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The New Retirement Normal: The Average American Must Work For Two Extra Years After Death
While Italy is bickering over just how inhumane it is to raise the retirement age by 2 years in a 15 year span (which works out to a whopping 48 days per year) and will likely lead to mass riots and bloodshed in Rome before the idea is ultimately scrapped, things in America's own back yard, the country that now that the EFSF is finished will have no choice but to come to Europe's rescue via the IMF, are looking horrendous to quite horrendous. In fact when it comes to retirement, 80 is, we are sad to say, the new 65, at least according to Wells Fargo. And with average life expectancy in the US peaking at 78.1, it means that the typical American will have to work for an additional 2 years after death to pay for not only not having any retirement savings (thank you Bernanke ZIRP and VIX>30 stock market), but to make sure Europeans have theirs. You think we jest? Nope.
“Eighty is the new 65,” Joseph Ready, executive vice president of Wells Fargo Institutional Retirement & Trust, said in an interview at Bloomberg headquarters in New York before the survey was released today. “It’s a real sea change.”
About 76 percent of respondents said it’s more important to reach a specific dollar amount before retiring, compared with 20 percent who said it’s more important to retire at a given age, regardless of savings, according to the survey of adults with household incomes or assets from about $25,000 to $100,000.
About 74 percent expect to work in retirement, according to the survey, with about 39 percent working because they’ll need to and 35 percent because they want to. And 25 percent of those surveyed said they expect they’ll need to work until at least age 80 because they don’t have sufficient savings.
“People are starting to move toward understanding the different levers of what they’re going to have to do to make it in retirement,” Ready said.
About 68 percent of those surveyed said they’re not confident the stock market is a good place to invest their retirement savings. About 45 percent of respondents said if they were given $5,000 they would buy a certificate of deposit, and 50 percent said they’d invest it in stocks or mutual funds.
It's still not too late to jump on the board the Ponzient Express:
“Even though there’s a lack of confidence, I don’t know that they see there’s a good alternative,” to investing in stocks, said Laurie Nordquist, executive vice president of Wells Fargo Institutional Retirement & Trust.
Obviously prepare to work for at least 20 or so years after death if one wishes to go long Netflix and short GMCR.
As for the math: oops.
Survey respondents had saved a median of $25,000 towards retirement and estimated they’d need a median of $350,000 to support themselves in retirement. About 42 percent expect to receive a pension or already receive one.
“The numbers don’t add up,” Nordquist said. “The gap is probably larger than what they self identified.”
Those surveyed expect to withdraw about 18 percent on average from their savings each year in retirement.
“We would recommend typically 4 percent or less, in terms of withdrawals,” Nordquist said.
About 57 percent of respondents said they’re confident they’ll have saved enough for retirement.
“You used to just save blindly, but I think the blinders are coming off,” Ready said.
And the key one blinder being that if America agrees to fund the IMF's bailout of Europe, which make no mistake is coming any day now, not only will future generations of Americans be China's debt slaves in perpetuity or at least until China makes the fatal mistake it can do whatever insanity it wishes just because its currency has "reserve" status and MMT said so, but the existing one will have to find a way to work efficiently in a rather zombified condition, or else get bitten by Robert Pattinson and live forever, if with a slight bias toward SPF 100,000,000 tanning lotion.
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Carousel at 29 bitchez!
Not in Thailand............the girls there will love you long time no matter what your age.
Not true mynhair, 99% of all people are getting fucked daily...
is gold a condom?
They will be coming for your gold fillings next...this won't hurt honest.
Too late!
and in case you were wondering why you have no time in retirement and how the US compares to the useless European bureaucrati here is the tip of the iceberg...i say swap their salaries for food stamps and see if you can spot the difference in your retirement age..i make it..you retire four years early. the large blob underneath is of course the military machine, the fed agencies and the muni workers. but then again, europe is worse isn't it?
http://en.wikipedia.org/wiki/List_of_positions_filled_by_presidential_ap...
