American Retirees Are Drowning In Debt | |
Anonymous Coward User ID: 79060329 United States 11/14/2020 03:16 PM Report Abusive Post Report Copyright Violation | |
Don Draper from Nantucket
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Don Draper from Nantucket
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Anglo Elder
User ID: 78811053 United States 11/14/2020 03:41 PM Report Abusive Post Report Copyright Violation | Retirement is a contrivance of socialist mindsets of the last generation. It worked when America was strong with industrial might, but the fact is that high wages, expensive pensions, union greed, corporate greed, hate, envy, jealousy, and trying to keep up with the Jones destroyed our industrial might. The companies simply went elsewhere while the people's government readily allowed them too. Retirement is a thing of the past. You'll work till you drop or live off the government. The middle class is gone. It's not even disputable at this point. Last Edited by Anglo Elder on 11/14/2020 03:54 PM What are the facts? |
Anglo Elder
User ID: 78811053 United States 11/14/2020 03:48 PM Report Abusive Post Report Copyright Violation | Higher education is a farce for the majority. I went to high school with a bunch of do gooders that drank the college Kool aide, but i went to work at 16 and I've worked everyday for the last 17 years. I've no debt to speak of, while all those fools have a degree in medical billing and coding, art, liberal arts, and other bullshit degrees that has led them to working at Walmart and taco Bell, while they have a hundred thousand in debt. People will go out of their way, and go in debt, and work harder out of getting out of old fashioned hard work. This country is finished. The evidence is all around. Now if you go to college to be a lawyer, or engineer, or an accountant, or geology, or something in that realm of thought, it seems to pay off. Most people are too dammed stupid to excel in those areas though. Then there was the nursing boom, everyone wanted to be a nurse. Loads of debt for shitty jobs that leave you on your feet doing more computer work than actual patient care in most cases, with shitty working hours, and very little workers rights as it's the healthcare field. When the People far more intelligent than millennialss are gone, less nurses and nursing homes will be needed. Gonna be alot of nurses out of work. Last Edited by Anglo Elder on 11/14/2020 03:53 PM What are the facts? |
Don Draper from Nantucket
(OP) User ID: 70992337 United States 11/14/2020 04:31 PM Report Abusive Post Report Copyright Violation | Retirement is a contrivance of socialist mindsets of the last generation. Quoting: Anglo Elder It worked when America was strong with industrial might, but the fact is that high wages, expensive pensions, union greed, corporate greed, hate, envy, jealousy, and trying to keep up with the Jones destroyed our industrial might. The companies simply went elsewhere while the people's government readily allowed them too. Retirement is a thing of the past. You'll work till you drop or live off the government. The middle class is gone. It's not even disputable at this point. It's hard to admit but you are right. PLATA BITCHEZZZZZZ UPGRADE UNAVAILABLE The Rolling Stones said it best... "What's confusing you is the nature of my game" |
Beyond
User ID: 77341577 United States 11/14/2020 04:34 PM Report Abusive Post Report Copyright Violation | [link to www.zerohedge.com (secure)] Quoting: Don Draper from Nantucket Between 1999 and 2019, the total debt burden for Americans over age 70 increased by 543% and totaled $1.1 trillion according to data compiled by the Federal Reserve Bank of New York. Debt grew by 471% over the same period for those in their 60s and totaled $2.14 trillion at the end of last year. Retirement often turns out to be more expensive than planned. As a result, retirees turn to credit cards to make ends meet. Surprisingly, many seniors are also burdened by student loan debt. Over the last few years, Americans in the age range between 60-69 saw student loan debt increase by 71.5%. Some took out student loans later in life in order to get advanced degrees, but many took on debt to help put their children through school. It’s easy to brush off retirees’ financial struggles as simply poor planning. And there is certainly some of that. According to data compiled by Northwestern Mutual in 2018, one-third of Americans had less than $5,000 in retirement savings. Twenty-one percent – nearly a quarter of Americans – had a retirement savings of zero. Thirty-three percent of B%mers – the generation now entering into retirement years – had on average between 0 and $25,000 saved up. But even retirees who planned for retirement and saved well can struggle as the rapidly increasing cost of living bumps up against their fixed incomes. Inflation eats away at savings and it will likely get worse in the future. The Federal Reserve intentionally targets a 2% inflation rate. That doesn’t sound like a lot, but it adds up year after year. In effect, the Fed’s government’s monetary policy devalues our currency, and that means less purchasing power for you and me. Simply put, when the government debases the currency; a dollar no longer buys the same amount of stuff it once did. Quantitative easing devalues the currency and the Federal Reserve has engaged in the practice for years. And they have put it on hyperdrive in response to the coronavirus pandemic. What happens with outstanding debt at the end of their lives when auctioning their property off doesnt cover those bills? Not anutter cig nature. |
Anonymous Coward User ID: 78204400 United States 11/14/2020 04:40 PM Report Abusive Post Report Copyright Violation | It's still possible to retire, even retire early. Live frugally, get a high paying job (usually requires a brain and an education) or better yet, become self-employed, don't have kids, and invest properly. If you're perpetually broke and can't retire, don't pretend like everyone is in that situation. |
Anonymous Coward User ID: 78066109 United States 11/14/2020 04:42 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 79395073 United States 11/14/2020 04:51 PM Report Abusive Post Report Copyright Violation | [link to www.zerohedge.com (secure)] Quoting: Don Draper from Nantucket Between 1999 and 2019, the total debt burden for Americans over age 70 increased by 543% and totaled $1.1 trillion according to data compiled by the Federal Reserve Bank of New York. Debt grew by 471% over the same period for those in their 60s and totaled $2.14 trillion at the end of last year. Retirement often turns out to be more expensive than planned. As a result, retirees turn to credit cards to make ends meet. Surprisingly, many seniors are also burdened by student loan debt. Over the last few years, Americans in the age range between 60-69 saw student loan debt increase by 71.5%. Some took out student loans later in life in order to get advanced degrees, but many took on debt to help put their children through school. It’s easy to brush off retirees’ financial struggles as simply poor planning. And there is certainly some of that. According to data compiled by Northwestern Mutual in 2018, one-third of Americans had less than $5,000 in retirement savings. Twenty-one percent – nearly a quarter of Americans – had a retirement savings of zero. Thirty-three percent of B%mers – the generation now entering into retirement years – had on average between 0 and $25,000 saved up. But even retirees who planned for retirement and saved well can struggle as the rapidly increasing cost of living bumps up against their fixed incomes. Inflation eats away at savings and it will likely get worse in the future. The Federal Reserve intentionally targets a 2% inflation rate. That doesn’t sound like a lot, but it adds up year after year. In effect, the Fed’s government’s monetary policy devalues our currency, and that means less purchasing power for you and me. Simply put, when the government debases the currency; a dollar no longer buys the same amount of stuff it once did. Quantitative easing devalues the currency and the Federal Reserve has engaged in the practice for years. And they have put it on hyperdrive in response to the coronavirus pandemic. What happens with outstanding debt at the end of their lives when auctioning their property off doesnt cover those bills? I'll be dead. I won't give a fuck. You actually believe you're going to carry that burden in the after life? I don't think so. And the best part the Government can't track you down or hold you hostage. |
Levski
User ID: 78598307 Bulgaria 11/14/2020 04:54 PM Report Abusive Post Report Copyright Violation | |
MississippiGirl
