Dreams deferred: Boomers delaying retirement plans

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  • marxist Salt Lake City, UT
    Oct. 21, 2013 12:45 a.m.

    Because American capitalism can export jobs to disadvantaged countries, it no longer believes it need working class Americans, so pension funds have been abandoned. In essence we boomers are being told to work until we die - from the office and workbench straight to the funeral home - living the dream. Capitalism no longer works for most of us. We must go on to something else.

  • Mike in Cedar City Cedar City, Utah
    Oct. 20, 2013 7:14 a.m.

    Apology due to Mike Richards. You must be self employed and that is why you pay 15 percent or more. Sorry.

  • Mike in Cedar City Cedar City, Utah
    Oct. 20, 2013 7:04 a.m.

    This is just the kind of an editorial I would expect from a news organization owned by a church that views government assistance to the poor as a "counterfeit for the Lord's plan".

    Corporate pensions are all but wiped out. The 401(k) has been a disaster for everyone but Wall Street. IRA's mostly benefit the very well off and Wall Street. Even mortgage assets have been compromised by greedy self serving activities in the mortgage financial sector.

    The one dependable retirement system is Social Security. And it will remain stable for the long term unless conservatives are allowed to demonize and discredit it by convincing the young that it will not be there for them when they get old. Social Security is not welfare, as so many seem to think. It is a really a prepaid annuity with a fixed lifetime benefit, administered and backed by the full faith and credit of the United States of America. And that makes it the most secure investment possible...unless the right wing is able to continue destroying the "full faith and credit" of the government by shutting the government down and threatening default.

  • John C. C. Payson, UT
    Sept. 16, 2013 1:53 p.m.

    The culprits behind our shrinking retirement prospects are the deliberately childless freeloaders who refused to raise our next generation. Those who traded their potential children for money owe subsidies to us parents who didn't. Perhaps the most fair form of Social Security is to require that each retiree's payments come only from the fund created by their own descendants' contributions.

  • brenlk China, 00
    Sept. 15, 2013 8:27 p.m.

    Problem I see, is now the younger generation (I.e.: me) that have been in the workforce for about 10 years post college graduation are having a hard time moving up to the next level in our careers. I have a solid 10 years of real, professional experience as an engineer in a large multi-national US based corporation, but the simple fact that the older more senior people within the organization are delaying retirement has a very real impact on my earning potential and upward mobility. This means that I earn less of a wage over a longer period of time, which also ultimately impacts my savings towards my own retirement...

  • Hamath Omaha, NE
    Sept. 15, 2013 2:26 p.m.

    Here is how the younger generation feels about this.

    Let's see, for years you voted politicians into a system that would allow the country to get to the point we are. You didn't change it. You let them spend and borrow ourselves to the point we are. Many, if not most, lived high on the hog as we borrowed ourselves silly.

    We, your kids and grandkids, know we are in for it in the long run. We know that we are going to pay for years for your lack of political will and financial discipline. It's true that we've benefitted in many many ways from your decisions and actions. However, we are also going to suffer in many many ways. I always thought it wouldn't come home to roost in their life time. But it looks like it has.

    Now... will we join together and fix this? We need to do what the Bowles Simpson commission says. Cut back on spending and raise taxes. We all need to bite the bullet together to get out of this. Or we will pay for decades to come.

  • DavisMan Clearfield, UT
    Sept. 15, 2013 2:03 p.m.

    TO My2Cents:
    Of course they are using the the SSA funds. THAT is how the the system works, do your homework and you will see that is how your roads get fixed. How the Military is funded ect. The fund "buys" government insured bonds. What do you think they do just set on the money and hope it hatches a golden egg or something?

  • carman Wasatch Front, UT
    Sept. 15, 2013 12:28 p.m.

    To My2Cents:

    Your calling 401(k)'s a "hoax" and SS a no-brainer is naive at best. For most people, a 401(k) can be the foundation for security and needed resources in. But they must be used consistently, and in an informed way. Start in your early-to-mid 20's, don't trade in and out, invest in intermediate term bonds and blue-chip stocks (with a heavy dose of stocks if you are less than 50 years old), focus on low-cost index funds if they are offered, and typically, invest just enough to get the company match, then put the balance of your savings into a self-directed IRA where you can direct the assets to low-cost options such as an S&P 500 index fund and/or individual blue-chip stocks. Get competent professional help if needed.

