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Guest Post: Inflationary Policy Is WMD on Babyboomers
Submitted by Bo Peng
Moderate inflation is good. This has been held as self-evident truth in modern monetary policy. But this will quickly become antisocial as the entire west goes through a structural change in demographics caused by babyboomer retirement. BoJ seems to have realized this early and well; they have managed their social transition with remarkably success, despite much sneering from western economists (I argued here that the Japanese lost decades is in fact a great achievement that US will only wish to match in 10 years). ECB seems to have realized this judging from their proclaimed resolve for austerity as opposed to unlimited simulus. The big question is: when will Fed and US government realize this?
The reason for this fundamental shift is simple: soon-to-be retirees need to save but inflationary policy sacrifices savers for the sake of stimulating economic growth.
In normal demographics, this works because most people get to participate in the growing economy by staying employed or employing; even though everybody's savings get eroded by moderate inflation, there's a good chance that most will be more than compensated by increasing earnings. Retirees are net payers for inflation because they can't replenish with inceasing earnings, as is always the case. But if they're a small group, the society pretends they don't exist and moves merrily on.
Starting from right now, however, as babyboomers go into retirement or start deligently (perhaps belatedly) saving for retirement, inflationary policy will cause much more pain than ever seen before. Even under "moderate inflation" scenario, it's still a significant erosion of buying pwoer and living standard over 10, 20, 30 years. The effect will be quite painfully clear, and soon, for those living on fixed income.
As I said in the earlier article, we will some day, one way or another, realize that Japanese style stagnation is the best possible outcome during this transition. We are becoming a savers society whether you like it or not. Do we cope with it or fight a losing battle in which everyone loses?
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Poor girl needs to get out of LA. Her looks are going fast with the party hard scene, and that's all she's got. When the money runs out she either marries some loser or ends up hooking on Sunset. Bloody shame.
Boomers finally awake to the evils of inflation after relying on years of it to boost their salaries to unsustainably high levels.
The stats show that the median income of a US male has DEcreased in real terms compared with 30 years ago. THAT is wage DEflation, and part of the double whammy effect I keep writing about. Boomer buying power has actually cratered due to inflationary monetary policies. The only way to compensate was: 1) Dual income households with women entering the workforce (1970s-1990s), then when that was insufficient the increase in working hours and multiple jobs (1990s), and finally massive credit expansion (2000s). We know where that story ended.
So the story is really going to be one of DEcreasing real incomes/wages. What is coming now is INcreasing cost of living and doing business (DEcreased margins). Only gold can preserve your buying power in that environment.
What has Japan done right? After 21 years of near ZIRP they still have a real estate bubble, lousy demographics, no innovation, near zero growth, and China is eating their lunch. The fact that we are following their path reflects our stupidity. It does not minimize their errors.
the baby boomers ~~ when the boomers were younger corporate america made a FORTUNE off of all of us, we were raising families & consuming to make that happy american family. the financial industry also made a ton of money off the boomers with the I.R.A.'s, retirement funds, mutual funds, etc. now that we are older & slowing down & wanting to reap the rewards of raising families & being good american citizens THERE IS NOTHING LEFT FOR THE OLD PEOPLE & the propoganda is turning us into hated leeches.
We were good enough to buy all the autos, homes, mortgages, consumer good, but, now that we are older, well........we're a burdeon.
"We were good enough to buy all the autos, homes, mortgages, consumer good"
you forgot one little thing there buddy, it's called saving for retirement
you're heading into retirement with less than $60K in savings (IRA, 401K, etc) and yet you expect to somehow continue your six-figure lifestyle
well, it ain't gonna happen
because you chose not to save, we get to support you with Social Security, Medicare, perscription drug benefits, etc - do you remember that Social Security was supposed to be a fail-safe program and not part of every American's retirement funding (it's easy to forget inconvenient little details like this isn't it?)
just remember, "Soylent Green is people!"
you forgot one little thing there buddy, it's called saving for retirement
Don't you get it yet? The economy was engineered to AVOID saving! Inflationary economies ensure that your savings interest can NEVER keep pace with the cost of living. Plus in a bubble economy, there's the opportunity cost of savings as well. They wanted your money out there, buying homes, stocks, paying for electronic gizmos, restaurants and boutiques! Not sitting on the shelf.
Read some economics. Even easier yet, listen to CNBS. Savings is considered a curse word to monetarists and supply-siders.
OK Bronzie then why don't you lump sum me out of Social Security. I'll take the net present value of all my past contributions. Let's use a real fair cap rate like say 7%. Give me the check and I'll shut up and go away.
Everybody who was ever caught in a Ponzi scam asks for the same deal. "Just let me get out with my original investment!" They don't get it. That's why it's a Ponzi scam. If it was even possible to cash everyone out, it would be a legitimate investment, not a Ponzi. But it is a Ponzi, and you're not getting out that easily.
When the Boomers started to pay into the Social Security System it was to be their Retirement. Yes, the Government has changed the wording now but not when the Boomers signed up.
There would be plenty of Money if the Government did not take it out and spend it. There would also be plenty of Money if people that never paid in did not get benefits they are not entitled to. Like the people on Welfare.
Welfare Benefits should be paid out of a general fund in the Government and not out of the Social Security Trust Fund.
That's just wrong. I was there. We pups were told that SS was a supplement to an actual retirement plan. Naturally, most people were too busy buying crap they didn't need to actually fund their retirement, but SS was not sold as the final solution.
Absolutely true, but it's way too damned late now. The horse is gone, the barn door is gone, the barn has been ripped down and the farm has been turned into a subdivision of McMansions. So we have to work with what we have left.
bronzie,
Kiss my Royal RED ass.
"we get to support you with Social Security, Medicare, perscription drug benefits, etc - do you remember that Social Security was supposed to be a fail-safe program and not part of every American's retirement funding (it's easy to forget inconvenient little details like this isn't it?)"
YOU, aren't doing anything different than the Boomers did for their parents, BITCH.
Quit whining, get over it, and do as we did.
Our lawful duty.
You have an issue?, it's not with US.
It's with the Gv't.
Call their WHINE LINE, they caused it................
And Sherlock, most Boomers never saw six figures........where you get that shit?.
actually, I am doing something quite different than my parents - I am educating myself about money, history, etc instead of blindly accepting the BS spoon-fed to me by politicians, religious charlatans, economists, etc
I use my brain to process information and come to decisions - doing so allowed me to ride the real estate bubble from 1998 to 2006 - started moving out of RE in 2002 and moving into the precious metals - I'll continue using my brain to process new information as it comes along and I'll continue to steer my financial ship through these rocky waters just fine thank you very much - and I know that the $96,658 I have paid to date (based on my latest "Your Social Security Statement") into the social security and medicare systems is long gone and I will never see a penny of that money back
oh, my analysis also told me that stocks were for suckers so I haven't lost any money using the buy and hold philosophy that so many of you bought into - can you say the same or is your 401K now a 201K (or less)?
I'm guessing that your emphasis on 'RED' is somehow related to politics - I'm not even sure which color represents which party so if that is intended as a dig at me or you think that my thought process is somehow aligned with one political party or the other, well, sorry to disappoint you but my analysis showed me long ago that the two-party system is just another divide and conquer strategy implemented by TPTB - if you are still buying into the two-party system, please get some education and wake up
Whenever anybody buys into the 'politics of me' crap, it makes me all sarcastic and cranky.
Those who are dumb enough to start driving wedges between themselves and various groups of imaginary enemies deserve all the shit that their enmity drags into their lives.
Boomers versus slackers, Whitey against Latino, Repubs vs. Dems, Roe v. Wade. It's all great fun, and when you've finished dividing yourself against all the "thems" you don't have a hell of a lot left other than hate and emptiness.
Pissing all over the lazy, bloated, faceless, greedy assholes that we boomers all are is sure a lot of fun. But when you've unloaded your latest fusillade, have you made yourself a better person, or have you just shown yourself off to the world as an obnoxious asshole?
