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Baby boomer retirement savings

Jennie

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A recent report states that baby boomers still have an estimated $8.7 trillion tied up in retirement savings plans. And banks and brokerage firms are aggressively seeking their future business.
 

isisdave

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On the other hand, isn't there a statistic that half have only $25000 or less? Dividing 8.7 trillion by the estimated 76 million boomers is an average of $114k each ... so that seems pretty believable.
 

Lawlar

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Unequal

What is disturbing is the small percentage of the population that own America's assets. 2% own 50% of our assets.

When I was in high school, my class read an article in the L.A. Times about how Social Security payments were allowing many Americans to live the good life in Paris. Not any more. We will be lucky if we can buy our food with our social security checks.

The N.Y. Times reported Friday that G.E. earned 14 billion last year, and paid no U.S. taxes. 60 Minutes this week had a segment on how many of our biggest companies are incorporating overseas so they can avoid paying U.S. taxes. If our companies avoid paying taxes, then our future social security payments are at risk. Already, we are spending far less on the education of our children that is prudent.

I never worried about my financial future in this country. But this immoral attitude of "don't tax me," and everyman (and woman) for him/herself is causing me to be concerned.
 

Kay H

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This does not have to do with retirement but the reason most cruise ships sail under the flag of foreign countries is to avoid paying the high US taxes.
 

am1

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If people and companies are taxed at too high a rate they will leave. No one wants to pay high taxes. A company has an obligation to do what is best for their shareholders.
 

Talent312

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If people and companies are taxed at too high a rate they will leave. No one wants to pay high taxes. A company has an obligation to do what is best for their shareholders.

This why I plan to move to Monaco... (talk about thread drift).
Its beginning to sound political, but to bring this full-circle...

The U.S. is a nation of spenders, not savers. We have been bred to believe that we need more and better of everything, and nothing has value unless it is bright, shiny or has lots of little gizmos. Taxes are simply the evil that keeps folks from having more to spend on things than our friends, colleagues and neighbors.

Perhaps if folks had more of a sense of community, valued intangibles, and could imagine a future beyond the end of their noses... Well, as long as I get to keep my 60" LED-TV, my two recent-model cars, my house and my TS's.
 

Passepartout

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Boy do I have opinions about this. Just thought I would say that businesses hiring low wage offshore labor to do work, especially gov't contracts, then avoid taxes on legitimate profits is immoral.

They are doing it legally, but imo not morally. Or sustainably.

But to get my comments back on track. Yes. People need to augment their SS, and/or 401-k's or whatever they have. SS won't be enough. The days of moving to some tax-free, offshore retirement haven are behind us- at least if we want decent infrastructure, medical care, and security.

The old formula of needing just 60%- or some such of your working-life income to maintain your lifestyle is bogus too, if you count travel and inflation. I find that I need more and that number will increase.

Many a wise retiree has said, "I have plenty of money if I just don't live too long."

Jim Ricks
 
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pgnewarkboy

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Corporations levy very high taxes ON the public. That is right - THEY, meaning corporations, tax the public. We pay billions in tax subsidies to agribusiness. WE pay billions in tax subsidies to the richest corporations in the worlds - oil giants like exxon and others. WE pay for their oil spills, and other environmental disasters such as toxic waste. WE pay for the stadiums they build to play football, baseball, and basketball. WE pay and have always paid for the wars fought to provide corporations and other businesses with natural resources and monopolies on trade. WE pay for the basic scientific research (through university grants etc) which provides corporations with the know how to produce and make profits on new products. The first national railroad which made a fortune for business WAS PAID for in part by the PUBLIC that paid the Cavalry to fight the "indians" so the railroad could be built. The list is pretty much endless. Additionally, isn't there a moral issue? Don't morals apply to corporations and their shareholders?
 

geekette

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Social Security was never meant to be anything more than a subsidy, a little extra. those that expect SS to fund their retirements have their heads in the sand. this is what makes the savings stats so alarming!

What gets me is a friend that is nearly 60 believes that SS won't be there for her! Sadly, she is in dire straights and will likely have to collect at her earliest opportunity and will be one of those that lives on it because her health has negatively impacted her ability to work but she can't be classed disabled.

If SS drains in 2 years, I would be shocked. However, I do not expect it to be there for me, and enjoy being on the "good side" of the savings stats.

I think that Boomers will be a mixed bag - those doing really well and those that never got past living for the moment (I know one of those, too, that is just waking up at 50 to realize she's in deep caca but she makes a good enuf living to salvage things if she gets serious about it).
 

