Posted on 02/11/2023 9:05:50 PM PST by SeekAndFind
Ugliness awaits most boomers nearing retirement, not only have they been lied to, but they also have to deal with rigged markets, corruption, and incompetent advisors. Boomers make up the second-largest generation in American history, it consists of over 72 million individuals. Those that haven't already retired are getting ready to. A big problem is most have little in the way of savings.
Adding to this problem is that the generations following the baby boomer generation are even worse off and America's economic picture is less than rosy. It does not help that Americans have been encouraged over the years to spend and incur debt rather than save. This encouragement comes from politicians hooked on the idea consumer spending creates a strong economy.
This results in many people retiring with little savings and dependent on a government already deep in debt to care for them in their older years. Those of us that have studied the numbers come to shaking our heads in horror, simply put, something has to give and most likely promises will be broken, When words like unsustainable and insolvent have been muttered they simply get brushed aside by daily life.
For years those in power have hidden and sheltered Americans from the harsh truth that the numbers simply do not work but history shows politicians would rather kick the can down the road than deal with reality. To the many people that have been looking forward to a comfortable and leisurely life in their older years. The fact that things could be worse is not something that will cause most retirees to leap with joy.
An example of what we face is evident in healthcare. this is a sector of the economy that Washington has pledged to fix and even claimed it has. The chart put out by Statista shows the U.S. has the most expensive healthcare system in the world.
You will find more infographics at Statista
This matters if you consider it as a tax on the American people and realize that healthcare is a major expense for people as they age. This hits medicare directly in the heart meaning as cost soar for the program something will have to be done. That something generally comes in the form of cutting benefits and charging recipients more.
While there is more to life than money, few people choose to live in poverty. Unfortunately, even most Americans that have saved over their lifetime and done the right thing are in peril.
Over the years, the Fed has inflated the money supply and in doing so it also inflated asset prices, including stocks, bonds, and real estate. Much of this is the result of ballooning debt. Make no mistake about it, the government has fed at the debt trough and it has made our future less promising. Yes, we are roughly 33 trillion in debt, not counting the unfunded liabilities of social security, medicare, and Medicaid.
While This Is An older Chart, Little Has Changed. Reality Is Not Pretty
With the current trajectory of economic policies and inflation running above the return savers can earn from safe investments things will only get worse for retirees and those close to retirement age. Considering the amount of debt already amassed, the government is going to have a difficult time putting together generous new aid packages to come to the aid of those dependent upon its programs. This will result in conflict as both the young and the old are forced to fight over the few scraps it can provide.
All this has created a situation where if the money supply now contracts a huge number of defaults will occur and both businesses and investors will incur big losses. This threat to 401Ks and pension plans is real and would make many boomers collateral damage in any effort they make to correct the mess they have created. Those in or nearing retirement should make an extra effort to reduce risk and keep their savings safe.
When the dollar is not longer the reserve dollar, interest rates will rise sharply.
Oh, I was concerned that we would become more ugly looking in our retirement.
Retiree expats leaving the country has never, ever been stupid people looking for a place that was unsafe or dirty.
It was people looking for some place where they could afford to live out their lives without humiliating circumstances.
Walmart is hiring.
and yet... they build million dollar + homes as fast as they can by the thousands and they all sell.
Something is wrong with the stats.
Go to the suburbs near any large city and there are literally 10’s of thousands of mansions, all of them sold and being lived in.
There is more money in the country than we know of, I don’t know why it is not picked up in studies like this but it’s just a fact.
Our entire problem is Democrats.
When younger, they want socialism.
When older they expect everybody else to support them.
life doesn’t work that way and never has.
Old societies always relied on what they produced
and not the government.
I laugh when Democrats cry for food.
Yes, this is very true.
An interesting and related question would be: "How many of those people are living paycheck to paycheck?"
oh, I have no doubt about that! lol but as long as they can make the payments those homes alone will make them rich, like really really rich.
I think a lot of these stats don’t take into account the net worth people have in their homes.
I'd say it was more a matter of not preparing for a financially secure retirement. My retirement planning start way before I retired. That allowed me to retire once I turned 60 without any financial worries.
Comparing health insurance costs globally is pointless. There’s no practical way to extrapolate common value for the extremely diverse societies, application of care, funding mechanisms, and those covered by a given unit.
bkmk
this is how I feel....we’ve been swindled....go to school, marry, raise children well, and work, work, work, and don’t forget to volunteer and invest in good growth mutual funds and you’ll be set....or not....
I just said about the same thing to my wife a few hours ago. My wife was comparing us to another person and I reminded her that the woman is a widow who's husband, with a PhD, had filed for bankruptcy and was constantly getting calls from bill collectors which proved they were living their elevated lifestyle on money they didn't have.
In our situation we have always lived within our means and have comfortable investments and money in the bank.
My wife said that I still don't have any idea what the widow has. The widow was a school teacher and her PhD late husband was constantly looking for a get rich quick scheme. I am confident that she still lives pension check-to-pension check, whereas our SSA checks go in the bank to mingle with a lot more Dinero.
Boomers (full disclosure, I am one!) as a group think they can get away with taking-taking-taking, drinking and opiating their cares away (trust me, I know some of these), living off of society on their entitlements, everything is cool...
Gen-Z has other plans for us. They don’t like boomers much.
On the other hand, there’s another boomer POV, which I share: I paid through the nose my whole damn life for SS and Medicare, and I want my due.
It’s a problem. Sadly, we don’t have cognizant pols with integrity to righteously deal with the problem.
Suppose you earned $45K/yr in your best year. What sort of preparation is possible then?
>> Suppose you earned $45K/yr in your best year. What sort of preparation is possible then?
You’re screwed. In that condition, Owen, I’d advise voting Democrat and taking every lazy freebie they offer you, including of course every single COVID jab and all the free boosters and stuff. Because, FREE!, and approved by the Marxist cabal currently holding stolen power.
But, hey, I don’t need to advise you that way, right Owen? You already KNOW that strategy and you already do all you can to peddle it here on FR. Right, Owen?
They f’d up they trusted the US.
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