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Retiring Boomers Find 401(k) Plans Fall Short
The Wall Street Journal ^
| February 19th, 2011
| E.S. Browning
Posted on 02/20/2011 12:02:48 PM PST by andyk
The 401(k) generation is beginning to retire, and it isn't a pretty sight. The retirement savings plans that many baby boomers thought would see them through old age are falling short in many cases. The median household headed by a person aged 60 to 62 with a 401(k) account has less than one-quarter of what is needed in that account to maintain its standard of living in retirement, according to data compiled by the Federal Reserve and analyzed by the Center for Retirement Research at Boston College for The Wall Street Journal. Even counting Social Security and any pensions or other savings, most 401(k) participants appear to have insufficient savings. Data from other sources also show big gaps between savings and what people need, and the financial crisis has made things worse. This analysis uses estimates of 401(k) balances from the end of 2010 and of salaries from 2009. It assumes people need 85% of their working income after they retire in order to maintain their standard of living, a common yardstick.
(Excerpt) Read more at online.wsj.com ...
TOPICS: Business/Economy; Government
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To: Tzimisce
“Truth?” You have demonstrated you wouldn’t know the truth if it kicked you in the mouth...byby (Oh, and I’ll probably outlive you, sweetheart....)
121
posted on
02/20/2011 7:41:01 PM PST
by
goodnesswins
(I'm not a great man....I just believe in great ideas! Ronald Reagan)
To: goodnesswins
How OLD are YOU? better answer truthfully.....cause people here are really starting to wonder
Why?
Will that change what I've said?
122
posted on
02/20/2011 8:00:19 PM PST
by
Tzimisce
(Never forget that the American Revolution began when the British tried to disarm the colonists.)
To: Tzimisce; admin
You need to get off the dope kid.
123
posted on
02/20/2011 8:04:51 PM PST
by
poobear
(FACTS - the turd in the punch bowl of liberal thought!)
To: Kennard
This thread about retiring boomers revealed alot about my generation, as also evidenced by the 600+ comments at WSJ.COM. Whether growing up dirt poor or with a silver spoon, all but a few felt entitled to "retire" in their early 60s, even though most will be able to work into their late 70s or later. This also relates to the apathy, "let's all just get along" and the RINOs for the past thirty years. They may or may not have lead exemplary private lives, but when it came time to speak up for the good of the nation, for everyone, they fudged and waffled, feathering their own nest. For example, where were all those Tea Party members in 1990? 2000? 2007? ... going along, getting along, swallowing bigger government ... Only when the SHTF over the past two years did they emerge. Now they talk like they've been troopers all along and get all huffy when you question the bona fides of their generation. We have known these types all along. Now I just want their votes and campaign contributions, thank you very much. What we are discussing is set to be displayed in the upcoming contest between Palin and Romney.
Exactly.
Who was it who said "All evil needs to prevail is for good men to do nothing"?
Real conservatives have done very, very little in the past few decades. While the left has been on the march.
And it's costing us.
Read a news article just yesterday - I guess a judge in Wisconsin has REFUSED to make these teachers go back to work, even though teacher strikes are illegal under Wisconsin law. That judge wasn't appointed yesterday. In fact, I'll bet if I went and looked it up I'd find he's been in that chair for many years.
How did he get in to that position? Because when it was time to vet him, no one cared.
124
posted on
02/20/2011 8:05:37 PM PST
by
Tzimisce
(Never forget that the American Revolution began when the British tried to disarm the colonists.)
To: goodnesswins
Truth? You have demonstrated you wouldnt know the truth if it kicked you in the mouth...byby (Oh, and Ill probably outlive you, sweetheart....)
I doubt it. Especially if you get before one of Obama's Deathpanels....
125
posted on
02/20/2011 8:08:31 PM PST
by
Tzimisce
(Never forget that the American Revolution began when the British tried to disarm the colonists.)
To: poobear
You need to get off the dope kid.
Yes, personal attacks make you right.
126
posted on
02/20/2011 8:10:22 PM PST
by
Tzimisce
(Never forget that the American Revolution began when the British tried to disarm the colonists.)
To: Tzimisce
HAHAHAHAHAHAAAAAAAAAAAAAAAAAAAAAAAHHHHHHH
127
posted on
02/20/2011 8:11:53 PM PST
by
goodnesswins
(I'm not a great man....I just believe in great ideas! Ronald Reagan)
To: Tzimisce; Jim Robinson
You know...I think we should bring Jim Robinson into this....he’s a “boomer”
128
posted on
02/20/2011 8:13:33 PM PST
by
goodnesswins
(I'm not a great man....I just believe in great ideas! Ronald Reagan)
To: Tzimisce
Kill Social Security, Medicare and Medicaid. I don’t care. This would half the budget. What would you suggest we do next? I never voted for any of it!
You on some kind of disability? F off. Fend for yourself! The only folks who qualify for any benefits should be the military. Period.
129
posted on
02/20/2011 8:24:13 PM PST
by
poobear
(FACTS - the turd in the punch bowl of liberal thought!)
