Generation X glum on retirement prospects: survey

Yahoo! ^ | Mon Apr 14, 8:03 AM ET | Pedro Nicolaci da Costa

[Lusis]

NEW YORK (Reuters) - Baby boomers say they are worried about achieving a comfortable retirement, but a new study suggests Generation X is even more pessimistic.

[the invisib1e hand]

what, the generation that killed its parents, flushed its newborns down the high school toilet, made porn videos of itself, shot its classmates to death in high school is worried about retirement?

[babble-on]

a whole generation flushed its newborns down the high school toilet?

[glorgau]

Not to worry, something will come up after they are done paying for the boomers Social Security.

[Jagman]

As I read through this article, it occurred to me that it represented a perfect storm of hackneyed second-rate writer cliches that were in danger of falling into the black hole of lazy journalism.

[caver]

Oh great, another boomer bashing thread.

[Puppage]

Baby boomers say they are worried about achieving a comfortable retirement

I'd like for these people to define: a comfortable retirement

I suspect it differs greatly from mine.

[cizinec]

Read the article.

It’s a Gen-X bashing thread, apparently.

Just as idiotic, but that’s what it is.

I think what the article is saying is that the so-called Gen-X generation is not optimistic about its retirement prospects, due, to some extent, to the ideals of the great society.

They don’t expect (and I believe rightly) that Social Security in its current form is viable. All the taxes they pay will be spent on the care of their parents’ generation. I don’t see that as a negative view of their parents, but as a simple statement of fact. They know the government cannot continue these programs. Their retirement funds are eaten up, to some extent, by a tax that they cannot invest and which will not be used for their benefit.

Since it is not politically viable to address the issue by cutting benefits or by raising taxes, at least one of which *will* occur, they expect the none-responsive government to be useless at their retirement and expect nothing from the government.

I suspect that, as they age, this will directly affect where their money goes.

I guess I don’t get the anger the article evoked.

Lusis, I don’t see the correlation to the other two topics mentioned. I would certainly expect a statement that seems so far off topic to be tied in with some sort of evidence, not an “everybody knows that” statement.

[stefanbatory]

If my research is correct, I came right at the beginning of the Gen-X wave. I would be a fool to depend on Socialist Security for my retirement. And yes, I can think of a lot better uses for my taxes than taking care of someone who was not far-sighted enough to plan properly for their own retirement.

[caver]

Yea, I read the article. The point I was making is that every generational themed article turns into boomer bashing. Let this tread go long enough and you will see.

[qam1]

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 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.

[Anitius Severinus Boethius]

Uh, which generation are you thinking of again?

“Generation-X” ended with those born around 1980.

It’s the most pro-life of any generation, the last remnants were in College during the Columbine massacre, and they were firmly entrenched in the workplace by the time cheap digital cameras were available for trading homemade porn videos with their “friends”.

When 9/11 happened, Gen X-ers were those who flooded the recruiting stations (21 to 36 year olds). It doesn’t sound like the generation you are describing.

[wbill]

Wow, this author is an idiot...."For perspective, someone who envisions 20 years of retirement on about $50,000 a year would need to have $1 million stashed away."

A million stashed away in a mattress, perhaps. An interest-bearing bank account at 2% would throw off 20K a year, alone. Nevermind if it was wisely invested.

[pnh102]

Maybe it is because we as Generation X-ers know for a fact that Social Security and Medicare will cost so much money in the next 30 years that we will be paying 100% or more of our income in taxes to fund these programs.

I would say that is a very valid fear, since no one in Congress is in any hurry to scale back these entitlement programs... but seems to be in every hurry to expand them, especially in the last 7 years.

[BenLurkin]

I have two words for them: Save and save.

[BenLurkin]

I have two words for them: Save and invest.

[LS]

No doubt close to the secret garden of dead liberal ideas, buried next to Camleot, because, as we know, it's all for the children.

[whd23]

A million stashed away in a mattress, perhaps. An interest-bearing bank account at 2% would throw off 20K a year, alone. Nevermind if it was wisely invested.

It's about a safe withdrawal rate, not your best possible ROI. The older you get, the more risky you can be with your withdrawal rate (increasing the percentage of withdrawal) but a commonly quoted withdrawal rate is ~4% This allows your investment to continue to grow to offset inflation.

You can do a search yourself or start here for some more information.

[stuartcr]

Probably because you are from a different generation.

[HungarianGypsy]

My husband had a business for a while. If he had not been self employed, he would have gotten banck $1000 in a refund. Because he was self employed, he owed $7000 (after all deductions). All of the self employment taxes were FICA and Medicare. So, knowing we won’t see that does piss us off.