Author Topic: Tarnished 'Golden Age': World Braces for Retirement Crisis  (Read 554 times)

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Online mystery-ak

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Tarnished 'Golden Age': World Braces for Retirement Crisis
« on: December 30, 2013, 09:05:11 AM »

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Online Oceander

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Re: Tarnished 'Golden Age': World Braces for Retirement Crisis
« Reply #1 on: December 30, 2013, 01:14:30 PM »
I'm not particularly sympathetic.  Those baby-boomers just getting onto the retirement train had plenty of time to see to it that the retirement schemes were fully funded - they could have paid their own way - but they didn't; instead, they chose to free-ride off of the following generations in exactly the same way that idiot-boy FDR set up the original social security system - a ponzi scheme that must eventually fall apart.

Offline Cincinnatus

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Re: Tarnished 'Golden Age': World Braces for Retirement Crisis
« Reply #2 on: December 30, 2013, 02:03:46 PM »
I was going to add this as a separate thread, then decided to add it here, then found out Rangerrbrew had already beat me to it.

Worth a read.

US public finance: day of reckoning (Chicago)

http://www.gopbriefingroom.com/index.php/topic,124621.msg506116.html#msg506116

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Re: Tarnished 'Golden Age': World Braces for Retirement Crisis
« Reply #3 on: December 30, 2013, 02:19:16 PM »
I'm not particularly sympathetic.  Those baby-boomers just getting onto the retirement train had plenty of time to see to it that the retirement schemes were fully funded - they could have paid their own way - but they didn't; instead, they chose to free-ride off of the following generations in exactly the same way that idiot-boy FDR set up the original social security system - a ponzi scheme that must eventually fall apart.
Citizens in general aren't financial analysts. They rely on the systems in place, and believe the future will be somewhat predictable.

Many people DID save, invest BEYOND social security, in real estate and in stocks. But the values of such real estate and stocks fell off the table, with the Bush/Obama democrat-republican mismanagement debacle of our economy.

So I do have sympathy for these people. Their lives are turning out less financially wealthy as they had every reason to expect. They are contending with often working on well beyond retirement ages, earning less, and living on less.

The only ones escaping this are the government worker retirees. So far they are living high off the taxpayer hog.

They are in a class I'll call "beneficiaries of a windfall of timing" when government promised more than it should have.

The next step is for citizens to decide if they want to pay for it. And to see if our system of government allows them to break those foolish promises.
 
"God must love the common man, he made so many of them.�  Abe Lincoln

Online mountaineer

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Re: Tarnished 'Golden Age': World Braces for Retirement Crisis
« Reply #4 on: December 30, 2013, 03:33:12 PM »
Quote
Many people DID save, invest BEYOND social security, in real estate and in stocks. But the values of such real estate and stocks fell off the table, with the Bush/Obama democrat-republican mismanagement debacle of our economy.
And then there's the possibility that the stock market, which recently reached another alltime high, will plummet once again and wipe out the retirement investments of people who tried to plan ahead.
 **nononono*
A day without sunshine is like, you know, night.

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Re: Tarnished 'Golden Age': World Braces for Retirement Crisis
« Reply #5 on: December 30, 2013, 03:45:08 PM »
And then there's the possibility that the stock market, which recently reached another alltime high, will plummet once again and wipe out the retirement investments of people who tried to plan ahead.
 **nononono*
Of course. And the Fedgov may decide to prop up the growing list of bankrupt cities' underfunded pension schemes, by an Obama executive order.



"God must love the common man, he made so many of them.�  Abe Lincoln

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Re: Tarnished 'Golden Age': World Braces for Retirement Crisis
« Reply #6 on: December 30, 2013, 11:47:21 PM »
Where's the money going to come from?  That's the bottom line, isn't it?


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