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The Baby Boom Will Never Retire - Half Have No Retirement Savings At All
Some of you might remember the glossy highly produced advertisements back in the early 1980s when Wall Street decided it was time to turn American retirement plans into casinos. The slow and agonizing death of the pension plan was supposed to be replaced by the beautiful and wonderful world of the 401(k) plan. Save for 30 years and in the end, you will be a millionaire just like your friends on Wall Street that sincerely care about your financial future. Of course since then, we have found out about junk bond scandals, mutual fund fees that make loan sharks look conservative, and of course the financial shenanigans of giving people toxic mortgages that were essentially ticking time bombs of destruction. This was the industry that was put in charge of helping you plan for your future. We are now a generation out from those slick ads and the results have been disastrous for most Americans. A recent analysis found that half of US households 55 and older have no money stashed away for retirement.
The new retirement is no retirement
Planning for retirement takes time. Saving money is a slow process. There was a time when simply stashing money into CDs and savings bonds was enough to have a nice nest egg if you were diligent enough. Yet for the last decade, most banks are paying close to zero percent on their savings accounts thanks to the Fed’s low rate policy to juice the markets. Since the true inflation rate is much higher, you are essentially letting your money rot away. So the only other option is for people to invest in the stock market or try to leverage into real estate.
The stock market is largely an arena for the wealthy. Half of Americans own no stocks at all. Now after a generation, we are finding out that most people did not follow in the footsteps of those glossy over produced retirement ads:
Source: GAO
“(Raw Story) Are we all in denial or is it simply impossible to save enough for retirement? Is it some kind of toxic combination of the two? Whatever the reason, yet another study – this one from no less an authority than the non-partisan US government accountability office (GAO) – is here to remind us that we’re woefully unprepared, financially speaking, for retirement. While we may all have dreams about how we’d like to spend our retirement years – fishing, golfing, writing that great American novel – the truth is that as many as half of all households with Americans 55 and older have no retirement savings at all . Nothing. Zip. Nada. Not a dime.
And the news gets worse, the GAO reports. Because households headed by older Americans that don’t have retirement savings like 401(k) plans or IRA accounts also are less likely to have other sources of income that they can rely on when they retire, such as pensions or even plain old savings accounts. About 29% have absolutely nothing : no pension plan, no savings, no 401(k), nothing.”
The idea that all older Americans own their home free and clear is simply not true. Only 35 percent own their home free and clear from debt (and this does not mean they don’t have expenses like taxes, insurance, and maintenance). 24 percent are still saddled with mortgage debt. And 41 percent do not own a home meaning they have to pay rents that continue tooutpace any wage gains.
The median net worth of those 55 and older is $34,760. This is basically one small illness from bankrupting this family. The median annual income of those 55 and older is $18,932 which makes them part of the new low wage America cohort.
On the retirement side 48 percent have some retirement savings (not much). 29 percent have no pension or retirement savings. And 23 percent have a pension but no retirement savings. In the end, it is a tough situation for many older Americans. And that is why older Americans rely heavily on Social Security as their primary source of income into old age:
If it were not for Social Security, half of retirees would be out in the street bringing back another Great Depression like atmosphere. This is in stark contrast to that 401(k) dreams pushed by Wall Street investment banks of endless Margaritas and walks on nameless sunny beaches.
The sad reality is that retirement is no longer what people think. And keep in mind this is happening to the baby boomer generation that lived through some mega US prosperity and stock market bull runs. What about young Americans today that are starting in an even more precarious position thanks to the insane cost of going to college and the mountain of student debt? Many people are realizing that retirement is a luxury only a few can afford.
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Spot on brother - timeless advice.
Comte is covered. Went to the local Quckie Mart for some triply over priced KitKats, and picked up a lottery tickie for Saturday's powerball.
Sorted.
Canada better start building a border wall.
Canada's in even worse shape, they just don't know it yet.
My retirment plan is to avoid thinking about it, drowned out with large quantities of booze.
My retirement plan is to: 'match 6 numbers'...
" The slow and agonizing death of the pension plan was supposed to be replaced by the beautiful and wonderful world of the 401(k) plan."
They implemented this retirement strategy without a mechanism to keep the system honest and RE should also have been looked at... and since 1979 was the top of Employment in Manufacturing and 1980 the Top in Money Velocity... they knew jobs were being sent off shore and NAFTA was conceived.
