Millions are set to reach retirement age in the coming decade with essentially nothing but social security and medicare to fall back on.
No savings. No pensions. No profit sharing. Little to nothing in a 401(k).
What will our response be to this new poor underclass and how will it effect our economy and society?
Discuss.
theatlantic.com
Poorer old people. If you think pensions for the old isn't the first thing that goes when the going gets rough, you need to take a look at Europe. Refugees get paid more than minimum wage pensioners, on top of the state investing more money yearly than the average household earns.
If you're a threat, you get paid. If you're toothless, you can wither until you die. The latter half of the 21st century will be a return to relations of force most western governments have abstracted away from the minds of the population.
Serves them right. Interest rates have only been this low for a couple of years now. Imagine having multiple decades of high percentage compound interest and still manage to not build up decent retirement savings.
good. let the world end with a bang. at least the kikes go with it
Welcome to the new model of retirement. No retirement.
And yet the old farts vote, and the 'guests' cannot. Explain.
If you've reached retirement age without a plan for your finances after retiring and have no savings then you can only blame yourself. Every time i see some old lady or man working at wal-mart or mcdonald's i always think what the fuck did you do with your life
>What will our response be
The majority of my fellow burgers? They'll keep sucking employee and insurance companies cocks, paying premiums that will go to healthcare of boomers. I'm getting the fuck out of here, Italia my man, see you on the coast.
imagine living through the most prosperous time in human history and still not having any savings
Today there are roughly 6-8 million seniors living in poverty in the United States.
That number is set to reach ~70 million by 2030. At that point it will be a national crisis draining local, state, and federal resources to the breaking point and dragging down the economy.
And there is nothing that can be done about it. The coming damage is already baked into the bread.
>imagine poor people existing
omg shocking
From the national council on aging:
As of 2016, there were 25 million seniors in the United States living at or below 250% of the federal poverty level (29,425 for a single person). Most of these old or elderly Americans struggle with one or more of the following:
rising cost of housing
rising cost of healthcare
inadequate nutrition
lack of access to transportation
no savings
job loss
By 2030, the number of Americans of retirement age in the above situation is set to increase by an incredible three to four hundred percent.
Not a very happy prospect for the nation. But its out there waiting for us. Only a matter of time.
simple: boomers vote overwhelmingly left, it's the younger generations that poll rightwing
which makes it deeply *problematic* once boomers die off... which is why there's more and more (((people))) arguing immigrants should have the right to vote once they live 6 months here
BUHAHAHHAHAHAHHAHAHAHA
Boomers btfo
Fucking idiot no coiners
Question: Why don't boomer's children support them? Where is their family support structure?
Answer: they didn't have children, or failed to raise quality children
Thus empires crumble.
Oh, but I'm sure the millions of impoverished shitskins the US government has imported into our fine nation will pay their fair share and offset the looming social security and pension crisis!
Kek. Boomers have destroyed the USA. They chose foreign nationals over creating them own children and families. Now they reap the whirlwind.
This is at least partially true. We don't need low skilled or no skilled immigrants. That will only drag the USA down further.
This is also at least partially true.
But its more a problem of failure to launch based on failure in ability to adapt than something malicious or self-serving.
Although there is an element of that at work here as well.
there was a book published years ago called the coming generational storm.
Basically our country will be fucked if we keep going down this course.
people are escaping the old system by putting their money out of reach of any government and into bitcoin.
when the system starts collapsing, you wont be taken down with all the failed boomers
the chain of posts you're talking to refers to europeans
>Why don't boomer's children support them?
Many of them are NEETs.
Because the article I posted was written by The Guardian? The subject was American older voters (boomers) and how they vote however.
I can post a USA source if you'd like. But it would chronicle the same voting stats.
This is at least partially true I would imagine. But that also goes back to my supposition that its in large part a problem of the lack of ability to adapt to changing realities in the labor market.
I'm surprised that boomer government is fucking over their own boomers by cutting their pensions and social security.
Marx was right.
There's a few older folk I've talked to who have work at Walmart in their older age.
For some, it's simply out of boredom. They're so used to working that not working drives them nuts, so they work relatively simple jobs.
There are also those who didn't have any savings and are just super poor, so it's Walmart or exxxxxtreme poverty, a brand new show on Fox!!
Well, so I imagine Fox will be green lighting a decade from now.
Good point. But I'm not surprised. The United States is less a nation and more a business.
Boomers fucked over themselves and much of the subsequent generations as well as a consequence.
Boomers were never this liberal mass moving forward in time that the popular mythologies like to advance.
They were ruthless and creative entrepreneurs that had little to no connection with the consequences of their actions for others or the future of the nation as a whole.
In that sense, they were the quintessential American generation.
But its not going to end well for many or most of them.
Obviously.
They don’t deserve society security or Medicare. Fuck them I hope they die. It’s seriously fucked up that they’re taking from my ability to save for retirement because they were such worthless hedonist pieces of shit that didn’t save for their retirement.
The Soylent Green solution? I very much doubt that's going to be an option. But...........not completely out of the conversation. Depending.
Being poor is a mindset. Middle class people waste their money on trivial trendy things which give nothing in return and ignore saving.
I'm so sick of people who earn a lot more than the average person but their spending habits are out of control. And then they whine about how broke they are.
No, I mean we were having a conversation about Europeans, not Americans. Your "no they don't" reply wasn't really relevant.
I agree. But I don't think those people are the subject of the thread.
It's true. Some of the decisions made over a lifetime do lead to poverty in old age. But some, such as the decline of unions in the private sector, the disappearance of private sector pensions, and very low interest rates on savings, are outside the control of the average worker.
Especially workers that lack advanced degrees or lack specialized skill sets.
Many of these problems drive Trumpism and the ideology of white grievance.
So its not nearly as black and white as you would suggest.
I would like to share some personal information with the thread. What go me to thinking about all these issues is I work for a private sector company.
A private sector company that does have a pension plan. A real pension plan. Not a 401(k).
Recently, they decided to sunset their pension plan. And replace the pension plan with a 401(k). Effectively money would be rolled over into the 401(k) from the pension plan.
But only for workers age 54 or younger as of July 1st of 2018. This was decided to lessen the impact of the decision on those older workers moving forward into retirement.
The reaction, as you would expect, was quite intense from the workforce. On the negative side.
I am fortunate. I will be 56 as of July 1st 2018. So I will get to keep my pension as is with no changes. And I get to keep the security of a guaranteed monthly income that goes along with it at normal retirement age.
But the remainder of the workforce will be rolled over to be at the mercy of market forces as a 401(k) implies.
So I thought, what exactly is the state of the average person moving forward into retirement in the United States. And started doing some research.
And I was shocked. Some of those thoughts I have shared with you in this thread.
What you do with that information is of course, your choice.
Thanks for the info gramps, remember to invest in chainlink so you can retire smoking cigars in Hawaii
The last trip I was on was over 25 years ago to Panama when I was in the Army.
Other than that, I've been trying to take care of myself and my family here in my local area.
I don't see many "trips" in my future. To Hawaii or otherwise.
But your concern is noted.
If I could, I would literally put no money into my 401k or social security, because that shit will be gone in 20 years tops.
It was all a ponzi scheme to help the old people and they didn't even take advantage of it well. Literally just created a shit ton of financial jobs for nothing.
>Her rent, which she has had to cover solo since her roommate died in August, is $1,040 a month.
Where the fuck is this boomer living, the god damn Vatican city?
I agree on the 401(k) aspect. But as far as social security, people have been predicting the demise of social security ever since I can remember.
At least since the 1980s. And it is still fully funded until 2030. And 75% funded until at least 2050.
Its really the only backstop in the Untied States for older Americans between themselves and the streets.
I don't expect that will change anytime soon.
>boomers getting btfo from their overborrowing.
It's going to be nice to see these entitled fucks living in their childrens sheds.
Your obviously not paying attention. Some of that is already happening.
But I get it. Your an almighty sperglord showing the world what an ASS you can be and demanding the attention and reverance that is your due.
Let's all bow to this mother fucker boys.
He's got game.
But he has not story to tell. And no solutions to offer. Other than let me put my dick up your ass and call it ambrosia.
What a fucking asshole.
But your choice baby. Good luck with it.
$1,040 a month is low as fuck rent, what are you on about? better yet, what is the author on about? who gives a fuck about this "poor underclass," it's their fault that they literally had everything handed to them on a silver platter throughout their lives and didn't bother to save a penny of it.