Dawn of the Dead
...might watch that Friday night with a Martini.
Bullish for zombies and the undead.
There's a reason shrouds don't have pockets. Hit 75 max out your credit fly to Mexico/ Thailand / somewhere warm and live happily ever after. What are they going to do extradite you???
You must not have ever tried to stiff a credit card company. They will crawl up the Devil's ass to get their money.
Uhuh ... the US which runs the greatest trade deficit on the planet year in year out will have to pay for Europe's pensions with labour? Pull the other one, labour is hardly the sustaining factor for the US wealth. The US "earns" it's way in two ways ... having the reserve currency and by selling protection services from Iran to Saudi Arabia.
The US is already trillions in the hole to China to begin with. IF the US uses some of it's real resources (ie. it's reserve currency status and it's guns for oil scheme) to help bail out Europe it will only do it because it will keep their own debt based life style going for longer ... the debt the bailout of Europe adds is completely irrelevant, it's impossible for it to be ever paid back to begin with.
The real US resources are the 99%.
Where do you think Soylent Green will come from?
Boomers celebrate God's work -- "mission accomplished!"
How could anyone forget the dual household income heist, too. Sorry ladies, hope you like cardboard and a casket. Get back to work, Fraud Debasement Inc. needs another yacht!
So if you hire the undead, do you have to pay them a living wage?
I bought some SPF 100,000,000. It's hard to apply. You need a putty knife.
The Bernank just called to inform you that you'll need at least 6 more zeroes to play in his league...
Jack Cafferty had this to say: What does it mean when a quarter of middle class Americans plan to work until 80, longer than most people live?
So much for the golden years. A new survey shows one fourth, 25% of middle-class Americans, say they plan to delay retirement until at least 80.
That's two years longer than most people in this country live.
It's just another depressing effect of this economy - where unemployment, stock market swings and plunging home prices have taken a huge toll on many Americans' savings.
The Wells Fargo retirement survey shows on average, Americans have only saved 7% of the retirement money they hoped to put aside.
http://caffertyfile.blogs.cnn.com/2011/11/17/what-does-it-mean-when-a-qu...
Wanklord I junked you.
The true greed and corruption has been with our political leaders and our bankers.
We could have supported our elderly or our bankers and guess who got the cash????
Have a good part of the boomers been fools regarding planning?
Yes!
But not all of us.
I figure you must be a younger sort so wait until you get a litle older.
Unless something changes you to will have paid into our transfer programs for 40-50 years and you will be hoping for some crumbs too my friend.
Intergenerational debt is involuntary servitude and unethical.
When did the under 18 crowd and their future generations contract freely or vote for this debt?
Before Franklin Roosevelt this was pretty much a universal opinion from the era of enlightenment.
It is shameful and the sooner we bring some ethics back to government this debt must be repudiated. You cant bond your descendents into slavery. It is also reprehensible to bond the children into involuntary debt servitude.
Birth rates are aware of your concerns.
Having a child has drastically hardened my mindset, hopefully for the better. Whenever I hear the current crop of cunty Krugmanites clamor for created cash (I got to "current crop of Krugmanites" and had to keep with the alliteration) the only thing I can reduce their arguments to is, "I want to utterly destroy your son after sucking the very life out of him." At least I have the chance to defend him and myself from a mugger or home invader. But this attack? The only thing I can do is refuse to consent and pray I have no contact with any government agents.
irs.gov
Let me know how far you get. I mean that sincerely enough that I might also reproduce if you can tell me how the rules will play out for the love of my future life. I am a pacifist but willing and able to defeat armies. The only thing I fear is a revenuer with a gun and a tax code.
We will see.
ETA: I'll readily admit that I may be in a better position to do this because my income is very, very low. My family apparently qualifies for certain "help" and "benefits," not that I'd ever actually put my name on that list.
