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View Diary: Drained retirement funds signal acute looming crisis (286 comments)

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  •  some of that is just (3+ / 0-)
    Recommended by:
    askew, TheLizardKing, SuWho

    young people not knowing what to do with that money once they change jobs. thousands of ppl look at that little chunk of change and not know what to do with it. they have no clue about IRA's etc. they don't want to mess with it. they cash the check.

    the rhetoric about social security not lasting and 401k's are a sham, don't seem to help. also, 401K's are not 100% of the retirement market. 401K's aren't even the largest vehicle in the retirement market.

    this is not as bad as many are making it out to be.

    -You want to change the system, run for office.

    by Deep Texan on Wed May 07, 2014 at 08:10:54 AM PDT

    •  bullshit (13+ / 0-)
      this is not as bad as many are making it out to be.
      Craven, vile bullshit.

      "Inevitability" diminishes free will and replaces it with self-fulfilling prophecies."--Geenius At Wrok

      by lunachickie on Wed May 07, 2014 at 03:34:33 PM PDT

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      •  While Deep Texan isn't Miss Manners, he's right (0+ / 0-)

        It's all too easy to fall into the trap of hopelessness and dispair, but don't do it!  For those not totally trashed by the economy, those not in a minimum wage slave trap, it's not all doom and gloom.

        I'd never made big bucks in my career and living in Northern Virginia is pricey but frugal living and "being in the habit of saving even if it's only a tiny bit per month" helped me weather a layoff ten years ago and furloughs last year. By living as if I was still making the damn chinsy salary I had at the non-profit I was working at until that layoff, I've been able to up the amounts I put away in retirement and the rainy day fund.

        Do I have millions that the wall street con artists say we need to have? Nope, not even close.  But using the more sensible retirement planners out there, I think I'll be alright baring a cosmic act of god to shoot a hole in things.

        I worry that all doom and gloom might frighten folks who are about at my level of finances so that they never put away for the future and lock in that doom and gloom forecast.

        •  At some point it is going to dawn on (10+ / 0-)

          some folks around here just how many people of "middle age" are thisclosetobeing totally-trashed right now:

          For those not totally trashed by the economy, those not in a minimum wage slave trap, it's not all doom and gloom.
          We are just barely holding on at this point.  And  I know damned well that we are far from alone.

          "Inevitability" diminishes free will and replaces it with self-fulfilling prophecies."--Geenius At Wrok

          by lunachickie on Wed May 07, 2014 at 05:25:16 PM PDT

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          •  I'm not clueless, there's two sides to this coin (1+ / 0-)
            Recommended by:
            greenbell

            An unconscionably large amount of folks have been trashed by the economy or are at risk of being trashed due to living life on the edge.  But not everyone is in this pit of despair and I think we do a disservice by telling everyone to give up, you'll never succeed in saving for retirement when a fair percentage of us have it in us to save for the future if we are armed with rational knowledge to not get taken by the Wall Street Hucksters. Not a luxurious retirement at 55 but certainly a less terrible life than it  would be otherwise with having saved.

            This doesn't mean folks aren't suffering, no way no how.  And it certainly doesn't mean we sit back and do nothing about the other forces causing us to be unable to save.  We also need to push back on improving Obamacare, making education & daycare affordable, creating afforable housing for working class folks and against generalized corporate greed (I'm looking at you Comcast and Verizon!)

            So please don't be angry when some of us try to help the not drowned empower themselves to better weather the storms.

    •  No, it is worse!!! As someone who spent (4+ / 0-)

      Many years in the industry, you are at the mercy of when you retire more than anything else.  Pick a bad year to start, and you are already down big.

    •  You are wrong. (1+ / 0-)
      Recommended by:
      ozsea1

      The fact that you can't see how wrong you are is just sad.

      "The difference between the right word and the almost-right word is like the difference between lightning and the lightning bug." -- Mark Twain

      by Brooke In Seattle on Thu May 08, 2014 at 06:13:31 AM PDT

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    •  au contraire mon capitaine, heee's baaaccck (0+ / 0-)

      Politics is like driving. To go backward put it in R. To go forward put it in D.
      DEMAND CREATES JOBS!!!
      Drop by The Grieving Room on Monday nights to talk about grief.

      by TrueBlueMajority on Thu May 08, 2014 at 07:59:49 AM PDT

      [ Parent ]

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