretrievable advantages.

SS is not broken, just like USPS is not broken. All it has to do is cash in its bonds and/or raise the highly regressive SS cap from $113K to $1M.

What really fucking up the post-boomer generations is globalization of labor and the war on unions destroying well paying jobs and college loans as decades long-millstone (as loan servicers rack up the $100Ms in fees and interest).

The boomers have been in the electoral drivers seat for the last 40 years. They 'paid SS like everyone else' yet:


More worrying is that this generation seems to be able to leverage its size into favourable policy. Governments slashed tax rates in the 1980s to revitalise lagging economies, just as boomers approached their prime earning years. The average federal tax rate for a median American household, including income and payroll taxes, dropped from more than 18% in 1981 to just over 11% in 2011. Yet sensible tax reforms left less revenue for the generous benefits boomers have continued to vote themselves, such as a prescription-drug benefit paired with inadequate premiums. Deficits exploded. Erick Eschker, an economist at Humboldt State University, reckons that each American born in 1945 can expect nearly $2.2m in lifetime net transfers from the state—more than any previous cohort.

http://www.economist.com/node/21563725

What we need is a wealth tax to get back some of that $2.2m back to pay for the boomer's retirement.

[vy65]

lol banksters

[Das Texan]

Be that as it may…You need to work harder & take care of your elders…It is only right...


So get to working and take care of your elders instead of taking from the constantly.