They still haven't admitted the 401K retirement had lots of risk and no mechanism to prevent fraud, financial raids, strategies to draw pensions and unsophisticated investors into risky asset investments.
They don't admit shit.
And they want us to support them, be civil, be orderly, be satisfied with only voting while they take privacy and free speech.
I'm thinking they better stay in their compounds and limos and special access buildings. BTW I think Banks in Europe always had lots of security even when there were no vaults for money. You should see Bank Security in a Third World Country.
https://www.youtube.com/watch?v=tfFFiqZ8ZdE
https://www.youtube.com/watch?v=2Rw5MosKRm4
This video sums up our dilema with Satan.
The "Greatest" generation and the Boomers deserve every bit of misery that comes their way. First they looted the treasury, and when that wasn't enough, they looted their children's future, and when that still wasn't enough, they looted their grandchildren's future. They'll just continue to loot and steal until it all collapses. They write checks that someone else will have to make good on just so they can continue to live the good life right now for as long as they can. And it was and is done all perfectly legal with the politicians they vote into office.
they will be you soon, if you survive.
at least most of us aren't assholes like the generations following us.
So you agree on the "stealing" part...but he's THE ASSHOLE for pointing it out? Rationalizations have no limits I guess.
The two generations combine to be the best at patting themselves on the back...that I'll agree to for sure.
You got a point there. Like the WWII Generation was the Silent Generation, they pulled together and trusted government I guess.
China has Broken Windows Policy for its pollution problem i guess, Central Planning of the Economy, Energy, National Resources and subsidies for Gasoline, Central Planning of Building Cities and Infrastructure.
Old USA was a vision of Building a Middle Class with freedom from Wealthy & Political Crooks.
Used to be the Difference was USA Goal was Building and Sustaining a Middle Class with strong Jobs and Economy with a fair banking system, rational auditing & accounting, and standard financial instruments. Not sure about Financial Ratings or if they were real, conservative, useful, or served the individual/household investor/charity donor.
Now in the USA Greed is good, fraud is rewarded, looting is encouraged, malinvestment is ignored, moral hazard an old saw.
- Broken Windows
- Corporate & Bank Bailouts
- Federal Marriage with largest companies
- Superpower Status with Strong Central Government & endless FISCAL Stimulus channeled to our big companies
- Financial Dominance of the World combined with Economic Dominance & Political Dominance
- Tax Breaks & Subsidies to Assist Off-Shoring of Production
- Tax Breaks & Subsidies to Assist in H1B Foreign VISAs for STEM Jobs
- Psuedo-Free Trade Agreements to support big business off-shoring efforts
- Federal Partnership with Health Industry to support big business profits
- Federal Lobbying to identify big companies needs for support
- Federal Congress with no Term Limits to support the Superpower Status and Capitalization of Big Companies
"First they looted the treasury ---- they looted their children's future, and when that still wasn't enough, they looted their grand children's future"
I don't suppose you could expand on that? You know,,, facts and figures to back your claims? Charts graphs and whathaveyou to show just where we stole these funds?
And apparently you have no qualms about the corporate MIC rip off or the trillions spent on wars and bankers.
Yes I'm living the 'good' life,,, still working, still paying taxes for the younger generations welfare and school loans (same,same) AND still paying FICA...
And the greatest generation is mostly dead,,, let them rest in peace. Without them you would be screaming Seig Hiel mein Fuhrer. At least they fought for something real.
EDIT: I did down vote you... but feel you deserve the reason why. You are accusing and insulting an entire generation of hard working people that have never taken a dime of state money.
My barber is 85. Works in a one man shop. He's always been closed sundays and mondays. Now he's retired. He's closed sundays, mondays and now tuesdays. LOL. I ask him how retirement is everytime i'm in there. He says when he drops dead is when he can afford to not work, that Obama is the worse ever, that we have no government and the he feels like he doesn't own anything. That's nearly a century of experience talking.
One thing's for certain, there will always be fancy dressed millionaires at the top running things and trying to stay in power.
One thing's for certain, there will always be fancy dressed millionaires at the top running things and trying to stay in power.
More like there will always be fancy dressed millionaires at the top ruining things to help keep themselves in power.
Slavery is retirement. ~ Ministry of Truth
Actually, it worked for me, and I don't know why it didn't work for others. I've put away at least 10% of my income each year since 1983 (when I was 23), and now have about $1.5 million in my combined IRA and 401K. My account has compounded at about 10% annually (slightly worse than the Wilshire 5K over the period), so nothing heroic in terms of returns. I invested 100% in stocks from the beginning, never touched it, never took a loan and basically just left it alone. How hard is that? I'm never going to retire anyway...what the hell else would I do...but it can be done.
