Half of Gen X Doesn't Expect to Retire

Half of Gen X Doesn't Expect to Retire

redwoodage.com

Boomers who are frustrated that they can't afford to retire may turn out to be lucky compared to their kids. A new survey shows that more than two-thirds of Generation X don't think they'll be able to retire at all.
Image

Unlike their parents - the 78 million boomers who are planning to retire and receive income from Social Security - nearly half of those born between 1965 and 1981 have no such hope, according to the 2008 American Retirement Study.

(visit the link for the full news article)

Well, I am a Gen X'er and I can definitely see where this opinion comes from. I working in a good field with a good retirement plan, but I know many people who aren't.

I think we all know that we won't be getting any social security, so we will have to save more money than the boomers do, which will be difficult.

My biggest fears though is that our economy will collapse well before we even get a chance to retire. I fear that by the time I reach retirement age, the world will be a 100% different place. It is frustrating because you feel like you are doing everything correct, but the goons that run the planet are kicking the chair out from underneath you.

redwoodage.com
(visit the link for the full news article)

Here Here! - Gen-X Rules!

However I agree, I had to remove my limited 401K to purchase a home this year just to save what little I had in there due to the market crunch, nothing like loosing half of the savings, when the savings really wasn't that much to begin with. And when they say you can donate up to 50% of your check... whatever! I could if I didn't say have rent to pay (or mortgage now)

EDIT: Spelling Bug

[edit on 17-4-2008 by WalkOn]

reply to post by WalkOn


It kills me contributing to my 401k. I am getting a whopping -11% return for the year. But hey, at least my 401k isn't declining as fast as the dollar....

How can we expect to retire? We already know in our guts that we've been screwed out of a future. That is a big difference between us and the baby boomers who spent their whole lives planning for a long future in a thriving economy and great country - that no longer exists.

Honestly, I don't know many people my age who believe the world will be around in 20 years. We are already prepared for the worst : hence, all my generation cares about is immediate things like partying etc. Our whole lifestyle disagrees with the idea of growing old and retiring. We don't want that and we don't think it's going to happen. We know that 'they' have already gone too far.

Gen-Exer here, I'm very much aware that I'm working till the day I die.


*Raises glass to toast* Here's to an early death!

Gen-Y here.

I don't even know if I'll make it to the age of 25 (currently 20). I honestly don't know what this country will look like in five years. I fully expect a draft to occur if McCain is elected President, and if that happens, either I'm drafted or the country goes into rebellion against the government. Either way, it doesn't look like a bright future.

I've always though I'd die young, even since I was a kid.

Born in 1963, I'm technically at the tail end of the baby-boomers. I don't expect retirement either. That is 20+ years away. That is a long time, even for a 45 year old. The way this country is going, I really don't expect it to be this country 20 years from now. If it is, I don't expect it to do anything for me, since I know the governement and TPTB care nothing at all for me, except for how much money can be made by repeatingly fleecing me like the good little wage-slave they programmed me to be.

In most cultures and throughout most of history, the old and very old are generally cared for by their children and families thereby completing the circle. They gave life to and care for their children in the beginning when they need it. Then the roles get reversed as the children care for the parents and see them through the end of life, which is when they need it. In America, we have gotten away from this, but in the coming economic times, I believe that we will see this tradition return. Better get used to the idea.

I'm at least 5 years away from retirement. It's a pretty scary thought. No matter how much you plan and save, it may not be enough.

SS is the smallest part of my retirement plan. I never thought that I'd seen anything from the social security system. It has been misshandled from the beginning.

Imagine if we had been investing this money all along instead of squandering it on pet projects for the politicians. To me it seems like all the politicians of the past have failed in their fiduciary relationship to the people who paid into the social security system.

Right now, all the political pundents are saying that the SS system is solvent until 2018 or so then more money will be paid to SS recepients then comes into the system. At that point in time, you either reduce benifits or increase the tax to support the system.

It's going to be bad!

If i may impart some wisdom to the younger generations.
Make sure your mate for life is not a matierialistic person.
Someone that will be there thru thick and thin.
Do not fall into the trap of living for the moment.
Cherish your family and keep good friends.
We all may have to work thru retirement.
But as long as you have someone that is just happy being with you, and is not there for what you have then life is golden.
Do not give into depression.
Keep yourself healthy and keep down the weight.
Don't smoke and stay of the soda pops.
Try to be the best person you can be and raise your kids to do the same.
It's the good personal moments in life that matter not the stuff.

[edit on 17-4-2008 by TimeTracker]

Originally posted by TimeTracker
If i may impart some wisdom to the younger generations.
Make sure your mate for life is not a matierialistic person.
Someone that will be there thru thick and thin.
Do not fall into the trap of living for the moment.
Cherish your family and keep good friends.
We all may have to work thru retirement.
But as long as you have someone that is just happy being with you, and is not there for what you have then life is golden.
Do not give into depression.
Keep yourself healthy and keep down the weight.
Don't smoke and stay of the soda pops.
Try to be the best person you can be and raise your kids to do the same.
It's the good personal moments in life that matter not the stuff.

[edit on 17-4-2008 by TimeTracker]

I was wondering what to post as I am 40 and have less than 1K for retirement after getting a decent amount wiped out when the tech bubble crashed. What I hope to do is develop my family and friendships through investment in them. Everything else can come after that. I will learn to garden and store food better and save after I pay off debts.

So why can't we retire? Let's put it out there...Boomers.

They have jonesed all the jobs, assets and resources of our nation. Part of the resaon we have a housing crunch is because Boomers ran up the prices with greedy investment ventures, speculation and lavish retirement enclaves. The problem was there were few behind them that can afford the insane prices due to crappy jobs and wages - a result of failed Boomer economic policies - and the ones that could buy did so with risky loans sold to them by... Boomers, so the market has tanked with no available buyers.

I could go on but I have written at length on ATS about the lasting tragic effects of the Boomer Generation. Don't get me wrong - there are many Boomers that I love and adore, individually. But I love chocolate, wine and other less legal pursuits (At least, I used to but no more, as I am a responsible adult now. ) as well but none of those are good for me in large quantities - Just like Boomers.

Iraq Invasion
Federal Reserve
Outrageous spending by Government
Free Trade Agreements

Those are just a couple of things that have caused the downfall of our economy. It is foolish to blame it on the Baby Boomers.

reply to post by Double Eights


All of which are run by or have been managed by Boomers.

Originally posted by kosmicjack
reply to post by Double Eights

 

All of which are run by or have been managed by Boomers.

Hitler, Stalin, and Mussolini were all European.

So, according to your theory, all Europeans are crazy psychopaths who are out to become total dictators and wipe out anyone who disagrees with them or is of a different religion.

You can't blame an entire group of people based off the actions comitted by a select few individuals of that group.

[edit on 17-4-2008 by Double Eights]

reply to post by Double Eights


They were all individuals acting outside the bounds of normal social constructs to consolidate power and maintain their power.

Boomers are an entire generation motivated by self interests who don't care what they leave in their wake.

Wow, not so different when I think of it...

Great strawman tactic by the way.

[edit on 17/4/08 by kosmicjack]

Originally posted by kosmicjack
Boomers are an entire generation motivated by self interests who don't care what they leave in their wake.

Wow, not so different when I think of it...

Hate to say it but I agree. Americans only 30 years ago were dealing with a different picture. They were fat, happy, and sure of their future - and it showed in their actions.

This generation is fat, un-happy, and we're damn sure our future has been sold down the river. Can we blame previous generations for this? Not really. Boomers were somewhat 'selfish' because they were the first generation that could really take a ride with the booming economy and new America, right?

So the real issue is that the current generation of mine is not going to be taking any ride but down. And that's because previous generations were out for themself (they could afford to be).

i'm a gen-x'er too.

i've already known for a while that i will have to work till the day i drop as well.
i was disgusted at an xmas card i got from my father whom i only (get the chance to) speak to once a year.

he subtly dropped in that a good friend of his was really having a hard time because he didn't "plan" for his retirement well enough. - mind you this is coming from a guy who worked his entire life at the first job he got out of college! ended staying there for 45-50 years...

he has NO conception of today's job environment. i know one single person that has worked for a company more than 10 years max. and he's only one. most work 2 to 4 years at one place here. (sf cali)

saving isn't hard. planning isn't hard, it's having an employer that will pay enough to actually put money away, or that will offer up a contribution to a 401k.

yes, it's going to be a dark long road unfortunately.

gen-xer here too. I know Ill have to work for many many years, but I hadn't even started to think about my retirement, which I suppose I should. My work saves some money for me in a mutual type fund account and that will at leats give me some money. I'm also hoping that my 'rents don't spend all their money and I can inherit some when they pass on (god forbid, as Id rather have them then their money so don't get me wrong).

What kind of world will it be when we are at retirements age, no one really knows so it's kind of blank when I look far down the line at the future. Im very happily married even though we are broke and so I know we can make it through whatever this incoming world has to offer. I would like to stay positive and think that some of us will be able to make it to retirement. Not all, but some at least. Hopefully there will be more a community vibe in those times and that might change things too. Well i've digressed and will stop my babbling now. Hopefully what I wrot emakes some sense.

tela

made perfect sense. i kind of like the idea of having a comradery with other broke, 80-year-old laborers. at least it give us something to complain to our kids about.

"you kids have it too easy with your reformed social security in my day we knew we wouldn't see a penny from the government. so we worked our asses off until we died. and we were thankful for it!"

[edit on 18-4-2008 by an0maly33]