User Panel
Posted: 8/17/2018 10:26:20 AM EDT
"According to the report from the CBP, the rate of bankruptcy among seniors has increased between 200 and 300 percent since 1991. Seniors now account for 12.2 percent of all bankruptcy filers, a significant increase from 2.1 percent in 1991." "The move toward defined contribution retirement plans, like 401(k)s, is not the sole cause of the increasing rate of bankruptcy among seniors, but it is a contributing factor. The sharp rise in bankruptcy is occuring in a context where more risk is being shifted to the individual"
https://protectpensions.org/2018/08/16/americans-going-bankrupt-retirement/ |
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Now people have to actually pay in to/plan for their own retirement? Oh my stars!
It does blow my mind how many people in my workplace either don't contribute to our matching 401K, or contribute less than the maximum matched amount. It's literally free money. |
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Don't overspend.
Don't use your house as a piggy bank. Live within your means. What is the difference between money and currency? |
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Good. This is the bed Boomers made for themselves. After decades of profligacy, they are reaping what they’ve sowed.
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So many older people at my work simply don’t put money into their 401k.
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There used to be a book called "How To Die Dead Broke" that encouraged racking up as much debt as possible, hiding the money/stuff, then filing bankruptcy.
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The 401(k) system required decent monetary policy and laws to protect pensions from the likes of Carl Icahn.
We had neither. |
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It's almost like in the time period described in the article Americans experienced significant growth in expenses and cost of living without an equivalent increase in average wages.
Or it could just be poor planning and lack of savings. Or people retiring earlier than they could realistically sustain. Or a million other things. Probably a combination of factors. Pensions are awesome, though. |
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Unfortunately there's a lot of people that are getting ready to retire that are using bankruptcy as a means of getting rid of all their debt not because they're so much broke as they are just to get rid of the debt. I know one guy who was bragging about it.
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so many "boomers" watched their parents ("greatest generation") with their parent's "pensions" (read: Pyramid/Ponzy schemes...) and thought they would be able to work 20 years then retire at 40 just like dad did and live to be 90.
Unfortunately, the math caught up with them. |
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Some are saying Fuck it, live it up, declare bankruptcy and laugh their way to the grave.
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Quoted:
Yep this is the plan.is see it a lot now. View Quote View All Quotes View All Quotes |
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The fact that someone like Dave Ramsey can get filthy fucking rich by saying "don't go in debt" should tell you all you need to know.
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More ammo for the government to step in and seize 401k funds belonging to private citizens.
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doesn't count as "bankrupt" when the government has dramatically under-funded liabilities...
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It is not a conspiracy. Simply put, people are living longer and are outliving their retirement plans. I have no plans for retiring at 70. I simply am planning on working as long as I can. And yes I am still building a 401k retirement.
Most people should consider at least part time work after retirement. It would ease the financial burden and keep you alert and active in your old age. |
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Quoted:
Nope in Florida in a nice condo fishing all day View Quote View All Quotes View All Quotes |
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In some states it is financially beneficial to be broke when you get old. Do you want to guess where?
By the way, the source for the story sucks. |
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given the population bubble of baby boomers, dont seniors make up a larger share than they did in 1991 for just about every freakin economic category?
personal fiscal responsibility just aint their thing. also explains why they're so wedded to social security |
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Quoted:
The creator of the 401K regrets it and says it a shit system. View Quote So the "creator", whoever that is, says that investing PRE-TAX $ where it grows TAX DEFERRED so the govt. doesn't get its grubby mitts on it until much later is a bad thing. Who is this guy? Also, as has been posted previously, note the source of the article. |
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I'm lucky I have been working at a company who still offers a 100% funded company pension plus a matching 401K
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Quoted:
The fact that someone like Dave Ramsey can get filthy fucking rich by saying "don't go in debt" should tell you all you need to know. View Quote Hey, don't drink and drive. Don't smoke. Don't have children out of wedlock. Don't get fat. Don't marry the wrong person. Where my money at? |
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Quoted:
so many "boomers" watched their parents ("greatest generation") with their parent's "pensions" (read: Pyramid/Ponzy schemes...) and thought they would be able to work 20 years then retire at 40 just like dad did and live to be 90. Unfortunately, the math caught up with them. View Quote How about providing us with a list of U.S. based corporations which ever offered a pension plan that permitted workers or management to retire at age 40 with 20 years of service. |
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Quoted:
There used to be a book called "How To Die Dead Broke" that encouraged racking up as much debt as possible, hiding the money/stuff, then filing bankruptcy. View Quote |
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Ask the employees of Enron about how their pensions turned out. With a 401(k) you have a lot a more control over your retirement and can turn it into a pension when you retire. Management changes, economies change, and your pension needs to last a long time.
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Quoted:
Information overload! So the "creator", whoever that is, says that investing PRE-TAX $ where it grows TAX DEFERRED so the govt. doesn't get its grubby mitts on it until much later is a bad thing. Who is this guy? Also, as has been posted previously, note the source of the article. View Quote https://www.marketwatch.com/story/the-inventor-of-the-401k-says-he-created-a-monster-2016-05-16 https://www.csmonitor.com/Business/2017/0104/Why-Father-of-the-401-k-says-he-regrets-pushing-the-retirement-plan https://www.npr.org/2017/01/03/508075236/retirement-account-pioneers-regret-what-they-started |
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I've been in the retirement business for 32 years. Blaming a 401k is like blaming the gun.
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The gheys of the '80s must have read it. They used to rack up the debt, give it to their friends and die penniless. This was before some medicine was found to stave off HIV deaths. Insurance companies caught on and did blood tests before selling life insurance polices. Credit card companies got f*cked though. View Quote |
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Quoted:
It does blow my mind how many people in my workplace either don't contribute to our matching 401K, or contribute less than the maximum matched amount. It's literally free money. View Quote |
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Quoted:
Unfortunately there's a lot of people that are getting ready to retire that are using bankruptcy as a means of getting rid of all their debt not because they're so much broke as they are just to get rid of the debt. I know one guy who was bragging about it. View Quote |
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Quoted:
Good. This is the bed Boomers made for themselves. After decades of profligacy, they are reaping what they’ve sowed. View Quote I would go a step further and cut as much of the safety net they voted in for themselves Should be stiff consequences for humans with such poor judgement, not a support system to create more of those types |
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