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Didn't really want to with everyone feeling festive an all but if I don't post this now I'll forget about it. :rolleyes:

Do you hear that rumble in the distance? That is the Baby Boomers - they are getting ready to retire. On January 1st, 2011 the very first Baby Boomers turn 65. Millions upon millions of them are rushing towards retirement age and they have been promised that the rest of us are going to take care of them. Only there is a huge problem. We don't have the money. It simply isn't there.

The following are 16 statistics about the coming retirement crisis that will drop your jaw.....

#1 Beginning January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.

#2 According to one recent survey, 36 percent of Americans say that they don't contribute anything at all to retirement savings.

#3 Most Baby Boomers do not have a traditional pension plan because they have been going out of style over the past 30 years. Just consider the following quote from Time Magazine: The traditional pension plan is disappearing. In 1980, some 39 percent of private-sector workers had a pension that guaranteed a steady payout during retirement. Today that number stands closer to 15 percent, according to the Employee Benefit Research Institute in Washington, D.C.

#4 Over 30 percent of U.S. investors currently in their sixties have more than 80 percent of their 401k invested in equities. So what happens if the stock market crashes again?

#5 35% of Americans already over the age of 65 rely almost entirely on Social Security payments alone.

#6 According to another recent survey, 24% of U.S. workers admit that they have postponed their planned retirement age at least once during the past year.

#7 Approximately 3 out of 4 Americans start claiming Social Security benefits the moment they are eligible at age 62. Most are doing this out of necessity. However, by claiming Social Security early they get locked in at a much lower amount than if they would have waited.

#8 Pension consultant Girard Miller recently told California's Little Hoover Commission that state and local government bodies in the state of California have $325 billion in combined unfunded pension liabilities. When you break that down, it comes to $22,000 for every single working adult in California.

#9 According to a recent report from Stanford University, California's three biggest pension funds are as much as $500 billion short of meeting future retiree benefit obligations.

#10 It has been reported that the $33.7 billion Illinois Teachers Retirement System is 61% underfunded and is on the verge of complete collapse.

#11 Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of Northwestern's Kellogg School of Management recently calculated the combined pension liability for all 50 U.S. states. What they found was that the 50 states are collectively facing $5.17 trillion in pension obligations, but they only have $1.94 trillion set aside in state pension funds. That is a difference of 3.2 trillion dollars. So where in the world is all of that extra money going to come from? Most of the states are already completely broke and on the verge of bankruptcy.

#12 According to the Congressional Budget Office, the Social Security system will pay out more in benefits than it receives in payroll taxes in 2010. That was not supposed to happen until at least 2016. Sadly, in the years ahead these "Social Security deficits" are scheduled to become absolutely horrific as hordes of Baby Boomers start to retire.

#13 In 1950, each retiree's Social Security benefit was paid for by 16 U.S. workers. In 2010, each retiree's Social Security benefit is paid for by approximately 3.3 U.S. workers. By 2025, it is projected that there will be approximately two U.S. workers for each retiree. How in the world can the system possibly continue to function properly with numbers like that?

#14 According to a recent U.S. government report, soaring interest costs on the U.S. national debt plus rapidly escalating spending on entitlement programs such as Social Security and Medicare will absorb approximately 92 cents of every single dollar of federal revenue by the year 2019. That is before a single dollar is spent on anything else.

#15 After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a "fiscal gap" of $202 trillion dollars. A big chunk of that is made up of future obligations to Social Security and Medicare recipients.

#16 According to a recent AARP survey of Baby Boomers, 40 percent of them plan to work "until they drop".

The entire article is here
 

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performing monkey
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yet another reason that more people should be allowed to 'opt out'... of the public system & privatize, of course that needed to be done in 1950, it's TOO LATE today

teachers don't pay SSI... (except in Nebraska) they pay into a pension plan :eek:
 

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MAGIC Bullet
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AHUM!! EXCUSE me. But I am one of those Baby Boomers and the LAST thing I would EVER desire is for the upcoming generations to "take care of me."
Which is manure anyway!! If the DC poloticians hadn't STOLEN the money out of the SS fund, it would be in GOOD shape still. However they used all of OUR money to do things like BUILD SCHOOLS and provide STUDENT LOANS for you that have come after us! After all, it's not like you ever lacked for anything in your lives anyway. I wish I had had an opportunity to get fat playing video games in an AIR CONDITIONED house when I was a kid!! But we actually DID things...like had our first jobs when we were 10 or 11 years old, harvesting peaches and strawberries, or lots of us cotton. But now none of you "AMERIKANS" "want those kind of jobs," so we have "imported" illegal aliens while you sit on your white chubby hinneys!!
 