How much of that 1.5 million is principal, and what rate of return did you get? You never took a loss in the market with an IRA and 401k, through three market clearings?
But if you have had steady employment since 1983, you are in the tiny minority of people in the US who did. Maybe that can skew your perception of the way things really are for everyone else. Must be nice to live in that bubble.
On the other hand most people born between 1946-1960 spent every penny they had and then some trying to be something more than they were.
One word of caution - don't count that 1.5 million as 'yours'. It will be taxed.
I'm in my 60s and I'm retired and enjoying it. Here are my keys - which are of no value to people my own age because it is too late, but may help someone younger ;
- don't have kids. Thank God I came from a dysfunctional family and learned early on.
- never buy anything you can't pay for in cash - or if you must buy something on credit, limit the term as much as possible. If that means living below your means for a spell that's ok.
- don't be afraid to take some chances with your life.
- find a good person who has similar values.
- if you have the choice between being a contractor or employee - consider the contract. Sure you won't get all the benies but those will be in the pay envelope and you can buy your own.
- consider buying solid cars that might last 10+ years.
I'm not lecturing - but these practices (and others) made a big diference for us.
Don't have kids?!?
So we'll show the banksters who claim no one can afford to live on earth by going extinct? Darwin said perpetuating one's genes is victory in this game of life, but you're saying extinction is? We need at least 2 kids per female just keep the population steady. Yeah, I'd rather fight than commit to extinction like you're suggesting. I've never heard anyone speaking admiringly of the Dodo. Were you always a nihilist or is this just your response to the debt money squeeze? People go to college, rack up debt paying for it, have no interest in understanding the monetary policy that caused it, no curiosity about it at all, but then decide to not have children because they can't afford it, while people on welfare have litters. If the childless student loan debtors think they'll have the last laugh because one day the government will exterminate the welfare class but not them, then they're even bigger fools, because no corrupt government prefers a repressed bourgeoisie over ignorant rabble.
Which one looks more like the Dodo?
its a victory for the gene, not the person
you would save your kin from drowing over a stranger
you would save a stranger from drowning over a monkey
fuck your genes. their interest is not yours in the traditional sense.
Whatever. Then die out motherfucker. I'm into go forth and multiply, you stick with the Thulsa Doom cult. To each his own.
Excellent advice!
Sound advice, all but the part about the kids. From a biological standpoint, you life has become meaningless. I'd say from a logical perspective that's not entirely true, however we are chiefly emotional creatures, not rational, and most people would come to regret the decision you made, especially a woman. If it worked out well, God bless and thanks for the rest of the advice, it's good advice.
There are enough other people who need to have kids to keep the human race going, if we chose not to.
At some point one's religion/beliefs come into it as well. Yes, biologically our current cells will cease.
It is kind of interesting how very few of the people I was close to let's say through college have kids. Many never even bothered to get married - even if they have been together for 30+ years. I was brought up in the NYC area - that may have influenced things some.
What nest-egg we have left when we pass goes to a big,well-known hospital. That has to be better than leaving it to undeserving, bickeriing kids.
Having kids to perpetuate YOUR DNA. After 10 generations, your particular DNA contribution is diluted to under 1%. Extinction is the norm! All those responsible trilobites, dinosaurs and wooly mamoths tried hard to perpetuate their particular DNA...to no avail. The universe never knew they existed nor cared cared about their worries or hopes.
Then there is the posibility of a 500 mile wide asteroid smacking the Earth..or a nice gamma ray burst sizzling it.
And as for children being a joy? I know of many parents who have f ups for kids, this after slitting their wrists for those kids year after year. Add to that, those same kids think their parents were assholes and would't call 911 if they had a heart attack. At best? Visit dear ol' Dad four times aa year at the nursing home. Having kids isn't a guarantee of happiness.
I am also in my 60s and retired.
- do have two grown children;
- have taken chances in life (they most always worked for the better);
- until 2012, never owned a new car and then paid cash;
- am debt free (living in Asia makes that easier);
- have most wonderful person to share life with;
- with luck and focus, a decent retirement can be had.
