Posted on 11/28/2006 10:10:49 AM PST by seacapn
GAINESVILLE - From all appearances, America's baby boomers are a nation of procrastinators wearing rose-tinted glasses.
They think just because they worked all their lives - many starting as early as 16 - they deserve a retirement with the same income as at the peaks of their careers.
Oh sure, there will be some health benefits they'll have to pay for, and heaven knows what gasoline will cost in 10 years. But they'll still be in their homes, drive two cars and take cruises whenever they like.
But recent surveys show that probably isn't going to happen.
The 16th annual Retirement Confidence Survey conducted by the Employee Benefit Research Institute found that a large majority of Americans expect to enjoy a comfortable retirement, but many have not taken the actions needed to turn their aspirations into reality and face the prospect of having to work far longer than they expect.
Their expectations are termed "Swiss cheese" - full of holes.
Twenty-four percent of respondents said they are "very confident" they will have enough money to live comfortably in retirement, and another 44 percent said they are "somewhat confident."
But 22 percent of the respondents aren't setting aside anything for retirement. Another 40 percent have saved up less than $50,000.
(Excerpt) Read more at theledger.com ...
That is the way it works. You are a fool for saving.
I imagine that it will work like college tuition. They jack up the rates artificially and give grants to people who can not afford it.
Shhh! Two more things, besides 401(k)s, for the Dems to tax...
I'm afraid that in the future, it won't just be dems making these kind of money grabs.
"are they going to pay you what you used to get ? NOT A CHANCE."
Then they will have to work for less...if you can bring profit to a someone, they will pay you, if not...oh well...
"Unfortunately, I think your fears are well-founded. When this big wave of Boomer retirees gets hit by a financial crunch, they will instinctively look for pools of money to raid and "redistribute.""
That's why I've tried to keep everything out of "plans" that someone can manipulate. I have my own business interests that I am trying to expand so that I can take the money and run.
Unfortunately, I think your fears are well-founded. When this big wave of Boomer retirees gets hit by a financial crunch, they will instinctively look for pools of money to raid and "redistribute." I'm not sure what the solution is aside from people saving more money. But what are the chances of THAT?
Well, we've invested in 401Ks assuming that we will be at a LOWER tax rate when we retire and start to draw money from these accounts. I doubt the tax rates will be lower when the time comes and I am sure President Chelsey Clinton will sign an executive order confiscating 401K money for non-Democrats anyway.
I think we will need to outsource the elderly either by dumping them in a low wage country like thailand where we can take care of them for much less, or let them "self terminate" via medical neglect, or outright euthanasia.
"That's why I've tried to keep everything out of "plans" that someone can manipulate."
So, which savings vehicle do you prefer? Simmons, or Sealy PosturePedic?
"Confiscatory tax policies which might even hit the boomers who did save..."
That's why I'm trying to "become" my business rather than be employed by a business. In other words, build useable equity that isn't taxable. Never show income, always show business expenses.
There is no where to hide. If you look at what we do to bank accounts of terrorist and/or IRS delinquents, they can and do freeze then seize you assets.
It has a catchy ring to it. FREEZE AND SEIZE.
They better start making babies too.
"Between the difference in lower capital gains tax rates and the higher income tax rate you'll be charged for 401k and IRA withdrawls and the risk of retirement account raiding, I wonder if tax deferred accounts are the best place to save money."
I think you are better off putting it into a home business of some sort.
Retire later... 65 was an age that Bismark fixed in the 19th century as one where few were alive still and even fewer could work...
Today I think that the retirement age should be increased to 70 ...
Mine's still in place ... along with a nice chunk of change in my 401K.
I've been living as an ant, not a grasshopper.
"There is no where to hide. If you look at what we do to bank accounts of terrorist and/or IRS delinquents, they can and do freeze then seize you assets.
It has a catchy ring to it. FREEZE AND SEIZE."
I think you are right there as well. I've been trying to put some of my money in physical assets that are relatively hard to seize. A digital bank account can be locked in two seconds.
"not ready" or just "can't afford" retirement.
What's going to happen is fairly obvious. When boomers realize they can't afford to retire they won't. There's no law of nature that says when you turn 65 it's time to trade a career for a rocking chair. I fully expect many boomers will choose to work well into their 70s and 80s, partly because they have to and partly because they will choose to.
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