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Boomers Aren’t Booming

Despite their huge numbers and cultural and financial impact on the economy, the Baby Boomers (born between 1946 and 1964) have largely been unwilling to face fiscal reality. Robert Samuelson, a frequent writer for Newsweek, noted back in 2007 that “We [he is a Boomer] are trying to pillage our children and grandchildren, putting the country’s future at risk in the process. On one of the great issues of our time, the costs of our retirement, we have adopted a policy of selfish silence.”

Numbering 76 million, controlling over 80 percent of personal financial assets and more than 50 percent of discretionary spending, they are turning age 65 at the rate of 10,000 every day. And reality is setting in.

Dave Carpenter, writing in the Washington Post, says that “Through a combination of procrastination and bad timing, many baby boomers are facing a personal finance disaster just as they’re hoping to retire.” The average boomer has less than $200,000 in retirement savings accounts such as a 401(K), or an IRA, and most boomers have no formal plans at all. In 2007, two out of three boomers between ages 55 and 64 had mortgages averaging $85,000, and many of them are upside down thanks for the Great Recession. Many are taking early retirement from Social Security, even though it means a lower benefit than if they waited until age 66.

http://www.thenewamerican.com/index.php/economy/commentary-m...

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I'm a boomer with no Children or Grand Children

I've been steadily employed since the age of 14 been on my current job for 29 years and have payed school taxes for others children for all those years (as has my wife) We've payed our shares and then some in my eyes,and when I retire Ima get every stinkin' penny outta the system that I can...whether I Need it or not.If it still exists,that is.
If not our position in metals will see us through.

i'm not sure what having children or not has to do with it

SS is for the elderly even if you tried to be technical. and in actuality, it went to pay for wars and subsidies and other forms of wellfares you consciously or unconsciously benefited from one way or the other. besides, it was a system you and your parents, the political classes, supported. it's silly to mention the children.. your tax dollars went to support the public schools and such. all the brightest kids are either self learned by home schooling or sent by parents to private schools in which case they used their own money and your tax had nothing to do with it. by all measurements, perhaps your tax even hurt some people.

jtstellar

Yeah...

you got that right!

-
"Stand up for what you believe in. Even if you stand alone."
~ Sophie Magdalena Scholl
"Let it not be said that we did nothing."
~ Ron Paul
"You must be the change you want to see in the world."
~ Mahatma Gandhi

What jobs pay enough to put money away anymore?

The upper-class has been stealing from the middle class for years. Instead of uniting with the lower class against the upper class, the middle class decided to steal from the lower class. But the middle class forget that they come from the lower class. Without a rock solid foundation the economic pyramid collapses. The lower class is destitute and the middle class is following quickly, until these two segments unite our country is doomed to continue in a plutocracy.

All this "class" talk is

All this "class" talk is sounding quite socialistic.

Classes

exist. Why not talk about them?

Defend Liberty!

because there are people who got rich by making money

honestly. plenty of smaller banks (billions in assets and hundred millionaire CEOs nonetheless) refused to participate in the mortgage banking game. who would take notice and bother to distinguish the honest money makers amongst all the ill-informed populist anger from the socialists?

my question to you is--why participate.

Classes were made to be

Classes were made to be escaped from.

No kidding...

What should we be doing - putting money into our 401K accounts every paycheck for our entire working lives, and/or continuing to watch our money be stolen from us through Social Security deductions...
to have it all stolen from us just when we need it for our retirement - which we see being moved farther and farther into our golden years?
Daddy dearest (of the so called Greatest Generation) retired when he was 62 and has been enjoying a lovely retirement in Florida for the last 32 years. He was able to sell his home way back when for 4X what he paid for it, he has been enjoying Social Security benefits and managed health care for longer than some of you have been alive...
while the next generation (mine) watches their home values and Social Security benefits plummet to crap, and can only look forward to the Elite's continued pilage and plunder of our 401K's and stock investments. There must be a better way...
Wouldn't ya think?
So I'll just enjoy my present and trust my higher power for my future...
which may or may not ever come. I'm prepared either way, cause I know where I'm going. Faith is a wonderful thing. And my hope springs eternal. Peace :)

-
"Stand up for what you believe in. Even if you stand alone."
~ Sophie Magdalena Scholl
"Let it not be said that we did nothing."
~ Ron Paul
"You must be the change you want to see in the world."
~ Mahatma Gandhi

Very accurate

sentaments and that is REALITY.
Our wealth has already been shared with the World.

I beg to differ.

Our wealth has not been shared with the world...
Our wealth has been pillaged, plundered and stolen by the Elite. Period.

-
"Stand up for what you believe in. Even if you stand alone."
~ Sophie Magdalena Scholl
"Let it not be said that we did nothing."
~ Ron Paul
"You must be the change you want to see in the world."
~ Mahatma Gandhi

And where did they place it ?

not just in a bank account.
CERTAINLY not in a locked box.

Where

indeed. Where do you think they placed it? In Haiti after the earthquake or the cholera outbreak? Or maybe in New Orleans after Katrina? Where any great amount of money has been misappropriated following any great disaster - where did they place it, indeed?

-
"Stand up for what you believe in. Even if you stand alone."
~ Sophie Magdalena Scholl
"Let it not be said that we did nothing."
~ Ron Paul
"You must be the change you want to see in the world."
~ Mahatma Gandhi

They put the money in their foreign banks,

corporations and hidey holes never to be seen again.

Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.

Even Iris (IRS) HQ, Puerto Rico off-shores our Income Tax Take.

Their take is about $1 T personal + $1 Trillion corporate annually. Goes to US Subsidiary in Delaware. Then, poof! Gone with the trade winds to Puerto Rico with brief port-of-call stops along the way to redistribute the paper debt receipts (cash haul).

Here is a fuller accounting of the Monopoly Boyz buddy system.

Fed Inflates Itself Beyond "Alice in Wonderland" ... $2 Quadrillion
http://www.dailypaul.com/node/127832

I wrote it all up nice & easy in a couple of pages & submitted it to DailyPaul, March 2010.... where it sits quietly awaiting the curious. Most pay no attention to it; however, it is fully linked to the Monopoly Boyz own records, should anyone seek to know where all their cash goes.

A mere $1 or $2 Trillion is not nuff to feed elephants.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul