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Boomer Reality: 61...And Still Living In The Basement

Tyler Durden's picture





 

87-year-old Lew Manchester has just returned from a 3-week trip touring Buddhist temples in Laos and cruising the Mekong Delta in Vietnam. His 61-year-old daughter Lee lives year-round in the basement of her friend’s Cape Cod cottage, venturing into the winter cold to get to the bathroom. As Bloomberg reports, Lew is making the most of his old age. Lee is paring back and lightening her load as she looks ahead to her later years. Both worked all their lives, both saved what they could. “Timing is everything and my dad’s timing with jobs, real estate and retirement benefits was better,” said Lee. A rising tide of graying baby boomers is less secure financially and has a lower standard of living than their aged parents.

Via Bloomberg,

The median net worth for U.S. households headed by boomers aged 55 to 64 was almost 8 percent lower, at $143,964, than those 75 and older in 2011, according to Census Bureau data. Boomers lost more than other groups in the stock market and housing bust of 2008, and many also lost their jobs in the aftermath at a critical point in their productive years.

 

...

 

“Baby boomers are the first generation without the safety net of pensions and other benefits their parents have,” said Alicia Munnell, director of the Center for Retirement Research at Boston College. “They’re facing a much more challenging old age.”

 

...

 

Lee said she harbors no resentment for her dad, who she credits with instilling her with a strong work ethic. “I was never allowed to dream,” she said. “My parents and then my husband expected me to work, and I couldn’t really think about what I most wanted to do.”

 

...

 

Lee is hardly the only baby boomer who didn’t save enough, worked for companies without 401(k) accounts or lost significant amounts in the financial crisis. Today, her retirement savings of $120,000 are right at the median 401(k) balance for households headed by baby boomers, according to 2011 data from the Center for Retirement Research at Boston College.

 

That will provide just $4,800 a year to boomers when they turn 65, assuming they take out 4 percent annually, the limit financial planners say should be withdrawn to assure retirees don’t run out of money in their lifetimes.

 

...

 

Had boomers like Lee been thriftier, they would have still been hurt by a shift to 401(k) accounts from pensions in the 1980s. Thirty-seven percent of the elderly in the U.S. collect pensions, which provide some guaranteed income until they die. Fewer than 10 percent of boomers collect pensions, and that number is quickly shrinking.

 

...

 

“She has never complained to me about not having enough money,” he said. “But if she needs it, I’ll advance it.”

 

Lee, who has repaid the money she borrowed, avoids dwelling on her difficulties during her weekly calls to her dad.

 

“I know he’ll help me if I fall off the ledge, but he taught me to be self-sufficient,” she said.

 

...

 

It’s liberating finally getting to a point in my life where I don’t need a lot of stuff,” she said. “I felt like I was getting rid of the baggage of life that I’d kept dragging behind me and which was just weighing me down.”

 

...

 

Lee doesn’t regret downsizing her life. She has more time than ever to enjoy the outdoors, read and spend time with her friends.

 

“There’s so much pressure to keep up, to keep buying things, to stay on the treadmill always hoping to have more,” she said. “Well, less can be better.”

 


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Wed, 12/18/2013 - 13:25 | Link to Comment csmith
csmith's picture

Here dad, drink this; it will make you feel better.

Wed, 12/18/2013 - 13:31 | Link to Comment Winston Churchill
Winston Churchill's picture

Lee = fonestar.

Wed, 12/18/2013 - 13:35 | Link to Comment subqtaneous
subqtaneous's picture

 

Why oh why won't those nasty little Millenials behave and become good little tax-paying consumers?!?!

Wed, 12/18/2013 - 13:39 | Link to Comment Popo
Popo's picture

The answer to this is deflation.   It is the Fed's efforts to preserve inflated asset values that is destroying that generation, not helping it.   It doesn't take a genius to see that preserving asset values helps the "haves" at the expense of the "have nots".  

Wed, 12/18/2013 - 14:01 | Link to Comment Ying-Yang
Ying-Yang's picture

What's sad in the chart:

1. All net worth except 75+ - DOWN (thanks Ben)

2. All savings - NONE or down except for 401k which will crash soon enough (thanks Ben)

3. Boomer retirement prep. - All but 36% not so good

Looks like Boomers are going to be hanging out in big houses with kids, grandkids and Chinese renters

Good luck on downsizing anytime soon.

 

Wed, 12/18/2013 - 14:35 | Link to Comment Lost My Shorts
Lost My Shorts's picture

It's their own fault.  They should have b'ed the effin d like the guys in the cartoon said.

Wed, 12/18/2013 - 14:30 | Link to Comment Groundhog Day
Groundhog Day's picture

The end game will be moar deflation with a lower income stream for the .gov's.  Lower mortage apps, lower home sales, parents moving in with kids and kids moving in with parents means less tax revenue for .gov, less spending on large ticket items like TV's , appliances, furniture etc etc. and even less spending on food as you can buy more in bulk.  The moar the fed fucks with everything the worse it gets.  It's no wonder Bernake has just got on one of those life boats as the USS Titanic is sinking.