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AHUM!! EXCUSE me. But I am one of those Baby Boomers and the LAST thing I would EVER desire is for the upcoming generations to "take care of me."
Which is manure anyway!! If the DC poloticians hadn't STOLEN the money out of the SS fund, it would be in GOOD shape still. However they used all of OUR money to do things like BUILD SCHOOLS and provide STUDENT LOANS for you that have come after us! After all, it's not like you ever lacked for anything in your lives anyway. I wish I had had an opportunity to get fat playing video games in an AIR CONDITIONED house when I was a kid!! But we actually DID things...like had our first jobs when we were 10 or 11 years old, harvesting peaches and strawberries, or lots of us cotton. But now none of you "AMERIKANS" "want those kind of jobs," so we have "imported" illegal aliens while you sit on your white chubby hinneys!!
Well said, and if those teeny boppers are smart, they'll get into a business of a sort to take 'unreported undocumented' cash payments and learn real fast the art of bartering!!!!!!!:dunno:
 

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If the DC poloticians hadn't STOLEN the money out of the SS fund, it would be in GOOD shape still.
That's only part of the problem. The other part is when they designed the system, they never took into consideration the future deterioration of our manufacturing base, shipping and outsourcing jobs overseas, and the overall weakening of our economic infrastructure. They just assumed there would always be a stable economy with a steady supply of workers whose income could be taxed. There aren't enough workers today paying into the system to accommodate the ones receiving benefits. All of this has come back to bite us in the @$$ over the last few years and pretty soon it will be going for the jugular.
 

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RockyMountainCanadian
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I guess I 'am at the tail end of the Baby boom, but when I asked an old financier friend of my empoyler,at the time,(almost 30 years ago) he said build up assets that you can use ,buy land during cheap cycles, and don't get caught up in the retirement funds game. this was from a man who had worked in the financial bussiness most of his life. his main point was that money earning interest looked good on paper but never kept pace with inflation. And I plan to die working. retirement just makes you get old anyway.
 

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Sr. Homesteader
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I think we'll have to kick the door in pretty soon, BB :rolleyes:

If I don't get sick and can "keep" the farm going, I'll be alright.

I managed to put a lot of silver and gold away over the last 4 decades,
AND like my father who went through the Weimar experience in Germany as
a kid, - I never trusted the greenback to last eternally either.



- Basey
 

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That's only part of the problem. The other part is when they designed the system, they never took into consideration the future deterioration of our manufacturing base, shipping and outsourcing jobs overseas, and the overall weakening of our economic infrastructure. They just assumed there would always be a stable economy with a steady supply of workers whose income could be taxed. There aren't enough workers today paying into the system to accommodate the ones receiving benefits. All of this has come back to bite us in the @$$ over the last few years and pretty soon it will be going for the jugular.
I read the views of a businessman stating labor wasn't the REAL varmint here...he asked the reader what would they do??

Pay exorbinant taxes, deal with unrealistic unions, and suffer costs of extreme regulations becoming more stringent each day, and don't forget health insurance, pension financing, etc.......or go to China, India, Honduras, the more business-friendly countries.

We have union employees making $30 an hour, playing the 'slow down, take many breaks, don't rush the job, ouch I stumped my toe' games while businesses can go to workers begging to make $2-$10 a day...no union bosses/strikes, no paid sick days, no paid holidays, no financed pension funds, no health insurance....

Just saying...did we shoot ourselves in the foot???:dunno:
 

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I read the views of a businessman stating labor wasn't the REAL varmint here...he asked the reader what would they do??