Rest in Peace changes to Work in Peace? WIP? Zerohedge can copyright that.
Dear 99%:
We're from The Soylent Company and we're here to help
Wow. Talk about over-time.
Indeed. It's almost as if we'd all be better off withdrawing our consent from the current system and moving towards a more self-sufficient lifestyle. Better to just go ahead and bug-out, collapse or no collapse.
Aargh.- Newt Gingrich is the Republican Presidential Candidate frontrunner, clobbering Howard Cain in the “personal integrity” category.
- Kim Kardashian’s dream marriage is over; they’re getting divorced after 72 days of wedded bliss.
- Motor Trend Magazine has named Volkswagen Pissant the “Car Of The Year”.
- We're $15 trillion in debt.
- I can't retire until after I've rotted.
The World’s gone completely to Hell. I think I’ll go home, soak my corns, and relax with a nice cup of tepid herbal tea. That oughtta fix things right up.
So hard to believe Pump Pissant got a car named after himself, isn't it?
I would recommend a nice prop 215 crumpet for your tea, the tea won't cut it.
This is why we are so facinated about the vampires, we will have to work as vampires after life.
Fortunately I don't have to pay my mortgage anymore.
Zombies now... Vampires later...
The Horror! The Horror!
The New Retirement Normal: The Average American Must Work For Two Extra Years After Death
...or someone in China?
welcome to the United States of zombie land...
btw didn't the CDC run a campaign earlier this summer warning everybody to plan for the impending zombie apocalypse...guess they weren't joking after all.
everyone better get a job with the LIRR and then go out on disability the very next day......its the only answer
Working until you are 80? That will solve the population problem because people who have to work with a bunch of drooling, senile, Depends wearing, old farts, will be jumping out of windows.
Luckily for you, you will never be a "drooling, senile, Depends wearing, old fart"...no sir...you will be young, dumb and full of cum for ever and ever and ever....
good luck with that fantasy.
Who writes this stuff? Great journalism, but couldn't we draft someone from the NBA who was an English major and can diagram a proper sentence?
Come on, Tylers. The world is watching...don't let 'em see us with our pants down.
We really had no clue that having our pants down meant scoring less than 99 on the Flesch–Kincaid readability test.
i think that portrait of dorian durden shows a v strong family resemblance, tyler
Oh SNAP!! I Mean, Oh CALFRESH!!
Who's up for an atomic wedgie?
Why don't we just borrow money against dead peoples names? wouldn't it be easier ?, then the banks can foreclose on their coffins and tombstones.... you might laugh , but thats valuable realestate ;P!!!
Crony Chicago Capitalist!!!
Well kids thinking about college better re-evaluate their options since no one will be retiring thus no new positions will be opening up. America Fuck Yea
http://www.youtube.com/watch?v=Q3IyGFlw_9w
A retiree, on average. contributes $110,000 towards Medicare and gets $359,000 in benefits. So he/she has to make up only $249,000 just for Medicare. Pay must be good if you can make that in just 2 years. About 30 million unemployed/underemployed Americans would love to have that job now.
"DETROIT — Detroit Mayor Dave Bing on Wednesday urged municipal unions to accept wage cuts and Michigan leaders to pay the city millions stemming from a decade-old tax agreement, saying Detroit needs the money to avoid an emergency financial takeover."
http://www.huffingtonpost.com/2011/11/16/detroit-mayor-concessions_n_109...
Foreclosure Crisis Is Far From Over, Report Finds"Five years in, the nation is less than halfway through its foreclosure crisis, the nonpartisan Center for Responsible Lending warned in a report released Thursday.
"For people that think we're out of the woods, they need to kind of rethink that premise," said Roberto Quercia, director of the Center for Community Capital at the University of North Carolina at Chapel Hill and one of the study's authors."
http://www.huffingtonpost.com/2011/11/17/foreclosure-crisis-center-for-r...
Is that the same Dave Bing that used to play for the Pistons?