I know a couple (she's a lawyer and he is a Programmer/analyst making approximtely 175k combined, in thier mid thirties with 2 kids) who couldn't really save any money after taxes, the mortgage, car expenses, kids expenses etc.  Their solution:  They bought a slightly bigger house and convinced his parents to sell their home and move in with them.  Their result:  No more day care expenses, their eating out expenses were sliced in half, grocery expenses were reduced by 20-30% by econimies of scale. As a household they reduced their energy consumption in half and property expenses in half.  The taxes the parents were paying annually (9k in NJ) goes to the kids college funds.

It is an overall win win for all.  They all have less privacy of course but are a stronger family unit.  The couple takes 2 vacations a year now, one with the kids and one on thier own since they can leave the kids at home.

This is what Bernanke and company have created and this trend will continue as long as they keep the current programs in place so keep printing Bernank, the moar you print the moar demand decay you will experience leading to moar deflation

Wed, 12/18/2013 - 15:03 | Link to Comment W74
W74's picture

That actually sounds awesome.  The family unit comes back or we all perish.  No more 2.1 average household size, or even less in some cities.  Mormon seems to be the way to go.

Wed, 12/18/2013 - 19:38 | Link to Comment Rafferty
Rafferty's picture

The traditional family is under sustained attack from all sides, media, education, legislation.  The black family structure, never very strong I admit, has been totally destroyed in the US.  The rest are heading in the same direction.

Wed, 12/18/2013 - 15:04 | Link to Comment MachoMan
MachoMan's picture

I know a couple (she's a lawyer and he is a Programmer/analyst making approximtely 175k combined, in thier mid thirties with 2 kids) who couldn't really save any money after taxes, the mortgage, car expenses, kids expenses etc.

Heh...  a couple grossing $175k/yr here could similarly piss the money away, but the median household income is less than $45k/yr here in Arkansas...  Realistically, this level of income ($175k/yr) could provide: a 3,500 sq ft. house of solid and new construction with nice yard and furnishings in a top shelf school district; 2 nice cars; cadillac insurance plans; country club membership; multiple vacations a year; daycare; housekeeper; lawn care; boat/atv; and pay for the mortgage on the parents' houses to keep them the fuck out of yours...  with money left over for savings...

While I think we have about the lowest cost of living in the country, I'm calling bullshit on your couple's spending habits...  my guess is they've made some very poor decisions with their money, probably stemming from their choice in housing. 

Wed, 12/18/2013 - 15:31 | Link to Comment mjk0259
mjk0259's picture

Yeah. I make 100k in one of the most expensive parts of the country, pay 3 child supports, and I still can save money without difficulty. And I have to pay for dates too.

 

Wed, 12/18/2013 - 17:17 | Link to Comment FrankDrakman
FrankDrakman's picture

Hmm.. quick look at the tax tables: ~25k in federal income tax, ~$5k in State tax (you did say you lived in 'one of the most expensive' parts of the country, $12k in SS, and $2k for Medicare tax - that's $49k off the top.

So, $51k  - $1500 for an apartment (which gets you a dump in the 'one of the most expensive' cities). $500 for car ($200 lease & maintenance, $200 gas, $100 insurance). That's $2k per month, leaving you $25k. Food, clothing, internet, cell phone - let's say you're really frugal, and can do all of these on $500/month. That's $6k, leaving you $19k. Three 'child supports' (sic)? OK, let's say $250 per month per child, or $3k per year per child. (My hat's off to your lawyer.) That's $9k, leaving you with $10,000 for all your entertainment, emergencies, vacations, gifts, any medical and dental expenses outside your current health plan - all to be covered off on $800/month. After that, you have savings?!

Not saying it can't be done, but you have to live a very spare lifestyle. $125/week for food and clothing is $25/day. You can't eat out at many restaurants, or buy a $200 suit (which is really cheap) very often.

Fri, 12/27/2013 - 20:25 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

"Food, clothing, internet, cell phone - let's say you're really frugal, and can do all of these on $500/month"

I do all the combined on less than $200/mo. To be fair the Tv (I don't use) and internet are bundled to my inclusive rent but previous residence was not inclusive. 100 gb/mo DSL for $65/mo. Clothing? That's not a monthly expense except with fast-growing and/or overly playful children. You can learn smart and make them wear things meant to be worn out that aren't expensive when you know they're going to play in the mud & rocks and climb up trees, etc., in that clothing vs be presentable in public for something a little more fancy.

"After that, you have savings?! Not saying it can't be done, but you have to live a very spare lifestyle. $125/week for food and clothing is $25/day. You can't eat out at many restaurants, or buy a $200 suit (which is really cheap) very often. "

Thankfully I do these things precisely never.

Wed, 12/18/2013 - 15:02 | Link to Comment free_as_in_beer
free_as_in_beer's picture

"words words words words

The couple takes 2 vacations a year now, one with the kids and one on thier own since they can leave the kids at home.

words words words"

 

A vacation without the kids?!?!?!?! Clearly everything else you said must be correct.

Wed, 12/18/2013 - 16:11 | Link to Comment Groundhog Day
Groundhog Day's picture

I have nothing better to do then to make up bullshit stories on ZH.  a trip to disney with the kids for a week and a trip to venice for 4 nights, is it really that far fetched?

