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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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14406 clicks; posted to Main » on 18 Apr 2012 at 6:49 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-04-18 07:10:55 PM
we will survive on the boiled jerky of the baby boomers

perhaps we will even dye it green

baby boomer jerky - look for it in stores in 2025
 
2012-04-18 07:14:27 PM
So, the author is telling me to kill my parents?
/or get another mcgriddle?
 
2012-04-18 07:14:54 PM

namatad: 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.


Corporate pensions are just fine. Also you change bankruptcy law so that when I company files for reorganization protection, it has to still honor its pensions. And 401k plans aren't exactly rock solid either.
 
2012-04-18 07:14:56 PM
401ks are the stupidest things in the world for most people. Most people aren't investors and have no business using these as vehicles for retirement.

/So sad
 
2012-04-18 07:15:09 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.


As a GenXer that makes more money than you, all I have to say is:

STFU and GBTW!
 
2012-04-18 07:15:19 PM
www.go21q.org
 
2012-04-18 07:15:39 PM

Grand_Moff_Joseph: 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.


Most companies offer matching up to a certain percentage and also put in stock or other funds into the 401k for you. Its free money. And if your 401k is based entirely on stocks then you are a complete moron.
 
2012-04-18 07:15:52 PM

wee: 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.


Oh, well that solves the problem then. I just won't get a pension either. I'm so SMRT.
 
2012-04-18 07:16:30 PM

Phony_Soldier: 401ks are the stupidest things in the world for most people. Most people aren't investors and have no business using these as vehicles for retirement.

/So sad


Most 401k's are managed via major investment banks. In fact, I think most companies don't allow self-management.

The primary benefit is that you don't pay taxes on them until you retire -- and thus in a much lower tax bracket.
 
2012-04-18 07:17:52 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.


The tech bubble is the best education anyone could get. I learned a thousand times more than any four year degree would of ever taught me.

/gen-x'r
//has a ton of money in my 401k
 
2012-04-18 07:18:34 PM
Gen Xer: I graduated grad school in 1997 and it only cost me 10 dollars. These kids today are lazy.
 
2012-04-18 07:18:36 PM
OK - as a Boomer, I actually do feel the pain of the younger people. Remember that most of us have grown children and now grandchildren. Do you seriously think that we don't care what happens to them?

Don't know what will happen to SS in the future, but sincerely hope that the obvious fix (getting rid of the cap) will actually happen if the Republicans come back to Earth.

Only advice is not to give up on 401K's. The markets will have ups and downs, but in the long run the trend has always been up. Diversify your holdings so that you cover all sectors of the market, keep contributing to the max allowed, and then leave the damn money alone.
 
2012-04-18 07:19:09 PM

MaudlinMutantMollusk: 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


You mean you didn't get the memo explaining how the excess receipts for SSI were being used to lower your tax burden for other things such as roads, defense, and statues of your elected officials in some downtown square? Done so that your politician could give the 'voters' goodies while at the same time claim that it cost them 'nothing?'
 
2012-04-18 07:19:21 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.


THIS

/sadly only made 158k last year
 
2012-04-18 07:20:40 PM

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


fbcdn-sphotos-a.akamaihd.net

If the chart on the right looked like the chart on the left, there'd be a lot fewer problems and living within your means would be a lot easier for a lot more people.
 
2012-04-18 07:22:50 PM
"F*ck you, I got mine."
 
2012-04-18 07:22:58 PM

WhyteRaven74: AngryDragon: STFU and GBTW. Quit crying and do something. Live within your means and you'll be fine.

[fbcdn-sphotos-a.akamaihd.net image 640x480]

If the chart on the right looked like the chart on the left, there'd be a lot fewer problems and living within your means would be a lot easier for a lot more people.


Erm, the chart to the left doesn't take into account the top 1%.

But yes, distribution of wealth has gotten worse.
 
2012-04-18 07:24:04 PM

WhyteRaven74: namatad: 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.

Corporate pensions are just fine. Also you change bankruptcy law so that when I company files for reorganization protection, it has to still honor its pensions. And 401k plans aren't exactly rock solid either.


in the end, the law doesnt matter, look at enron, AIG, madoff and MF global. Bankruptcy law wont help when all the money and assest disappear.

And yah, people with 401k's sitting in stock when they are close to retirement and employees being forced to buy company stock with their 401k ... these are all things that can be a problem. but still, I much prefer to have my own 401k, rather than trust some company to not screw me over 20 years down the road.
 
2012-04-18 07:24:27 PM
This dream in which I'm dying is the best I've ever had.

