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Today at lunch I asked DJ, “Well, how many more days ’til you split this hick town?”
“It’s not days anymore – it’s back to years – at least three.”
“What ? Why years? I thought you were all set to retire in June or July ?”
“Because in the past year, I’ve lost over $60,000 of my retirement pension.” She took of sip of Chambord on ice, and continued, while I sat with my mouth hanging open.
“And I hope to hell that it only takes three years to recoup this loss.” she said on the second gulp.
The truth is that DJ has been planning her retirement for years – almost to the point of being comical.
Her goal has been to retire before she’s 60, while her friends, me included, are always teasing her about it. “Geez, DJ, just buy it for God’s sake, you can’t take it with you.” we’d tout at some art fair alien-looking object d’art she’d be drooling over – but not often purchasing.
Suddenly I had a déjà vu moment – a few weeks ago, another friend told me that she was delaying her retirement because of a hit her pension took.
Now, I’m thinking that if my “baby boomer” friends can’t retire and will have to continue working to recoup these recent losses – we’re going to have a lot of very GROUCHY old people in the workforce for the next few – 3, 5, 10 years.
Imagine it ~ From a 70 year old unable to retire ~
- You wanted what ? Wadda’ think this is – a restaurant? Oh, oh yeah, I forgot. So what – eat this or die!
- Get off – Get off now – Get the hell off this bus before I …
- I said, I’m looking for the Murphy file, I’m looking for it as fast as I can, and when I find it, I’ll give it to you as fast as I can – GOT IT!
- Is that credit or debit – or are you paying cash just so you can rub my nose in it, you little sonnavabitch.
So to ponder ~
Many Baby Boomers have been working for about 40 years but now have retirement/pension plans decimated by this DEPRESSION – now what ? Bailouts?
With so many companies closing and employees losing their jobs – if Baby Boomers lose their jobs, plus take these pension hits – now what ?
Consider the ripple effects on Social Security, Medicare, Medicaid, and more – now what ?
So, how the hell do over 13 million, American Baby Boomers make up these losses – now what ? (Census Bureau info)
That fast moving bus is starting to look better and better .
Kate's Window 
Omigod…have you ever got THAT right!
Gee, I think I’ll have another drink…just before I find that bus.
Tequila’s always nice .
Grouchy is a term best applied to individuals rather than to a cohort group of many millions.
Speaking of a large “group” of at-risk adults, Boomers are now almost half of the U.S. workforce. As a group, including those turning 60 or beyond, they see themselves as vital – middle-aged and ready for the future. They are not, as a whole, grouchy!
It is well documented that most mature adults will be grateful if they are given the opportunity to continue to earn.
Those that have careers and jobs they enjoy – will not face the same level of disappointment that will those who have simply been working hard and waiting for retirement.
Back to your point about pension plans for a moment. Only 18% of private sector employees even have pension plans. Even fewer have medical retiree benefits of any sort. Like it or not, good savers or not, they have a need to continue to work.
By way of adding to your knowledge base, public sector pensions are largely underfunded and there may be more bad news awaiting pension “hopefuls” in all sectors.
In summary, it is true that most people who fear “outliving their money” will need the opportunity to work later in life in a gainful situation.
To answer your question about “how the hell do over 13 million (13 million?)
Baby Boomers make up the losses?”
The answer is that the only way open to the average person is that they must find ways to continue to work.
Who is at fault? What difference does it make? We, as a nation, are paying a big, but not unexpected, price – one that has caught the prudent and careful up in the mess created by others who wanted “in on the good times” and left us saddled with the bill.
Let’s re-direct our anger and disappointment associated with the present to willingly taking up the cause for winning the future for our children and grandchildren.
Working later in life is our “ticket to ride.”
Check out Ageless in America – I learn something new everyday. Thanks Carleen
http://www.agelessinamerica.com/