Wed, 12/18/2013 - 15:11 | Link to Comment roadhazard
roadhazard's picture

Mothers used to stay home and raise the children until they couldn't anymore. There are people in Asia/Far East living in homes where their own relatives lived four hundred years before and more. As soon as we are all living three families to a household and being able to save, the rug will just be pulled out from under us again. Probably before.

Wed, 12/18/2013 - 15:29 | Link to Comment mjk0259
mjk0259's picture

The reason more people don't do this is it will lead to endless fights and an expensive divorce most of the time. What's more romantic than having two old people constantly yapping at your spouse while probably criticizing you.

Wed, 12/18/2013 - 16:15 | Link to Comment Groundhog Day
Groundhog Day's picture

the primary reason for divorce in the US is usually money. Of course this arrangement isn't for everyone, you actually have to like your parents or in laws for this to work.  Not all parents and in laws are unbearable

Wed, 12/18/2013 - 19:08 | Link to Comment ronaldawg
ronaldawg's picture

Maybe the parents were chinks.

Wed, 12/18/2013 - 16:08 | Link to Comment FrankDrakman
FrankDrakman's picture

Bravo to your friends, and the situation you describe is the way most people lived for thousands of years. Having the three generations together encourages respect for the elderly, stronger family values, kids see and learn the 'cycle of life' instead of reading about in books/watching it on TV, old people retain dignity and self-respect, the middle parents get an occasional night out, , plus all the benefits you described.

The aptly-named 'nuclear' family - since the above living situation was blown to bits - was a societal disaster. Dad disappeared to go to work each day, Mom was stuck at home, and the kids grew up in this weird no-man's-land where they didn't see anyone but the local shopkeepers work, and each night, a set of strangers gathered around the dinner table. No wonder we are the most selfish generation!

Wed, 12/18/2013 - 13:48 | Link to Comment El Viejo
El Viejo's picture

You mean borrowers??

Wed, 12/18/2013 - 13:51 | Link to Comment ZeroPoint
ZeroPoint's picture

I would not want to be a millienial. They face a terrible choice of being eaten alive before, during, and after the coming great reset, or going abroad to try to find an economic future.

 

Wed, 12/18/2013 - 14:30 | Link to Comment ZaphodBeeblebrox
ZaphodBeeblebrox's picture

Hmm. Yeah. What economic future abroad? I think there are a few millienials here that would have something to say about that. :-) Poland seems to be hanging in there but doubt that will last too long. 

Wed, 12/18/2013 - 22:03 | Link to Comment Freddie
Freddie's picture

Younger people fared better when the old Soviet Union imploded.  The older folks were hurt the most.  If the USSA reboots the same way then baby boomers will be screwed.

Wed, 12/18/2013 - 13:39 | Link to Comment fonestar
fonestar's picture

I live in an attic, not a basement.

Wed, 12/18/2013 - 13:46 | Link to Comment idea_hamster
idea_hamster's picture

Call it a "garret."  That's more romatic.

If you get extensively antibotic resistant TB (thanks to India giving out antibiotics like vitamins) you can write an opera and be famous among the 1% who go to the theatre in baby seal wraps and snack on Soylent Green.

Wed, 12/18/2013 - 13:50 | Link to Comment Freddie
Freddie's picture

What an eccentric post. I like it. 

Wed, 12/18/2013 - 13:42 | Link to Comment TruthInSunshine
TruthInSunshine's picture

You live on da Nile.

Wed, 12/18/2013 - 13:44 | Link to Comment greatbeard
greatbeard's picture

>> I live in an attic,

So, you think that puts you above it all?

Wed, 12/18/2013 - 13:51 | Link to Comment El Viejo
El Viejo's picture

@fonestar

The Italians have been doing it for decades.

The family unit is stronger than the individual.

When the gubment taxes away ambition why move??

Wed, 12/18/2013 - 15:06 | Link to Comment MachoMan
MachoMan's picture

You want to know how to tell if your family unit is strong?  If you actually care to be around one another when you don't have to be...  For all our faults, americans' desire to leave the nest isn't one of them.

Wed, 12/18/2013 - 13:48 | Link to Comment max2205
max2205's picture

At least the atic is warm. ...this lady still has more money than 80% of the population...but I gotta say wow wow.

 

At least she and family are helping to keep her off the streets in 5 to 10

 

 

Wed, 12/18/2013 - 13:53 | Link to Comment RSloane
RSloane's picture

So she kept giving in to pressure to have more and more expensive things, and more and more stuff she didn't need. My sympathy for her will last as long as it takes me to type this sentence.

Wed, 12/18/2013 - 14:12 | Link to Comment Miffed Microbio...
Miffed Microbiologist's picture

I agree. What a way to learn. But I must admit, though I live frugally, this fate I may not escape.

My 85 yr old mother-in-law is staying with us over the holidays. She regularly brags she paid $4/ month for SS during most of her working career. She retired at 62 and has been living well and traveling for more than 20 years. Last night she regaled us with her recent trip to Easter Island and the frustration of coming up with any more places to visit. I sympathized whole heartedly as I sipped my third glass of scotch under the watchful Mr who gave me the " don't you dare go to the dark side" glower. She then commented I kept my house too cold and wished me to turn up my thermostat to 80 which would be more comfortable for her. Mr quickly dragged me from the room insisting it was way past bed time.

