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Boomers Not Ready For Retirement
The ledger (Lakeland, Florida) ^ | Monday, November 27, 2006 | MARINA BLOMBERG

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 ...


TOPICS: Business/Economy; Culture/Society; Government
KEYWORDS: babyboomers; genx; retirement; savings; socialsecurity
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To: Chi-townChief
And I'm very concerned that my 401k will be the place those who didn't save will want to get their retirement income from.

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.

21 posted on 11/28/2006 10:38:22 AM PST by staytrue
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To: Spacewalker
I have a defined benefit pension... So does my spouse...

Shhh! Two more things, besides 401(k)s, for the Dems to tax...

22 posted on 11/28/2006 10:38:42 AM PST by Lou L
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To: Lou L

I'm afraid that in the future, it won't just be dems making these kind of money grabs.


23 posted on 11/28/2006 10:40:05 AM PST by seacapn
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To: SirLinksalot

"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...


24 posted on 11/28/2006 10:41:30 AM PST by dakine
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To: Chi-townChief
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. It used to be a no brainer, but should I keep my future retirement money in a retirement account or is it just begging for the government to raid it.
25 posted on 11/28/2006 10:42:49 AM PST by KarlInOhio (Hey Kerry, What part of showing heels and ass is a winning strategy in Iraq?)
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To: seacapn

"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.


26 posted on 11/28/2006 10:43:08 AM PST by FastCoyote
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To: seacapn
I'm very concerned that my 401k will be the place those who didn't save will want to get their retirement income from.

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.

27 posted on 11/28/2006 10:43:43 AM PST by pikachu (For every action there is an equal and opposite government program - Fig Newtons 1st Law)
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To: seacapn
I'm not sure what the solution is aside from people saving more money.

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.

28 posted on 11/28/2006 10:44:06 AM PST by staytrue
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Comment #29 Removed by Moderator

To: FastCoyote

"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?


30 posted on 11/28/2006 10:45:48 AM PST by linda_22003
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To: somniferum

"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.


31 posted on 11/28/2006 10:47:51 AM PST by FastCoyote
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To: FastCoyote
That's why I've tried to keep everything out of "plans" that someone can manipulate.

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.

32 posted on 11/28/2006 10:48:24 AM PST by staytrue
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To: somniferum

They better start making babies too.


33 posted on 11/28/2006 10:48:58 AM PST by winodog
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To: KarlInOhio

"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.


34 posted on 11/28/2006 10:50:28 AM PST by FastCoyote
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To: staytrue

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 ...


35 posted on 11/28/2006 10:51:36 AM PST by Spacewalker
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To: seacapn
Just wait till we "Boomers" start taking money out of the stock market upon retirement and everyone's 401K's/mutual funds start to slide. I think THAT's what the real concern should be. Hopefully we can do that before the Democrats start redistributing these mere trillions of dollars.
36 posted on 11/28/2006 10:51:51 AM PST by poobear (Political Left, continually accusing their foes of what THEY themselves do every day.)
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To: seacapn
Only 40 percent of workers indicate they or their spouse have a defined benefit plan

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.

37 posted on 11/28/2006 10:53:23 AM PST by tx_eggman (Democrat Campaign Slogan - 2006: "Bring Out The Gimp!")
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To: staytrue

"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.


38 posted on 11/28/2006 10:54:16 AM PST by FastCoyote
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To: seacapn

"not ready" or just "can't afford" retirement.


39 posted on 11/28/2006 10:54:20 AM PST by lilylangtree (Veni, Vidi, Vici)
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To: seacapn

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.


40 posted on 11/28/2006 10:55:29 AM PST by AustinBill (consequence is what makes our choices real)
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