~ Tarjan
This was obvious to me in the 90s when I was in my 20s and calculated I would need to have a household income of at least 250k in order to give a kid the same middle class upbringing and experiences (decent neighborhood in a good school district, family vacations Christmas and summer, summer camps), when my parents provided all that with my dad never cracking 50K selling insurance and my mom pulling in the 40s and 50s as a RN. And I could see that even with a household income of 250K my kid would still have to borrow for college when my folks paid for my undergrad outright. It costs millions to have a middle class existence today.
That's a bunch of bs. I raised three kids, one poorly paying job, I own my home outright. All my kids are doing great, oldest two married, one with 4 kids and one with two. I have zero debt.
Just because you don't know how to manage money doesn't mean it is impossible.
The best thing in my entire life is watching my children grow up. The exact happiesst moment was seeing my youngest's face a few minutes after he was born. You have no idea what you are missing. No car or clothes or jewerly or drug ever made me as happy as my children.
Instead of trying to devise a strategy on how best to "retire comfortably," I am focused on trying to find a way to keep working comfortably.
This article is BS. I see tons of old people pulling into the casino near my office and buying lottery tickets at the local gas station. They must have money to burn.
I might buy one lotto ticket per week for 1 euro. The odds of hitting it are astronomical. Buying more than one ticket does NOT increase your odds. Total bullshit.
I asked wife what we would do if we hit it. She said. give it away. She does not want new home and does not want to travel.
She actually HATES any form of gambling.
I might buy one lotto ticket per week for 1 euro. The odds of hitting it are astronomical. Buying more than one ticket does NOT increase your odds. Total bullshit.
I asked wife what we would do if we hit it. She said. give it away. She does not want new home and does not want to travel.
She actually HATES any form of gambling.
Show them a nice movie of trees and deer and an untainted Earth.
Then kill them.
Then make them into little green crackers.
$35 a night to sleep in a NYC taxi. Dead fish carpeting the waters. Wildfires, drought, disappearing bees, an island of discarded plastic floating in the center of the Pacific.
You know it's coming. Tell them, you have to tell them all, SOYLENT GREEN IS PEOPLE!
Dear Boomers,
Don't retire, take up arms, and help undo the tyranny you contributed to.
Zion is a scheme, not an ethnicity..
You can at least operate the guillotines.
The problem is that Social Security pays just enough for a miserable poor condition -- AND WORSE -- pays just enough so that you cannot join the welfare moms and get a pile of government bennies. Many seniors grab their Social Security at 62 and are doomed by reduced benefits and instant ineligibility for other bennies. Far better to wait until 70 when your bennies go up -- and try to collect all your welfare and unemployment stuff up to age 70. Hey, it works for illegals!
I have beeen collecting USA SS since age 62 but also collect SS from Luxembourg, Germany and the Netherlands since age 65. I am almost 70.. I paid into all 4 systems .. Living large, home paid off and no debts.
Your annual taxes must be a nightmare.
What do you mean? My take home from all 4 is 30k Euros a year. BTW, I am EX American renounced last year so don't file with USA.
you're not a citizen, but you still collect US SS?
You don't have to be citizen to collect SS. Look it up. All you need to have done is pay in 40 quarters.
Always amazes me how little Americans know about their own laws.
Google ''Sovereign Man'' and learn .
I'm an expat but I doubt I'd ever renounce.
But out of curiousity - as I understand it your US SS is forever taxable, and if you don't file returns with the US - and you have all these other sources of income - how does that work ?
Let me say it clearly:
There is not, has never been, a system of retirement surety called Social Security. It is a tax, and a lie.
There is not, has never been, a system of retirement surety called Social Security, all payments from said system are welfare, and a lie.
All past and current payments into the aforementioned system are spent immediately, and replaced with debt--fraud by definition.
All current payments come from the current pool loot stolen from others and labeled as "taxes"--welfare by definition.
Social Security is a ponzi system of dual thefts.
Zion is a scheme, not an ethnicity.
Garbage article. No demographic has less "poverty" membership than the retirees. The data has been so indisputeable, that I'll not even bother to link. For the future of working people in the 18 to 40 age group, they have much to worry.
Its not a problem. Big Pharma is looking at nano tech so that mandatory vaccination you get is has programmed to make you drop dead at age 65.
The term Baby Boomer is another one of those K Street concoctions designed to sell policy and justify the things already planned in the business world. There was an initial spike in birth rates after WW II, but the number of people born never really dropped after that appreciably. That group of people taken as a "generation" is no bigger than any other group that came later, and much fudging has been done to increase the numbers and make them sound gargantuan.
