Baby boomers long to retire, but can't

[marmar]

from the Detroit Free Press:



The sad reality is that many members of the baby boom generation are shell-shocked from their recession-related financial losses and have no idea what kind of shape they are in for retirement. The numbers aren't going to add up for them, forcing them to keep working or undergo a drastic change in lifestyle.

"I would love to be able to retire," said Valerie Kindle, 60, one of the 76 million people born from 1946 to 1964. "At this point in time, I can't afford to."

The 2008 recession hit baby boomers right on the brink of retirement age. Kindle, an employment and training specialist for Michigan Works! in Highland Park, said that as painful as it may be, boomers have to take stock of their situation.

"If you don't have a defined pension, your 401(k)'s going up and going down, so how do you know how much you'll have to operate with?" she said.

Her situation is illustrative for boomers on several fronts.

She said she cashed out of a small 401(k) that had $2,500 in it and received just $1,800 -- far less than she expected because she unknowingly sold her investments on a lousy day for stock prices. Taxes also reduced the amount she received. .......(more)

The complete piece is at: http://www.freep.com/article/20100913/COL07/9130381/Baby-boomers-long-to-retire-but-cant#ixzz0zYcrHq00

[RagAss]

1. For many it was Greed.

[Wilms]

2. 401K's are doing EXACTLY what I thought they would.

And why shouldn't they. 401K's are doing EXACTLY what they were designed to do.

[exboyfil]

6. My balanced bond and stock 401k and IRA

has done ok. In my case it is the third leg of the stool along with Social Security and my company pension (as small as that will be). My biggest concern are the proposals made around the time of the crash to force 401k holders into a type of government bond. While I hold approximately 50% of my retirement in inflation indexed bonds, I don't want to be forced to exclude equities from my portfolio (or the option to hedge my bond investment through an inverse bond fund).

I think more options should be available for 401k plans (like I have in my IRA). You should be able to buy bonds and ETFs directly in 401ks and not be stuck with the mutual fund offerings.

[HughBeaumont]

3. 30 years of Corporate Takeover of Everything + The Great Risk Shift will do that to a country.

Sad that we seem to be doing everything in our power to please the people that least need help while giving the shaft-ola to the people who most need it.

Oh well, I guess lowering our taxes more and eliminating taxes on the wealthy completely ought to get us out of this mess. :eyes:

[femmocrat]

4. In my case, it's health care.

Can't afford to buy it on my own, so I'm still working. The health care/insurance reform that passed didn't offer any real relief for people like me.

[tabatha]

5. deleted

wrong thread

[ipaint]

7. The baby boomers are the leading edge of the elimination of retirement

for anyone but the comfortable upper middle class and above in the future. The logical result of the death of unions and the take over of the democratic party by corporations and the filthy rich.

[xchrom]

8. Recommend