To: goodnesswins
You know...I think we should bring Jim Robinson into this....hes a boomer
Hey go for it.
If you read all of my posts and not just the ones to you, the ones that you're taking personal offense at, I think I've made a good point rather clearly.
And if he wants to toss me from the site because your little ego got bruised, well I guess I can live with that.
130
posted on
02/20/2011 8:34:14 PM PST
by
Tzimisce
(Never forget that the American Revolution began when the British tried to disarm the colonists.)
To: Tzimisce
Baby Boomers: they grew up little Marxists in the 60s thinking the world owes them everything because mommy and daddy handed them everything.
So now theyre going to tax their kids to make up the shortfall of their Socialist theories.
Dont worry: most will vote Obama the next election.
In reality, boomers tried to get Washington and the country to reform social security for future generations because we knew our generation would break the bank. Democrats claimed conservatives were going to make old people eat dog food. So...baby boomer parents got scared and derailed any reform.
We (the majority of Reagan boomers) knew we needed to have our own money to save for retirement and not put it in the hands of Washington politicans. We had the majority in the Republican party - the last tea party that brought in Newt, et.al., but failed to get it done. As hard as we worked to get liberals out of power, very little changed of the big problems we tried to fix.
Don’t blame boomers now. It’s too late.
To: Tzimisce
HA...you think MY ego is bruised by you???? You are very naieve....no matter your age. And, if think I’m calling Jim in to get you tossed you are ignorant....I just want HIS reaction to your generalizations about “boomers.” And, now...I’ve had enough of you.
132
posted on
02/20/2011 10:14:18 PM PST
by
goodnesswins
(I'm not a great man....I just believe in great ideas! Ronald Reagan)
To: Tzimisce
Baby Boomers: they grew up little Marxists in the 60s thinking the world owes them everything because mommy and daddy handed them everything. You're young. The boomers grew up with parents who'd seen the depression, and knew that things were nice, but not required. Its some of the boomers who tried to hand to their kids what they could.
Yes, I am a boomer. And so are a lot of the other folks on this site.
Get over yourself, and don't demonize whole demographic groups. That's a tactic of the left. You get to yell about the politics of SEIU or ACORN, but the folks there have all signed on to the politics. The Boomers don't have uniform political or social beliefs.
133
posted on
02/21/2011 6:20:23 AM PST
by
slowhandluke
(It's hard to be cynical enough in this age.)
To: Kennard
Once again, blaming it all on the Boomers is quite wrong. Obama did get support from some boomers, but more kids and a goodly number of seniors.
It wasn't just the baby boomer teachers, but almost all teachers. One recent report had a 900-1 left-right ratio at a CA university.
Cloward and Piven were born in 1926 and 1932, they are not boomers. John Dewey was born in 1859. The marxist 5th column started a long time ago, has grown over the years, and blaming it on boomers misses the source altogether.
Picking the wrong target means failure.
134
posted on
02/21/2011 6:35:27 AM PST
by
slowhandluke
(It's hard to be cynical enough in this age.)
To: GOPJ
No one can plan for poor health. Medical will wipe out savings in a flash.
Ummm, 1. That was not my statement although I agree with it, since I have lived it. 2. I am still employed and I have BOUGHT health insurance my entire life, always the “premium plan” offered by my employer.
Do you actually think that health insurance will keep your savings from being wiped out? Thousands of responsible people with health insurance have experience to the contrary. Hopefully you’ll get lucky...if not, you’re in for a nasty surprise.
To: mylife
Social Security is also supposed to be supplemental. It’s a pittance.
But feckless Americans count on Big Government to take care of them when retired. They don’t save for a rainy day. They live paycheck to paycheck. They panic at the slightest hint of unemployment, serious illness and cuts in Medicare and Social Security.
The welfare state has gone mad. Simply because we don’t save enough.
To: Magic Fingers
I lost my partner in love and marriage a few years back to a years long battle with cancer. I have some idea.
137
posted on
02/21/2011 7:31:44 AM PST
by
GOPJ
(http://hisz.rsoe.hu/alertmap/index2.php - It's only uncivil when someone on the right does it.- Laz)
To: GOPJ
“I lost my partner in love and marriage a few years back to a years long battle with cancer. I have some idea.”
I’m sorry for your loss...I’m in the process of doing the same thing but from a different disease. That being said, if it didn’t severely impact your savings you were truly fortunate (in that regard).
To: Magic Fingers
Im in the process of doing the same thing but from a different disease. That being said, if it didnt severely impact your savings you were truly fortunate (in that regard). You're in my heart and prayers... and yes, I was blessed with great insurance and a company that stood with us the whole time...
139
posted on
02/21/2011 8:10:13 AM PST
by
GOPJ
(http://hisz.rsoe.hu/alertmap/index2.php - It's only uncivil when someone on the right does it.- Laz)
To: Tzimisce
In the 70's Boomers were called "The Me Generation" - and that is a very fitting title. One that I don't think they ever (as a generation) shed. That generation got tagged with a lot of things including the draft, even got numbered by a draft lottery. Not the kind of lottery that you're used to playing.
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