posted on Jul, 13 2017 @ 10:24 PM
originally posted by: seasonal
a reply to: dreamingawake
Seems that a number of people can't afford to retire.
But the baby boomers who have had arguably the best job prospects of any generation with the best pay and benefits should be able to retire. Sad
state of affairs if even the boomers can't retire.
I know quite a few of us Boomer hippies who are happily retired and doing as we please. But I can also point to six personal friends who are about
the same age, early sixties, (I'm 63) who had planned to be retired but lost about a third of their investments in the crash. They've only just
barely caught up to where they were ten years ago. The ones hit hardest are the ones who waited until late in life to have kids and are having a
struggle getting them through school without debt. Those of us who had kids early got them through school before it cost a King's ransom so we had a
bit more to throw at the retirement fund.
We lost a tiny amount in the crash because we work with a local bank, people I've known all my life. We were investing in the markets and made quite
a tidy sum. But when we saw the crash heading in, on the advice of our banker financial advisor, we moved the bulk the assets out of the digital
While this article may well be propaganda, I do think it smells fishy when having money in a checking account is suddenly hoarding money. I don't
even have tv but I've seen a show on tv featuring hoarders. It just gives a bad connotation to a completely commonsense behavior. Be an ant or be a
grasshopper. Grasshoppers don't hoard.
Part of the confusion may be due to what banks call checking accounts. Our bank offers half a dozen different types of accounts called checking
accounts. Some of them are very restricted as far as number of withdrawals, minimum balance, etc. but they pay interest and keep the money available
in an emergency situation.
It is somewhat like as escrow account. Regular contributions to the account to pay out for emergencies or the bills that come once a year, taxes,
insurance, unexpected repairs... Am I being a hoarder because I put some money aside each month because I know that one day the 25 year-old
heating/air system is going to need to be replaced?