The Wealth Gap

[the]

Originally posted by pwd72s
"You really don't need to begin saving for retirement before you reach 60. At that point, simply save 250 percent of your income each year and you'll be able to retire comfortably at 70."
-Jonathan Pond

Or, even easier:

"You really don't need to begin saving for retirement before you reach 60. At that point, simply die."

-the

[tdatk]

Originally posted by Porsche-O-Phile
I've suspected this for some time but haven't obtained any quantitative data to support my suspicions. The "armchair quarterback" analysis is that our parents' generation spent like drunken sailors, ran up prices (or values, depending on one's point of view) by embracing wanton consumption, changed us from a nation of savers/investors (our grandparents' generation) to a nation of takers/consumers and largely passed the debt and negative implications of the reckless consumption onto their kids (us). Nothing that hasn't been said a million times.

Not to worry though, payback is a beyatch and pretty soon the offenders will become too old/infirm to care for themselves and our generation will be able to screw them back the same way they screwed us (and our children) by saying "sorry, there's not enough money to support that".

It's cyclical. Expect a major crash/recession/depression in the up-and-coming generation, followed by a generation of frugal savers, followed by another generation of reckless consumers. That's just my prediction though.

I always have to laugh when I read this shift. I know I won't change your preception of how fecked up my generation was, but I can assure you that you got your facts/thought wrong. I'm at the back end of the BB crowd , born in '58. The 70's were tough 20% unemployment countrywide. The early 80's wern't any better. My first house had a 15.7% interest mortgage,20% down, no creative financing to "get you in" You either had the savings or you didn't get the mortgage. The late 80's and through the 90's-2000 have been a piece of cake compaired to that shift. I have been contributing to SSI since 76 and I am royally pissed that there may not be anything left by the time I get there, as well as you X/Y/Z generations constantly pissing about how fuched up everything is and vowing paybacks, how typical of the truely spoiled generation. I lived through yours and my generation(s) and I know it's a lot eaiser now than it was. Your going by what you have read and heard and unfortunately have a skewed view of whos the takers in the bunch. I have two kids and they are infinitly better off then I was at their age. I could go on with compairsons if you'd like. Pick your fight.

Oh Ya,
And you didn't have to put up with Disco

[pwd72s]

Originally posted by the
Or, even easier:

"You really don't need to begin saving for retirement before you reach 60. At that point, simply die."

-the

Ahhh, but if you don't? What? Your kids will take care of you? Right....