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unhappycamper

(60,364 posts) Sun Feb 17, 2013, 09:04 AM Feb 2013

Fiscal trouble ahead for most future retirees

http://www.washingtonpost.com/business/economy/fiscal-trouble-ahead-for-most-future-retirees/2013/02/16/ae8c7350-5905-11e2-88d0-c4cf65c3ad15_story.html

Edward Linsmier/For The Washington Post - “If everything had stayed status quo .?.?. I might be doing what I wanted to do today,” says James G. Marzano, 60, of Tampa, who lost his job at a telecommunications firm in 2002. “But, as it stands, I am nowhere near ready to retire.”

Fiscal trouble ahead for most future retirees
By Michael A. Fletcher, Published: February 16

For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents, jeopardizing a long era of improved living standards for the nation’s elderly, according to a growing consensus of new research.

The Great Recession and the weak recovery darkened the retirement picture for significant numbers of Americans. And the full extent of the damage is only now being grasped by experts and policymakers.

There was already mounting concern for the long-term security of the country’s rapidly graying population. Then the downturn destroyed 40 percent of Americans’ personal wealth, while creating a long period of high unemployment and an environment in which savings accounts pay almost no interest. Although the surging stock market is approaching record highs, most of these gains are flowing to well-off Americans who already are in relatively good shape for retirement.

Liberal and conservative economists worry that the decline in retirement prospects marks a historic shift in a country that previously has fostered generations of improvement in the lives of the elderly. It is likely to have far-reaching implications, as an increasing number of retirees may be forced to double up with younger relatives or turn to social-service programs for support.

unhappycamper comment: Thanks tea-baggers.

9 replies

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Highlight:

Fiscal trouble ahead for most future retirees (Original Post) unhappycamper Feb 2013 OP

We have fucked up so phenomenally deutsey Feb 2013 #1

And don't get sick either. nt bemildred Feb 2013 #2

That's the real issue for me. I can work until I die if.... Walk away Feb 2013 #5

I'd add "Thanks, Banksters..." CanonRay Feb 2013 #3

And just why would Lloyd Blankfein give a shit? Scuba Feb 2013 #4

That'll teach. This could have been an exemplary nation. HughBeaumont Feb 2013 #6

Retire? liberal N proud Feb 2013 #7

The Social Contract Has Been Broken... WillyT Feb 2013 #8

That's right ...Peter Pan lied! L0oniX Feb 2013 #9

deutsey

(20,166 posts)

1. We have fucked up so phenomenally

Reply to unhappycamper (Original post)

Sun Feb 17, 2013, 09:10 AM

Feb 2013

I doubt we're ever going to recover.

bemildred

(90,061 posts)

2. And don't get sick either. nt

Reply to unhappycamper (Original post)

Sun Feb 17, 2013, 09:15 AM

Feb 2013

Walk away

(9,494 posts)

5. That's the real issue for me. I can work until I die if....

Reply to bemildred (Reply #2)

Sun Feb 17, 2013, 09:34 AM

Feb 2013

I don't lose my health or my mind!

CanonRay

(14,104 posts)

3. I'd add "Thanks, Banksters..."

Reply to unhappycamper (Original post)

Sun Feb 17, 2013, 09:22 AM

Feb 2013

Scuba

(53,475 posts)

4. And just why would Lloyd Blankfein give a shit?

Reply to unhappycamper (Original post)

Sun Feb 17, 2013, 09:33 AM

Feb 2013

He's got his.

HughBeaumont

(24,461 posts)

6. That'll teach. This could have been an exemplary nation.

Reply to unhappycamper (Original post)

Sun Feb 17, 2013, 09:39 AM

Feb 2013

This could have been an energy-conscious, option-laden economy that provided for it's people, educated its citizens and gave our children and workers and retirees a future.

Instead, we just handed it to the wealthy and the MIC, because America thinks killing is sexy and more than a few Americans think they're one lucky break away from being rich someday. The end.

Branding works great. Keep thinking we're all just a bunch of la-di-da (insert slur for weakness here) hippies, America . . . just like Fox told you we are. You're going to learn a very, VERY hard life lesson that we were RIGHT about the fuckers you put in office and the assholes you handed this country to.

Oh yeah, YOU'RE GOING TO LEARN.

liberal N proud

(60,336 posts)

7. Retire?

Reply to unhappycamper (Original post)

Sun Feb 17, 2013, 10:26 AM

Feb 2013

I doubt that I will ever be able to retire. As companies move from pensions to 401K, we can kiss the money goodbye. Unless you hit a high in the market and get your money out.

They Money Grubbing greedy bastards are going to make sure we die poor.

WillyT

(72,631 posts)

8. The Social Contract Has Been Broken...

Reply to unhappycamper (Original post)

Sun Feb 17, 2013, 03:14 PM

Feb 2013

Or STOLEN !!!

& Rec !!!

L0oniX

(31,493 posts)

9. That's right ...Peter Pan lied!

Reply to unhappycamper (Original post)

Sun Feb 17, 2013, 03:40 PM

Feb 2013

Now you will die in your poverty ...and you believed in working most of your life for one company and get a pension? Oh you thought your 401k was a good thing? You expected them to not be greedy thieves because the USA is the best country in the world? You thought that they would hire you in your old age (laughing hard)? You expected your kids to help support you ...in return for raising them (they can't wait for you to die so they can get your home)? Tell me you didn't think the USA was so moral as to keep a social contract with its elderly ....did you? If you did then you are what Wallstreet calls SUCKERS!

Did I bother to say that US justice and rule of law is a joke?

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