~/Retirement plan:
/A bottle of bourbon, a cheap shotgun, and one shell.
//Cost: $300 bucks, tops.
///Pay as little as possible between now and then.
 
2012-04-18 07:25:23 PM

TwoHead: 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.


Yeah.....and liberals' hands are completely clean in this. And partisan farkwads like you haven't been the biggest obstacle to serious reform. At all.
 
2012-04-18 07:25:56 PM
As a Gen-xer I highly recommend reading Douglas Coupland's Generation X.
 
2012-04-18 07:26:22 PM
I blame the

LegacyDL: Gen Xers got screwed because they forgot that old people don't die as quick as they used to.

/Thank you health care!


They got screwed over a few reasons. When companies quit offering pensions and put retirement plans on the stock market. Having pension plans made companies put money for employees. Also allowing business who file for bankruptcy to discontinue paying on existing pensions that workers earned.

Healthcare. Employees and Employers could have pushed the insurance companies to keep healthcare costs lower. Employers use Health Insurance as and excuse of why sending work overseas is cheaper.

Gen X ers were young enough to understand that globalization was coming, yet there was not much in training or education in how to make the transition easier so that most could have kept their jobs or been retrained by the company.

Giving up. Employees thought they were saving their company by giving up pay, unions, benefits, and other perks to keep their job. Now that the business is doing a little better have have most of those things given up come back? No. Now employers know that people are willing to work for a lower wage and less benefits to give anything back.
 
2012-04-18 07:26:23 PM
401k's want maximum profit which equals chinese children paid slave labor wages
 
2012-04-18 07:26:43 PM

imgod2u: Erm, the chart to the left doesn't take into account the top 1%.


It does, it includes them in the top 20%. And mentions that for the last 27 years looked at if you take out the top one percent then they've only gained 35%. Point being had you pulled out the one percent on the left chart, it wouldn't particularly stand out. Now it stands out so much it skews income gains when you look at the population based on which fifth of wage earners they are.
 
2012-04-18 07:27:07 PM
Here is your theme song Gen X'ers: We're Not Young (Yahoo! Parody)
 
2012-04-18 07:27:10 PM

gingerjet: I learned a thousand times more than any four year degree would of ever taught me.


That's "would have" not "would of."

/Got my four-year degree.
 
2012-04-18 07:27:58 PM
Proposed retirement plan:

1) Work, save reasonable amount of money (say, 20%) per year. Enjoy life as much as is possible while working.
2) Retire at some reasonable age (50-60, as desired).
3) Do whatever the hell I want until money runs out
4) Blow head off

I keep trying to think of why this is not better than the alternative - futilely scrimping entire life only to not have enough at retirement age anyway, then working until some horrible disease takes me - but I can't come up with any.

* May not be doable if you have something stupid like family or other people that you care about for some reason.
 
2012-04-18 07:28:47 PM

sonorangal: Now employers know that people are willing to work for a lower wage and less benefits to give anything back.


And people have decided in large part to just accept it. A hundred years ago you'd see entire factories empty out over a nickle an hour. Now people get no raise for three years and just keep showing up. Or they work 60 hours a week all the time with no overtime and keep showing up.
 
2012-04-18 07:29:26 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.


People do work, it is just the system has been rigged to keep the poor poor and reward the rich in a way that is not in any way reflective of what they do. You seem to be woefully ignorant of things work for most people. I remember when compassion was a virtue. I guess your "high" salary isn't enough to make you a decent human being.
 
2012-04-18 07:29:46 PM

imgod2u: Phony_Soldier: 401ks are the stupidest things in the world for most people. Most people aren't investors and have no business using these as vehicles for retirement.

/So sad

Most 401k's are managed via major investment banks. In fact, I think most companies don't allow self-management.

The primary benefit is that you don't pay taxes on them until you retire -- and thus in a much lower tax bracket.


Funny, I've worked for several major tech companies and I've had to pick my investments from a selection of funds Fidelity has available.

/At Dell we had the option of investing part of our 401k in Dell stock - what a great idea.
//That was a long time ago
 
2012-04-18 07:30:27 PM

trialpha: I keep trying to think of why this is not better than the alternative - futilely scrimping entire life only to not have enough at retirement age anyway, then working until some horrible disease takes me - but I can't come up with any.


That's it. Once you get sick, you're done for. The system is designed to bleed you of your remaining wealth if you're insured with anything less than a gold-plated health plan.
 
2012-04-18 07:32:10 PM

machodonkeywrestler: I guess your "high" salary isn't enough to make you a decent human being.


The amorality and emotional ignorance of donkey dicks like him amaze me.
But karma's a mean, vindictive biatch and she never sleeps.
 
