It's frightening.
I sincerely hope they do not expect the government to help them.
Why not? Didn't the dems tell us, not to worry? (do I really need the sarcasm thing?)
"...with no one caring whether you live or die "
Well heck, with most of us, not too many WILL care whether we live or die. That is just life.
I retired at age fifty, eleven years ago. I'm doing just fine, thank you.
Yea and meanwhile my wife and I (28) are putting close to grand a month away in 401ks and pensions (not to mention paying social security tax) every month and will be footing the bill for the irresponsible.
Most people conjure up an image of some 80 year old granny, but the real problem is the masses of baby boomers who didn't do sh!t between 1960 and 1980 except smoke pot and protest and have been trying to catch up since the 80s.
Present company exluded, of course ;)
Sorry, but for the most part, that's exactly what is going to happen. If you thought Katrina was bad, just wait.....
"How do we get to high ground? I suggest -- unless you're already on track to have 15 times what you need to live on at retirement socked away by age 65 -- taking 20 percent of your paycheck if you possibly can, putting it in the Fidelity Fund (FFIDX) or the Vanguard Total Stock Market Index Fund (VTSMX) until you're 55, then putting half of it into the Fidelity Total Bond Fund (FTBFX) or Vanguard Total Bond Market Index Fund (VBMFX).
Maybe if you have a few bucks extra, buy the iShares MSCI Emerging Markets Index ETF (EEM) or the iShares Russell 2000 Value Index ETF (IWN) for developing market or small-cap exposure. But for heaven's sake, do it now.
"
Ahh. A plug for his mutual funds.
BTTT
"I meet far too many people who are well into their 40s and 50s who have yet to begin planning their retirement."
Sad, ain't it? I've listened to and loved Ben Stein for a long time. I'm on track to retire in 10 years at age 55. Debt free, income from investments, the selling of my business, a military retirement, a little SS money (though that's not factored in, that's gravy) and real estate. I can make chump change working at whatever I FEEL like working at, at that time. (I'm one of those people that will always "work" at something for fun and profit.)
That's the plan, anyway. However, I could be run over by a bus tomorrow, LOL!
Anyhow, great reality check as always, from Ben Stein. :)
Sadly, anyone with a history book doesn't have wonder what it will be like. It will be like it's been for most of human existence.
This is the Ant and Grasshopper story writ large, and your local friendly Democrat will be there to offer "compassion" to the old folks who elect them, and our children and grandchildren will be hammered by taxes, loaded up with resentment and bitterness.
I think the addiction to credit is largely responsible for this train wreck that's about to arrive.
Not to worry - by then all those illegal aliens will be given amnesty and be ready to take care of you.
People need to start having more children to help support them in their old age.
Mark for later.
I'm 48, and I have planned for the future. I plan on never retiring.
How can I possibly save for retirement? I've got to pay for the new 50" plasma, the new kitchen, the new 7-Series in the garage, the kids private schools, the country club, and annual vacations in Hawaii. I don't see any way I can possibly save for retirement.
I knew the old bastard was over the hill, but I didn't know he had gone senile, sprung a leak in 1st class, and had started reciting sales brochures into his Ipod while the attendants were administering intravenous Chateau LaFitte on the way back to solid ground.
Pull the plug before the Air Marshall has to step in.
I doubt retiring Baby Boomers will suffer that much, they, as a voting block, will demand the younger Gen X and Y generations pay 100% of their incomes in taxes to fund the quality of life for retired Baby Boomers, the younger generations will reply with euthanasia for the retired Baby Boomers.
It's sick, tragic, but also ironic in it's own way.
"My point is how terrible service is -- even at the higher end in 2006 -- and then to add this chilling thought: If this is how bad it is at the high end now, can you imagine how awful it'll be for everyone in 2020? When all vestiges of service are gone? When no one speaks English? When all customers are just ciphers?"
He is soooooooo right about this. File under: nobody wants to do their jobs anymore.