Miffed;-)

Wed, 12/18/2013 - 14:42 | Link to Comment greatbeard
greatbeard's picture

>> regularly brags she paid $4/ month for SS during most of her working career. She retired at 62 and has been living well and traveling for more than 20 years.

So what does she get out of the fund each month?

Wed, 12/18/2013 - 16:23 | Link to Comment Miffed Microbio...
Miffed Microbiologist's picture

After 5 weekly yoga classes and several 5k runs a week I have conquered my high blood pressure. Asking that question of her may cause it to to go up again so I willfully choose ignorance.

Miffed;-)

Wed, 12/18/2013 - 19:13 | Link to Comment ronaldawg
ronaldawg's picture

Look it up all the social security statement are on line now.   Mr has to have her ssn.

Wed, 12/18/2013 - 23:17 | Link to Comment Miffed Microbio...
Miffed Microbiologist's picture

I asked Mr Miffed and he doesn't know it. He did agree to ask her in an opportune moment so I will post it when revealed. Of course, this will be what she receives now and not what she originally drew. I'm assuming there were many colas but she does complain there haven't been many recently.

Miffed;-)

Wed, 12/18/2013 - 14:51 | Link to Comment RSloane
RSloane's picture

Hello Miffed good to see you. Merry Christmas!

Having just viewed real estate in Cape Cod where Lee is living, she picked her go to place very well. It sounds like her father has a few bucks he is willing to spend on his daughter [and most likely already has in the past].

I'm very sorry about your mother-in-law spending her holidays with you, sharing her tales of travel and the burden of not being able to think of where to go next since she most likely has travelled there already. I can't say I would have shown the stalwart patience you have demonstrated thus far. She sounds completely absorbed in herself without regard for anyone else. You can offer her a hot water bottle to keep her bed warm so the rest of you don't sit in your own sweat the rest of the holidays. You might also offer her repeated hefty doses of Scotch as that too will keep her warm and hopefully silent.

I have the feeling that Mr. M is going to be on his toes during this holiday. She is very fortunate to have you for a daughter-in-law. If she were my mother-in-law, I would need alcohol dependency rehab by the time she left.

 

Wed, 12/18/2013 - 16:42 | Link to Comment Miffed Microbio...
Miffed Microbiologist's picture

Hello to you rssloan and a very Merry Christmas too!

After doing this for quite some time I have resigned myself to what will transpire. Hers is really not malicious but frank ignorance and me responding as myself would not be fruitful or educational. I look at her as an example as how I should never be comfortable in my position and be unaware of the difficulties others are experiencing. Can I truly fault her for being born in a unique window of time when a good retirement was possible? I do have to fight some jealousy and bitterness sometimes but that is my problem.

What really burns me is she insisted last year to keep the house at 80 and burned through $500 worth of propane in 3'weeks and did not offer to chip in the extra expense. Considering I may be spending my 80s huddling over a burning barrel I get a tad testy! I certainly hope your holidays are certainly less stressful than mine or at least experienced with wonderful people.

Miffed;-)

Wed, 12/18/2013 - 19:19 | Link to Comment Nostradumbass
Nostradumbass's picture

Buy your MIL a snuggly!

Or, keep ONE room at 80degrees with a space heater where she can retreat for awhile.

Wed, 12/18/2013 - 22:08 | Link to Comment Freddie
Freddie's picture

Yup.  Buy her a sweater or a sweatshirt is cheaper.

Wed, 12/18/2013 - 15:12 | Link to Comment MachoMan
MachoMan's picture

@ miffed

wouldn't you love the inlaws around all the time?  Why would anyone ever desire to have their own place?

Wed, 12/18/2013 - 15:57 | Link to Comment Serenity Now
Serenity Now's picture

Miffed,

Wow.  My grandmother just turned 85.  I don't think she's ever traveled anywhere, and she would freeze to death before she asked someone to turn up the heat.  

Be forewarned...."I've run out of places to travel" sounds like code for "I'll just go live with my married son now."  You're gonna need a bigger bottle of Scotch.  

Good luck.  I hope she doesn't ruin your Christmas.

Wed, 12/18/2013 - 16:07 | Link to Comment D-liverSil-ver
D-liverSil-ver's picture

Motel 6 is just down the street.

Maybe that can be your next travel destination. Feel free to crank up the heat too, they won't charge you any extra.

Thu, 12/19/2013 - 03:03 | Link to Comment Serenity Now
Serenity Now's picture

Maybe Miffed can get a room there and hide out during the day with her Scotch.  :)  That's what I would do.

Thu, 12/19/2013 - 09:46 | Link to Comment Miffed Microbio...
Miffed Microbiologist's picture

Yes, I need some serenity now! At least ( so far) this living arrangement is not perminant. Thanks for listening to my holiday rant.

Miffed;-)

Wed, 12/18/2013 - 13:31 | Link to Comment navy62802
navy62802's picture

And when it comes time for the current working-age population to retire, they will be in an even worse situation.

Wed, 12/18/2013 - 15:15 | Link to Comment MachoMan
MachoMan's picture

For us working youngins, factoring in an increase in life expectancies and increase in the age of retirement, this is probably 40+ years away...  fortunes can be made and lost in the meantime...  who knows what will happen.  I wouldn't expect to "muddle through" for the next 40 years.  Of course, it's no wonder that we don't want to pay into the system with these prospects...