2012-04-18 07:32:25 PM

namatad: Bankruptcy law wont help when all the money and assest disappear.


Companies don't sit on pension plan money, it's invested. A large part of the financial industry is pension plan managers. When companies go bankrupt what basically happens is they get to walk out on the funds they were supposed to contribute to the pension plans in the future. The money in pension checks isn't coming out of current revenues, it's coming from money that's been saved up. Easy enough to change a couple laws to not let companies just walk away from their end of things unless they go completely tits up and even then you'd have the money in the pension fund that's already been invested.
 
2012-04-18 07:32:28 PM
I take comfort in knowing the Gen Ys and millenials are going to get it worse than I am.
 
2012-04-18 07:33:05 PM
My wife and I save everything we can. We don't need fancy anything. We are like our great-grandparents. I have no faith in Social Security nor my 401K (Ponzi scheme.)
 
2012-04-18 07:34:25 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.


Bwahahahahahahahahahah. Oh wait, you're seri-hahahahahahahahahahaha.

/Its "funds" have already been spent.
 
2012-04-18 07:35:15 PM
My fark handle is the answer
 
2012-04-18 07:35:18 PM

HotIgneous Intruder: This dream in which I'm dying is the best I've ever had.

~/Retirement plan:
/A bottle of bourbon, a cheap shotgun, and one shell.
//Cost: $300 bucks, tops.
///Pay as little as possible between now and then.



I've got the same retirement plan!

Why should I work my ass off and become crippled because the only jobs I can find offer no benefits, no way to afford health care, and my taxes go to kill children to further the goals of people who keep voting to make sure I never have any of these things and my country won't even pay for me to go to school so I can get a better job which, you would think, would benefit the country.
 
2012-04-18 07:35:58 PM
Complaining on fark about Social Security being down to 75% in 20 years is much more effective than working to have the exclusions on wages over 100grand removed and the less than 1% increase in ta increase needed yo fix the problem.

Hey - x'ers are only coming into the age group where they'll start filling all the elected positions - Obama is only 3 1/4 years off from that date.

Buck up little buckaroos. You can listen to the Y's complain about all you're not doing soon. It'll be tough seeing as no one else has ever faced difficulties before - Grenada took such a heavy toll on your generation. Not like Vietnam Nam or Iraq/Afghanistan.

Sigh - no one can do anything
. May as well just roll over & die now.
 
2012-04-18 07:38:59 PM
The problem as I see it is the farking boomers won't retire to allow Gen X into upper or upper middle management. They didn't save anything for their retirement and live beyond their means. When my father was my age (42) he was at the top of his career and earning potential. Us Gen X'ers are stuck behind the 65-70 year olds that have zero plans to step down.
 
2012-04-18 07:39:30 PM

brilett: Complaining on fark about Social Security being down to 75% in 20 years is much more effective than working to have the exclusions on wages over 100grand removed and the less than 1% increase in ta increase needed yo fix the problem.


Yeah the cut off for contributions is rather baffling.
 
2012-04-18 07:40:21 PM

mosten: They didn't save anything for their retirement and live beyond their means.


Look at the pic of two charts I posted, saving is rather hard when your income is barely growing.
 
2012-04-18 07:40:43 PM

HotIgneous Intruder: This dream in which I'm dying is the best I've ever had.

~/Retirement plan:
/A bottle of bourbon, a cheap shotgun, and one shell.
//Cost: $300 bucks, tops.
///Pay as little as possible between now and then.


This seems about right. I was born in 1965. I have really useful industrial skills. You know skills to do jobs that have been exported to China Mexico and any other third world shiat hole. So now I own a roofing company. I get by mostly OK. I would much rather be welding or manufacturing something. Now I know that I will have to work untill that shotgun shell looks delicious. Just hope I have the will power not to pawn the shotgun for oldster meds or cat food.

Retirement is a fantasy for most of my generation. The way things are going GenY is boned even harder. If we had any brains at all we would burn it all down now and rebuild from the ground up.
 
2012-04-18 07:40:55 PM

imgod2u: 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.


Oh great luxury of a balcony! We have to go through the day in a 4th floor walk up with windows that all look out onto the brick walls of our neighbors. Not to mention the banging pipes of the busted boiler that can't be fixed cuz the landlord got foreclosed on and the bank refuses to fix it since it is too expensive.
 
2012-04-18 07:43:22 PM

jimmy2x: OK - as a Boomer, I actually do feel the pain of the younger people. Remember that most of us have grown children and now grandchildren. Do you seriously think that we don't care what happens to them?