But if you look at the births by year, you find that any 18-20 year period has roughly the same number of members. The only anomaly is the 1960-64 group, which had large numbers for its period. Additionally, the term Baby Boomer just meant the initial post war rush, but was stretched to 1955 and then 1964 by advertising convention. The famous 1946-64 range often quoted is merely a creation of a bureaucrat in a government agency, with little else to recommend it.
This "demographic" has been wielded as a weapon for every shitty thing that has been done to everyone born after them. The reason we can't have jobs? Baby Boomers. The reason we need skyrocketing housing prices? Baby Boomers. This is why anyone who takes up the label Baby Boomer is going to be hated now. You are a scapegoat.
It is one thing to be born during a targeted time period, but it is another to buy into the narcissistic trap that has been laid for you by picking up the false flag and waving it. You don't have to claim that label and catch those bullets for the Oligarchs, but most do.
And now the demographers are trying to do the same thing with the label "Millenial". They want this "generation" to sound gargantuan and monstrous, and inevitable. That is why they have cleared the other generations out of corporate America, and bent institutions around them. They have a plan, and they are going to use Gen Y as an excuse.
Yep, the BB term is bogus. I was born in 1949. I have nothing whatsoever in common with someone born in the early 60's. Not demographics, education, job opportunities, rejection of parents' values, opposition to the Viet Nam War, black and white TV with 2 channels (ABC was later), AM radio, the British Invasion, LSD being legal... The list of differences is much greater than the differences between the folks born in the 60's and genXers etc.
I was born in 1946, protested the Vietnam War (even though I went there). have dropped LSD, didn't reject my parents values but dumped the Buybull crap I was fed. (best thing I ever did).
The generation of today are total fucktards.
its hard to make money in stocks for a reason, which i call 'survivorship multiplicity bias'
there isnt any other endeavor where this bias exists so completely
...your goal is to get laid when you go to the bars
...you fail and fail and fail
...then you do, and you get to clone yourself
...so 2 of you go out the next night and since you are (both) skilled from all that failure you soon become 4, then 8 etc.
why was it so difficult the first few times you tried?
because you were competing against the best in the world who had clones the world over.
to make money in stocks is to beat the best in the world.
respect the game; you didnt think running the world from a walk in closet would be easy, did you?
It's just rigged. They ain't that good.
I am 66 and still working part time. My "retirement" will consist of "social security" and "savings". I think of that first dollar of my pay in 1966 that went to social security,and what it 'bought' back then. Using inflation "debasement" calculator for all the dollars "contributed" will disturb you to see what has been done. Disturb is mild. The the words "elder abuse" is often bantied about but I will say that the greatest form of "elder abuse" is the stealing of purchasing power of their saved dollars through debasement; all done by you know who, yet no outcry. In my case it was/is impossible to maintain purchasing power of those dollars saved and invested. I do not think I am alone.
My best guess is "they" will print and print and print some more; until.................
Brgds,
Rene
>The median annual income of those 55 and older is $18,932
Um, how about the median income of those 55-65, separate from that of 65+? Better yet separate those who are drawing their SSN from those who are not.
--
More importantly, how did these numbers stand as of 2006, better worse or pretty much the same?
We can make their retirement easier by pinning interest rates at 0%, forcing them into junk bonds (which are currently collapsing), at then raise their cost of living faster than their wages.
Fuck baby boomers....assholes consumed all the wealth gathered for the previous 150 years, installed the police state, sold out the constitution, then sold all of us into debt slavery for the next 1000 years for their bullshit dreams known as pensions, diversity and social justice....
And thanks for making everything fun you did in your generation illegal now....and shipping jobs overseas, destroying our money, schooling, medical and manufacturing..... and increasing the cost of housing by a billion percent.....so fuck off and stew in your own filth....
slammin_dude wrote this from his Grandparent's basement. Due to the fact they were running out of money, they told him they were going to have stop feeding his ass, and he would have to get out and get a job... and now he's pissed off about it.
You're just pissed because what i said is true....not hard to have assets and money when you're a simpleton who bought a house for $15k in the 60's or 70s...then managed to sell it for a few million because the economy and technology advanced from no actions of your own, but now you're an "investment genius", who after siphoning off the next 100 years of wealth and destroyed the mechanism of wealth creation can sit there and call my generation lazy. Oh, and in the process increased the cost of living by a factor of 100 (yes it's hyperbole)....and now still bitching and wanting more.
