We're All Struggling
There was an interesting piece in the New York Times yesterday from Bob Herbert, talking about the Millennials. Aside from the political conversation, what’s so interesting to me is that Herbert discusses the bleak financial picture for this age group. Combine this with the new research out today from AARP on boomers and the stress they feel about their finances.
Herbert writes:
“The landscape is changing before our eyes. Younger voters struggling with the enormous costs of a college education, or trying to raise families in a bleak employment environment, or using their credit cards to cover everyday expenses like food or energy costs are not much interested in hearing that the government to which they pay taxes can do little or nothing to help them.”
The survey released yesterday found almost 25% of people ages 45-64 are prematurely taking money out of their 401(k)s and other investments. Younger boomers (ages 45-54), in particular, are doing things like postponing paying bills (27%) and even cutting back on medications (17%).
Seems like young and old alike are struggling today, even sometimes with the same challenges – meeting basic needs.
Comments
SHREK says:
THERE IS NO JOB SHORTAGE JUST PEOPLE BEING PICKY WHERE THEY WANT TO WORK. POEPLE WANTING TOLIVE BEYOND THERE MEANS.YES YOU MIGHT HAVE TO WORK 50 HOURS OF MANUAL LABOR BUT WE NEED TO DO NOT ASK THE GOVERNMENT FOR ASSISTENCE TO BE LAZY.
06/20/08 9:06 AM
Joy White says:
Who's looking out for me(us? I've worked hard my whole life, lived within my means and tried to save as much as I could. My only debts are my modest 1,200 square foot home (the loan company tried to convince me that I could afford much more than I really could) and a small car loan, for a small economical car, that is almost paid. I don't buy anything I can't pay cash for, I don't own a big flat screen tv, I don't eat out hardly ever, I don't spend much on entertainment-maybe rent a movie once in a while. Soon all those purchases people made with no interest, no payments for a couple of years are all going to come due and they are going to be shocked to learn that since they haven't made a single payment in all that time, they now not only owe the principal but interst from day one. Another bail out on the horizon. Now I am paying for the irresponsible behavior of others and I am tired of it. I had hoped to be able to retire at 70 but now I feel there is no hope of ever getting to retire. It's time to hold the people who contributed to this mess responsible and stop dumping the cost on those of us who have lived within our means.
09/22/08 11:28 AM
Mr Fix It! says:
Bail Out for Whom?
There is enough blame to go around.
Anyone with an ARM or Credit Cards to the max or those who were greedy who wanted to make a fast buck in the real estate and stock market you knew you had risks, are all to blame. This was a big shell game with no long term planning. The crack was felt over 8 years ago and we did nothing about it.
Same holds true with the energy crises from the 70’s we did nothing.
And now we chant , drill for oil NOW like a mob at a sporting event looking for quick justice!
We knew this was coming and we all had some part in this.
You know, when this nation was at its lowest and coming out from the great depression , we rallied to raise capital by buying bonds to fund the war and build prosperity. Where is that sprit now??? None!
Everyone is sitting back and wining as if this was not their fault.
1. Work with Banks that are not tired to greedy investors.
2. Buy Gold.
3. Buy Bonds
4. Buy up home notes from Banks at 40% of loan value!
5. Take actions in a down market that help the nation.
6. Don’t Buy Over Seas products that reduce our dollar in our own country and
stop giving our money to China!
7. Tell China and the Saudis.. NO!
8. Join a Credit Union
Take action yourself and the markets will react
Take the same actions and watch it get worse!
Mr. Fix It
Kenneth Richter
Medicare Insurance Specialist
Senior Solutions
Rockville , MD 20850
10/01/08 1:24 PM