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Many of us won’t be able to retire until our 80s if we are lucky to be still employed by that age (very unlikely). In other words, for many Americans that have under saved life in retirement will not be easy.
Hi Investor- I was just about to link to this article but I see that you beat me to it. How very sad... even though I enjoyed my career very much there just came a time when I was tired of the whole thing. I can't imagine how I would be feeling if I still had to report to work each and every day of the workweek.
Something that this article doesn't touch upon: I wonder how this will impact the chances of younger people who are trying to get started in the job market? Seems to me that they will in many cases be competing for the same jobs.
And if I were (once again) a small business employer, as I was for some 25 years, trying to get the best value for the least expense, would I choose an untrained and (most likely) poorly educated and unmotivated younger person, or choose instead the older worker with a lifetime of employment who would probably offset age infirmities with motivation and experience?
I know that you are generally an optimist, and usually I tend to agree with your perspective, but the longer this recession/depression drags on the more concerned I am becoming. Work 'till 75 or 80? How about simply work until you die, as in "slave"?
It is indeed a sobering article. Even for those who diligently save for their retirement, two financial bubbles in this past decade left many in worse shape than anticipated. A number of my coworker who are in their retirement age but choose to stay on a bit longer in an attempt to recover somewhat. The housing and labor markets are weak to say the least and I am concerned.
Doug Kass, in this weekend's Barron's, called it "screwflation":
"In the 1970s, when growth was stagnant and inflation was high, economists spoke of "stagflation." Four decades later, there's another threat to a sustainable trajectory of economic and corporate profit growth. It's "screwflation," which combines inflation with the screwing of the struggling middle class. Like stagflation, screwflation also threatens the general health and valuation of the U.S. stock market."
right thanks to all the stupid personnel in congress/house, they are playing horse shoes with our future money. things will probably get worse you may want to save as much as possible...otherwise the new leaders will pick-pocket your tax/funds money!
You are so right John. Pickety-pick-pockets most when not busy twittering. LOL. Think I'll bury some tin cans around the back yard to keep their hands off. Not sure what to put in. Gold, silver, maybe some emerging market bonds?
They have to do away with medicare and social security. Too many other more important matters to deal with. Tax cuts for the rich and things like this:
Comments
Something that this article doesn't touch upon: I wonder how this will impact the chances of younger people who are trying to get started in the job market? Seems to me that they will in many cases be competing for the same jobs.
And if I were (once again) a small business employer, as I was for some 25 years, trying to get the best value for the least expense, would I choose an untrained and (most likely) poorly educated and unmotivated younger person, or choose instead the older worker with a lifetime of employment who would probably offset age infirmities with motivation and experience?
I know that you are generally an optimist, and usually I tend to agree with your perspective, but the longer this recession/depression drags on the more concerned I am becoming. Work 'till 75 or 80? How about simply work until you die, as in "slave"?
OJ
"In the 1970s, when growth was stagnant and inflation was high, economists spoke of "stagflation." Four decades later, there's another threat to a sustainable trajectory of economic and corporate profit growth. It's "screwflation," which combines inflation with the screwing of the struggling middle class. Like stagflation, screwflation also threatens the general health and valuation of the U.S. stock market."
Sorry, only for subscribers.........
http://online.barrons.com/article/SB50001424053111903588204576369783343545812.html?mod=BOL_hps_mag
Cee
thanks to all the stupid personnel in congress/house, they are playing horse shoes with our future money. things will probably get worse
you may want to save as much as possible...otherwise the new leaders will pick-pocket your tax/funds money!