Retirees Will Face Dire Straits [Baby Boomers to force following generations to suffer]

Newhouse News ^ | 6/23/3006 | Teresa Dixon Murray

[Tax-chick]

My (current) youngest child should leave home when I'm 58. I plan to get a paying job then, and work until I die. If I have another baby, obviously that will change the numbers :-).

If any or all of the dire predictions turn out correct, then it will simply prove that it was unreasonable for people to expect up to 40 years of post-work idleness at *somebody's* expense.

(Space for Captain Obvious graphic here.)

[MineralMan]

Not really. The cutoff for estate taxes is already pretty high. Have you actually looked at where estate taxes kick in. Neither of the estates I'm talking about meet that amount.

[Incorrigible]

I'm assuming that you're one of the trouble, trouble, run and shout, wave your hands and run about folks.

Nah!  I'm just an instigator.  Incorrigible even!

 

[MineralMan]

""At 60, I'm not nearly ready to retire"...You ain't one of those dbl dippers, let alone triple dippers, Huh?"

I don't see how. I've been self-employed since 1974, when I was still in my twenties. The only thing I'll be dipping is what I've put away.

How about you?

[NRA2BFree]

Not to worry. The government will take care of us. Don't they always? < / sarcasm >

[John Lenin]

We're doomed!

This is no joke, it will be worse than you can imagine.

[Alberta's Child]

Social Security is on course to start paying out more than it takes in by 2017. The money built up before then will be gone in 34 years, just about the time today's 30-somethings start reaching in their mailboxes for a benefits check.

The errors in this item make it abundantly clear how big the problem is -- and how there's really no reason to be concerned about it because there's no point in rearranging deck chairs on the Titanic.

1. The Social Security fund is not "on course to start paying out more than it takes in by 2017." It's been paying out more than it takes in for years -- since FICA tax revenue has been allocated to the general Federal treasury going all the way back to 1969.

2. Which means there is no "money built up before then," either.

[308MBR]

And a deserving target as well.

[Antoninus]

my concern is that spendthrift Baby Boomers will empower the government to grab my nest egg in order to pay for those who didn't prepare. Thus making my efforts pointless.

You're right to be concerned. The "me" generation thinks of themselves as the most important revolutionaries to come down the pike in a millenium. They fully expect to retire in style, and if that means grabbing even more money from the rest of us fat, lazy Americans that they loathe, I have no doubt that they'll vote to do just that.

[ATOMIC_PUNK]

Myeroff isn't sure what it will take for Americans to face reality. "People think this is all just going to work out,"

Correction SOME people think it will all work those of us with our eyes open know it won't !

[Alberta's Child]

I have enough faith in the abject nihilism of this country to assure myself that Baby Boomers will be euthanized once they become a serious burden.

[abb]

I have enough faith in the abject nihilism of this country to assure myself that Baby Boomers will be euthanized once they become a serious burden.

And they'll come for us fat ones first...

[DuncanWaring]

Can the Second Amendment and Social Security Co-exist?

[neutrino]

my concern is that spendthrift Baby Boomers will empower the government to grab my nest egg in order to pay for those who didn't prepare. Thus making my efforts pointless.

And, speaking as a boomer, I want to thank you for your sacrifice. (Evil grin!)

[Glenn]

my concern is that spendthrift Baby Boomers will empower the government to grab my nest egg in order to pay for those who didn't prepare

Good idea. You guys can eat out of our trash cans if you get hungry enough.

[sageb1]

"And now that my parents require as much care as my children, I WISH I had a sister!"

I wondered because the boomers are really the last generation of large families. I was a stay-at-home mom with 4 children and now have 5 grandchildren. I get a little tired of GenXers complaints.

[ops33]

I told both of my children not to count on any substantial inheritance from their Mother and I. Both of us believe we are under no obligation to leave anything to our adult children. There will be some estate, mostly property and house since we must live somewhere, but our goal is to spend all of our money and enjoy it. I told them that if they want any money to do what their Mother and I did, go out and earn it.

[Incorrigible]

And allow me to add...

And without any proof that the government could or will grab the earnings you are setting aside, then I must assume your concerns are merely selfish and self-serving.

Without proof?  Where have you been the last 40 years as the Social Security taxes have risen and risen?!

Rep. Rostenkowski was run out of congress because of angry seniors when the Social Security income tax was approved.

What makes you think that the many liberal Baby Boomers wouldn't be even more angry if their demands are not met when they are seniors.

Are you a libertarian by chance?

Nope!  I put the "serv" in Conservative!

 

[Joan Kerrey]

WE prepared for the future .

So did we. When we're finally in dire straights and running out of our measly savings, we'll vote Dem and join the millions of others demanding more for less.

To those that saved and planned, watch out. We'll get your money one way or the other. Those of us who didn't plan will outnumber you 2 to 1 and we'll be electing those who agree with us that we're victims of stingy wealthy people and deserve the transfer of wealth in our favor.

[MineralMan]

"I told both of my children not to count on any substantial inheritance from their Mother and I. "

OK. You aren't under any obligation to leave an estate. I'm not talking about individual cases here, but in general. There will be a large transfer of wealth coming in the next 20 years. You may not be much a part of it, based on what you say, but lots of folks aren't doing as you are.

I'm by no means dependent on any inheritance, but there will still be one.