Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Retirement May Be Mission Impossible for Gen X (those born from 1965 to 1981)
Yahoo ^ | 4/16/12 | Jessica Rao - CNBC

Posted on 04/16/2012 3:15:52 PM PDT by NormsRevenge

As kids, they sat on gas lines in the backs of their parents’ cars. As young adults, they saw the stock market crash, and when it finally came time to settle down, they bought a house at the peak of the housing bubble and then were faced with the worst economy since the Great Depression. It’s no shock that Generation X — those born from 1965 to 1981 — may get short changed in their golden years.

Though they’ve watched parents and grandparents nestled with pensions, Social Security and strong economic growth, these are no longer guarantees. On the other hand, longer life spans with more medical bills and greater need for cash are the reality for many.

Gen X is the first generation to deal with the fact that the models of American retirement are changing — and its members are flustered. The generation once called “slackers” has been true to form with retirement planning.

“Gen X is a transition generation,” says Carol O’Rourke, a certified financial planner and Executive Director for the Coalition for Debtor Education in New York City. “Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to.”

According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are "very confident" about having enough money to live comfortably during retirement, cover their medical expenses, and pay for their children’s higher education.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; Government
KEYWORDS: generationx; missionimpossible; retirement
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-80 ... 101-106 next last
The 'In Debt We Trust' crowd waves as it ages away..
1 posted on 04/16/2012 3:15:56 PM PDT by NormsRevenge
[ Post Reply | Private Reply | View Replies]

To: NormsRevenge

>>As kids, they sat on gas lines in the backs of their parents’ cars.<<

Sorry for the slight thread drift, but my dad owned a gas station in those days and, as a youth, it was my lucky job to put the “last car” sign onto the last car we could take when we were about to run out of gas.

I also got to ask people to let me see their gas gauges to make sure they were below 1/2.

As for the point of the article, I’ll be working to 70 or 75, even with as good planning as I can do.

One last note: Anyone born after 1955 or so who thinks he/she will ever see a dime of SS is delusional. SS is a big zero in my retirement planning, assuming I live after I retire. My wife, OTOH, is unbelievably healthy, has great health habits and comes from a long-lived line. I am really planning for HER.


2 posted on 04/16/2012 3:21:55 PM PDT by freedumb2003 ('RETRO' Abortions = performed on 84th trimester individuals who think killing babies is a "right.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
Retirement? Bwahahahahahahahahahahahahah. Right.

The 'In Debt We Trust' crowd waves as it ages away..

And the newest generation is worse.

3 posted on 04/16/2012 3:23:25 PM PDT by Darren McCarty (The Republican Party is bigger than the presidency)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

Hubs & I have the 401k thingy going.

Excess disposable income goes toward freeze-drieds, heirloom seeds, ammo & other preps.

We trust, but verify (by making sure we can care for our damn selves.

This Gen Xer has no worries....Gen Y is the Occupy Asswipe group that needs a “talking to”.


4 posted on 04/16/2012 3:24:08 PM PDT by LadyBuck (In the immortal words of Jean Paul Sartre, 'Au revoir, gopher')
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

>> The ‘In Debt We Trust’ crowd waves as it ages away..

I’m a boomer. I have no debt. I actually *enjoy* working (and it’s a good thing I do).

I do feel sympathy for the X-ers, but only a little. Many of them have expectations that far outstrip their abilities and work ethic.

The generations after X are *worse* in that regard. That’s a generalization of course, and there are many exceptions.


5 posted on 04/16/2012 3:30:42 PM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: LadyBuck

Agreed, as a Gen Xer I think we are realists, and unfortunate to be burned by the Baby Boomers and their selfishness and lack of accountability. It is the Gen Y’s that are totally useless.

I am speaking in generalities.


6 posted on 04/16/2012 3:32:41 PM PDT by Cathy
[ Post Reply | Private Reply | To 4 | View Replies]

To: LadyBuck

Agreed, as a Gen Xer I think we are realists, and unfortunate to be burned by the Baby Boomers and their selfishness and lack of accountability. It is the Gen Y’s that are totally useless.

I am speaking in generalities.