User ID: 75098604 United States 11/14/2020 05:09 PM Report Abusive Post Report Copyright Violation | Retirement is a contrivance of socialist mindsets of the last generation. Quoting: Anglo Elder It worked when America was strong with industrial might, but the fact is that high wages, expensive pensions, union greed, corporate greed, hate, envy, jealousy, and trying to keep up with the Jones destroyed our industrial might. The companies simply went elsewhere while the people's government readily allowed them too. Retirement is a thing of the past. You'll work till you drop or live off the government. The middle class is gone. It's not even disputable at this point. Maybe in your pathetic world but mine is a bright future unless Biden's fraud stands then we are all in shit...but with my 401k and pension and SS ill be good. |
Anonymous Coward User ID: 79462371 United States 11/14/2020 05:13 PM Report Abusive Post Report Copyright Violation | |
Loup Garou
User ID: 31702506 United States 11/14/2020 05:16 PM Report Abusive Post Report Copyright Violation | This is part and parcel of the Communist plot to topple the USA and frankly the world. May 1919, in Dusseldorf, Germany, the Allied Forces obtained a copy of the “Communist Rules for Revolution.” A. Corrupt the young: get them away from religion. Get them interested in sex. Make them superficial; destroy their ruggedness. B. Get control of all means of publicity thereby: 1. Get peoples’ minds off their government by focusing their attention on athletics, sexy books, plays and other trivialities. 2. Divide people into hostile groups by constantly harping on controversial matters of no importance. 3. Destroy the peoples’ faith in their natural leaders by holding the latter up to contempt, ridicule and obloquy. (speak against, condemnatory utterances) 4. Always preach true democracy; but seize power as fast and as ruthlessly as possible. 5. By encouraging government extravagance, destroy its credit; produce fear of inflation, rising prices and general discontent. 6. Foment unnecessary strikes in vital industries; encourage civil disorders and foster a lenient and soft attitude on the part of government toward these disorders. 7. By special argument cause a breakdown of the old moral virtues; honesty, sobriety, continence, faith in the pledged word, ruggedness. C. Cause the registration of all firearms on some pretext with a view of confiscation of them and leaving the population helpless. Just because YOU don’t believe in the Rougarou; or the Loup Garou, don’t make you safe; No ! The Constitution is a blend of 'moral certitude' -- which is one of the reasons that criminals are determined to be rid of it and We the People must be even more determined to defend it. "If there must be trouble, let it be in my day, that my child may have peace." - Thomas Paine The only thing the Illuminati fears is an independent person who can live, eat, sleep, stay warm and defend themselves separate from Federal help. Pray that the Lord gives us more time! The End is near and time is short! A fool takes no pleasure in understanding, but only in expressing his opinion. ~Proverbs 18:2 For those who understand, no explanation is needed. For those who do not understand, no explanation is possible "A candle loses nothing by lighting another candle" - James Keller Checkd, Keked, and Rekt! #Kids2 |
Anonymous Coward User ID: 79640229 United States 11/14/2020 05:20 PM Report Abusive Post Report Copyright Violation | This would be the third time my career has ended in corporate. What a waste and should of went into a trade but those jobs suck too. At this point I want to really do something that I want to do with the rest of this life. God has been good to me so I hope he has a plan. |
kdog82
User ID: 72648443 United States 11/14/2020 05:26 PM Report Abusive Post Report Copyright Violation | I've been lucky as a union elevator constructor for 33 years. At 56 years old, I am retiring on about $3500 a month. I won't have any insurance, though, because of being laid off due to covid, but I am healthy and just going to hope for the best until medicare kicks in at 65. Second phase in life begins |
Anonymous Coward User ID: 79568793 United States 11/14/2020 06:16 PM Report Abusive Post Report Copyright Violation | |
Don Draper from Nantucket
(OP) User ID: 57553864 United States 11/15/2020 01:39 PM Report Abusive Post Report Copyright Violation | I've been lucky as a union elevator constructor for 33 years. At 56 years old, I am retiring on about $3500 a month. I won't have any insurance, though, because of being laid off due to covid, but I am healthy and just going to hope for the best until medicare kicks in at 65. Quoting: kdog82 Hey best of luck to ya Brother!! PLATA BITCHEZZZZZZ UPGRADE UNAVAILABLE The Rolling Stones said it best... "What's confusing you is the nature of my game" |