Yep. The city hasn't had decent mayor in 30 years, since Coleman Young, and even he was a corrupt piece of shit.
Clearly this calls for more central planning intervention. To the abacus Robin!!!
I usually refrain from this, but I'll just say it this time;
Ever since the riots back in the 60's and 'white flight' the city has been run by niggers for niggers.
And I do mean niggers, not 'black people', niggers.
Its a cultural experiment. You judge the outcome.
I usually refrain from this too...but I understand what your sayin. So do black people.
when i retire i plan on robbing banks as my pension, if i get caught its free room and board for life....win-win
Lots of sex too.
and the best part, they don't care if you can't remember their name - unless they wear a uniform
Your kidding, but I've known a few people who took a dump in front of the cops to get some dental work done or thrown a brick through a store window for new glasses.
Riverside County wants 142$ a day to stay in jail now. So you'll need to rob a shitton of banks to graduate from county to state or federal jail.
http://latimesblogs.latimes.com/lanow/2011/11/riverside-county-inmates.html
Also, the retirement in jail plan doesn't work out so hot when you have to make patriot missles for .23 cents an hour.
http://www.minyanville.com/businessmarkets/articles/defense-industrial-b...
You will need to be an immigrant bank robber, preferably scandanavian countries, to fullfill your dreams. God Speed to you sir, and good luck.
Retirement - sounds like the poor's problem. Im sure they did it to themselves.
so after you die they just cover you with air fresheners and prop you up at a trading desk for a few years...
Welcome to Elvis World! His estate has made more money than he ever did. UM Baby!
All he had to do was leave the building... Lesson to us all...
How much lower would it be without Wells Fargo and the other rapists?
There was talk in the government about raiding 401Ks and IRAs. Pulic unions can raid private 401Ks and IRAs to live the good life.
Just like Mother Fucking Global.
There was talk in the government about raiding 401Ks and IRAs.
Can anyone cite this? Been hearing it for years now, never seen it.
It's starting to become hard to believe.
(No disrespect to the poster. Just would really like to source that comment.)
I had my eyes on an original notice where congress was opening up the idea for debate with the public, but I cannot find it.
I did find these and more after googling "congress seize 401ks":
http://thenewamerican.com/usnews/politics/3478-obama-administration-plans-to-seize-401k-retirement-accounts
http://www.humanevents.com/article.php?id=36823
http://logisticsmonster.com/2010/10/11/ayfkm-ready-to-have-your-401k-seized-to-bailout-union-pensions/
Thank you. I have seen several such articles, but they're virtually information-free.
The "GRA" idea is the closest actual proposal I'd come across, but it's not described as confiscatory--it's supposed to be another "option" for people who want tax breaks to plan for retirement. It's a horrible idea, but the claim that this is about seizure of the already existing accounts/funds appears to be bullshit rhetoric.
This claim is incredibly persistent, though, so I figure there might be a real basis for it. So far, I suspect it's just partisan axe-grinding.
Sure makes me glad that when I was offered early retirement with a generous buyout in 1992 I took it. This coming Saturday will start my 20th year of retirement - and I'm only 71. Fulltime RV and travel year round. Still trying to decide if I'm gonna spend this winter in FL or AZ. Tough life but somebody's gotta do it.
"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs."
- Thomas Jefferson
Quit surfing the net and get your asses back to work... debt slaves.
I would strongly encourage the elderly to begin committing federal crimes in order to get 3 squares a day and free medical care.
When you have to punch a derelict Fed in the face for some peace of mind, you know things are rotten.
Now it has to be a federal crime and since the Feds are ALLOWING crooks like Paulson and Corzine to roam free on financial crimes against humanity (FCAH) (Hey, I just made that up!), you need to engage in something creative like - wholesale cannabis production, geriatric-streaking through a TSA checkpoint, or writing a "sovereign citizen" rant written in blood on a blank 1040 mailed with a copy of the Constitution to the IRS. Does Mopery (exposing yourself to blind people) count if you flash errant SEC "enforcement" wonks?
