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Baby boomers least ready for retirement.

June 22nd, 2018 at 1:36:01 PM permalink

Member since: Oct 24, 2012
Threads: 189
Posts: 18762

Quote:

As with many baby boomers, 56-year-old Kreg Wittmayer once thought he was doing things right for a solid retirement. In his 20s, he began saving in his 401(k). He cashed it out after a divorce at age 34. He built up the fund again, then cashed out five years later after losing his job, he says. “It was just too easy to get at.”

People may say SS isn't worth anything compared to private investment, but you can't get to it too early which shouldn't be underestimated.

Quote:
This prospect is upending decades of progress in financial security among the aging. In the postwar era, for a while, fixed government and company pensions gave millions a guaranteed income on top of Social Security. An improving economy led to increased wages. Many Americans retired in better shape than their parents.

No more. Baby boomers were the first generation of Americans who were encouraged to manage their own retirement savings with 401(k)s and similar vehicles. Many made investing mistakes, didn’t sock enough away or waited too long to start.

more here. There are probably good right or left points to be made.

https://www.msn.com/en-us/money/personalfinance/a-generation-of-americans-is-entering-old-age-the-least-prepared-in-decades/ar-AAz0UDw?ocid=spartanntp

You believe in an invisible god, and dismiss people who say they are trans? Really?

June 22nd, 2018 at 2:59:04 PM permalink
Fleastiff Member since: Oct 27, 2012 Threads: 62 Posts: 7831	funds that are 'reachable' are vulnerable to lifestyle maintenance issues, also many 'investments' are in load funds constantly being eroded by fees or simple mismanagement. Those whose marriages stayed intact and who made wise investments can be doing very well but a good many naïve investors paid for their ignorance and their bad luck with spouses, salary erosion and factory flight.