Don't know what will happen to SS in the future, but sincerely hope that the obvious fix (getting rid of the cap) will actually happen if the Republicans come back to Earth.

Only advice is not to give up on 401K's. The markets will have ups and downs, but in the long run the trend has always been up. Diversify your holdings so that you cover all sectors of the market, keep contributing to the max allowed, and then leave the damn money alone.


Thank you for caring. As a millenial (very possibly spelled wrong, my phone has no check and I have a few glasses f wine in me) trying to break into the workforce, and in a better position than many, I've found that not a lot of boomers get it. They may care on a surface level, but they don't even come close to grasping the depth of the problem. Younger workers are hit the hardest in a recession, and combined with other demographic factors, we're really screwed. Lost earnings on the front end of a career has a huge ripple effect down the line- I think the figure is something like a 30% decrease in lifetime salary. And most members of your genertion have absolutley no grasp on how hard it is to find an entry level job now. Yes a college degree usually gets you employment, but only because you win out over the high school student to work at starbucks. Right now, I think the percentage of 18-25 year olds working is something like 52%- historically low.

But boomers, at least in my experience, seem to think it's our fault for not looking hard enough, or whatever other crap. Perhaps that's what it took in their time, but things suck right now, and my generation is strapped to the North Korean rocket that is this (boomer created) economy.

Anyway, I guess I just want to say thanks for not being oblivious.
 
2012-04-18 07:44:08 PM

WhyteRaven74: AngryDragon: STFU and GBTW. Quit crying and do something. Live within your means and you'll be fine.

[fbcdn-sphotos-a.akamaihd.net image 640x480]

If the chart on the right looked like the chart on the left, there'd be a lot fewer problems and living within your means would be a lot easier for a lot more people.


ooooo nice chart
you are my fark hero of the day
 
2012-04-18 07:44:37 PM

Pumpernickel bread: I take comfort in knowing the Gen Ys and millenials are going to get it worse than I am.


Probably not true. The main cause of future worry is that there's a bulge in the demographics table, with a lot more boomers about to retire than workers coming in to replace them, which means less tax money going into social security and the like. Gen X will bear the brunt of this, and the system will sort itself out a bit by the time Gen Y and so on retire.

If you want your schadenfreude regardless, consider that the Europeans have it a lot worse than we do in this regard, and they expect a lot more out of their social safety nets.
 
2012-04-18 07:46:57 PM

WhyteRaven74: brilett: Complaining on fark about Social Security being down to 75% in 20 years is much more effective than working to have the exclusions on wages over 100grand removed and the less than 1% increase in ta increase needed yo fix the problem.

Yeah the cut off for contributions is rather baffling.


when I first hit the cap ... I was like, why did my check go up this period???
ooooooooooooooooooooooooooooooooooooooo

now it just happens earlier and earlier every year.
just another way the 1% is farking over the 99%

why should they pay anything that will go to those people??
 
2012-04-18 07:47:06 PM

FLMountainMan: TwoHead: 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.

Yeah.....and liberals' hands are completely clean in this. And partisan farkwads like you haven't been the biggest obstacle to serious reform. At all.


I'm sorry the facts make you so angry. As a life long (non Fark, small i) independent my party is me, so you are damned right I'm partisan. If I don't stand up for myself no one else will.

If any political faction wants to take the necessary step and remove the regressive income cap on SSI contributions I promise I will not stand in their way. How about you?
 
2012-04-18 07:47:17 PM

namatad: WTF Indeed:
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


Voting is indeed the key, and it's congress that has farked this country more than any other body of government. It's easy to blame a President, but in the end, its congress that holds the real power to change our nation for better or worse.

Congress could have pulled the plug on the wars. They didn't.
Congress could have reduced spending. They didn't.
Lousy farkers CAN'T EVEN PASS A GDAMN BUDGET ON TIME, so how can we expect them to FIX the budget?


Part of our problem as a nation is the ridiculous belief in our current political party system. Here's a clue, IT'S FARKING BROKE! BOTH parties do NOTHING but divide our nation into bullshiat cliques and pit one against the other until you are all too busy fighting each other to notice how farked up BOTH PARTIES truly are.

THEY BOTH FARKING SUCK AND SERVE ONLY THEMSELVES!!!

Until people wake the fark up and get RID OF THESE SORRY BASTARDS, then we will continue to be farked. Neither party has done a gdamn thing to unfark this country since the late 90's, and yet many of them remain in office to this very day.

The best thing that could happen to this country is for a freaking meteor to land on D.C. while congress is in session and wipe that place clean off the map.
 
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