Not to point a finger at anybody in particular. We already know where we're looking.
but, I paid into that Social Security System !! Since I was working as a teenager the government took out taxex for Social Security !! & in 1986 (?not sure of exact year) , good old ALAN GREENSPAN doubled my Social Security taxes so there would be enough for my parents retirement & my retirement, remember ? ALAN GREENSPAN under the SOCIAL SECURITY REFORM ACT DOUBLED MY SOCIAL SECURITY CONTRIBUTIONS !! You mean to tell me that the government STOLE ALL THAT MONEY THEY TOOK OUT OF MY PAYCHECK ??? O.M.G. !!!! THEY KNEW THIS DAY WAS COMING THAT THE BOOMERS WOULD RETIRE ! DIDN'T THEY PLAN FOR THIS ? or, did they just steal it all & give it away to others. IT ISN'T AN ENTITLEMENT WHEN IT'S YOUR OWN MONEY . ........... fuckers ........... damn ALAN GREENSPAN
....have you ever raised a family with 3 children ? food, school, dentists, braces? then, as they get older you try to help your teenagers buy cars & car insurance because it's so expensive that teenagers just can't foot the entire bill, so good ol' Mom & Dad help them ? Most "boomers" provided a half-way decent life for their children. Now, these adult children are looking at us with contempt. Sure, I could have been a really austere parent, but, I wasn't, my 3 kids ate, slept in a clean bed & went to school clothed with the required school fees & supplies. My children are all adults now, I was a good Mom who helped them get started in life. Their needs bled me dry, my paid-off home that they lived in is now worth 1/2 of what I thought it was ~~~~ BUT, THE KIDS ARE O.K. !!! It's Me who's scared !
It's well known and pretty much undisputed that baby boomers are the wealthiest generation in U.S. history. See http://money.usnews.com/money/blogs/planning-to-retire/2008/11/21/3-reasons-baby-boomers-aare-the-richest-generation-in-history.html
They are also notoriously poor savers. Can't help you there. But currently social security isn't expected to blow up until the boomer generation has sucked it dry (not that there's any real money in there anyway).
Dragline,
How could this possibly be?.We're all useless eaters, non savers, and are THE suck on society.How did we ever get here?.
Freebies?, gifts?,how about working our asses off.........as Boomers, we also(most) inherited something MOST have long forgotten............a WORK ETHIC.
"It's well known and pretty much undisputed that baby boomers are the wealthiest generation in U.S. history."
Lynnybee, My feelings exactly. We were the engine of the Countrys growth and now they want to throw us away. Take our Social Security, Medicare we paid into for 50 years, give us .05% on our savings, & have death pannels for Medical benefits.
I also agree that they are trying to turn the younger generations against us.
Waterfall,
"I also agree that they are trying to turn the younger generations against us."
Judging from the heat from the punks on this site, they have succeeded.
Divide n Conquer, if it ain't Pablo, it's Mike.
They are too ignorant, and self centered to see it is THEY who are blind.
Know what, I am against most of them have been for years.
Whining pimply faced bitches.Xer's, Yer's,thinking they deserved out of college what it took their parents a lifetime to attain?.
Forty year olds, (10yrs ago) at a close to 40% margin,if never married, still living at home w/Mama, and Papa............maggot leeches.How do Mama n' papa save shit, supporting 40yr old Junior?.They don't.............shame on all of them.
Always also took whatever I did wrong, and the consequence like a man.
But, don't make the mistake of blaming ALL for a FEW's problems.
Your just being GAMED.
DOS Zap, At least my children do not feel that way. They were denied a lot growing up. Because I was saving and when I had enough I would buy a property that was a disaster. They hated me for it. But, I would little by little with a lot of work turn the property around and rent it for my retirement.
Instead of putting money into a 401K I put it into a negative cash flow on a property. I figured if the property cost me $300. per month it was the same as a 401K contribution. But, I also knew I could raise the rent by about $35. per year that would lower my contribution and eventually the Tenants would be paying for my investment. Kind of like a self funding 401K. And eventually the 401K (property) would give me enough money in positive cash flow per month to buy another property with a negative cash flow. Probably in 6 or 7 years. The plan eventually snowballs.
My children helped on the distressed properties. They helped clean, sweep or whatever. I am not sure they agreed with my goal. They did without many things for me to buy, renevate and rent these properties. We were cash poor. The neighbors children had more jeans than they did. They did not get the toys the neighbors did. Yet, today they are both business people in business for themselves. Maybe the hard work gave them the idea that you have to work for what you want.
I never gave them an allowance. I would give them a list of chores they could do and the price for those chores, plus they had to give me a bill for the chores they did. If they wanted money they would preform the chores. When they wanted money I had a very clean house or well kept yard.
But, I think the point is that they do not resent the people on Social Security or the Money they are paying in. If nothing else it is the Moral thing to do for our Elderly. By the way in my Family the Elderly are treated like they should be they people that cared for you and brought you into the world. They are treated with respect, honor and are cared for. Not thrown under the bus when it is convient.
Unfortunately for the boomers, they were the generation that overthrew such respect and glorified youth.
Senior,
I can understand the anger, but calling Punks, Bitches...?
I think the root cause of the problem started when Govt tried to replace "family/father/children" with "State", who did that and how did it happen ? Earlier Parents used to take care of Child and Child used to take care of Parents... then Satan came and replaced Family with Dtate. Change is NOT good always, only sometimes. Moving away from many centuries of Tradition at such short span will have it's consequences. Tradition, Tradition....
fiddler,
No disrespect,BUT, I have had it on here, with the ignorant asses, that have no clue, yet continue to bash Boomers.
Had it.
Enough.
They pop off, grind them to dust, and all because of stupidty, and jealousy, without even knowing the facts, not caring to learn.
One after the other,after the other.
If you have not been the target of these attacks, then YOU cannot understand the anger.I just wish they had the nads to say it to our/my faces.
Sometimes old, useless engine blocks are thrown overboard and used as anchors.
Unstable situation: U.N. raises concerns as global food prices jumphttp://www.msnbc.msn.com/id/39003398/ns/world_news-the_new_york_times/
More looming inflation
I agree completely. Japanese style decay is the least disruptive to the status quo. It keeps the banks and the government running and in charge. That is all that really matters. The Fed will step in and buy up stocks on the way down to keep them from imploding as they should. They will bid up Treasuries to make sure the gov doesn't have to pay any interest to its debt.
However, it remains to be seen if they can pull this off in the internet/information age. I think this policy might require more time delay between actions and reactions or subterfuge than can be supported in a free informed society. Who knows what else is actually required to maintain this fiction?
Debating policy is interesting but a waste of time. Nothing will work until we completely remove those currently in power - the Bilderbergers, Trilateralists, CFRers, Neocons, Zionists, Pilgrims Socerty, Council for National Policy etc. and all and their hirelings in all the establishment think tanks.
Of course this won't happen because at Zero Hedge (a globalist false flag bullshit site where the head man wants more and more immigrants) the posters aren't wise to the massive control the above groups.
I say again, ZH is a flase flag globalist NWO front and I will continue to say so until Durden comes and and explicity says 911 was and inside job.
Nice try, but Durden can't come out and say that.
But let ME. 9-1-1 WAS an inside job. Why the hell else would they choose the date to coincide with the emergency phone number. That's the famous American sense of humor at work.
Jesus, how many hints, clues, proofs and photographs do we need. The truth is out there. Those who want to see truth will see it. The rest will attack truth so that it stops making their heads hurt ignoring it. Same as it ever was; same as it ever was.
But I can say 9-1-1 was an inside job because I'm insane. Tyler can't say that because it would break the servers and nothing of a financial educational nature would evolve from the firefight anyway.
"Moderate inflation is good."
Lies
http://mises.org/rothbard/mes.asp
The good citizens of the UNITED STATES are going into dire times. We need to stick together, all of us. No in-fighting !!!! The NWO (New World Order, I learned that from ALEX JONES !) would love to see us all fighting !! Young pitted against Old; Black against White, etc. STICK TOGETHER PEOPLE !! WE ARE GOING BACK TO COLONIAL TIMES NO MATTER WHAT HAPPENS ! Watch out for your family, your parents & your children. I've read that when this is all done, we'll either be serfs or we'll enter a new GOLDEN AGE of agriculture & family ~~ just like the old days. Sincerely .......... love this website, it's so cool.
Very true rational explanation.
Politically I do not think anyone would have the balls (or get voted in) if they told the US public that the GUV'MINT was not going to pay the full medicaid and social security promised. Or raised taxes to fund it adequately.
More than likely they will slowly boil the frog with moderate inflation and destroy the purchasing power of the USD. Meanwhile reporting politically correct GDP (inflation/debt driven) growth.
USD purchasing power has dropped over 90% since 1940 and 60% since 1980.
We now make more money and afford less real things.
Bank owned cars and iPads keep us distracted and feeling wealthy. But people are working more and leveraged to the max.
Remember the baby boomers parents, where blue collar workers had vacation homes, stay at home moms and retired comfortably.
Not to mention they could drink two martinis at lunch and not be called an alcoholic.
YES ! It was the BOOMERS' PARENTS who had the good life !!! Stay-at-home Moms, big bank accounts full of savings for their retirement AND social security & pension checks !!! Don't hate the boomers !!; hate the PARENTS of the boomers, The Greatest Generation !! They had the worst of all worlds during WW II & the best of all worlds in the 50's & 60's & don't forget, The Greatest Generation MADE OUT LIKE BANDITS UNDER PAUL VOLKER, EARNING 18% ON THEIR SAVINGS ACCOUNTS !! They sure didn't need to subject their money to a risky stock market !!
Lynnbee, do not hate anyone. It is not the Boomers or the parents of the Boomers. It is the Government and the Bankers. They are the Bandits that have taken our Money.
oh no ..... i don't hate anyone ! that was supposed to be sarcasm. it came across wrong !
So when are we going to hang greenspan for crimes against humanity? I mean we could at least get him for treason considering all the damage he's done (and the fact he was KNIGHTED by the queen of england for blowing this bitch up)...when the baby boomers REALLY find out what their boom was about they'll want it...
i can handle most anything, do without most anything, do without a car if i have to. but, i am very afraid of starving to death & being cold in my own home. we must help each other, charity extended to our own family members. wealth will not be measured in dollars, it will be sharing food & homes with our family members who are not as fortunate.
Charity is fine when it's right in front of you. Do not give one damn dime to anything run by a state or city or government that involves sending money to a bank. They will steal it.
What a strange world we live in. No one knows what to do, or how to invest their Money as the Powers to be weild their Power.
Everyone seems to be trying to take a crash course in economics just to survive.
+1, I am doing mine for the past 3 years.
To paraphrase the holy word:
Buy and hold physical gold and silver.
Amen.
Moderate DEFLATION is good... and totally natural.
Strong deflation is even better... but only happens naturally when extraordinary discoveries and technological advances impact every day life.
Inflation is THEFT. Inflation is how the predators-that-be steal the value expressed by natural deflation (which is gradually learning to make products more efficiently AKA "cheaper and better").
Of course, then there is hyperinflation, which generally has a different cause... a collapse in the common delusion of fools about the fictional "value" of whatever fiat, fake, fraud "monetary unit" happens to be in vogue. Which means, hyperinflation cannot exist in times and places where real, physical valuable goods are the "monetary unit" (aka real, physical gold, silver, nickel, copper coins).
Bottom line, as retirement begins, the boomers find that mysteriously the American Dream that they worked for and paid into has been stolen. All the prosperity and the promise are gone. And standing by their empty pot of gold at the end of the rainbow are the obscenely wealthy, criminal investment bankers who’ve used their political connections and control of the money supply to take every last dime they can bag.
It’s kind of suspicious to me that just when the first baby boomers got to the end of the rainbow, there’s Lloyd Blankfein standing there with his little smirk and analytical report, explaining to them why all their gold is gone.
And along side Lloyd is Robert Rubin, one of the main engineers of the global financial collapse with a roughly $15 million per-year Citigroup pay package for a job that required him merely to travel the world meeting with clients, telling boomers Social Security benefits need to be cut. That’s in the Obama-Goldman Sachs-Robert Rubin road map for social security “reform” to increase the retirement age while cutting benefits.
As for the baby boom cohort now in its peak saving years (ages 46-64), things are not so rich. Dean Baker, Co-Director of the Center for Economic and Policy Research, in January gave these statistics:
In addition, seniors face large and growing health care expenses, even with Medicare, Medicare Supplemental and Pharmaceutical Insurance which cost most retired couples several thousand dollars annually in insurance payments alone.
JR, Isn't it interesting that the Financial Crash occured right before the first Boomers were elegible to collect Social Security and Retire? That would put the first of the boomers in 2008 around 61 years old. Makes you wonder if the Bankers saw the inevitable withdraw of Money from the Market by the Boomers. So, Wall Street just helped themselves to it first. Now many Boomers cannot retire. They feel forced to keep what little they have left in the Market in the HOPES that the Market will go back up.
Yet, now they are faced with job losses and losing their homes thru over leverage when times were good, a decreased stock portfolio and no where to turn. So, what does the Government do they propose getting rid of Social Security to pay for the Deficit that was created by the Banks by making irresponsible loans. So, the Seniors pay twice. They lose the value of their Stock Portfolio, the value in their home and the Government now wants to take their Social Secuirty. If not take their entire Social Security to raise the age they can retire. So, the Senior Management person that just got fired can now go work at McDonalds for a few years.
As was said by a very famous person. God forgive them for they know not what they do.
Waterfallsparkles, I like your mind. You not only connect all the dots, you provide many of the missing dots.
The picture as I see it, as we connect all that we know, clearly indicates: It All Begins With the Fed.
I am a baby boomer, 63 yr. old woman, divorced with no immediate family. Having worked and invested all my life, I thought I had planned well for retirement. I have been commercial realtor for 38 years specializing in office and retail space and am now "unemployed" by default because the market is terrible and there is no business. I thought that saving over $1,000,000 not including the equity in my house would make for a secure retirement. I owe $20,000 on a car and $30,000 on my house. As I was self-employed all my life, I was ineligible for unemployment and fortunately I was able to sustain myself through 5 recessions. I was planning on averaging 4% on my savings equalling $40,000 a year retirement income and with another $20,000 from Social Security, I figured I wouldn't outlive my money. Now, I am not so sure. Having lost $200,000 in the stock market listening to all those advisers (I should have kept doing my own thing), and giving the state of our economy and our society, my age and health condition etc., I cannot imagine putting money in the stock market. Many of you warn of the bond bubble and I see that too, so what is one to do? My property taxes went UP last year, (Do not move to Seattle) and my health insurance went from $854/mo. last month to $994/mo. starting Oct. 1. I pay over $4,000 a year in property taxes for 1938 one bedroom, one bath one story house with a partially finished basement on 3,750 city lot in a half way decent neighborhood. I have been frugal and hard working all my life since 17 and came from a family that lost everything in the dust bowl and the depression so I saw as a child what it means to have little or nothing. We drank out of jelly jars too, a minor hardship compared to a poor dairy farmer's ( My Grandfather) daily life. What distresses me is that many baby boomers did not over spend and worked hard, and now they are having the financial rug pulled out from under them in every way--stock market debacle, real estate depression, and pathetic interest rates on their savings at the same time property taxes and taxes in general are going up (especially local fees etc>) and health care costs are skyrocketing. I hope I don't outlive my money, but I don't know what to do I am now so risk adverse. Just trying to live a frugal life and keep it simple. My friends, however, are in far worse shape than I and I really don't know what will happen to them. When I see the youth of today slouching around wasting hours plugged into some device I am not too encouraged about the future. In Wa. State, only about 63% graduate from high school. If you figure a lot of these had low GPAs, I get even more depressed. I don't know how we get out of this. The entitlement generation doesn't have the work ethic we need to pull ourselves up from the boot straps; they are too ignorant to understand the economic debacle our government has perpetrated on us, being too busy on Facebook and Youtube. I see 30 year olds hanging around on corners on their skate boards for hours, living with their Mothers and who wouldn't think of mowing the lawn or picking up hammer and fixing a broken step. All of us baby boomers who worked hard, invested and saved were expecting to have a secure retirement, not lavish life style, but relatively worry free. Now we are worried, not just about our own finances, but the state of our society and the crooks running this country. Many people are unwilling to educate themselves about what is going on, don't want to hear about it. "Ignorance is bliss" until it isn't. OK, I've ranted long enough, but boomers aren't all bad guys. I hope many of you Zerohedgers will figure out a way to change the course of our country. It will be a big job, but I have some hope because of the intelligence I see displayed here each day. Good luck and God bless.
I appreciate the details of your situation and I certainly understand the challenge you face and the injustice that our government has dealt us.