Wed, 12/18/2013 - 17:06 | Link to Comment bks
bks's picture

Life expectancy is the same as it has been for 3,000 years.  70-80 years.

    --bks

Fri, 12/27/2013 - 20:04 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

1000 years ago life expectancy was much lower.
My life span will probably be 100 to 120. Maybe 90 if I'm not lucky, depending how you define 'luck'

Wed, 12/18/2013 - 17:06 | Link to Comment navy62802
navy62802's picture

Shit yeah. 40 years = at least 3 more "wars."

Wed, 12/18/2013 - 15:30 | Link to Comment DosZap
DosZap's picture

So, like I said yesterday, the percentage of INCREASE by age group POST?, My ASS,Bernie & Comapny are killing seniors,left n right.

 

Wed, 12/18/2013 - 13:29 | Link to Comment navy62802
navy62802's picture

*double post*

Wed, 12/18/2013 - 13:31 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

Lee and Lew and dog is name Boo :)

Wed, 12/18/2013 - 14:44 | Link to Comment Race Car Driver
Race Car Driver's picture

Was that a popular diddy back in those heady cold war days of the '60's and '70's?

Wed, 12/18/2013 - 17:22 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

Boris is nostalgic to hear "Doo Va Diddy" by Manfred Mann over short wave.

(Cannot play loud because neighbor in adjacent apartment is party snoop.)

Wed, 12/18/2013 - 13:30 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

And when come time for currently work age population for retire, will even worse condition to be.

(if bear repeating:)

Wed, 12/18/2013 - 14:03 | Link to Comment MsCreant
MsCreant's picture

"if bear"

"if bear"

The if bear is repeating.

The Ruskie If Bear is repeating.

Wed, 12/18/2013 - 14:34 | Link to Comment W74
W74's picture

Bear is the correct usage here, as in "Bear-ing a burden".

Wed, 12/18/2013 - 17:22 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

as in "bare defecate in boreal forest"

Fri, 12/27/2013 - 20:05 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

maybe is be vodka, turnip, potato for balance diet and for very cheap?

Wed, 12/18/2013 - 13:35 | Link to Comment lostintheflood
lostintheflood's picture

american's sense of entitlement is their own worst enemy.

Wed, 12/18/2013 - 14:41 | Link to Comment Anusocracy
Anusocracy's picture

Being hard-wired for government is their own worst enemy.

Wed, 12/18/2013 - 15:22 | Link to Comment MachoMan
MachoMan's picture

It's a biological issue and it's universal amongst our societies...  some cultures have varying degrees of desire for autonomy, but when this desire must be articulated, it tends to fall by the wayside.  Unfortunately, some folks desire to capitalize on this tendency and most of the population cares not to change...  so long as the tribute payments are large enough.

Fri, 12/27/2013 - 19:56 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

'americans' have yet to figuring out what is the 'mattering'

saving up, not blobbing 'up', that is the strategy of good citizenism!

Wed, 12/18/2013 - 13:35 | Link to Comment Fake_nation
Fake_nation's picture

See, Boomers are the real victims in this society, what with all the tax money we earned going to fund ODingocare, Occupy Wall Street, left wing colleges, and god knows what else these Millenial punks have dreamed up! 

We hear a lot about racism in the media, but isn't the worst form of racism hating a whole generation...

http://www.fakenation.info/please/baby-boomer-hate-the-new-racism

Wed, 12/18/2013 - 15:18 | Link to Comment roadhazard
roadhazard's picture

Wingers crack me up.

Wed, 12/18/2013 - 15:48 | Link to Comment angel_of_joy
angel_of_joy's picture

This is the generation (i.e. boomers) that pretty much fucked up everything it touched, and I am supposed to feel sorry for them ?
Ha ! I have news for you, people ! This is how karma (or divine justice, or even natural selection if you prefer) works: you screw up somebody, and it comes back to bite you several time worse... Boomers see no problem in screwing up all subsequent generations, yet they have the gall to complain about their misfortunes. As Dustin Hoffman would say "this is nothing !", 'cause the fun is just beginning. The boomers who saved squat we'll live long enough to witness their much beloved "social programs" delivering pennies for dollar, as result of years after years of mismanaged federal and state finances. On the other hand, those who did save something, will see their "nest eggs" turning into dust as result of the "non-existing" inflation.

Well, have a nive trip. Sure as hell, you've earned it !

Fri, 12/27/2013 - 19:52 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Occupy Wall Street, especially Occupy the SEC, is doing the job you ought to be doing.
And not getting paid for it.

Wed, 12/18/2013 - 13:36 | Link to Comment Czar of Defenes...
Czar of Defenestration's picture

I have NO sympathy for slobs like Lee who don't save for their future. 

"...both saved what they could."...MY A§§!  They saved what they WANTED to...and maybe a penny or two more.

WELCOME TO living YOUR life with YOUR consequences of YOUR decisions, sweetie.

Wed, 12/18/2013 - 13:43 | Link to Comment oddjob
oddjob's picture

I admire patriots like Lee, if more people refused to save in paper chits issued by a private bank with foreign ownership we would be better off.

