Author Topic: Tarnished 'Golden Age': World Braces for Retirement Crisis  (Read 482 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 »
http://www.moneynews.com/Personal-Finance/Golden-Age-Retirement-Crisis/2013/12/29/id/544235

 Tarnished 'Golden Age': World Braces for Retirement Crisis

Sunday, 29 Dec 2013 10:34 AM

A global retirement crisis is bearing down on workers of all ages. It will play out for decades, and its consequences will be far-reaching, experts predict.

Many people will be forced to work well past the traditional retirement age of 65 — to 70 or even longer. Living standards will fall, and poverty rates will rise for the elderly in wealthy countries that built safety nets for seniors after World War II. In developing countries, people's rising expectations will be frustrated if governments can't afford retirement systems to replace the tradition of children caring for aging parents.

The problems are emerging as the generation born after World War II moves into retirement.



"The first wave of under-prepared workers is going to try to go into retirement and will find they can't afford to do so," says Norman Dreger, a retirement specialist in Frankfurt, Germany, who works for Mercer, a global consulting firm.


continued...

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Offline 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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Offline truth_seeker

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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.
 
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Offline 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*
The skeptic is never for real. There he stands, cocktail in hand, left arm draped languorously on one end of the mantelpiece, telling you that he can't be sure of anything, not even of his own existence. I'll give you my secret method of demolishing universal skepticism in four words. Whisper to him: "Your fly is open." If he thinks knowledge is so all-fired impossible, why does he always look? — James Sire (from, The Universe Next Door)

Offline truth_seeker

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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.



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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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