I'm a consultant engineer. I work sometimes 70 hours a week. I "saved" until I was 31 to "buy" an old, flat roof stucco house with dirty floors and a stovepipe stove -- back in 2001, $610,000 for 1200 square feet and a postage stamp lot—two bedrooms and one bath. I hawked my life at the time to a mortgage, on 20% down, and then put $80,000 into the place making it livable. But I was facing rents jumping in leaps and bounds in my high cost area. I wanted SOMETHING for my toils – even foxes have dens, birds have nests; and this is pride or profligacy?
On top of my mortgage, my property taxes are more than $9,000. Fortunately, the house has held its value.
I, too, am self-employed and must provide and sustain funds for a “retirement” that I really never expect to see. I used some of those funds to buy a house that I hoped to remodel into a rental; it is now worth 25% less than what I have in it.
And now kids come along and tell me the problem is ME. They are shills unawares for an establishment that banks billions off the honesty and fairness and ignorance of the people and takes what it wants. When folks are duped like this, thieves don't need propagandists.
It’s too easy to brush off all the forced pain about us by saying that the banking cartel at the Fed, and the U.S. Congress, were just "enablers" to our "ugly side." To blindly do so, is to be a traitor to one's fellow man. Unfortunately, tyranny is always better organized than freedom. It doesn’t need help from the willfully blind.
“He that builds upon the people builds upon the soul.” Italian proverb.
Pinefox, It would be a lot easier to read your post with paragraphs as what you have posted is very valuable.
One of my suggestions to you would be to pay off your house and your car. What ever interest you are paying on those loans would in effect be the interest you would be receiving on the Money used to pay them off.
I agree with property taxes. I think Baltimore City, Maryland is probably the highest in all of the States. They charge $2.38 per hundred on their assessments. I have a 1 bedroom condo I rent and last year the property taxes were $7,100. But, with the property taxes I would suggest that evey time you can appeal your assessment you take the time to do your research and appeal the assessment. If you do not get the reduction you want go to the appeal Board. Again, if you do not get the assessment you want go to the appeal court. Do this every time. I got the assessment on the above property reduced this year to $5,200. One of the things that I think really helped was that I appealed to them as a retired person living on a fixed income. They were more willing to help than they were in the past.
I would also suggest that you find a nice 2, 1 bedroom apartment property (1bedrooms so that you do not have to rent to people with children) in a good area and pay cash. The prices for Real Estate are great right now. You should be able to get 8% return on your Money. The depreciation on the property will shield the rental income and your income from other sources. Rental Income is non earned income so it does not go against Social Security eligability. If you are now retired or unemployed you will have the time to Rent, Manage, paint, etc. the property. If you do well with one, you may want to consider another property. If we end up with inflation the value of your property will go up and so will your rents.
Wall Street and the Banks have less control over Real Estate Prices. Plus, regardless of what they say, there is a shortage of Real Estate. As Will Rogers used to say: Buy Real Estate Young Man they are not making any more of it.
Whoever junked this lady needs their ass kicked.
I feel for you, and some here do not appreciate all the hard work and sacrifices Boomers(a lot) have made.
No one ever gave me squat, what I have I earned.
I listen, and watch the D.C. clowns and get ill.
We now have a NEW panel of 18, that are going to tackle Soc Security.........
All the rage is raising the retirement age, saying we must work longer.
Er', excuse me,if your over 55, and unless your in a field, or self employed in a needed business,your SOL on getting a job, much less working longer.
These doofus clowns are in a bubble.They got theirs club.
For life.
How, with any compassion,or morals do you raise their retirement ages, on folks who have already dumped hundreds of thousands into the system, cannot get a job in their old field, or for sure one in a NEW one.
These people live in Fantasy Land.
Good Morning!!, Welcome to WalMurt, may I Hep U?.................IF you can get hired (faking a physical handicap, maybe).Good Ruk.
8
Here's some Boomers that "Think" they will ok. If they get this,(yearly income till death)it will be a Sin.
Since we have a 3T shortfall amongst the states( none to speak of here statewide YET), we'll see if they get these fat arsed packages.
http://www.star-telegram.com/2010/09/04/2445012/fort-worth-pension-bubble-will.html
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