7 posted on 04/16/2012 3:32:55 PM PDT by Cathy
[ Post Reply | Private Reply | To 4 | View Replies]

To: NormsRevenge

“According to a 2012 Insured Retirement Institute , IRI, report, only one-third of Gen Xers are “very confident” about having enough money to live comfortably during retirement,”

With inflation the way it is, and interest rates down to zero, saving money isn’t exactly worthwhile. I figured I’d just spend it all on guns and ammo now and wait for the country to collapse.


8 posted on 04/16/2012 3:33:49 PM PDT by GenXteacher (You have chosen dishonor to avoid war; you shall have war also.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
these little sh!ts had it all from the cradle.

Cry me a river.

9 posted on 04/16/2012 3:39:37 PM PDT by the invisib1e hand (I think in about 5 - no, 4 - years I'll have had enough.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: LadyBuck
Hubs & I have the 401k thingy going.

What's your monetary goal that when you've reached it you'll know you can retire? THe reason I'm asking is I was at the barber and the barber and a customer were talking about this very topic. They both agreed they needed at least a million and that assumes their homes are paid off.

10 posted on 04/16/2012 3:44:02 PM PDT by old and tired (Go Newt!)
[ Post Reply | Private Reply | To 4 | View Replies]

To: the invisib1e hand

No. We are 40 and were dealt a shitty hand by stupid voters the last 40 years.


11 posted on 04/16/2012 3:44:27 PM PDT by goseminoles
[ Post Reply | Private Reply | To 9 | View Replies]

To: the invisib1e hand; NormsRevenge
Thanks for starting the generational war. This is the reason the GenXers are into euthanasia.

/slight sarcasm off

12 posted on 04/16/2012 3:53:51 PM PDT by kosciusko51 (Enough of "Who is John Galt?" Who is Patrick Henry?)
[ Post Reply | Private Reply | To 9 | View Replies]

To: qam1; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; InShanghai; xrp; ...

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.  

13 posted on 04/16/2012 3:56:54 PM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

After Obama, Generations A through Z can kiss retirement good bye.


14 posted on 04/16/2012 4:00:10 PM PDT by AmusedBystander (The philosophy of the school room in one generation will be the philosophy of government in the next)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

Thank God for my federal pension.


15 posted on 04/16/2012 4:06:52 PM PDT by Poundstone (A recent Federal retiree and proud of it!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

What are you talking about Gen X? Some of us Boomers are not retiring either.


16 posted on 04/16/2012 4:08:32 PM PDT by DaxtonBrown (http://www.futurnamics.com/reid.php)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kosciusko51
This is the reason the GenXers are into euthanasia.

Well there's little doubt that ObamaCare will fix the Social Security and Medicare funding problems quite rapidly. Certainly in a 10-15 year time frame.

17 posted on 04/16/2012 4:11:59 PM PDT by nascarnation
[ Post Reply | Private Reply | To 12 | View Replies]

To: old and tired

Good question. How sure are you that you will earn 4 to 6% return on your investment? How long will you live?

Give this a go and be discouraged.

http://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx

or this one

http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

or this one

http://money.msn.com/retirement/retirement-calculator.aspx

Just search for “retirement planner” or calculator.

Many of the online retirement calculators are now just showing the savings rate required to achieve a certain nest egg and you put in the interest rate or rate of return on your investments. They are doing this because they don’t want the liability of somehow indicating that there is any certainty in the retirement assumptions.

The best plan is to work until you die. Good luck.


18 posted on 04/16/2012 4:14:01 PM PDT by Sequoyah101
[ Post Reply | Private Reply | To 10 | View Replies]

To: Sequoyah101
The best plan is to work until you die.

And enjoy it along the way, instead of waiting for the 'Golden Years'.

19 posted on 04/16/2012 4:15:45 PM PDT by kosciusko51 (Enough of "Who is John Galt?" Who is Patrick Henry?)
[ Post Reply | Private Reply | To 18 | View Replies]

To: NormsRevenge

Well we have to pay for our parents cushy retirements.

And if we cared, we’d stop voting for big spending liberal Democrats.

First step to fixing a problem is admitting you have one and Gen X is in serious denial.


20 posted on 04/16/2012 4:16:15 PM PDT by Tzimisce (THIS SUCKS)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-80 ... 101-106 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson