June 14, 2006 at 7:12 AM #6722
This Frontline video shows the reality that our fellow Americans will work minimum wage jobs to support themselves in retirement.
Corporations are dumping pensions, counting on employees to be financial experts managing their retirements through 401(k)s, and basically switching from lifetime pensions to lifetime work.
Are you prepared?June 14, 2006 at 8:05 AM #26804LookoutBelowParticipant
Retirement wont be easy from now on. Its a thing of the past, work until you die will be the only way for the vast majority.
Just make sure you die before you die. Life is a journey, not a destination PS.
If your work is your interest and what you love to do and what you would spend your money and free time on, then you are already reaping the rewards of retirement. If not ? Some changes are in order in ones life.
I know many people who are “retired” without the distraction of wealth. THATS a life worth living.June 14, 2006 at 8:45 AM #26813lostkittyParticipant
I’ve noticed an increase in little old ladies working at department stores, restaurants, etc. Hobbling around painfully on their artificial hips… This is not right.June 14, 2006 at 8:51 AM #26814AnonymousGuest
For some people, working after retirement is a choice. And instead of going after the more stressful and lucrative jobs, retirees sometimes prefer more simple jobs like retail, coffee shops, libraries, etc. They are doing it for something to do and for a little extra money. Many people become bored with retirement and having a simple job gives them something to do.June 14, 2006 at 8:59 AM #26816sdrealtorParticipant
My uncle a very successful businessman retired about 20 years ago at age 60 after selling his business. He is worth several million dollars. He works as a greeter at Wal-Mart and loves talking to peopleJune 14, 2006 at 9:59 AM #26826lostkittyParticipant
Thank you so much for posting this link powayseller. I hope everyone watches it and we have a discussion. They covered the airline industry extensively – auto industry is next.
Probably no coincidence that we are suddenly clamping down on illegal immigration… we’ll be needing those jobs for grandma and grandpa soon.
35 YEARS that man worked for United Airlines. He held up his end of the bargain.June 14, 2006 at 10:08 AM #26830docteurParticipant
Die before you die? Please clarify…June 14, 2006 at 10:09 AM #26831carlislematthewParticipant
When I retire, I’m going to be one of those old guys that works for peanuts (or nothing at all) in the national/state park system. I’ll bring out the maps to the eager young campers and with trembling hands show them where to go to camp, hike and have fun.June 14, 2006 at 11:12 AM #26849BugsParticipant
I intend to stroke out in front of my computer while I’m working. Either that or get hit by a shark while I’m sitting out in the line-up. After I get done working that day.June 14, 2006 at 11:38 AM #26851burger007Participant
I am 27 and have been putting 15% into 401k, hopefully this would be enough, wife is also putting 15%. Yah, gone are the days of pensions( I work in tech) and stability of jobs, but it makes sense business wise in my opinion, you have ot fend for yourself in this day and age.
If I was running a company pension is the first thing I would have cut also, I would love to have it but everyone is about trying to increase profits(not like companies are not making a profit, just getting more greedier) from my point of view.June 14, 2006 at 12:04 PM #26855anxvarietyParticipant
Most of the people I know that are about to retire don’t have much money(including assets; their ATM card with a driveway has already been maxed out).. I only know a few wealthy people.
Just look at the figures, most people just don’t have any savings.. that’s real bad, and I don’t know what the solution is… but I’m guessing its goign to be kids taking care of parents.. payback!June 14, 2006 at 12:05 PM #26856
LookOut, did you mean to say that if you love your job, you won’t mind working until you die?
This video points out that you need to save 18-20% of your income, or obtain 8x your salary in your account, to be able to retire at age 65 and live the average 17 years. The EBRI manager said that Americans ages 60-65 have only 4 years of expenses in their accounts, and then they will subsist on Social Security. There is going to be a huge disappointment as old folks, who counted on the cash in their homes, wakes up the realization that they should have garnered their savings the old fashioned way: by delaying consumption and actually saving.
I felt bad for the retiree who lost more than half his savings in the 2000-2001 stock market crash. This is one of the reasons I am so interested in my financial security, and want to share what I learn with others. My heart goes out to that man, but it’s too late to help him. It’s not too late for me, and for you all on this forum, to learn from his mistakes.June 14, 2006 at 12:11 PM #26857PDParticipant
Americans are so busy keeping up with the Joneses that they spend their future. Americans, in general, make good money. With proper management, people should be able to save (except for people in the lower income brackets, they are just trying to survive). I wish people would think about what they are going to need and want when they are 70 while they are drooling over that showy car in the dealer’s lot. People just keep listening that insidious whisper, “Sell your future, buy this car (or granite countertop, or expensive vacation, or new pool, etc)”June 14, 2006 at 12:27 PM #26861
PD, I think the consumerism is related to the importance of TV and overvalued housing. Every landscaper in Iowa sees the Lifestyles of the Rich and Famous and wants that for himself. And he can – with a 1005 financing loan or equity pull-out. The large percentage of Americans in bubblicious cities (I LOVE that phrase) is banking on their overpriced homes to be their retirement. That dream is being shattered this year.June 14, 2006 at 2:06 PM #26882AnonymousGuest
That dream is only shattered if they need the money from their homes in the next 5-7 years. If they have 10 – 20 years before retirement, they will be OK because home values will recover. I am not trying to encourage the use of a home as the sole investment for a retirement savings plan, but it could be one piece of the pie.
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