On this glide path, a FEMA camp might be the new Sandals.
Its all inclusive!
Epic. Forwarded to soon-to-be-broke parents.
Dont just look to the past (Paulson, Corzine) also consider the future. Mitt Romney talks al ot about his "service" in the locker rooms during the olympic games in Salt lake city. The details, like his tax forms, are secret.
Do they pay people to compete in professional luge competitions? I think that is one of the few sports a corpse can compete in.
If I'm not mistaken, when SS was originally created retirement was set at 65 and the average life expectancy for a male was 63 way back in the 1930s when this lie was given birth. Sounds like the feds are just now figuring out that the average life sxpectancy is 79 for males (81 for women), and that they will be adjusting the retirement age to account for that. They are taking away the pudding they set before us.
This is all so much more terrifying than most think it is (present company excluded most likely).
To be fair though, the new set on "Dancing with The Stars" is just georgous.
Geez, you never saw 'Chemistry'?
deleted
"it means that the typical American will have to work for an additional 2 years after death to pay for not only not having any retirement savings"
how excellent....i was wondering where our next crop of politician, banksters, and ceos would come from
Like Reid will ever be declared 'Soylent capable'.
As soon as his usefulness in blocking shit getting to O'bamies desk he'll be hamburger meat and Barry will be the first in line with his buns open.
I think I got it all in there ;-)
Crime pays, ask Dimon. New retirement plan..
Yawn. You're job will be offshored when you are 50. Then no one will hire you again b/c at 50+ you become a drag on the company medical plan. Find a cozy spot under the local town bridge before all the riverfront property is taken.
Exactly where I'm at my friend, except the bridge part. I managed to fill a hole with supplies before they hammered me. Now all I need to do is stop the people who try to take it from me.
If the Fed and/or Treasury decide to fund the IMF further in order to save Europe, then I believe that will be the tipping point for many Americans. I would guess a march on Washington would be in order and if met by resistance a major revolt could commence. It's bad enough that our debt is up nearly 50% in 3 yrs but bailing out the rest of the EU will not stand.
"About 45 percent of respondents said if they were given $5,000 they would buy a certificate of deposit, and 50 percent said they’d invest it in stocks or mutual funds."
Sigh... Fucking idiots.
No kidding. But I'm not surprised. What will it take to make people open their eyes?
haha a CD, haha ...
It's really simple.
Get your SS quarters in, take your 401K monies, pay the 10%, buy rentals.
Rent the shit for whatever. Call yourself 'not employed' on that IRS shit,
On year 20.
How about instead of social security, we have government funded lobotomies. This way people feel like they are retired, even though they are still at work.
What do you call public schools?
"government funded lobotomies"
I'd rather have a bottle in front of me than a frontal lobotomy.
Shall we be honest?
The idea / dream / masturbatory fantasy that anyone under the age of 40 will see a pension, unless held privately in an off shore account, is a fucking joke. Grow the fuck up, and smell the roses.
/paradigm shift.
I had my 25 quarters in at 40. Just because you woke up late, is no reason to think it still isn't possible.
Had only 63K in my retirement.
The 99% can't live in public parks forever.
If you've not noticed, current pension funds are hocked to the max, Corporations took long breaks on them (and can never make it up), and to add insult to injury, your pension fund is probably 50% junk debt at this point in time - HINT: all this Euro / USA bonds / CDS bollocks is fronted on your pension. Maxwell, when he took a "dive" off his boat [*cough* that was the 80's way of not upsetting the pension boat... ooops, biting from the deep] had it right. Only, he did it personally... if he'd jumped into the systematic fuck, he'd be alive.
All your pensions belong to us. And they're worthless. Oooooh.. .you have what now? Perhaps $250k. Big. Fucking. Deal. That has to last you for 20 years.