Wed, 12/18/2013 - 13:59 | Link to Comment RSloane
RSloane's picture

Patriot?! She said she kept spending more and more for expensive things and was on that treadmill to buy more and more things. That makes her a patriot?

Wed, 12/18/2013 - 14:06 | Link to Comment oddjob
oddjob's picture

Sure, why not?...she was just trying to keep the economy going. Bankers are lauded for their largesse and abuse of money, why should she be treated any differently?

 

Wed, 12/18/2013 - 14:04 | Link to Comment ZeroPoint
ZeroPoint's picture

According to the Kenyesians, YES. Buying an IPad? Good! hurricane/tornado/petroluem tanker explosion levels your town? Even better!

 

Wed, 12/18/2013 - 13:44 | Link to Comment NotApplicable
NotApplicable's picture

She's got $120k banked (and likely little to no debt). I'd guess that puts her far, far ahead of the pack.

Wed, 12/18/2013 - 13:56 | Link to Comment ZeroPoint
ZeroPoint's picture

Depends. I am willing to be that 120K is rehypothecated to someone else. The great reset is coming, what do you think her chances are?

 

Wed, 12/18/2013 - 14:27 | Link to Comment W74
W74's picture

Saved that by 23, although denominated in dollars....ugh.  I don't even count my insurance policy (PMs) into my savings anymore.  They're just there.  Granted I didn't have too many expenses while fighting the jew wars to destabilize the middle east and secure the petrodollar....but even back home I was still living dirt fucking cheap saving 60%-80% anyway.  I think I did a damn good job considering, but didn't do me much good considering there just weren't loans for houses even for people with savings and great credit. Doing the right thing by getting paid to go to school?  Forget it, doesn't count.  Forget about fancy cars and expensive clothes and eating out every single night.  I forewent all of that.  My guess is Lee in this story had some terrible spending habits.

Useless useless.  Now I'm just looking for a productive life where I don't have to owe anyone else anything, no debts, no taxes, a small holding where I can be reasonably self-sufficient.  It is doubtful I'll ever find that in the United States or even on the North American continent, or even in the world anymore.  What countries respect property rights these days?  I would assume such countries would have incredibly small percentages of jews, faggots, and other victimology groups who think stealing from others is OK.

Wed, 12/18/2013 - 16:48 | Link to Comment Bee
Bee's picture

Two divorces have done the most damage to her finances.  Ladies, "Eat, Pray, Love" is a fantasy.  Real life does not work out that way. 

I can't speak specifically to her situations (plural) but women initiate 70% of the divorces nowadays.

Wed, 12/18/2013 - 13:38 | Link to Comment Freddie
Freddie's picture

The baby boomers went to Woodstock so they deserve to be bailed out by young people.

Wed, 12/18/2013 - 13:43 | Link to Comment greatbeard
greatbeard's picture

>> be bailed out by young

Who, besides tattoo parlors, have the young bailed out?

Wed, 12/18/2013 - 13:41 | Link to Comment q99x2
q99x2's picture

 Who they think they Kings and Queens of England?

Wed, 12/18/2013 - 13:43 | Link to Comment moneybots
moneybots's picture

" His 61-year-old daughter Lee lives year-round in the basement of her friend’s Cape Cod cottage, venturing into the winter cold to get to the bathroom. As Bloomberg reports, Lew is making the most of his old age. Lee is paring back and lightening her load as she looks ahead to her later years. Both worked all their lives, both saved what they could"

 

The 61 year old daughter saved all her life, yet...

Wed, 12/18/2013 - 13:47 | Link to Comment NotApplicable
NotApplicable's picture

Discovered that it's impossible to save purchasing power in dollars.

Wed, 12/18/2013 - 13:48 | Link to Comment Freddie
Freddie's picture

Is she a cripple?  A LOT of people are working at 61 years old. 

Wed, 12/18/2013 - 14:01 | Link to Comment GubbermintWorker
GubbermintWorker's picture

I'm retiring at 61 and am fully able bodied. I think working 36 years in a sewage plant is enough. But then again, I am a lot better off than Lee.

Wed, 12/18/2013 - 14:27 | Link to Comment oddjob
oddjob's picture

Any neat stories from screenings grinder?

Wed, 12/18/2013 - 14:33 | Link to Comment GubbermintWorker
GubbermintWorker's picture

A sex toy, a latex pussy, made it through that unscathed. It's rather disconcerting to see a pussy staring back at you from the bottom of a dumpster.

Wed, 12/18/2013 - 14:41 | Link to Comment insanelysane
insanelysane's picture

Then you sold it on eBay for $25 and then went to a pub to clear the emotional scars.

Wed, 12/18/2013 - 14:43 | Link to Comment GubbermintWorker
GubbermintWorker's picture

No emotional scars. I autoclaved it first.

Did go to the pub though.

Wed, 12/18/2013 - 14:31 | Link to Comment edifice
edifice's picture

At least you'll be able to say, quite literally, "It was a shitty job, but somebody had to do it."  :-)

Wed, 12/18/2013 - 14:34 | Link to Comment greatbeard
greatbeard's picture

>> working 36 years in a sewage plant is enough.

You'll get no complaints from me.  I sailed around on yachts for 30 years and felt like it was enough.  Retired at 55 and never looked back.

