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(MSNBC)   It's time for the Spring 2012 edition of 'researchers can't figure out why Gen Xers feel like they've been screwed over for good'   (today.msnbc.msn.com) divider line 312
    More: Obvious, Gen Xers, Gen X, dot-com bubble, time horizon, SSI, Harris Private Bank, cash value, online banking  
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14410 clicks; posted to Main » on 18 Apr 2012 at 6:49 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-04-18 02:24:24 PM
Well, let's see...

"As kids, they sat on gas lines in the backs of their parents' cars. As young adults, they saw the stock market crash, and when it finally came time to settle down, they bought a house at the peak of the housing bubble and then were faced with the worst economy since the Great Depression."

Meanwhile...

"Though they've watched parents and grandparents nestled with pensions, Social Security and strong economic growth, these are no longer guarantees."

Gee, I have no idea why they place no trust or hope in the "idea" of a traditional career, retirement, and financial planning.
 
2012-04-18 02:41:06 PM
"Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to."

No shiat, sherlock.

I have no trust in 401k programs, either. I've seen mine up and run away.
 
wee [TotalFark]
2012-04-18 02:42:01 PM
If you were born after 1965 and you're relying on either pensions or social security, you're farking stupid. There's no plainer way to put it that that.

You can't count on getting a pension, because A) people are realizing now that pensions are a good way to bankrupt something and B) you likely won't have the same job for 20 years.

Social Security is just us paying off old debts enough to tread water. The system will break down completely in a 10 or 15 years, so even though you've been taxed for 30+ years, you're not going to see a dime of it. Think of that 7% you could have had as a gift you had to give and not outright theft if it makes you feel any better. Though they're going to have to raise that tax, so it'll get worse before it blows up completely.
 
2012-04-18 02:55:16 PM

Nadie_AZ: "Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to."

No shiat, sherlock.

I have no trust in 401k programs, either. I've seen mine up and run away.


If my plan allowed me, I'd stop contributing today. I'd rather use the money to pay off debts now and continue building savings. Much better use of the funds than watching it get pissed away in 10 minutes by an errant flash trading program that overreacted to the comments of a "analyst" with a conflict of interest the size of the galaxy.
 
2012-04-18 03:10:35 PM

wee: The system will break down completely in a 10 or 15 years,


Yes, yes. Just like we've been hearing for sixty something years.
 
2012-04-18 03:13:47 PM

wee: Social Security is just us paying off old debts enough to tread water. The system will break down completely in a 10 or 15 years, so even though you've been taxed for 30+ years, you're not going to see a dime of it.


Don't click this link

In roughly 23 years we will hit bottom with incoming tax payments covering only about 75% of promised benefits. After that point things stabilize. The reason so many people are misinformed about this issue is because "conservatives" have been pumping out misinformation to gather an army of ignorance to help them destroy SSI by privatizing it. They have been assisted in this endeavor by a consolidated corporate owned media and of course their army of lazy ignorant voices who don't bother to learn the truth.

No offense intended.
 
2012-04-18 03:27:10 PM
The study rehashes the predictions of the excellent but now old book "13th Gen: Abort, Retry, Ignore, Fail?"

IIRC the thesis was that we're farked, we'll going to have to fix it on our dime, but the later generations still blame us.

/by "we" and "us" I start the 13th gen off at 1960, after the baby boom ended.
 
wee [TotalFark]
2012-04-18 03:36:41 PM

Aarontology: Yes, yes. Just like we've been hearing for sixty something years.


We haven't had a baby boomer population aging into retirement combined with a declining birth rate during that time, have we? Or, if you don't believe me, here it is from the Social Security administration's mouth:

Both Social Security and Medicare, the two largest federal programs, face substantial cost growth in the upcoming decades due to factors that include population aging as well as the growth in expenditures per beneficiary. Through the mid-2030s, due to the large baby-boom generation entering retirement and lower-birth-rate generations entering employment, population aging is the largest single factor contributing to cost growth in the two programs.

That was from the summary of their last annual report. They go on to say that without additional "legislative action" (reducing benefits, raising the tax, raising the benefit age, etc) it's going to run out of money. Oh, I suppose they could also raid the general fund to pay benefits, but that doesn't work for very long either.