Oh, and little pussy - I didn't "wake up late". I woke up early, and gave an ultimatum. Trichet crows that he was asked to give 13 years of stability, and he did. And I was forced to be awake again. Now I'm awake, and all I see is monkeys not getting it.
And yes: I disable myself to let the monkeys have a chance: you're not doing so well at the moment.
Quit the union, then! You are obviously a klown that went for a defined benefit plan, and deserve what you (don't) get.
And I'm on deep water with an all oceans boat in the backyard. 250 my ass.
Oh, oh, oh... I just came into your little pussy - a member of the libertarian stupids who think that living on a boat in the ocean is a viable way of living. Hint: Ecology, bitch. Learn some, and then come crawling back to land when it bites you in the fucking ass, especially since we ate all the fish.
80% of all fish stocks are over fished at this point in time - but yes, given your ability to engage in fantasy, I'm sure that the lack of protein in the ocean won't bother you on your "dingy".. Er.. sorry... "Yacht". Oh wait.. are you fantasising over the "libertarian floating societies"? Guess what: hire an ecologist, it will save you from starving you retarded mother fucker.
Unions never entered my life, and there we have it. Some times your strawmen don't work.
You, on the other hand, went full retard: http://www.youtube.com/watch?v=AyNZy7mWulM&feature=related
The boat is an escape plan for when zombies like you try to occupy my streets.
There are a lot of you morons out there.
Sorry you had so bad an education that you missed the clues.
Pissed I paid for it, but had no input. It's why I'll have no qualms pulling the trigger.
Ok you get a free "LOL WUT" there.
Education: Oxford, Warwick, Keele [all top #5]. Education "ze best".
Business: $2 mil profit when most modelling of business stated bankruptcy in 1 year. Survived 5 years in leisure industry, and no goodwill with natives. Sold in aggressive market for maximal profit; since selling, #2 in country went bust, and multiple others have run into cash negative business models. Hint: I told everyone in the industry this, and how it would happen, in 2009.
Oh. Wait. You're a cat. Here's a thought: give us some details, or I'll just rape you again.
Sorry, no. You write bad angel / devil porno fantasy bollocks for a laugh. Show me the money, or FUCK OFF YOU STUPID, STUPID, STUPID, anime hack.
Oxford? You were ripped off. Didn't even get Summers position out of it.
Go get a plate of bangers and chips, with a pint of bitters.
Fukking troll.
I gave you a green.
;)
"Since 2007, the global financial markets have been providing warnings of an impending serious crisis. Private sector credit problems have spread to sovereign nations. Debt problems of smaller nations have flowed on to larger nations. The problems are gradually working their way to the issue of US debt. Without rapid and decisive action, which seems to be unlikely, a major organ failure within the global economy is now inevitable."
"The magnitude of the problem and its effects are so large, market participants would do well to heed Douglas Adams famous advice in The Hitchhikers Guide to the Galaxy: Find dark glasses that go black in the case of a crisis and a towel to suck on."
America – The 15 Trillon Dollar BabyIOW, according to Wells Fargo, a lot of baby boomers don’t have enough to retire, and they love it. My question, how many people who have enough to retire go back to work? My guess is, not very many. And at this stage in the country’s development, WHO is going to believe Wells Fargo, especially when Wells Fargo benefits? And why the interview with Wells? It reminds me of the full-page ads from Chevron on how much they care about the environment.
Could Wells be in on Obama’s agreement made in April, 2006, when, as a young, Democratic senator speaking at the inauguration of the Hamilton Project (Goldman’s think tank), he praised his “friend Bob” Rubin and said the U.S. needs more NAFTA-type agreements and needs to cut entitlements (like social security) – just what Rubin wanted? A sort of warming up of the boomer frogs?