Ridewithme38

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I'm 30...so i'm just now starting to think about retirement :rolleyes: But i would think to people around my generation, SS is just thought of as a backup, change jar type situation...I'm putting a small amount into a private savings account every month and investing into my Companies 401k plan as much as they match

Like as was said above...as far back as i remember, SS was never meant to completely sustain anyone through retirement, heck most people even need to suppliment the Medicare they're getting at older ages now


As for the Corporation talk....I've got way to strong feelings about it to be able to discuss it in polite company :mad:
 

Patri

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So let's imagine life without those corporations. You can grow your own food in the back yard and ride a horse to your job in the general store. Call up your mother on a corded rotary dial land line (or earlier version). Sew your own clothing and go to bed when the sun sets. You haven't invented any of the wonderful technology that gives us this life of ease (and frenzy).
Corporations are not them, they are us. They are men and women who need the company to survive, or jobs go down the tubes. Corporate America is you or your neghbor or someone you love.
If the tax rate is wrong, find a solution so that the companies can afford to stay here and revive the local economies.
Everyone can complain, few have the answer. (And no, we are not the corporate elite. We've been kicked by the system.) But I still support capitalism.
 

pgnewarkboy

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So let's imagine life without those corporations. You can grow your own food in the back yard and ride a horse to your job in the general store. Call up your mother on a corded rotary dial land line (or earlier version). Sew your own clothing and go to bed when the sun sets. You haven't invented any of the wonderful technology that gives us this life of ease (and frenzy).
Corporations are not them, they are us. They are men and women who need the company to survive, or jobs go down the tubes. Corporate America is you or your neghbor or someone you love.
If the tax rate is wrong, find a solution so that the companies can afford to stay here and revive the local economies.
Everyone can complain, few have the answer. (And no, we are not the corporate elite. We've been kicked by the system.) But I still support capitalism.

I think capitalism is a good system as any to date. Of course, there are many different flavors of capitalism. We must be cognizant of the facts. There is a definite symbiotic relationship between the individuals of society, the corporations (business), and government. There always has been in this country. Taxes are the price we pay to make everything work - that includes corporations and business. Public schools provide an educated workforce, for example. IMO corporations and all businesses and individuals must pay their fare share to make it all work for everyone. It is just a matter of commonsense. Democracy in the United States has from its inception had many strains of thought. That is the wonder of how Democracy works here. There is no ONE simple answer to everything and there never will be. There has never been one ideology subscribed to by all the founders when it comes to how society should work or will work. There have been progressive and conservative schools of thought from the very beginning. The founding fathers were extremely intelligent people and well read people. They cherished intellectual debate and abhorred and feared the manipulation of the masses by demagogues. That is why we have a Senate and an electoral college.

The closest thing we have to a universally accepted precept held by Americans since the beginning of our country is the right to Freedom of Speech. The First Amendment. That is why the Freedom of Speech is the most important right, IMO, in the Constitution. Capitalism and democracy itself has changed in the course of our short history because of the "marketplace of ideas" afforded by the Freedom of Speech. They will continue to change. I am confident both will improve.
 

K&PFitz

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On the other hand, isn't there a statistic that half have only $25000 or less? Dividing 8.7 trillion by the estimated 76 million boomers is an average of $114k each ... so that seems pretty believable.


Fortunately, I've invested in timeshares, and the sales people all told me they would increase in value. So there's my nestegg.

:doh:
 

timeos2

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Fortunately, I've invested in timeshares, and the sales people all told me they would increase in value. So there's my nestegg.

:doh:

So you have no worry about having to deal with $25K or more when the time to sell rolls around...
 

Kal

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Fortunately, I've invested in timeshares, and the sales people all told me they would increase in value. So there's my nestegg.

:doh:

Hey, don't forget all the free vacations, any time, any place! Only for a modest annual fee to help out on all the major improvements to your vacation paradise. And do not forget all the goodies when you make that nice purchase (but only good today). Pop the champagne corks, let the balloons free. Wow! another brilliant investor! :whoopie:
 

cotraveller

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Individuals do like the corporations and avoid paying taxes when they can. IRA's and 401K's let you defer current taxes and possibly also defer them for your heirs. Roth IRA's give you tax free earnings. Municipal bonds give you tax free earnings. In most cases, online purchases let you avoid sales taxes. In many cases, owning timeshares let's you avoid 10% to 15% hotel taxes or at least pay at a much lower rate.
 

Kal

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Am I missing something? If taxes are so bad, and only a select few pay them, why don't we just eliminate taxes altogether. :confused:
 

Talent312

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An oft forgotten subtext to the whole "Freedom of Speech" thing, is the freedom not to speak, a freedom which so many have trouble exercising, including myself, and which, strangely enuff, leads to many other freedoms (at least, where my spouse is concerned). :p

They say that the only thing certain in this life is death and taxes. At least if I'm paying taxes, I ain't dead... yet.
 

John Cummings

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This thread has sure veered away from the OP's post on baby boomer's retirement savings. Many of the posts are blatantly political which I thought was prohibited on TUG. I guess it depends on which side one is on.
 

pgnewarkboy

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This thread has sure veered away from the OP's post on baby boomer's retirement savings. Many of the posts are blatantly political which I thought was prohibited on TUG. I guess it depends on which side one is on.

So far the only side everyone on this thread has been on is "intelligent discussion" without any mention of partisan politics at all.
 

pgnewarkboy

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Fortunately, I've invested in timeshares, and the sales people all told me they would increase in value. So there's my nestegg.

:doh:

Congratulations on your timeshare purchases. They will surely provide you retirement security! In order to enhance your retirement, I can sell you a bridge in Brooklyn for a very good price. :)
 

K&PFitz

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Congratulations on your timeshare purchases. They will surely provide you retirement security! In order to enhance your retirement, I can sell you a bridge in Brooklyn for a very good price. :)

No thank you. I only invest in bridges at full retail from the developer.
 
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