COMMENTS: 12
Happy Days Are Here Again for Wall Street but Main Street Is Too Poor to Retire
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Goldman Sachs just posted profits of more than 5 bucks per share. Goldman's people will take home more in bonuses this year than at any point in its 140 year history. Goldman's not alone -- the whole financial sector is up!
My mother is a social worker. She's worked steadily since she was 14 years old. She was looking forward to retiring last year and thought she had it all worked out -- social security, a very small pension from the state in which she works and a modest collection of acorns in her 401(k) were going to allow her some dignified Golden Years. Not luxurious, just dignified.
That was then. Her 401(k) took a deep hit in the financial crisis. Now she's working a part-time job to make ends meet. Because of budget cuts, she just lost that and has been put "on call."
She's not alone, according to a new study (HT: Steven D.):
More Americans plan to delay retirement following steep drops in the value of their savings accounts, data from several new surveys show.
A study to be released on Thursday by Canadian insurer Sun Life Financial Inc found 65 percent of U.S. workers plan to stay on the job at least one more year than planned, an 11 percentage point increase from a similar survey in January.
"There is a huge drop in confidence that has taken place," because of the fall of stock markets since 2007, Wes Thompson, president of Sun Life's U.S. division, told Reuters in an interview. At the same time, longer life expectancies mean individuals need to build up more savings before they stop working.
"It's not retire at 65, get ready to die at 70," Thompson said.
The survey was conducted in September of 2009, when stock markets had already begun their recovery.
Also, a forthcoming study by Prudential Financial Inc found that 66 percent of respondents over the age of 45 said they may need to work longer than expected to afford retirement.
And a recent survey by mutual fund giant Vanguard Group Inc of Pennsylvania found that 45 percent of American investors said putting off retirement was "possible" and the figure was nine percent points higher among people in their fifties.
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Comments are closed-
Posted by: oregoncharles on Oct 22, 2009 10:18 AM
Current rating: 5 [1 = poor; 5 = excellent]
So why aren't we screaming for revenge? We know perfectly well who the culprits are, and they're still making out like, well, bandits. Yet the Congress and administration that ran on "Change" and got complete control of the government are giving us lots more of the same, and standing by complicitly while the bandits go their merry way.
Revenge is sweet. Time for a feast. The next election is only a little more than a year away. Do you suppose Americans will be ready by then?
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Posted by: kettleblack
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Posted by: clvngodess
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Posted by: beechnut79
» RE: evenge.
Posted by: willymack
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Posted by: VZEQICVA on Oct 22, 2009 1:01 PM
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» Not sure ...
Posted by: Joshua Holland
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Posted by: Medelasymphony on Oct 22, 2009 8:20 PM
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Medela symphony
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Posted by: ProgressiveManiac on Oct 23, 2009 4:14 AM
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At that stage of life, a new job is nearly impossible to find even in good economic times. In this position, you just retire, sufficient funds or not, healthcare or not. You simply retire, there is no other choice. Trust me, lots of people are in this situation.
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» RE: And Your Mother is Fortunate
Posted by: willymack
» RE: And Your Mother is Fortunate... dude, she lost her PT job too.
Posted by: DaBear
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Posted by: DaBear on Oct 23, 2009 1:53 PM
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What the fuck is "retirement"? For the last ten years I've know that I'll be working until I fuckin' drop.
Retirement "savings"... IRA's 401K's... Oh you mean that IRA I had for one whole year then had to take it so I could pay my rent when I got outsourced and offshored... AGAIN?
I got $5 in a savings account. @$10 in quarters in the jar (hidden so no fuckers can find them, including myself, apparently) and that's my "nest-egg." I earn enough to have to collect bottles and cans to eat (after paying Time Warner for my innernets access, of course). Hell even my Parents will be working until they drop.
My only hope is my kids'll change my diaper and let me shuck the corn fer 'em. I peel a mean 'tater. We're goin' back to the god damned stone age and people in the media are still talking about buyin' cars and fancy pants things like "retirement."
Time to start throwing rich people's furniture onto the lawns agin. (Read Zinn's A People's History if you're scartchin' yer melon).
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