    This will provide a substantial boost in your standard of living in retirement.

  • carman Wasatch Front, UT
    Sept. 15, 2013 8:45 a.m.

    3 Common mistakes?

    1) Failure to save. You should be saving 10-15% of your income your entire life. If you do, there is no reason to worry about retirement. And don't say you don't have enough money to save. You don't have enough money NOT to save! Figure out how to do it.

    2) Failure to invest wisely. Too many fail to learn the basics of investing. Because they don't know the basics, these people waste their savings on speculative investments, or worse, get spooked out of the market by the the constant negative drumbeat of the popular press. Learn to own equity (stocks) of high quality businesses that pay growing dividends, or income producing real estate. If you don't have the skills, get a competent investment advisor (NOT a broker!). It will be a bit expensive, but it's better than the alternative.

    3) Failure to plan a career and keep job skills current. It takes hard work to support a family. And it requires constant education to be employable at good wages. Sitting at home on evenings and weekends watching football feels good in the short-run, but will not help one's career or financial position.

  • peter Alpine, UT
    Sept. 15, 2013 6:04 a.m.

    Fortunately, I love my line of work in health care that Obamacare is slowly destroying. But, every health insurance plan has created an entitlement mentality in the minds of many people that health comes from insurance rights, not lifestyle. The best preventive health plan results from the choices we make every day about how to eat and move about, not in depending on some reactive system that treats our symptoms w/o treating the core cause of those symptoms, symptoms that are mostly preventable, even as we age. Now that's affordable health care!

  • My2Cents Taylorsville, UT
    Sept. 15, 2013 5:41 a.m.

    I call this the 401k hoax of the century and why the SSA was created as an independent trust fund by those who pay into it on their SSN. The past 12-15 years of governemnt hoax that stopped people from putting money into retirement with the SSA and calling it a tax cut have lost tens of thousands of dollars that should have been a part of their SSA retirement.

    I have no sympathy for the fools who willingly swallowed the hook line and sinker and lost all their retirement dreams. I stuck with SSA and avoided the 401k hoax.

    The writing was on the wall when government and corporate America promoting the 401K with greedy dreams of million dollar riches (lies), duplicating the wall street crash of 1929 over the last 15 years. Wall street collapse is in full swing again and homeless is where people will retire.

    There was a failed master plan to abolish SSA and its tangible assessments so the treasury to confiscate our trust funds but they are doing it by borrowing the assets of SSA to fund government expansion and socialism.

    Wall Street is a gamble, SSA is a guarantee, no brainer?

  • Daniel Leifker San Francisco, CA
    Sept. 14, 2013 8:53 p.m.

    I am a Boomer and I will keep right on working as long as I can. I took a year off in 2010 and absolutely hated it. Instead of retiring, I am planning a strategy that I call "disengagement," where I give up a high-paying, high-stress job and do something gentler and more fulfilling in my autumn years. But I plan to draw a paycheck for the rest of my able-bodied life, even if I have to greet at Walmart or work as a school crossing guard.

  • NT SomewhereIn, UT
    Sept. 14, 2013 5:58 p.m.

    I ran the numbers a week ago and my dreams of retiring at 62 appear as if they won't happen. I do enjoy my profession, yes, but I look forward to doing other things besides work. The 2 challenges I face are 1) the additional years of paying for health insurance premiums for my wife who is 7 years younger than I am, and 2) the likelihood that we will have a few adult children sticking around longer than I had hoped.

    Fortunately for my generation, the current generation's general work ethic (aka "entitlement mentality") pretty much guarantees us excellent employment opportunities as long as we are able and care to work.

  • Bob A. Bohey Marlborough, MA
    Sept. 14, 2013 5:08 p.m.

    Thank you Mr. Romney and your corporate/401k/IRA raiding venture capitalist colleagues. Thanks to your manufactured housing and financial crisis many boomers who had planned for retirement had their dreams crushed and were wiped out. It was criminal and not a single major player has gone to prison. Simply shameful.

  • carlyt ny, NY
    Sept. 14, 2013 3:36 p.m.

    Retirement requires planning both for your financial needs and your lifestyle requirements. Many people do not plan, do not save and then are surprised when they don't have enough to retire on. I never understand why more people do not use the retirement information available on the web. I recently found the site Retirement And Good Living that provides great information on finances, health, retirement locations, part time jobs, volunteering and more. Why not use these sites. In most cases the information is free.