We think we have everything covered. Even so, number 3 is a strategy we can use if needed. Great minds think alike! Mrs G, first in with a comment!
You win! It really is scary how ill prepared the majority of people are…. Glad to see you have contingency plans, and hoping you never have to exercise them! Thanks for stopping by!
It is certainly a scary thought to be one of those behind! Time for people to have a wake up call and get some serious help on controlling expenses. Smaller house, cheaper cars, control restaurant spending and shopping etc. Better to be prepared for the worse and have a surprise to the upside, vs. I hope it impacts at least a few. Sobering post Fritz and I wrote about this as well last year. All of us bloggers need to keep this topic afresh. Given the statistics, I now firmly believe that Social Security would not only be there for all of us but will actually be strengthened by acts of Congress in the years to come.
There is, simply, no other alternative. While scary, I do wonder if the picture is slightly better in reality.
I have at least two family members with less then k to their names in their 60s. Both would answer the question he same. However one of them has a pension that combined with their social security exceeds their yearly pay. Furthermore the first folks to start out with no pension being the norm are probably still about ten years from retirement.
Yes, we want it all. The very nature of these inventions cries out for the goodness in man; cries out for universal brotherhood; for the unity of us all. For both Mike and Kristi Burns, now in their 40s, the first marriage came young and left early, and the second stuck around for more than a dozen years. I sincerely sympathise with the plight of youngsters nowadays — minimum or slave wages, debt from the time you leave school and almost no chance of renting, let alone buying a house. Poehlmann said. We have accumulated wealth and housing but any suggestion that we might share our good fortune is met with cries of outrage. That novelty-seeking spirit applied as much to conjugal matters as economic ones, and the divorce rate rose steadily along with the number of stars on the flag.
Without a pension, I really fear for their future, and hence my strong article today. You may well be right, and laws may get changed as a result.
Unfortunately, those law changes will likely penalize those who have been responsible and taken accountability for their situations. Tax rates will increase, and those who have saved for their futures will most likely be called upon to pay for those who have not. Concerning state of affairs.
Well, I was saying the same thing..
Loved it! But things creep in… spouse developed alarming health issues. A potential business buyer popped up. I developed some limiting health issues. Laws began encroaching on business profits. Technology got more complicated. You do not know what your next 10 years will bring! Plan NOW! Great to hear from someone who is experiencing the realities of life. Thanks for the comment, it adds a lot of value to this post!
Another problem with people relying on pensions is that they are not guaranteed. If the company hits hard financial times they may be reduced or in the worst case virtually eliminated. Think Enron, or the big financial houses the government bailed out during the economic crisis. There is no assurance that every company will get that treatment if it happens to them. Most pension plans are funded on rosy and perhaps unrealistic estimates of their underlying investment portfolios. If the real estate and equity markets soften or undergo a major rationalization then many of these funds will become insolvent.
Even public pensions are suspect as cities and states are having difficulty balancing their budgets, think Detroit and California.
Pensions are an amazing benefit however longevity increases and inadequate funding threaten their survival. Social Security is likewise financially unsustainable however the guy writing those checks gets to print his own money so it is much more likely to survive with only minor alterations. Thanks for what you do.
I agree on the risk for pensions. Airlines are another example where pensions blew up in bankruptcies, and the PBGC guarantees are at lower levels than the original pensions. The millennial portion of the infographic is pretty scary. I should be feeling pretty good. Hey TJ! I appreciate your comment as a Millenial. Not everyone is as well placed as you are!! Looking forward to reading about your exciting year!
Thanks for raising the awareness! Why should we all care about this? And just when boomers thought they could retire, economic realities such as meager k plans and crushing medical expenses are forcing boomers by the thousands back into the workplace. As a boomer, you will have to face at least one of these situations and perhaps even juggle all three.
Boomers on the Edge explores the unique challenges that lie ahead and shows how you can survive and even flourish. This book is filled with practical advice, and it is also rich in encouragement. Author Terry Hargrave helps you see the opportunities behind today's changing circumstances.
Now is a new chance to build a legacy of wisdom and connection with your parents, learn new responsibility as a parent to older children, and deepen your faith in the face of financial realities. By embracing the emerging landscape of tests and changes, you will discover the rewards of developing a servant's heart, and you will come to see God's faithfulness as never before.
Show more Show less. More information about ebooks. Now his wife wants plastic surgery, too.
Already, 21 million boomers have passed age 40, with another 56 million to go. We are a third of the population, and by the turn of the century will comprise half the work force. Demographically speaking, baby boomers are divided into two groups: early, those born between and , and late, those born from to Demographers note that boomers are hitting midlife at vastly varying points in the life cycle: Some have small children, some have children in college, at least half are divorced, about a quarter are single, and more than that are childless.
In a traditional life cycle, midlife transition does not begin until the children leave home, according to Gutmann. In his studies of 26 societies around the world, including Americans from Kansas, traditional Navajo Indians and the Druze of Israel and the Golan Heights, he found a universal pattern, based more on life stages than chronological age. As soon as children leave home, he says, women ascend to powerful managerial positions in the home, while men become more passive.
In some religious societies, the loss of physical beauty is replaced by honor in the community. Unfortunately, in America, Gutmann says, esteem for elders of either gender is rare. And, of course, the progressive deterioration of mental faculties. She was 35 and had never been married. Over years of daily workouts before the mirror, she watched her body becoming more youthful while her face became wrinkled and saggy. At 42, it became too painful. A student of Jungian philosophy who had attended her share of poetry readings and consciousness raisings, she entered a serious debate with herself about plastic surgery.
So frivolous. But then again, she reasoned, she had lived the first part of her life mentally. She had been involved in social issues.
And now she had the money, why not? Why not live the second part of her life with an emphasis on the physical? She talked it over with a friend for two years. Plastic surgery won. They take the fat out from under your eyes. I was pleased with that.