Wed, 12/18/2013 - 15:26 | Link to Comment roadhazard
roadhazard's picture

Kent, is that you?... "it is ballooons".

Wed, 12/18/2013 - 15:27 | Link to Comment roadhazard
roadhazard's picture

double hairlip

Wed, 12/18/2013 - 14:38 | Link to Comment GubbermintWorker
GubbermintWorker's picture

Awww, who down arrowed me? Whatsa matter, you jealous? I fucking earned it. Yeah, I have a pension and social security but I also have cash, gold, silver, a homestead, lead, and lead delivery systems.

Wed, 12/18/2013 - 14:47 | Link to Comment Anusocracy
Anusocracy's picture

I got a line on a potential job in China using my lungs to purify the air.

Wed, 12/18/2013 - 15:00 | Link to Comment GubbermintWorker
GubbermintWorker's picture

The good news is that it comes complete with a pension. The bad news is that you won't live long enough to collect it.

Wed, 12/18/2013 - 14:01 | Link to Comment ZeroPoint
ZeroPoint's picture

And that's another reason why millenials need to flee this failing system.

Wed, 12/18/2013 - 14:18 | Link to Comment W74
W74's picture

Done.  And Done.

Though technically I'm still Gen-X.  I feel like I'm leading the way.  Headed out West to an as of yet undisclosed state to build straw bale homes in March, work starts in April if all pans out. 

If it doesn't....moving out west anyway.  All the respective "victim groups" have turned my birthplace into a hell hole.  I should convert to Mormonism just for the sense of community.

Wed, 12/18/2013 - 14:34 | Link to Comment Freddie
Freddie's picture

Good for you.  I am not sure about Mormonism.  They know a lot about prepping and survival.  Very nice people and family oriented.   They do seem to have an ethical blind spot when it comes to business.  Do not buy anything online from Utah or areas close.  Lots of Mormons engage in fraud internet businesses.

Wed, 12/18/2013 - 15:08 | Link to Comment W74
W74's picture

I'm really looking for a sense of community and to have a family...which I tried starting but have recently lost (officially divorced as of last week (NSA knows this already, I'm sure my ex father-in-law is looking), but had been separated for a time).  Tried to be a good guy I did, but rent here destroyed my marriage.  I only wanted the home I saved for, but could never get.  If I had cheated the system I'd've made out better, but didn't.

Family and community are strikingly absent here, but I guess that is to be expected being in such proximity to D.C.  I'm more Baltimore oriented, but a lot of the working-class culture in the area has given way to other, essentially a variety of other degenerage cultures (welfare culture, gay culture, etc)....mostly because people just aren't working like they used to.  And there's no incentive to be active and productive anymore here when Shaniqua with 4 kids who never saved a dime in her life gets to live in a four bedroom in the burbs for free....while at the expense of her neighbors who then have to put up with her and her kids living next to them in the suburbs for free (see how that works, or how it doesn't work?).

Wed, 12/18/2013 - 17:08 | Link to Comment Beard of Zeus
Beard of Zeus's picture

Learn some Game.

Wed, 12/18/2013 - 18:34 | Link to Comment Freddie
Freddie's picture

I think I have been to DC twice.  It made me ill.  People say oh all the sites and building.  Yeah. Monuments to corruption.  Get away from DC.

Fri, 12/27/2013 - 19:47 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

what's 'degenerate' about gay 'culture'? People are born gay like they're born male or female or with brown eyes, etc.
It's not a choice. It's not harming anyone. You're an odd duck.
... given you highlighted an 'ethical blindspot' for mormons.

Wed, 12/18/2013 - 14:31 | Link to Comment plane jain
plane jain's picture

Sure if they can get hired.  Most employers don't want older workers, especially not ones that aren't eligible for Medicare.

Wed, 12/18/2013 - 15:38 | Link to Comment MachoMan
MachoMan's picture

Is this why all the jobs are going to older workers?  If you can get someone who really wants to work, who needs to work, and who knows how to work, then wouldn't you rather hire the old guy than the young guy who shows up late, doesn't work, and has a chip on his shoulder?  It's a pretty simple decision for many employers...  and the people in charge of hiring are, you guessed it, older...  and who tend to dismiss the young as capable of performing as well as the older generations.

Fri, 12/27/2013 - 19:40 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

typically: they hire the younger person.
Lower pay, more stamina, remembers better, doesn't have an air of superiority from life experience (which may be valid in some cases on some jobs) and is easily replaced with another copycat if the previous one doesn't work out.

Wed, 12/18/2013 - 13:48 | Link to Comment edifice
edifice's picture

This isn't representative of all Boomers.  I only know a few in this situation, but those like my father (b. 1945) and my uncles are all pretty well-off.  Not that it means much anymore, but most of them are millionaires.

Wed, 12/18/2013 - 13:52 | Link to Comment moneybots
moneybots's picture

“Baby boomers are the first generation without the safety net of pensions and other benefits their parents have,” said Alicia Munnell, director of the Center for Retirement Research

 

Baby boomers are the first generation since the Great Depression to be at retirement age during an economic depression. Same phase of the long term cycle.  In 1930 there was no Social Security.  How many did not have a safety net?  Veterans marched on Washington in 1932, as they had no safety net, and sought a War bonus, to gain some income to live on.

