PDA

View Full Version : 70% of Boomers Putting Off Retirement Do So for Financial Reasons




bobbyw24
03-05-2010, 06:02 AM
Seven In Ten Boomers Put Off Retirement For Financial Reasons

Inquiring minds are noting More Than Seven-in-Ten Workers Age 60+ Are Putting Off Retirement Due to Financial Restraints, According to a New CareerBuilder Survey

The economy continues to change the retirement timeline for many mature workers, leaving them with tough decisions about their futures. More than seven-in-ten (72 percent) workers over the age of 60 who said they are putting off their retirement are doing so because they can't afford to retire financially, according to a new survey by CareerBuilder. When comparing genders, the survey found that three-quarters (76 percent) of female workers over the age of 60 who said they are putting off retirement are doing so because they can't afford it, while 68 percent of males said the same.
Note: The title of the article on Yahoo Finance: More Than Seven-in-Ten Workers Age 60+ Are Putting Off Retirement Due to Financial Restraints, According to a New CareerBuilder Survey is misleading.

The correct take-away is "Of those putting off retirement, 7.2 out of 10 do so for financial reasons". Another key number is how many are putting off retirement. That the article does not say, but unprecedented debt levels are no doubt a big problem, with serious implications.

What Are The Implications?


http://globaleconomicanalysis.blogspot.com/2010/03/seven-in-ten-put-off-retirement-for.html

FreeTraveler
03-05-2010, 07:01 AM
I retired (or Shrugged, more accurately) in Mayy 2007, at the age of 55. I've been anti-state since marching against Vietnam and for civil rights, and Austrian to boot. I saw handwriting on the wall in huge letters that if I didn't get out before 2008, I wouldn't be getting out for about 10 more years. So I pulled the plug and sold everything not long before the implosion.

I'd like to feel sorry for the sheeple, but I can name several in their 50's who worked where I worked, bought fancy stuff like houses or cars in the last couple of years before the crash -- on credit, and poo-pooed every warning I gave them. I have family members who wish they'd listened.

My MIL lost $25k in the market during the collapse.

"Why didn't you warn me?" she asked.

"I did, I talked about this a lot."

"Oh, but that was just politics, I didn't think you were serious!"

JFC, what does it take to get the wax out of people's ears?

Tough shit. Think of it as evolution in action. Several are wishing they'd listened before, and they're sure as hell listening now.

angelatc
03-05-2010, 07:06 AM
I really have no more interest in saving the boomers than I do in saving the children. The irresponsibility of the boomers is what caused a lot of this.

FreeTraveler
03-05-2010, 07:22 AM
The irresponsibility of SOME boomers is what caused a lot of this. I'd appreciate not being tarred with that broad brush. Thanks. :)

TonySutton
03-05-2010, 07:26 AM
Tough shit. Think of it as evolution in action. Several are wishing they'd listened before, and they're sure as hell listening now.

Nothing like a hard dose of reality to open people's eyes.

During the 90's I lived in coastal NC. We had several near misses with hurricanes. Each time I would go through my big preparedness list and everyone would laugh at me. Then Hurricane Bonnie hit, we lost power and water for several days. Most of my friends and neighbors were hurting while my household barely noticed. A few months later Hurricane Fran was bearing down on us and all these people were coming to me for advice. Good thing too because Fran did a lot more damage. We were without electricity and water for a couple of weeks.

FreeTraveler
03-05-2010, 07:42 AM
Exactly, Tony. I'm tired of playing ant to a world full of grasshoppers (http://en.wikipedia.org/wiki/The_Ant_and_the_Grasshopper). They can either get off their collective butts and get busy, or they can starve come winter. I'm past caring.

And I've got pest control if they don't get off my back pretty damn quick.

tmosley
03-05-2010, 08:51 AM
The irresponsibility of SOME boomers is what caused a lot of this. I'd appreciate not being tarred with that broad brush. Thanks. :)

Hey, you're not a boomer, you just happened to be born at the same time they were.

nandnor
03-05-2010, 11:06 AM
rahter than blamin other people who were misled by the evil fed, lets blame the fed!

slickbtk
03-05-2010, 01:09 PM
The baby boomers who are suffering today deserve everything coming to them since they are the worst generation in american history, they ruined our country and are still in the process of doing so. They have ran and are currently still running the country into the ground. They bleed their parents wealth and prosperity and left massive debt and chaos to the younger generations like myself.

People dont like to point out this ugly truth but the baby boomers are not a hardworking and intelligent generation, ofcorse not all of them but certainly as a whole. I have hope that the next generation to run the country will be better than the boomers.

Carson
03-06-2010, 01:41 PM
100% of Baby Boomer's never really got what it appeared they were getting in raises in their entire lifetimes. Any money they may have saved had the life sucked out of it by the vampires in the government with their counterfeiting.

Take a look at this chart and see where you've stood in life with those little increases in pay. Were they real increases?

http://photos.imageevent.com/stokeybob/newbegining/2508h-inflationgraph.jpg

See the little bumps showing the devaluation of the currency mainly during time of war when they injected fake money into the system? It seems they are at war with us and the whole rest of the world now.

http://photos.imageevent.com/stokeybob/thenewera/supersingle%204%20copy.jpg

Anti Federalist
03-06-2010, 03:02 PM
"why didn't you warn me?" she asked.

"i did, i talked about this a lot."

"oh, but that was just politics, i didn't think you were serious!"

jfc, what does it take to get the wax out of people's ears?

Tough shit. Think of it as evolution in action. Several are wishing they'd listened before, and they're sure as hell listening now.

qft

MelissaWV
03-06-2010, 03:12 PM
The other 30% really love their jobs? :confused:

This isn't all the Boomers' fault directly, either. A lot of them are in an awkward generation, having to take care of parents that lived way longer than they ever expected (how many Boomers still have a living parent, and what kind of impact does that have financially, emotionally, etc.?), and also having to take care of a lot of 20-somethings and 30-somethings who never really seemed to take off properly on their way out of the nest.

Of course, that's the Boomers' choice to take care of them... but I can see why retirement might be pushed off into the future a bit.

Assets aren't worth what people expected, money doesn't go as far as it used to, and there are a lot more people with their hands out. There are root causes for all of that, but the final effect is a longer work life.

SimpleName
03-07-2010, 02:03 AM
My dad is working now at 63 with no end in sight. I am just starting college and he has a kid that is only 13. He has got a crushing mortgage and car payments that are really pushing the limit. And he has constantly been trying to do new things and make new projects for himself, which has drained inestimable cash. My dad refuses to let my mom work on top of everything. This is the same ignorance that the general boomer population has destroyed the country with. They feel like they can run through the world, take everything and still survive at the end of the day.

Lets not blame it all on the boomers themselves though. The government has been aiding this wasteful way of living all along, pushing people into an anything goes type of environment. And now it is falling apart. A big ol` thank you to the Keynesians and the corrupt bastards in Washington! :mad: