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Posted: 3/27/2024 1:30:51 PM EDT
[#1]
We all have worked all of our lives to help Larry Stink achieve his goals. How did I not know this until now.
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Posted: 3/27/2024 1:31:13 PM EDT
[#2]
Quote HistoryQuoted: Fuck him. I retired last month at 60. Both my grandfathers never made it to 60 and my dad died at 69. I say get as many good years as you can by retiring as early as possible. Unless by working you can keep a millennial from being promoted while you mentor a zoomer to get your job when you finally retire |
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Posted: 3/27/2024 1:31:51 PM EDT
[#3]
Meanwhile you can be join to be an air traffic controller after age of 30. You can’t join to be a firefighter after age of 36 in Texas.
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Posted: 3/27/2024 1:32:19 PM EDT
[#4]
Quote HistoryQuoted: Boomers are like people who line up early for a buffet, eat all the food, leave a big mess, and criticize late comers for complaining that they're hungry and getting ripped off. America is a Gerontocracy. Today's young people, when it's your turn be sure to chain your kids to the wheel just like the boomers did you. Shouldn't you be at work?  |
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Posted: 3/27/2024 1:32:38 PM EDT
[#5]
Quote HistoryQuoted: Is this a figure of speech I'm unfamiliar with? Quote HistoryQuoted: Quoted: Aren't we all fucking the dog in a sense? Is this a figure of speech I'm unfamiliar with? |
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Posted: 3/27/2024 1:33:56 PM EDT
[#6]
Quote HistoryQuoted: Let's see him swing a framing hammer for 50 years and then comment on retirement age. |
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Posted: 3/27/2024 1:33:58 PM EDT
[#7]
Quote HistoryQuoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? |
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Posted: 3/27/2024 1:35:13 PM EDT
[#8]
Quote HistoryQuoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? |
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Posted: 3/27/2024 1:35:52 PM EDT
[#9]
Quote HistoryQuoted: Yes. But because boomers rarely have savings. And they’re going to be a huge draw to society when they can no longer work / are forced to retire. So he is encouraging them to use the advantages they have now, pile into their meager retirement accounts. Which benefits him. Where as younger generations, don’t have the ability to save - because they’re spending to afford life right now. So his business would suffer, if more boomers retired and drew down their retirement. Pretty easy math. Quote HistoryQuoted: Quoted: Isn’t that the financial group forcing the ESG bullshit? And why is it better for Boomers to hold up jobs for another 5-8 years? Yes. But because boomers rarely have savings. And they’re going to be a huge draw to society when they can no longer work / are forced to retire. So he is encouraging them to use the advantages they have now, pile into their meager retirement accounts. Which benefits him. Where as younger generations, don’t have the ability to save - because they’re spending to afford life right now. So his business would suffer, if more boomers retired and drew down their retirement. Pretty easy math. This. There is a good bit of PR right now, saying that retirement is wrong...you must keep working...doom and gloom... The people spouting that are people who benefit from you working and not retiring. They want you to pay into your 401K and IRAs until you die. They want the accounts to go unclaimed. That said...there is also a reality where a LOT of people can't retire because they don't have the $$$ saved up. A lot of these people still want to retire...and people are living longer... |
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Posted: 3/27/2024 1:36:10 PM EDT
[#10]
Larry’s worried that too many of us will draw down our 401k’s before the Government can confiscate them and have, oh say, Blackrock manage them for said Government thieves—at a hefty service fee and Social Credit Score as a determinant of how much we get from our benevolent Government overlords.
ETA—Correction in bold. |
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Posted: 3/27/2024 1:37:01 PM EDT
[#11]
He's right.
I'm sure it's for the wrong reasons. |
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Posted: 3/27/2024 1:39:04 PM EDT
[#12]
Quote HistoryQuoted: Is this a figure of speech I'm unfamiliar with? He means he is working in his lab.
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Posted: 3/27/2024 1:39:04 PM EDT
[#13]
Quote HistoryQuoted: This. There is a good bit of PR right now, saying that retirement is wrong...you must keep working...doom and gloom... The people spouting that are people who benefit from you working and not retiring. They want you to pay into your 401K and IRAs until you die. They want the accounts to go unclaimed. That said...there is also a reality where a LOT of people can't retire because they don't have the $$$ saved up. A lot of these people still want to retire...and people are living longer... Quote HistoryQuoted: Quoted: Quoted: Isn’t that the financial group forcing the ESG bullshit? And why is it better for Boomers to hold up jobs for another 5-8 years? Yes. But because boomers rarely have savings. And they’re going to be a huge draw to society when they can no longer work / are forced to retire. So he is encouraging them to use the advantages they have now, pile into their meager retirement accounts. Which benefits him. Where as younger generations, don’t have the ability to save - because they’re spending to afford life right now. So his business would suffer, if more boomers retired and drew down their retirement. Pretty easy math. This. There is a good bit of PR right now, saying that retirement is wrong...you must keep working...doom and gloom... The people spouting that are people who benefit from you working and not retiring. They want you to pay into your 401K and IRAs until you die. They want the accounts to go unclaimed. That said...there is also a reality where a LOT of people can't retire because they don't have the $$$ saved up. A lot of these people still want to retire...and people are living longer... The other reality is this, also a good argument why student loan forgiveness is being lobbied for so heavily: Student loan debt is direct competition to black rock, vanguard, et al. As instead of investing, younger generations are paying back debt to the government. Which, makes the government direct competitors to black rocks business. If that debt is not going to be forgiven, then BR has to market to those without debt. Which, is primarily Gen X and Boomers. Which they will encourage to stay employed longer, to get more investment from. |
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Posted: 3/27/2024 1:42:23 PM EDT
[#14]
Quote HistoryQuoted: Boomers are like people who line up early for a buffet, eat all the food, leave a big mess, and criticize late comers for complaining that they're hungry and getting ripped off. America is a Gerontocracy. Today's young people, when it's your turn be sure to chain your kids to the wheel just like the boomers did you. So the group that shows up late and bitches that all the pizza is gone and the ticket was expensive when they voted on the survey to include 75 other cultural foods are the ones that have been wronged. |
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Posted: 3/27/2024 1:44:42 PM EDT
[#15]
Quote HistoryQuoted: Larry's worried that too many of us will draw down our 401k's before the Government can confiscate them and have, oh say, Blackrock manage them for said Government thieves at a hefty service fee. Quote HistoryQuoted: Larry's worried that too many of us will draw down our 401k's before the Government can confiscate them and have, oh say, Blackrock manage them for said Government thieves at a hefty service fee. Quoted: The other reality is this, also a good argument why student loan forgiveness is being lobbied for so heavily: Student loan debt is direct competition to black rock, vanguard, et al. As instead of investing, younger generations are paying back debt to the government. Which, makes the government direct competitors to black rocks business. If that debt is not going to be forgiven, then BR has to market to those without debt. Which, is primarily Gen X and Boomers. Which they will encourage to stay employed longer, to get more investment from. You are both right. |
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Posted: 3/27/2024 1:44:45 PM EDT
[#16]
Quote HistoryQuoted: I am retiring in two weeks. My efforts all along have been to accumulate assets, secure the assets in a manner where they do not get depleted, grow them and then to pass along whatever is not needed to my children and grandchildren both while I'm alive and after my demise. I've counseled them to do the same so hopefully the 'wealth' gets passed along multiple generations and helps give the family as good a chance at their own success as is possible. In this way we are not a burden on the government/fellow citizens and can possibly create opportunities for others. How can you live with yourself? I can feel Larry’s disappointment from here. 
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Posted: 3/27/2024 1:44:56 PM EDT
[#17]
Quote HistoryQuoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? That was last week. This week it's your fault for not working to make them feel more safe. |
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Posted: 3/27/2024 1:46:18 PM EDT
[#18]
Quote HistoryQuoted: The other reality is this, also a good argument why student loan forgiveness is being lobbied for so heavily: Student loan debt is direct competition to black rock, vanguard, et al. As instead of investing, younger generations are paying back debt to the government. Which, makes the government direct competitors to black rocks business. If that debt is not going to be forgiven, then BR has to market to those without debt. Which, is primarily Gen X and Boomers. Which they will encourage to stay employed longer, to get more investment from. BR is already in the rent seeking game. They already have both ends covered. |
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Posted: 3/27/2024 1:46:29 PM EDT
[#19]
Quote HistoryQuoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? They don't know. They just believe whatever they're told to believe each day. |
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Posted: 3/27/2024 1:46:58 PM EDT
[#20]
Quote HistoryQuoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? I had the exact same thought. They need to get their stories straight. |
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Posted: 3/27/2024 1:48:06 PM EDT
[#21]
Quote HistoryQuoted: BR is already in the rent seeking game. They already have both ends covered. Quote HistoryQuoted: Quoted: The other reality is this, also a good argument why student loan forgiveness is being lobbied for so heavily: Student loan debt is direct competition to black rock, vanguard, et al. As instead of investing, younger generations are paying back debt to the government. Which, makes the government direct competitors to black rocks business. If that debt is not going to be forgiven, then BR has to market to those without debt. Which, is primarily Gen X and Boomers. Which they will encourage to stay employed longer, to get more investment from. BR is already in the rent seeking game. They already have both ends covered. Yes but owning assets is an expense. Because you have to manage it. If people just give you money to invest, it’s nearly expense free. Those houses and buildings need property managers. They need repairs. You’re at massive risk of property damage / loss. Insurance. Etc. Where if you just take peoples money and play the covered call game - an AI will be doing that shortly. And it’s nearly expense free. |
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Posted: 3/27/2024 1:55:24 PM EDT
[#22]
Quote HistoryQuoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? |
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Posted: 3/27/2024 1:56:48 PM EDT
[#23]
Have Larry call me.
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Posted: 3/27/2024 1:57:55 PM EDT
[#24]
Quote HistoryQuoted: It's all so confusing (gif) Quote HistoryQuoted: Quoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? It’s not confusing at all. Just most people are economically illiterate. In life and in GD. |
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Posted: 3/27/2024 2:01:07 PM EDT
[#25]
Quote HistoryQuoted: It’s not confusing at all. Just most people are economically illiterate. In life and in GD. Quote HistoryQuoted: Quoted: Quoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? It’s not confusing at all. Just most people are economically illiterate. In life and in GD. We're so lucky to have you here. |
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Posted: 3/27/2024 2:01:20 PM EDT
[#26]
Quote HistoryQuoted: Work slave, work. 
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Posted: 3/27/2024 2:01:27 PM EDT
[#27]
he is right, nobody should focus on their own financial well being
fuck you you fucking communist |
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Posted: 3/27/2024 2:03:07 PM EDT
[#28]
Quote HistoryQuoted: Let's see him swing a framing hammer for 50 years and then comment on retirement age. Fink would tell carpenters to just "learn to code". How can you trust someone named "Fink"? |
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Posted: 3/27/2024 2:05:06 PM EDT
[#29]
Quote HistoryQuoted: We're so lucky to have you here. Quote HistoryQuoted: Quoted: Quoted: Quoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? It’s not confusing at all. Just most people are economically illiterate. In life and in GD. We're so lucky to have you here. Point 1: You’re the one that said you’re fucking the dog. Point 2: You think Larry is up there giving y’all boomers and X’ers financial advice for your well being? For your health? Come the fuck on. I’m pointing out the very obvious. He’s doing this for his own gain. How does he gain off this marketing? Pretty fucking easy. |
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Posted: 3/27/2024 2:07:15 PM EDT
[#30]
Retirement is a personal decision. Boomers holding on prevents others from moving up.
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Posted: 3/27/2024 2:07:53 PM EDT
[#31]
Quote HistoryQuoted: Boomers are like people who line up early for a buffet, eat all the food, leave a big mess, and criticize late comers for complaining that they're hungry and getting ripped off. America is a Gerontocracy. Today's young people, when it's your turn be sure to chain your kids to the wheel just like the boomers did you. Welcome to America. I love you. |
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Posted: 3/27/2024 2:09:27 PM EDT
[#32]
Quote HistoryQuoted: So the group that shows up late and bitches that all the pizza is gone and the ticket was expensive when they voted on the survey to include 75 other cultural foods are the ones that have been wronged. Well, in terms of social security my parents made off like bandits and received benefits far beyond what they paid in. I will probably break even. My kids will have to contribute more and work longer for a smaller benefit, net negative but have the "satisfaction" that they're paying for my benefit. Unfortunately I don't think they have a choice, not like there's a box on your W4 that you check to opt out of paying social security. Larry the Fink is right in the sense that many old people don't have enough wealth to reasonably afford to retire, but they will anyways. At some point they won't be able to work but will still want things like health care and food; the government will be there to effect a transfer of wealth to make that happen. |
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Posted: 3/27/2024 2:10:04 PM EDT
[#33]
Quote HistoryQuoted: I mean if we want to get social security under control it’s an option that needs to be considered. No? No one should be depending on social security. Take control of your own future. |
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Posted: 3/27/2024 2:10:16 PM EDT
[#34]
Fuck Larry Fink. The politicians have known about the so called boomer generation ever since they were born. Them retiring and it's effect on SSI isn't a surprise to anyone, including that shit weasel. |
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Posted: 3/27/2024 2:12:21 PM EDT
[#35]
Quote HistoryQuoted: He's a commie so who gives a shit. Not really. He's an ultra rich capitalist who wants socialism for us, not him. |
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Posted: 3/27/2024 2:12:52 PM EDT
[#36]
Get ready for the social security ages to be increased.
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Posted: 3/27/2024 2:13:32 PM EDT
[#37]
I’m not sure I believe any data that people are living longer. Obesity and longevity don’t mix.
As far as his statement about trust in the older generations…why is that important? Younger generations should trust in themselves. It’s the ultimate in vanity to think your generation is the only group that can save everything and everyone. |
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Posted: 3/27/2024 2:14:07 PM EDT
[#38]
Too late!
The vast majority of boomers are already older than that.  I did the math in the destroy social security thread from yesterday and found I have to live to age 75 before I get a dime of interest earned across 40-years back. My brother had the sense to die three months before he was eligible so he'll never get his return on investment ever if I did that math right. The income from when I was a teenager 40-years ago was taxed and I paid/my employee paid in just under $200 so at 6% interest that ought to be $2000 now. It's going to take me to age 75 before I get the $200 back - not starting in on the interest I could have been earning. Give me my $250K that I paid in over the last 4 decades cash (tax free) and I'll forgo Social Security and we'll call it even.  Ween people off public social security and into private funds gradually five years at-a-time. You were born between Jan 20XX and Dec 20XX you pay 90% Social Security and 10% private fund, the next group five years younger gets 85/15% etcetera. Since most of the public has zero education in investments there would have to be a "sandbox" marketplace of approved/certified/sanctioned/sanitized fund to choose from with some trading rules. See what the military has done for millions of service members for a few decades now with the thrift savings plan (TSP) as a successful (-ish) experiment. Banks and others could compete in that marketplace for funds. All outside of government control. There would have to be some sort of government oversight like there is with other pension funds but as little as possible as that fund would become the biggest political target on the planet and its management would be a challenge because of that. |
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Posted: 3/27/2024 2:14:54 PM EDT
[#39]
Quote HistoryQuoted: Retirement is a personal decision. Boomers holding on prevents others from moving up. I retired at 62. There, your'e welcome. |
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Posted: 3/27/2024 2:15:07 PM EDT
[#40]
Quote HistoryQuoted: His concern is noted. His concern is stupid. Maybe he should quit buying up houses so his younger people have one to buy. |
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Posted: 3/27/2024 2:15:32 PM EDT
[#41]
Last name fits
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Posted: 3/27/2024 2:16:08 PM EDT
[#42]
If the government wants to change the rules, they'll change them, but don't expect anyone with less than 20 years to go to be affected by such a change which would have to be phased in. Don't expect anyone nearing retirement to voluntarily defer it for the benefit of a bunch of jack-a-napes who hate them. The government and everybody else has been trying for 30 years to get people to save, invest and plan for their retirement without counting on SS because it simply is not going to last. It will be phased out over a long term in order to not throw those already on it under the bus. Once SS is actually being phased out, 'retirement age' will no longer have any meaning, and people will keep working or stop working as they see fit according to the state of their finances.
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Posted: 3/27/2024 2:16:40 PM EDT
[#43]
Quote HistoryQuoted: I mean if we want to get social security under control it’s an option that needs to be considered. No? Get illegal entry into the USA under control (stopped) and deport the 50-70 million illegals here. |
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Posted: 3/27/2024 2:17:51 PM EDT
[#44]
Quote HistoryQuoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? No, no, no. That's next week's bludgeon. |
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Posted: 3/27/2024 2:21:19 PM EDT
[#45]
Quote HistoryQuoted: Go. Fuck. Fify |
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Posted: 3/27/2024 2:22:16 PM EDT
[#46]
Quote HistoryQuoted: No, no, no. That's next week's bludgeon. Quote HistoryQuoted: Quoted: Wait, I thought that Boomers NOT retiring was the problem because they are occupying high-pay roles and preventing advancement of younger generations? No, no, no. That's next week's bludgeon. COVID sent a lot of people packing from the workforce. Maybe a bit too many in the last few years according to FINK. |
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Posted: 3/27/2024 2:32:11 PM EDT
[#47]
Quote HistoryQuoted: It's a figure of speech that I'm both unfamiliar with and unwilling to adopt. Quote HistoryQuoted: Quoted: Is this a figure of speech I'm unfamiliar with? It's a figure of speech that I'm both unfamiliar with and unwilling to adopt. Maybe his spouse is not attractive?
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Posted: 3/27/2024 2:32:21 PM EDT
[#48]
Boomers should keep working........so we can charge them higher rent on their nursing home premiums.
 
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Posted: 3/27/2024 2:33:16 PM EDT
[#49]
Quote HistoryQuoted: Ween people off public social security and into private funds gradually five years at-a-time. You were born between Jan 20XX and Dec 20XX you pay 90% Social Security and 10% private fund, the next group five years younger gets 85/15% etcetera. Quote HistoryQuoted: Ween people off public social security and into private funds gradually five years at-a-time. You were born between Jan 20XX and Dec 20XX you pay 90% Social Security and 10% private fund, the next group five years younger gets 85/15% etcetera. There is already a demographic problem, fewer workers to pay for more social security recipients. Reducing the SS contribution of new workers will make this situation worse. I'm not sure the AARP voters will like that. Since most of the public has zero education in investments there would have to be a "sandbox" marketplace of approved/certified/sanctioned/sanitized fund to choose from with some trading rules. See what the military has done for millions of service members for a few decades now with the thrift savings plan (TSP) as a successful (-ish) experiment. Banks and others could compete in that marketplace for funds. All outside of government control. There would have to be some sort of government oversight like there is with other pension funds but as little as possible as that fund would become the biggest political target on the planet and its management would be a challenge because of that. Yeah, and guess who runs the funds for TSP |
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Posted: 3/27/2024 2:36:36 PM EDT
[#50]
Fink also states in the letter that he believes that older generations should retire at an age over 65 due to changing demographics in the country. He claims that people are living longer than they did in the early 20th century, and that the Social Security program worked during that era because “more than half the people who worked and paid into the system never lived to retire and be paid from the system". In other words, it was a Ponzi scheme. |
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