Wed, 12/18/2013 - 15:02 | Link to Comment Freddie
Freddie's picture

Those Vets were beaten and shot by MIC including some of our "greatest" generals involved like Ike, Patton, MacArthur (total douchebag he was).  Meanwhile, Robert E. Lee's name is being taken off everything.  The Union Army did not want war because they greatly respected Lee but those European Bankster families wanted genocide and "Honest" Abe complied.

Wed, 12/18/2013 - 14:01 | Link to Comment moneybots
moneybots's picture

"Had boomers like Lee been thriftier, they would have still been hurt by a shift to 401(k) accounts from pensions in the 1980s."

 

Down phase of the cycle.  How many bankrupt companies have a pension?

 

Pensions are how much under funded?  So how much of their pension, are baby boomers going to see?

Wed, 12/18/2013 - 16:13 | Link to Comment D-liverSil-ver
D-liverSil-ver's picture

Our pension was underfunded and the Management shutdown access to the portion of the company website that told us how much our pensions would be when we retire.

They had a meeting and gave us our revised figures, my pension is now 27% reduced. The younger crowd that has been here less than 9 years or new hires won't be getting any pension.

 

 

Wed, 12/18/2013 - 14:04 | Link to Comment the not so migh...
the not so mighty maximiza's picture

there is no retirement for baby bommers , they will work till they are dead, dead , dead.

Wed, 12/18/2013 - 14:28 | Link to Comment GubbermintWorker
GubbermintWorker's picture

bullshit, I'm retiring in eight months, at the age of 61.

Wed, 12/18/2013 - 17:56 | Link to Comment forwardho
forwardho's picture

With a handle like GubbermintWorker I believe you!

G-d bless, and thanks for all your years of selfless service.

Wed, 12/18/2013 - 14:10 | Link to Comment moneybots
moneybots's picture

" Thirty-seven percent of the elderly in the U.S. collect pensions, which provide some guaranteed income until they die. Fewer than 10 percent of boomers collect pensions, and that number is quickly shrinking."

 

Providing the pension fund doesn't fail.  There is no guarantee of that.

Wed, 12/18/2013 - 14:16 | Link to Comment Yenbot
Yenbot's picture

 

“Baby boomers are the first generation without the safety net of pensions and other benefits their parents have,” said Alicia Munnell, director of the Center for Retirement Research at Boston College. “They’re facing a much more challenging old age.”

 

Gee, that wouldn't have anything to do with the fact Dad was in the Union, would it?

Wed, 12/18/2013 - 14:15 | Link to Comment yogibear
yogibear's picture

Live as cheap as you can by avoding $10,000 to 20,000 or more a year in property taxes.

Stop funding the tax and spend beast.

 

Wed, 12/18/2013 - 14:37 | Link to Comment plane jain
plane jain's picture

AFAIK renters still pay property tax through their rental payments.  Hard to raise a family in a van down by the river.

Fri, 12/27/2013 - 19:39 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

harder still to have everyone all at once refuse to pay but it can be done.

Wed, 12/18/2013 - 14:44 | Link to Comment ToNYC
ToNYC's picture

In the basement you own your time; on the street it's always stolen like the bicicle thief on un-tied 10-speed.

'Johnny's in the basement mixing up the medicine*, the singer's on the pavement , thinking 'bout the government.'

Safety first is not a bad order of things.

 

"Let thy medicine be thy food." - Hippocrates

Wed, 12/18/2013 - 14:16 | Link to Comment tabasco71
tabasco71's picture

Most people in basements these days are imprisoned sex slaves, so I think Lee is doing ok.........

Wed, 12/18/2013 - 14:45 | Link to Comment Kreditanstalt
Kreditanstalt's picture

F---ing central banks.

F---ing fractional reserve banking.

F---ing central planning.

F---ing fake fiat currencies.

Who did it?    F---ing GOVERNMENTS.

Wed, 12/18/2013 - 16:06 | Link to Comment smartstrike
smartstrike's picture

Governments are owned by private business--corporations are people too, they're owed by global elites who centrally plan everything, years if not decades in advance; but, you can blame it all on governments if you want.

Wed, 12/18/2013 - 15:41 | Link to Comment ncdirtdigger
ncdirtdigger's picture

I had my retirement when I was 35-45, when I could appreciate it. Now I am back to work because I can't afford to pay some other schmuck to do my job for me. It was fun while it lasted.

Wed, 12/18/2013 - 16:39 | Link to Comment ToNYC
ToNYC's picture

"We don't all have to get Ph.Ds" to be employed like he did; so relax, it's coming. You can see how BS Piled higher. Deeper rides, and reporters walk.

Thu, 12/19/2013 - 01:59 | Link to Comment Incubus
Incubus's picture

Here's my rule for living:

 

When dealing with people and operating in society, never go all in.  Always keep one foot out the door. 

 

Self-sufficiency eliminates any question of power.  I don't need you.

Thu, 12/19/2013 - 07:12 | Link to Comment S5936
S5936's picture

Yep , with you all the way on that.
Gotta be able to tell ANYONE to go fuck themselves = freedom.
Also Lee reads and loves the outdoors .... She's doin better than most right there.

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