They certainly played their part in the great farce. And nary a word of condemnation of the Nazi American State was to be heard from any of them.
Actually my grandparents were busy getting all their assets seized by the communists in eastern Europe at the time of these wonderful "inventions"....We have Soft Fascism rapidly taking off the velvet off the gauntlet....
Truth hurts, babyboomer generation and yes the "great generation" who incidentally raised the most narcissistic, greedy, hypocrital generation in the history of humanity were the ones who actively and passively installed all this shit!
I guess its too difficult for the USA govt to raise the cap on SS. Why do people making over 100k not have to pay?
I just don't get it.
Soc Sec is a ponzi scheme, and it was a ponzi scheme from day one. First recipient paid into the imaginary "fund" for two months and drew benefits for 14 years.
Every ponzi scheme ends in bankruptcy, and no matter if you get your lies from Wall Street or the White House -- this time will not be different.
Social security is bankrupt and will not be able to pay the empty promises of lying politicians. You are an idiot for thinking Washington DC would ever look after you.
I guess its too difficult for the USA govt to raise the cap on SS. Why do people making over 100k not have to pay?
I just don't get it.
You obviously don't get it. Your "comment" is false, and shows you let the socialist in the White House do all your thinking for you (he in turn has his thinking done by Nancy Pelosi, since he is busy admiring himself in the mirror)
The graphic and the text do not match. The graphic indicates that the information concering net worth and home ownership applies to the 29% who have no DB or retirement savings. ??
Verified this on the original GAO survey site. The article here makes conclusions that are incorrect. The net worth and home ownership data apply to only 29% of the boomer population, those that have no DB or savings set aside.
Need to correct the article here.
You live in a pretty shitty country if Grandma has to work the Drive up window at McD's at age 75.
Pathetic
You live in a pretty shitty country if Grandma has to work the Drive up window at McD's at age 75.
Pathetic
Looking for answers?
One of the biggest problems we face today as a society is the ever increasing illiteracy rate. Not the typical illiteracy you might be thinking of, but rather the basic comprehension of money.
The fact that a student can go through approximately 19,000 hours of primary, secondary and higher level education while obtaining a college degree without a thorough understanding of money is a crime. The single most important subject in our lives (along with religion and politics) is the subject of money; yet not much if any time is devoted toward teaching about how money applies in our personal finances.
The subject of money is portrayed as a complicated matter that only Wall Street bankers and hedge fund managers can understand. Nothing can be further from the truth. The subject of money is the easiest subject of our time to teach and learn if broken down to the basics. It's simple enough for middle school students to understand if they are given some simple concepts on the subject.
The Simplicity of Money does just that.
The Simplicity OF MONEY
The 4 money lessons you will never learn in school.
http://www.rethinkingthedollar.com/wp-content/uploads/2015/04/The-Simpli...
I was a municiplal engineer and I worked with boomers who retired from career and came to work for the city. The engineer working beside me left his 401k statement on the printer one day. The guy had a house paid for free and clear, 3 kids through school w/ no debt and over $2 million in retirement.
I asked him "Why are you still working?".
He said "I don't know what else I would do w/ my time!".
It made me sick thinking about all the young people looking for decent jobs and this guy working because he is to afraid to take a road trip.
I went to about 3 funerals a year of baby boomers dropping dead at there desk, $$$$ millions in the bank, when they should have been enjoying retirement.
The greediest generation.
He said "I don't know what else I would do w/ my time!"?
I guess he should have been jacking off to internet porn. That would have filled up his time.
I can't speak for my 'generation' but I think alot of peopole are simply afraid of change. I'm an old fart but my father-in-law (35 years ago) worked 42+ years for IBM and died within 2 years of retiring. For me - at age 55 I really really wanted to work and spend the rest of my days at a 'decent' company I had worked for - left - returned to - and then ultimately left again because the 'culture' was gone.
From Mexico (with love).
If I could retire, I would and file my passport w/ as many foreign stamps as possible.
This country is sick in the head. Values are all screwed up.
A savings account what a joke .25% interest for the last 8 years, we are all so screwed.
I hate to say it but if you kept all of your money in a savings account for 8 years at .25 percent its your own fucking fault.
And those who have , their savings will get invested in stock market, becuz of flawed govt. policies.
Loot the poor, feed the rich