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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: somniferum

I am almost done raising my children. I was a stay at home mom, now looking at a new career.


81 posted on 11/28/2006 1:23:51 PM PST by television is just wrong (Our sympathies are misguided with illegal aliens...)
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To: FastCoyote
"Confiscatory tax policies which might even hit the boomers who did save..."

If you take a moment to add it all up, Taxes are more than merely confiscatory now.

82 posted on 11/28/2006 1:24:13 PM PST by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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To: lilylangtree

He did not think he needed to save. He got the shaft.


83 posted on 11/28/2006 1:24:38 PM PST by Hydroshock ( (Proverbs 22:7). The rich ruleth over the poor, and the borrower is servant to the lender.)
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To: groanup
"What happens to those values when millions of boomers decide to down-size and use the equity for retirement?"

Housing prices will decline. People always say that their going to retire on less income but it doesn't work that way. They want to live the same way on the same amount of money as when they were working. I retired 10 years ago and manage to live adequately on a good six figure income from investments, annuities, munies, and commercial property. You have to plan long term to do it.

84 posted on 11/28/2006 1:27:14 PM PST by OregonRancher (illigitimus non carborundun)
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To: seacapn

Maybe if they had invested better and not wasted so much money on marijuana they wouldn't be in this predicament.


85 posted on 11/28/2006 1:27:26 PM PST by jpl (Victorious warriors win first, then go to war; defeated warriors go to war first, then seek to win.)
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To: seacapn

What impoverished retirement. My financial portfolio assures me that I'll be retiring in more than comfortable style!


86 posted on 11/28/2006 1:29:46 PM PST by BunnySlippers (Never Forget / Giuliani 2008)
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To: seacapn

I'm retired and living on a greatly-reduced income. It can be done. But the heirs and relatives won't get much from my estate down the road, because I'm spending it all NOW, hahaha.


87 posted on 11/28/2006 1:31:48 PM PST by Ciexyz (Satisfied owner of a 2007 Toyota Corolla.)
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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.

If you can move that money offshore ... DO IT.

88 posted on 11/28/2006 1:32:03 PM PST by Centurion2000 (If the Romans had nukes, Carthage would still be glowing.)
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To: linda_22003

Glad you liked it. If it were not based on real life cases, it would be a lot less interesting! LOL!


89 posted on 11/28/2006 1:55:37 PM PST by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: somniferum

That's what this last election was. They were already doing some raiding, even prior to retirement.


90 posted on 11/28/2006 1:59:45 PM PST by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: AustinBill; qam1

The grey cieling will never subside. And as a result, the Xers will also be forced to delay retirement. Plus, just about the time the boomers start to clear space for Xers' advancement, their kids come and attack the Xers from below. It's actually already started happening.


91 posted on 11/28/2006 2:04:37 PM PST by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: Chi-townChief

You know lately I worry about that too. What if they see our 401k's accumulated over forty years and decide we are undeserving.


92 posted on 11/28/2006 2:05:05 PM PST by cajungirl (no)
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To: Kenton

Good plan.


93 posted on 11/28/2006 2:05:45 PM PST by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: GOP_1900AD; qam1; ItsOurTimeNow; PresbyRev; tortoise; Fraulein; StoneColdGOP; Clemenza; ...
Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.

94 posted on 11/28/2006 2:06:34 PM PST by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: Digger

"A democracy is always temporary in nature..."

America isn't a democracy. Let's hope this republic has a more positive run.


95 posted on 11/28/2006 2:06:35 PM PST by MayflowerMadam
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To: PigRigger

I used to see a guy with a "LV42DAY" California vanity plate - king cab, boat, huge house, etc. Quite a young guy, I might add. Then one day, I didn't see him anymore. Probably has that same vanity in Idaho ....


96 posted on 11/28/2006 2:11:49 PM PST by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: seacapn
Take responsibility for your own retirement, no matter your age. It helped me a lot.

RetirAbility Check

Nationwide disclaimer: You'll need Flash 8....
Find a computer with broadband access before using this tool. Because of the extensive use of video it works best with a high speed connection. We don't recommend dial-up.

97 posted on 11/28/2006 2:14:43 PM PST by Tamar1973 (I find your lack of faith disturbing--Darth Vader, Ep. IV)
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To: Jimmy Valentine
Back in 1999, I wrote this classic Publius Essay that guessed wrong about a lot of things. But halfway through the essay I have a section about the children of the Baby Boomers euthanizing Mom and Dad because they need their parents' assets to survive.
98 posted on 11/28/2006 2:18:50 PM PST by Publius (A = A)
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To: MayflowerMadam

This thread has an odd feeling. Just last night husband I were talking about retirement and the market bust yesterday. I calculated in my head what we actually need for a meager retirement, health care, food, one night out a month, no hair color, that kind of thing.

When you scrape out all the fun and gravy of saving for forty years and you have no debt, you can live on very little. Not social security but probably SS plus 1 % of our savings, not the 4 % I planned on.

It made me feel better and it gave me a odd sense of pleasure,,like if hard times came, we would hunker down and make it like our parents did.

We are retirement age but don't want to retire. We work less hours than before, I leave work at 2 everyday and get full pay and we have more time than we ever had. We just like socking away money, traveling and not feeling piinched. Plus we love our jobs, really love them.


99 posted on 11/28/2006 2:19:52 PM PST by cajungirl (no)
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To: Publius

And back before that, in the early '90s, there was a great short story in the New Yorker about old people on a very posh cruise. They're having a great time until they find out the cruise is one-way, paid for by their kids who "are tired of waiting for their inheritances." The name of the ship is the S.S. Utopia, if I recall correctly.


100 posted on 11/28/2006 2:30:56 PM PST by linda_22003
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