TwoHead: In roughly 23 years we will hit bottom with incoming tax payments covering only about 75% of promised benefits. After that point things stabilize. The reason so many people are misinformed about this issue is because "conservatives" have been pumping out misinformation to gather an army of ignorance to help them destroy SSI by privatizing it. They have been assisted in this endeavor by a consolidated corporate owned media and of course their army of lazy ignorant voices who don't bother to learn the truth.


Don't click this link.

It's from an article summarizing the annual report by the Social Security board of trustees. It's great reading. I liked this part:

In 2023, total income and interest earned on assets are projected to no longer cover expenditures for Social Security. The trust fund would then be exhausted by 2036 without legislative action.

I think I bothered to learn the truth, since I also read through the PDF of the actual report (it's linked in that article above; skip to page 28 for the good stuff). Or, maybe I trust the SSA too much when they make predictions about their situation. Either way, I'm not relying on getting any benefits from them. I hope the SSA is wrong in their predictions; I'd love to get some of my money back when I retire. But if I don't then that's fine too because I'm not going to rely on it.
 
wee [TotalFark]
2012-04-18 03:39:27 PM

TwoHead: No offense intended.


Oh, I forgot to add: no offense taken whatsoever, man. I don't get too worked up by internet words, even if you had made some sort of offense. :-)
 
2012-04-18 03:51:58 PM

wee: I think I bothered to learn the truth, since I also read through the PDF of the actual report (it's linked in that article above; skip to page 28 for the good stuff). Or, maybe I trust the SSA too much when they make predictions about their situation. Either way, I'm not relying on getting any benefits from them. I hope the SSA is wrong in their predictions; I'd love to get some of my money back when I retire. But if I don't then that's fine too because I'm not going to rely on it.


You seem to be contradicting yourself here. You say you learned the truth and then go on to talk as though you hadn't. Are you disputing the fact that after the trust fund is exhausted incoming revenues are able to cover an estimated 75% of promised benefits or are you not understanding that fact?

As for legislative action if they removed the cap on taxed income they would go a long way to solving the issue. Personally I find that more fair than means testing payments, but that is another option of course. Reducing benefits for the average worker is not something that really needs to be considered.

By the way I strongly agree with your approach of not counting on SSI benefits when you retire. There are strong forces at work to make that a reality and if privatization does occur you can be almost certain you will see nothing. Personal retirement funds just make good sense even if SSI isn't intentionally killed off like they are doing with the USPS today.
 
2012-04-18 03:52:59 PM
"Social Security is broke" may be the biggest lie the GOP has ever foisted upon us. It simply isn't true. As has been pointed out, it won't actually start having a net loss until 10 years from now and won't exhaust it's funds for another 13 years past that point. They've told you that for years because they don't want you thinking in any way that government is good. Not only is Social Security not broke, but it's easily fixable. Remove the cap on contributions and you're a long way to fixing it with what must be a 5 line bill.

But the GOP doesn't want you to know that. They don't want you to ever think government is good, because as long as they can keep it broken, they can keep getting elected by talking about how broken government is, so they can get back into office and make sure it stays broken.
 
2012-04-18 04:09:58 PM

GAT_00: "Social Security is broke" may be the biggest lie the GOP has ever foisted upon us. It simply isn't true. As has been pointed out, it won't actually start having a net loss until 10 years from now and won't exhaust it's funds for another 13 years past that point. They've told you that for years because they don't want you thinking in any way that government is good. Not only is Social Security not broke, but it's easily fixable. Remove the cap on contributions and you're a long way to fixing it with what must be a 5 line bill.

But the GOP doesn't want you to know that. They don't want you to ever think government is good, because as long as they can keep it broken, they can keep getting elected by talking about how broken government is, so they can get back into office and make sure it stays broken.


100% correct, except for two things:

1. This would be the biggest lie, if not for the whole "trick-down economics" concept that they run with daily

2. The bill would still be 50 pages, once riders are attached to it banning abortion, defunding science and NPR, building oil rigs in the middle of polar bear dens, and re-banning gays in the military
 
2012-04-18 05:06:52 PM
Wait, you mean the generations that followed baby boomers might be resentful of the lack of planning and sacrifices made by the Boomers so that they could have it all for themselves? Imagine that.
 
2012-04-18 05:22:46 PM
""We did all the drugs and had all the sex. We took all the money and fark you, we're taking it all and don't you do it.", Generation X already understand that. We've dealt with that like a molested child. It's time to move on.
 
2012-04-18 05:47:00 PM

WTF Indeed: Wait, you mean the generations that followed baby boomers might be resentful of the lack of planning and sacrifices made by the Boomers so that they could have it all for themselves? Imagine that.


sure but I dont relate to those genX tards, it is so nice being a tweener
 
2012-04-18 05:48:44 PM

WTF Indeed: Wait, you mean the generations that followed baby boomers might be resentful of the lack of planning and sacrifices made by the Boomers so that they could have it all for themselves? Imagine that.


I still think that the solution is for the tweeners to start voting and cutoff all the services that the boomers think that they "deserve" but didnt pay for.
bhwhahahahahahahahaa

Imagine the shock when they dont get "THEIR" government handouts
bwhahahahahahahahahahahahahahahaahahahaha
 
2012-04-18 05:51:51 PM
i1208.photobucket.com
 
2012-04-18 05:53:16 PM
I read this article (pops) yesterday.

The headline: Baby Boomers are getting ready to retire!

The article: Nope! Not ready to retire at all!

And while Gen X is getting screwed by this, there's a labor force traffic jam forming behind them. There's no telling how long it will take to get everything flowing smoothly again.

Mugato: ""We did all the drugs and had all the sex. We took all the money and fark you, we're taking it all and don't you do it.", Generation X already understand that. We've dealt with that like a molested child. It's time to move on.


Relevant: Generation X Doesn't Want to Hear It (pops)
 
2012-04-18 05:54:20 PM

namatad: WTF Indeed: Wait, you mean the generations that followed baby boomers might be resentful of the lack of planning and sacrifices made by the Boomers so that they could have it all for themselves? Imagine that.

I still think that the solution is for the tweeners to start voting and cutoff all the services that the boomers think that they "deserve" but didnt pay for.
bhwhahahahahahahahaa

Imagine the shock when they dont get "THEIR" government handouts
bwhahahahahahahahahahahahahahahaahahahaha


I certainly wouldn't notice. I apparently wasn't informed of the meeting where us Boomers divided everything up amongst ourselves.

/I'll be working until I drop dead whether I want to or not
 
2012-04-18 05:59:26 PM

WTF Indeed: Wait, you mean the generations that followed baby boomers might be resentful of the lack of planning and sacrifices made by the Boomers so that they could have it all for themselves? Imagine that.


Having followed right behind them I not only got the joy of seeing what they did to the world but then got to deal with their spoiled, entitled kids. Worst of all I grew up in the Age of Aquarius. Imagine being told as a kid that peace, love, and understanding were going to bring us a world of enlightenment and then seeing the reality of Nixon, Reagan and Bush the Lesser as those damned hippies got stoned and forgot to follow through.

Still, buying into the failure of SSI will allow them to use your beliefs to make it so and I don't think they need our help. If you want to see any of your money back you would do better to pretend even if you don't believe but keep demanding it. Giving in is what they want so they can steal it.
 
2012-04-18 05:59:46 PM

Nadie_AZ: I have no trust in 401k programs, either. I've seen mine up and run away.


My 401k has also been liberated. Some douchebag banker got to order a few rounds of the good liquor that night, I'm sure.
 
2012-04-18 06:08:46 PM
Retirement? Ha! Maybe after these student loans are paid off.

/Gen Y
 
2012-04-18 06:11:10 PM
Waiting for the indignant Boomers to come in and explain why it's our lazy asses causing the problem... they're usually in right after these go green. Interesting.
 
2012-04-18 06:15:53 PM

FishyFred: Relevant: Generation X Doesn't Want to Hear It (pops)


Who is that addressed to? It seems really whiny. "But that's okay. Generation X is used to being ignored, stuffed between two much larger, much more vocal, demographics. But whatever!" How was Gen X ever ignored?
 
wee [TotalFark]
2012-04-18 06:21:49 PM

TwoHead: You seem to be contradicting yourself here. You say you learned the truth and then go on to talk as though you hadn't. Are you disputing the fact that after the trust fund is exhausted incoming revenues are able to cover an estimated 75% of promised benefits or are you not understanding that fact?


Not at all. If it all goes according to predictions, they'll be able to pay out around 75% of what they owe, like you say. What I don't agree with is that I'll see any of it. The whole thing is shrouded in terms like "legislative corrections" and "disruptive consequences" and so forth. And their predictions also assume that the $2.5 trillion in bonds taken out by the Feds will get paid back at some point. It wouldn't take a lot for that not to come to pass. If you stand back and look at their summary, they're basically saying that they're farked unless taxes get raised, benefits get paid later, etc.

I just don't trust it. It was too easy to raid the fund without making sure it could be repaid when the bill comes due, which is now. It's not like we didn't know the boomers were going to retire, right? And so the SSA has been cash-negative for a year now...
 
2012-04-18 06:22:18 PM
"Gen Xers were young during the tech bubble, and when they came of age, housing was a lot more expensive. With all the talk about whether Social Security is going to survive, there is a sense of not having something to look forward to."

I'm so depressed I can't even blink.
 
2012-04-18 06:38:12 PM
Make pension savings portable, easy to do these days, and then require employers above a certain size to give all full time employees pensions.
 
2012-04-18 06:43:39 PM

WhyteRaven74: Make pension savings portable, easy to do these days, and then require employers above a certain size to give all full time employees pensions.


Then watch more and more companies offer 3/4 time jobs to employees.
 
2012-04-18 06:47:21 PM

Nadie_AZ: Then watch more and more companies offer 3/4 time jobs to employees.


If they already have 401k plans it's just a switch to how things used to be for most of them.
 
2012-04-18 06:50:52 PM
Oh boo hoo
 
2012-04-18 06:52:40 PM
This is why I invested heavily in beanie babies. I will be secure in my old age.

in the meantime, I'll slack

I was born in '72
my my and boo hoo hoo
 
2012-04-18 06:53:24 PM
This is why I'm heavily invested in subby's mom.
 
2012-04-18 06:54:54 PM
As a GenXer making more than 175k/yr and planning to comfortably retire early, let me say this.

STFU and GBTW. Quit crying and do something. Live within your means and you'll be fine.
 
2012-04-18 06:57:10 PM
That article isn't true. I've got a retirement plan -it's called lotto. Sometimes I diversify with scratch tickets.
 
2012-04-18 06:57:34 PM
I'm sure it was much easier living through the great depression and fighting Nazis.

Sometimes life is shiat sandwich without the bread. Whining is pathetic.
 
2012-04-18 06:59:05 PM
Social Security is essentially guaranteed to survive another several decades at least. I anticipate the form of Social Security will change noticeably within the next 20-30 years to a more sustainable model. But to say that the entire system will collapse is completely bogus.
 
2012-04-18 06:59:43 PM

WhyteRaven74: Make pension savings portable, easy to do these days, and then require employers above a certain size to give all full time employees pensions.


pensions?
for the love of god, no no no no no no no no
we cant/havent/wont be able to pay for the pensions which we currently are on the hook for, the last thing that we need are more pensions.
it has proven to be to easy to steal from the pensions, legally or illegally ...

personally controlled, portable 401k ... tada done.
I laugh at the tards at enron. they were required to invest their 401k in enron??? bwhahahahahahahaha
A pension would have been MUCH worse for the rest of us. The rest of us would have been responsible for pension. fark that shiat.



/401k, I can select from a variety of different funds. not quite self selected, but infinitely better than a pension which I would never see.
 
2012-04-18 07:00:47 PM

MaudlinMutantMollusk:
/I'll be working until I drop dead whether I want to or not


Same here, although I've convinced myself that I'm liberated by that reality.

Actually Im stopping at 72 one way or the other.

/43
 
2012-04-18 07:01:08 PM
Gen Xers got screwed because they forgot that old people don't die as quick as they used to.

