Retiring Boomers Find 401(k) Plans Fall Short .

[padthaiforlunch]

BTW...gas prices are largely not up. Adjusted for inflation $1.35 in 1980 was $3.24.

I remember buying gas for $1.03/ gallon in 2005.

 

[Tekitall]

I remember buying gas for $1.03/ gallon in 2005.

Where do you live? In California we were at $2.09999

 

[retread]

Boomers are finding their plans fall short because for a lot of them, they are taking a ton of debt into retirement. A few years ago the term was called "retiring Red" as in the red.

A generation or so ago, it was really unheard of not to have all your debt paid off before you retired. That changed 10-15 years ago. People over 55 are still buying "up" carrying hundreds of thousands in debt into retirement.

Heck, almost half my business is selling 20-30 year terms or guls to the over 60 crowd as they perpare to retire. Most of them have wives who realize that if retired husband dies, they loose the house and everything else.

Retirement plans weren't meant to finance a working man's debt load. I think this is a lost cause for the generations coming into retirement, but for their kids, the idea of saving is coming back into style.

People in their 40's cannot remember what it was like when inflation was double digit because they were in diapers at that time. With high inflation, an attitude settles in "if I can borrow at 12% and inflation is 10%, why not borrow all I can?... it is only costing me 2%"... of course in no time, interest rates hit 22%, but you heard such stories as "when I die, I want the last check I write to be to the funeral home and to bounce..."

It was a definite paradigm shift. The older generation just shook their heads, but the generation that followed them exascerbated the situation even further with materialism that knew no bounds. Now we have bank CEOs that take TARP funds to buy $5000 waste baskets for their $20million office remodel.

We have come full circle. The great depression that cooled off the roaring 20's is being re-lived in the great recession that followed the roaring 90's.

 

[BNTRS]

People in their 40's cannot remember what it was like when inflation was double digit because they were in diapers at that time. With high inflation, an attitude settles in "if I can borrow at 12% and inflation is 10%, why not borrow all I can?... it is only costing me 2%"... of course in no time, interest rates hit 22%, but you heard such stories as "when I die, I want the last check I write to be to the funeral home and to bounce..."

It was a definite paradigm shift. The older generation just shook their heads, but the generation that followed them exascerbated the situation even further with materialism that knew no bounds. Now we have bank CEOs that take TARP funds to buy $5000 waste baskets for their $20million office remodel.

We have come full circle. The great depression that cooled off the roaring 20's is being re-lived in the great recession that followed the roaring 90's.

Meaning the next great decade of materialism is only about 40 some years away!

 

[KJ in Miami]

Has anyone saw that article that says in the next 5 years some estimated $5 trillion in money is going to be rolled over into personal accounts?

 

[annuityseller]

Speaking of retirement issues---If you want to sell a ton of life insurance, and also want to focus on retirement planning, there is one book upon which to base your career, in my humble opinion~ and no I am not the author! Patrick Kelly's "Tax-Free Retirement".... I think you can get it at Amazon...

My "two cents"!!


km

------------------------------------
Kevin
SellMoreLife (dot com)


I've seen this ad on 4 different threads the last couple of days .
spam spam spam!!!!!!!!!!!!

 

[KJ in Miami]

Thnx! I'll check it out. Will it work for Seniors?

Speaking of retirement issues---If you want to sell a ton of life insurance, and also want to focus on retirement planning, there is one book upon which to base your career, in my humble opinion~ and no I am not the author! Patrick Kelly's "Tax-Free Retirement".... I think you can get it at Amazon...

My "two cents"!!


km

------------------------------------
Kevin
SellMoreLife (dot com)


I've seen this ad on 4 different threads the last couple of days .
spam spam spam!!!!!!!!!!!!