Contrary to what many imply, a majority of baby boomers have tasted hardship and disillusionment much of their lives. And to rub salt in their wounds, the MSM is now misrepresenting them so the government won’t have to pay out the value of the Social Security and Medicare that they paid into all their working lives. At the same time, Bernanke is devaluing the purchasing power of their savings, investments, pensions, and SS.
Most baby boomers, those born between 1946 and 1964, could only live “within their means” on the paychecks of two wage earners. Only a tiny percentage send their elderly parents to nursing homes… elderly parents who increasingly are being forced into reverse mortgages. Thus, Fed policy is destroying what little inheritance boomers would have received.
Definitions used in 1985 to describe yuppies and yuffies illustrate the point that boomers have been exploited by our present financial system the same as everybody else.
Yuppies at the time, 25- to 39-year-old baby boomers that lived in metropolitan areas and worked professional or managerial occupations, earned at least $30,000 if living alone and $40,000 if married or living with someone else. Using that definition, there were only four million yuppies in 1985—just 5 percent of all baby boomers.
Yuffies were boomers making less than $10,000 a year…a full 40 percent of the baby boom generation. Yuffies were roughly eight times as numerous as yuppies…
By 1983…a 30-year-old baby boomer needed to commit 44 percent of his income to meet the carrying charges on a median-priced house; 65 percent of all first-time baby boomer homebuyers needed two paychecks to meet their monthly payments…
By the end of the 1970s Fortune magazine estimated that baby boomers had effectively lost ten years’ income when compared with the earnings of the generation just preceding them… Changes in the corporate world throughout the 1980s -- "downsizing,” “streamlining,” “merging” and "offshoring" -- by major corporations eliminated whole levels of middle and upper management… Belt-tightening measures in the 1980s forced boomers to be content with lower wages and smaller wage increases.
It was predicted salaries would “probably barely keep up with the cost of living and taxes…looking at very modest wage increases in the 1990s. And then came the 21st Century – and it all blew, the markets, savings income destroyed by negative rates, broken pension promises, the Fed's housing scam, high unemployment, exorbitant student loans and tuition for their children, open border welfare costs, health care costs and insurance -- and Dr. Ezekiel Emanuel’s grim Reaper Curve for boomers, i.e., “minimum” treatment.
Well said. This anti-boomer meme has a stink to it.
No entry into USDHUF, it looks like a boring nite.
"You load sixteen tons an' what do you get?
Another day older deeper and debt.
St Peter don't you call me I cause can't go:
I owe my soul to the company store."
Frankie Laine
Some things never change........
Work your fingers to the bone and what do you get?
Boney fingers.
Makes sense. We already have:
-Zombie banks
-Vampire squid
-Revenant voters
-Undead corporations
-Brain-dead politicians
-Voodoo econometrics priests
... but to make sure Europeans have theirs ...
Don't worry, dear American friends. You'll just print the dollars for us. The Asians will have to work to back them up with value.
Europe and the millions of deadbeat good-for-nothings inhabiting it can suck my tiny American penis.
Booyah!
After our next civil (uncivil, to be precise) war ends, there will be very few retirees left....especially any that were at one time considered to be in the top 3% financially....
Can you beat a Barrett .50?
http://barrett.net/
Let's see. 401Ks need to earn 10% per year. Most have had a negative return each year, and food and energy inflation is 11%, and housing is going down, down, down.
Retirement is over for almost everyone.
Exactly - I still am baffled why the fk everybody's still talking about "it" (a non-entity) just like it was still 1965 or something. Only thing I can figure - besides mass delusion/denial - is to keep the sheme going ("financial services" industry) as has been alluded to
Just spent 69 million for test flying a bomb (it goes really fast though)
http://tiny.cc/pephm
I was amongst the few and the proud and the senile when I started collecting my Social Suck at 62 ! You can't do that no mo ! Not braggin'....just reportin' ! Ok, new bizness ! So with rising retirement ages....will the protected nanny kids....policemen, paramedics, Afro 999 operators that tell people to go to the top floor and wait for a helicopter, firemen, military still get to retire after 20 years of service then double dip.....business as usual ? I say, if ya screw us one....ya screw us all ! The welfare set will of course be exempt.....how do you cut back cradle to grave ? The great roll back is that public employees should make less than their private counterparts because of job security, better benefits and common fuckin' brain dead decency ! They shouldn't be makin' twice as much plus twice the benefits as their tax base ! Librarians shouldn't retire at $70 K per anus anums (ass years) ! Monedas 2011 Comedy Jihad Benefits Census !