Pay exorbinant taxes, deal with unrealistic unions, and suffer costs of extreme regulations becoming more stringent each day, and don't forget health insurance, pension financing, etc.......or go to China, India, Honduras, the more business-friendly countries.

We have union employees making $30 an hour, playing the 'slow down, take many breaks, don't rush the job, ouch I stumped my toe' games while businesses can go to workers begging to make $2-$10 a day...no union bosses/strikes, no paid sick days, no paid holidays, no financed pension funds, no health insurance....

Just saying...did we shoot ourselves in the foot???:dunno:
Yes and no. There are groups of people out there that are milking the benefits system of corporations and using their labor unions to siphon off even more. There's a fine line between advocating for workers and extortion. There's plenty of other people here in the U.S. that would be glad to work for half of their wages and benefits because that still amounts to more than what they're currently getting at their job, assuming they have one.

Between that and the countless federal regulations that foster a negative environment for business, the whole system is flawed. It can't sustain itself forever. Like many others have stated, it is destined to fail.
 

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Yes and no. There are groups of people out there that are milking the benefits system of corporations and using their labor unions to siphon off even more. There's a fine line between advocating for workers and extortion. There's plenty of other people here in the U.S. that would be glad to work for half of their wages and benefits because that still amounts to more than what they're currently getting at their job, assuming they have one.

Between that and the countless federal regulations that foster a negative environment for business, the whole system is flawed. It can't sustain itself forever. Like many others have stated, it is destined to fail.
There's an old saying...the democrats used to be for the working man...now they're for the man not working..

Yes, unions have their role in civil rights/human rights issues, etc, for the rich man is proven to not be interested in human rights..

Each day I read of another company moving overseas...I read also of many wealthy businessmen moving to tax-friendly states.

I know the wealthy and elites are rolling in billions....they'd have to be for they aren't stupid to have missed the true point--who's gonna buy your **** when we can't.

Another reason I think the wealthy and politicians aren't worried about destroying this nation...they have elsewhere to go..
 

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performing monkey
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anybody notice that Canada reduced the business tax rate to 15%?...

still 35% in the US :scratch
 

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Unions are like kids in a candy store. For a while it will work, but only until the kids have eaten all the candy (profits).
 

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RockyMountainCanadian
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anybody notice that Canada reduced the business tax rate to 15%?...

still 35% in the US :scratch
I think the 15% thing is just for "small " business, does the US not have a small business tax rate??

35% makes it real hard to grow much
 

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Well, open the door and give 'em a swift kick in the arse. :wave: :)

Let's write a book about them: "The Lamest Generation"

When they didn't want to fight, they undermined their troops and lost their war.

When they wanted to rectify the civil rights injustices of previous generations, they made laws to enshrine racial favoritism for future generations and generations.

When they wanted to do drugs, they did 'em. When they wanted sex, they ushered in a sexual revolution. When they wanted to get rich, greed was good. When they wanted to get their lawns mowed cheap, they ignored immigration laws and hired illegals. They presided over the globalism and outsourcing that have crippled our economy.

I think they should endure any cutbacks and costs that Generation X and the Millenials will be expected to endure. Thinking about raising the retirement age to 70; raise it now. Thinking about rolling back benefits, roll 'em back now.

I have the utmost respect for the Vietnam Veterans, but not so much for the rest of the boomers.
 

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Well, open the door and give 'em a swift kick in the arse. :wave: :)

Let's write a book about them: "The Lamest Generation"

When they didn't want to fight, they undermined their troops and lost their war.

When they wanted to rectify the civil rights injustices of previous generations, they made laws to enshrine racial favoritism for future generations and generations.

When they wanted to do drugs, they did 'em. When they wanted sex, they ushered in a sexual revolution. When they wanted to get rich, greed was good. When they wanted to get their lawns mowed cheap, they ignored immigration laws and hired illegals. They presided over the globalism and outsourcing that have crippled our economy.

I think they should endure any cutbacks and costs that Generation X and the Millenials will be expected to endure. Thinking about raising the retirement age to 70; raise it now. Thinking about rolling back benefits, roll 'em back now.

I have the utmost respect for the Vietnam Veterans, but not so much for the rest of the boomers.
GatorDude...that's pretty harsh...not every girl of the 60's was a hippie with loose morals...and my husband of the 60's IS a Vietnam vet...
I look for differences in character, not skin color.
I never did a drug in my life or smoke MJ.
I have worked my tail off and so has my husband...we don't even have illegals in our town.
What you've written isn't really about the 60's generation...it's anger toward the elites and richies..

The annual income of the richest 12,000 households is greater than that of the poorest 24 million in America today...that makes you mad??
Well, we baby boomers aren't happy with it either....:gaah:
 

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Well, open the door and give 'em a swift kick in the arse. :wave: :)

Let's write a book about them: "The Lamest Generation"

When they didn't want to fight, they undermined their troops and lost their war.

When they wanted to rectify the civil rights injustices of previous generations, they made laws to enshrine racial favoritism for future generations and generations.

When they wanted to do drugs, they did 'em. When they wanted sex, they ushered in a sexual revolution. When they wanted to get rich, greed was good. When they wanted to get their lawns mowed cheap, they ignored immigration laws and hired illegals. They presided over the globalism and outsourcing that have crippled our economy.

I think they should endure any cutbacks and costs that Generation X and the Millenials will be expected to endure. Thinking about raising the retirement age to 70; raise it now. Thinking about rolling back benefits, roll 'em back now.

I have the utmost respect for the Vietnam Veterans, but not so much for the rest of the boomers.
Gator, I'm a baby boomer and I can't disagree with anything you said.

But like any other large group, let's not paint them all with the same brush. I'm a baby boomer by birth, but I was not raised, nor have I lived, nor have my wife and I raised our kids -- as discribed above.

But as a generalization about my greedy, selfcentered, selfabsorbed, hypocritical, materialistic, head-up-their-a$$ generation -- IMHO you are absolutely correct.

(With a little more time, I'm sure I could have come up with a few more appropriate adjectives. :D)
 

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I don't mean to be harsh and you guys are right that I shouldn't paint with such a broad brush. However, it burns me up to see our nation's leaders planning to foist major sacrifices on future generations of Americans without current generations sharing in the sacrifices.
 

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I don't mean to be harsh and you guys are right that I shouldn't paint with such a broad brush. However, it burns me up to see our nation's leaders planning to foist major sacrifices on future generations of Americans without current generations sharing in the sacrifices.
Lots and lots of hardworking babyboomers are paying a horrific price right now. The investments that they worked 30 years to build have evaporated due to the likes of the Chris Dodds and Barney Franks of American Government. They are too old to start a new carreer in this imploding economy.

As a generation, we baby boomers screwed things up, but I'd have to add that the following generation has been no better. As a nation, our manners, our morals, our family cohesion and our work ethic have gone to hell.
 

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My grandfather told me his parents lost everything during the great depression, they basically worked untill the day they died. He worked hard his whole life took chances with investing did well.....
My parents ended up with the vast majority of there money and lost as my great grandparents did. Not sure what they invested in but my father went back to work to cover his losses. does not see himself retiring completly untill 70 now he is 66 .........
The downfall here is the work he is doing is preventing someone younger from a good paying job. If they would have invested wiser they would be enjoying life.(too many people trusted there investers & greed also became a factor)

Me at 44 retirement will be a parcel of land that can be worked , hunting fishing for food, and being off the grid as much as possible wife and I are already looking into this. Both of us in mid 40's starting over divorced not much left in RRSP due to down fall of economy, about 14 yrs left on mortgage. we have found a couple of peaces of property I just have to get some time in at the new job to re morgtage the house!
We just pray the value of our house will stay or go up for our retirement!
We already know the Canadian Pension Plan will be bankrupt by the boomers, bankers have been telling me this for last 12 years.
I will look at differant types of work to put away as well as cost cutting to get what we will need and want for a comfortable retirement. Have to give up my Part time tax right off job because new job takes priority and can not fit in.
Retirement for me will be like winning the lottery.........do not see it happening but keep plugging away! (and buying the odd ticket)
I think if the world keeps turning my kids may have a better shot at a retirement and maybe learn something from what us older folk have done wrong. Hopefully we can leave em something rather than debt.
L8R RR
 
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