Home Forums Hunting & Shooting Hunter's Campfire "Boomers" have dismal retirement investments.

I've always found Boomers very self-absorbed, short-sighted, and WAY behind on their financial knowledge as it relates to a secure future. They are socialist at heart--because they still believe in the goodness of gov't.

They'll go after investment income in the form of a huge tax hike. That's my prediction. Remember when they were up in arms when they figured out Romney's tax rate?

Saving $7K a year is "very realistic" for everyone in their early 20s? Gimme a break.

Age 24-35. Yes. I know guys who had 250k by the time they hit 30. The exception though, not the rule. It's all about the choices you make. That's basically a new truck payment, iphone bill, and cable tv.

Or, frankly, the choices you have.

As long as I got credit, the world is my oyster. He who dies with the most toys (that he hasn't paid for) wins.

It's not ALL about the choices you make. It's also about what life happens to throw at you.

Lots of stuff can happen beyond our control that makes saving $7K a year (or $700 a year) about as realistic as flying to the moon. To assume that everyone should be able to replicate what one person does is stupid.

The ongoing 2008 recession is being hidden by a QE mentality. The market is doing well despite 92M Americans out of work and a job participation rate of 62.8%.
The Fed is trying to hold off the inevitable - an increase in the federal funds rate.
Yellen said yesterday they will most likely hold off until '17. The market likes their "sugar daddy". At some point the fed must face reality and pay for their "party".
That is when the excrement will hit the fan and inflation becomes the new normal.

The next generation is really going to get screwed - someone is going to have to pay for all of this. Just think, at the present $17T debt, for a 3% interest rate, that is $510B just on the interest alone. When that kicks into high gear, a recession will look good.
Elections matter.

I agree. In fact, there is a constant cry already from all the Marxist Socialist Democrats in Washington, D.C., State houses, etc., that the "greedy haves" are just not paying their "share" so the "poor little have-nots" can live well.

It is going to continue to accelerate until the Dear Leader and his D.C. Comrades pass laws confiscating wealth from those who have worked hard and saved.

L.W.

I'd say its very realistic......just not very common.

also, there is a calculator that shows how you can lose money and AVERAGE 15 percent. got lots of ups and downs in the market. money is not math and math is not money.

inflation, obsolescence, technological advances, government rule changes, health, etc all can and will eat away at money and your math doesn't account for them.

what I tell clients is build 6 months to a year of emergency funds, buy an umbrella policy to protect savings from lawsuits, have the correct type and amount of life insurance, disability coverage, get out of debt, and start saving responsibly- depends on their suitability and stomach for losses and gains.

certain things depend on income- you can make too much for a Roth, etc.

it's a balancing act but all you can do is plan wisely and live within your means.

It must be nice to live somewhere where natural disasters, disease and bad luck don't matter.

I understand that. But, saving doesn't happen by accident, and retirement savings must be intentional and disciplined. Around $580 a month (savings) is very realistic for a person working a full time. Notice I said "average". If you have a lean year, make up for it the next year.

As you can see by the title of the thread, many people didn't have the discipline to delay gratification and to save and invest. THE most critical time to save/invest for retirement is your 20's. Compounding interest says so.

Sorry I ruffled your feathers.

Maybe they will confiscate Calvin's savings and save the country?
Bet he will sing a different tune when that happens?

You didn't ruffle his feathers. He is just frustrated by the things you don't know.

QE... welfare for white folks.

My plan for when QE ends: Ride it out, and be invested in good funds that pay a healthy dividend. I really like closed end mutual funds. (eaton vance, wells fargo, etc) Reinvest dividends at cheaper prices, and don't panic, and reap the rewards when things get back to normal... whenever that is.

i'm 53 and pretty well on track to retire at 63 on my own investments and SS and live pretty well. own a home, a camp several cars and toys and no debt to speak of. i started saving for retirement when i was 27. i know people my age who still have a mortgage, car payments and borrow against their meager 401k's. i don't know how they sleep at night or what their plan is. it baffles me.

Saving for retirement amid hardship is really nothing new. It's been going on for generations. Some people do it, some people don't. That's what this thread is about.

You don't seem to realize that "hardship" can happen before, or during, "saving".

Life is funny. Everything can cruise along just fine until you or your spouse or kids get into bad health. Then after insurance you're paying around $3K a month out of pocket with no end in sight.

What "ruffles my feathers" is when people think that life going good is all about the choices they make, rather than the mishaps they've avoided by the grace of God.