/Thank you health care!
 
2012-04-18 07:02:13 PM

Kasira: Retirement? Ha! Maybe after these student loans are paid off.

/Gen Y


Maybe a BA in Ginger Studies wasn't such a good idea?
 
2012-04-18 07:02:57 PM
This is why I invested in a hookers and blow heavy portfolio. It seems to be outpreforming the market so far.
 
2012-04-18 07:03:54 PM

tortilla burger: Social Security is essentially guaranteed to survive another several decades at least. I anticipate the form of Social Security will change noticeably within the next 20-30 years to a more sustainable model. But to say that the entire system will collapse is completely bogus.


even at worst 50-75% ... still better than zero, I guess
 
2012-04-18 07:04:36 PM

AngryDragon: As a GenXer making more than 175k/yr and planning to comfortably retire early, let me say this.

STFU and GBTW. Quit crying and do something. Live within your means and you'll be fine.


Tell that to my wife!

/No, seriously, next time you see her, tell her to cut it out!
 
2012-04-18 07:04:47 PM

AngryDragon: As a GenXer making more than 175k/yr and planning to comfortably retire early, let me say this.

STFU and GBTW. Quit crying and do something. Live within your means and you'll be fine.


And here, people, we have proof that (claiming) to make a lot of money doesn't equate to adequate understanding of logic, statistics, systematic policies and most importantly, how inadequate anecdotal data is.
 
2012-04-18 07:06:18 PM
tortilla burger: Social Security is essentially guaranteed to survive another several decades at least. I anticipate the form of Social Security will change noticeably within the next 20-30 years to a more sustainable model. But to say that the entire system will collapse is completely bogus.

If the politicians could do anything about it without getting voted out by the AARPset I'd say you are right, but since they can't touch it without getting fried it will collapse entirely and you are wrong. biatching about SS being farked and then not doing anything about it is sort of like rearanging deck chairs on the Titanic.
 
2012-04-18 07:06:28 PM

imgod2u: AngryDragon: As a GenXer making more than 175k/yr and planning to comfortably retire early, let me say this.

STFU and GBTW. Quit crying and do something. Live within your means and you'll be fine.

And here, people, we have proof that (claiming) to make a lot of money doesn't equate to adequate understanding of logic, statistics, systematic policies and most importantly, how inadequate anecdotal data is.


That's right...and get off my lawn too.
 
2012-04-18 07:08:01 PM

AngryDragon: imgod2u: AngryDragon: As a GenXer making more than 175k/yr and planning to comfortably retire early, let me say this.

STFU and GBTW. Quit crying and do something. Live within your means and you'll be fine.

And here, people, we have proof that (claiming) to make a lot of money doesn't equate to adequate understanding of logic, statistics, systematic policies and most importantly, how inadequate anecdotal data is.

That's right...and get off my lawn too.


Check out Mr. Fancy Pants I-have-a-lawn guy here. Some of us have to make due with the 2" "balcony" the apartment comes with.
 
2012-04-18 07:08:15 PM

Mugato: ""We did all the drugs and had all the sex. We took all the money and fark you, we're taking it all and don't you do it.", Generation X already understand that. We've dealt with that like a molested child. It's time to move on.


roll out the boomer hate derp. meanwhile, i know way too many boomers who years ago kissed goodbye the concept of retirement in their lifetime. more people have been getting screwed for longer than some realize.

"It's a hard world to get a break in. All the good things have been taken."
- It's My Life, The Animals, 1965
 
2012-04-18 07:08:17 PM
I'm a Xer and I'm already semi-retired and have been for years. I'll probably have to unretire in my late 60s but who the hell wants to be retired in your 60s? I'll be too old to do anything!

When my niece was eight she noticed I wasn't married and said she'd take care of me when I was an old man. It was so cute and I got it in writing, no backsies.
 
2012-04-18 07:10:31 PM
Social Security should be fine when the relatively small Generation X retires because the Baby Boomers will be dying off. A small generation of retirees will be funded by a larger generation of workers.

The only way Social Security isn't there is if lies lead to "reforms" that destroy it.
 
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