"What you mean only two jobs, you lazy lima bean!"
Posted on 05/09/2024 8:04:04 PM PDT by Cronos
Cathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future.
The clerical worker in Minnesota has struggled to rise up the ranks throughout her career. She said she's earning a salary similar to some entry-level positions despite nearly three decades in her current role. She's nervous that even though she's eligible for a pension in a few years, it won't supplement Social Security payments nearly enough to live comfortably.
"I can't afford life while working. How can I even think of retiring?" the St. Paul, Minnesota resident said.
...Cathy grew up in Minnesota and attended the University of Minnesota, after which she enrolled in law school. She worked full-time as a legal secretary at the Attorney General's office while in school part-time at night.
She said the job didn't work out, as her supervisor disapproved of her leaving an hour early each day to attend classes. Law school didn't pan out after two years, and she was laid off from her government position. She still had loads of student loan debt, and she took jobs in Minneapolis as a legal secretary at different law firms.
After a decade, she hadn't climbed the corporate ladder at any firm, so she returned to working for the state government to attempt to make more money and not lose benefits. She worked at the Department of Revenue in the mailroom, then got a job as an administrative assistant for the state's college system, which she kept for about 25 years.
Because she worked for the college system, she received free tuition for a degree, so she obtained a master's in public administration shortly before the pandemic.
...Many peak boomers also fall into the growing category of ALICE, which stands for asset-limited, income-constrained, and employed.
(Excerpt) Read more at businessinsider.com ...
She wouldn't want to hear from me. I applied for a GS7 position with the FDIC during the bank crisis in 2009. I did that to get my foot in the door, due to a lack of bank experience.
It was a unique situation, with multiple opportunities for advancement. In ten months, I was promoted to GS-13, landing in the section that oversaw loan servicing contractors.
The latest news about Martin Gruenberg surprised me, he always came off as a nerd.
I was there on a term contract, worked there almost 5 years.
Yup.
And Boomers who were favoured by demography their entire lives now using that advantage to denigrate those who came after and had a much tougher time - they are revealing a self-portrait which is not very flattering as well.
I’m a Boomer but life has been... interesting (ouch 🤕)
BTT
They are too busy giving money to Terrorist NGO’s to foment Jew-Hate and destruction on their own campus..................
I am also. Born 1964 so late for USA, and really not Boomer for the UK which ended earlier.
So I didn’t get to buy a house in Vancouver in the early 1970’s for $40,000 with a 30 year fixed mortgage (which Canada still had at the time).
But I was lucky to get got out of grad school and into the workforce in the late 1980’s. The difference for people even 3 years younger and starting out in the early 1990’s was huge.
BINGO!
Many people live well beyond their means which leaves no room for a 401K or IRA to supplement their retirement income.
And that masters degree is not an indication of intelligence, work ethic, work adaptability or ability to manage finance. It simply means she has more political indoctrination than most.
"What you mean only two jobs, you lazy lima bean!"
My hopes for retirement are being crushed.
Unless I find a wealthy Ukrainian babe, or move to the Philippines, or Laz procures robots that can print money.
Oh wait. And Powerball. But I don’t really buy a ticket, so...
Sorry to hear that.
It’s important to remember that not all the boomers lucked out and retired comfortably.
I was born in 1963 and am looking forward to retiring even though I love my job. I have a bachelor degree and have always put my career second to family, so I’ve had a modest income.
But, I also made sure to always put some into 401K. 5-10% of my income. I did supplement it with a small inheritance a few years ago which did take off some of the pressure.
My employer is one of the few Fortune 500’s with an actual pension in addition to a healthy 401K match.
It seems like “Cathy” believe the lie of higher education that dropping $100,000 for a Master’s Degree will guarantee untold riches.
If I had to do it over, I’d probably look hard at a skilled trade, HVAC or Electrician pays far more than I make now and there are always jobs. Plus that, I’ve found out through years of home ownership that I’m good at that kind of stuff and enjoy doing it.
I agree. When my dad died, he made sure that his wife was very comfortable for the rest of her life. The rest he divided between me and my brothers. My wife and I decided to share some with our kids that would be available for college or other expenses once they turned a certain age.
I retired when my financial advisor told me “You have a lot more money than time”. I worked at a Christian retreat weekend last week and my daughter gets married next week. After that, I don’t know what I will do but I don’t need to know. I just have to prevent myself from becoming the whirlwind that God is not in.
Your dogs, sadly, are unlikely to appreciate the windfall, but I'm sure the caretaker for your dogs will buy some nice things with the money you aren't leaving for your children!
I have very little of either.
Come on bro.
My student loan equals the entire GDP of the nation of Gambia.
It depends.
There are some brilliant women who are doctors, scientists etc. who do get a lot of satisfaction from their careers.
However, being a clerk is not a career, it’s a job. And in that case, what you state makes sense.
We just don’t know the circumstances for this woman’s case.
In preparing for retirment and speaking with some financial advisors, I have some sobering news for my fellow Baby Boomers who are feeling smug about accumulating $1m in their 401ks.
Turns out having a million dollars in your 401k is hardly going to give you the kind of luxury lifestyle you were maybe counting on in retirement if all you have other than that is Social Security.
With one million dollars in your retirement account at 62, no financial adviser worth their salt will have you take more than 4% of that in your first year of retirement.
That's just $40,000 a year. Now assuming you have a typical $2,000/mo Social Security benefit at age 62, that totals just $64,000/year.
Now some people can swing that, especially if they are debt free. But you will be clipping coupons and lining up for the early bird specials at your local diner just the same. $64K a year will not fund the typical retirement dream of belonging to a swanky golf club and travelling the world at leisure.
Most of my career, achieving $1m in my retirement plan was a target I worked hard to attain. But if I could do it over again, I would have set the target closer to $3m and maxed out my annual 401k contributions, with some Roth to boot.
I wonder what her cat food bill is/has been over the years?
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