" EFSF is finished will have no choice but to come to Europe's rescue via the IMF, are looking horrendous to quite horrendous."
Yeah sure, SHOW ME THE MONEY! WHAT? YOU DO NOT HAVE ANY MONEY!? BUT YOU ARE AMERICANS, VERY RICH PEOPLE! WHAT IS THIS?!
Where your SS and taxpayer funds are going…
Don’t miss this one just up on the contributors list: European Bailout Fund for Greek Money Laundering And Fraud.
"The ink wasn’t even dry yet on the European bailout fund, the EFSF when it paid $1.3 billion to bail out Proton Bank in Greece. Turns out, Proton had siphoned off $1 billion in a scheme of fraud, embezzlement, money laundering, and offshore front companies, according to the Süddeutsche Zeitung. And then a bomb exploded.
"The bomb, fabricated of dynamite, demolished four cars in front of a building in Halandri, a suburb of Athens. Not a coincidence: in the building lived a senior employee of the Bank of Greece, whose meticulous investigation of Proton Bank had exposed the massive criminal scheme… According to the police, the bomb was intended as a warning to those who attempt to shed light on these kinds of machinations…"
What is this bitching anyway. Americans overwork already so why not go all the way. The life is worth living only after the first total burnout and heart attack...for Americans.
Then you might drag your sick fat ass and your home pharmacy to see Las Vegas, more adventurous ones might take a cruise to Caribbean with real fat ass ship with shopping malls and real extreme dudes might even fly to see Europe!
I've got the solution the the disastrous harm the Fed is doing to retirees with zero interest rates.
The Fed should issue Fed Savings Bonds, paper bonds payable only to the person who bought them or their estate, in denominations up to $10,000, which pay compounded headline inflation plus 2%.
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Short crude oil. The world is swiming in oil as everything else. Its elevated price is just a scam. The probability of war is zero. Uncle Sam can´t go to war against Iran because both its flanks are insecure. The left flank goes to the Straits of Hormuz and if that is closed this means crude price $300 and Stalingrad for US forces in Iraq and other US vassal states in the gulf. As for the right flank that supply line goes through Pakistan. It´s shaky enough as it is.
The only reason to retire is if you hate your work. That is the core issue here. People who enjoy what they do for a living never retire - those who hate their work can't wait to escape, which of course is impossible. The message - if you aren't doing what you love you are wasting your life, and nothing will ever be better for you. Endless golf - who cares.
Work after death? I can do that. As long as I get paid before death.
There's a lot of recent noise about retirement at 70. The Telegraph ran this in july:
http://www.telegraph.co.uk/finance/economics/8618718/UK-needs-20bn-more-...
I'm a Gen-X-er. I recognize I probably won't get a public pension anyway.
but setting the retirement target that high will deprive me of my only competitive
edge when I get older: I'll still be in the rat race vying for adminsitrative posistions
against cushy public sector blokes who will have pensions at 70, not to mention
fighting off the new guard. We see a lot of realism about the ageing babyboom being
used to bring reform to the pension system, but they're not the ones who will come
of age in 2030-50. now cynics will say since life expectancy has gone up by 10 years,
we need to work 10 years more. but the point of progress is to better the past, not
emulate it, and we're paying more for healthcare and have duly bought those 10 years.
It's not just the future generations we're stealing from. it's you and me. right now.
and it's not stealing money. it's time. it's years of serfdom and servitude.