Worried? Who’s Worried?
Generation X glum on retirement prospects: survey:
More than two-thirds of Americans aged 27 to 42 don’t think they will ever be able to stop working, according to a survey published jointly on Monday by Scottrade and BetterInvesting.
In contrast, 64 percent of respondents aged 55 to 64 said they could retire and not worry, even though this group is much closer to retirement age.
“The Gen X group is the most anxious about their finances,” said Chris Moloney, chief marketing officer at Scottrade.
Of the 1,000 respondents 18 and older polled in early January, 40 percent said they had saved less than $25,000 for retirement. For perspective, someone who envisions 20 years of retirement on about $50,000 a year would need to have $1 million stashed away.
Worried? I’m not worried. In fact no one I know is worried that they won’t be able to retire.
That’s because we’re resigned to the fact. We’re not blind or stupid, as much as older people would like to think so. You think we didn’t notice that we won’t be getting a pension like our parents did? Or that our parents’ and grandparents’ generations have spent all of our inheritance on tax cuts for themselves and a lovely little war that’s expected rage at least another decade? Or that our meager savings are invested in the stock market through 401Ks et al, and that those savings are circling the little hole int he bottom of the toilet bowl right now?
You think we haven’t noticed that credit card rates are so high as to be unpayable? Or that our health insurance, which we pay so much for, doesn’t really cover us?
You think we haven’t noticed that there’s no more fuel, and that food’s running short, and that all the good jobs have been sent overseas by people much older than us, and with much more power?
You think we haven’t noticed that there are no jobs, no benefits, no promises that haven’t been broken?
Worried? Nah, we’re not worried. We know when we’ve been royally fucked, and by who.
Shit, we haven’t even been left an inhabitable world thanks to global warming and the refusal to come up with a better source of fuel.
Worried? No. The right word is “bitter”. Thanks a lot, assholes.
2 Responses to “Worried? Who’s Worried?”
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April 15th, 2008 at 3:38 pm
Brendan-
While I agree with you that most of us are screwed (myself included), I’m not sure who to blame.
Sure, the Federal debt and deficits are going to wipe out any possible return on our Social Security payouts. The baby boomers’ retirement and medical expenses will see to that.
Sure, we aren’t exactly a savings-oriented generation. I put a bunch of money away in my 401(k) during the .com era, which is now worth less than a decent car payment.
Sure, jobs for unskilled, semi skilled and professionals have become more scarce. Credential inflation, overseas competition, changed labor marketplaces have come to bite us.
Whose fault is it? Every Congress since the 60s for not passing balanced budgets? Johnson for expanding the welfare state without figuring how to pay for it?
Nixon for taking us off the gold standard and allowing us to live on borrowed money?
Reagan/Bush 1&2 for allowing the deficit to ‘hockey stick’ up? Clinton for taking credit for ‘balancing’ the budget when it wasn’t actually?
The press for not holding the above accountable, instead paying more attention to the salacious scandals?
Previous generations for not fixing these situations?
Our generation for not fixing it for the next?
I’m furious as well. I just don’t know who to blame. I know and accept that I’m going to work until I die, if I’m lucky.
April 15th, 2008 at 7:14 pm
Hey! We geezers deserve something for putting up you whippersnappers!
All seriousness aside, I havea suggestion of where to place the blame.
Blame The Pill.
It turned having kids and thereby increasing the workforce into from a consequence to an option.
This is another reason we need to welcome immigration, not fear it. There are many folks whe are ready and eager to expand the workforce and, thereby, the population paying FISA. But they are not welcome because they are brown.