[jcommin]

SS will be there for the boomers - nothing is going to happen to it for this large group of people. They won't stand for it. It is a large voting block and older people vote in larger percentages. Whatever changes to the system that will be made will fall on people under 50.

This Country has been on a drunkin' spending stuper since the 80's. The contry has spent and spent, got tax cuts, lowered Corporate taxes all in the name of growth. We never paided for it - it was paid all on credit. I get upset at the denial of our politicians as to how who is going to pay for it - Guess what? you are. You and me. This only got worse. Since 2000 after the market tanked - I personally lost 50% of my 401K portfolio. I never fully recovered because I would have needed to doubled my money in 7 years (2007). Using the rule of 72, I would need 10% growth per year. I don't need to tell you what happened in the 4th quarter of 2007 to our current situation. The market is down over 20% this year.

I am slowly realizing at 58 years of age that with the current market conditions and what I have left in my working career, my 401K isn't going to grow much more. I don't have the time. I believe this market will recover very slowly 5 -10 years. There is just too much debt.

The housing market drove this economy this decade; it was the best investment until 2006. Homes values are an important part of many people's retirement nest egg (25% -30%). I never counted on that because it wasn't tangible enuff for me.

As a boomer, retirement scares the crap out of me because the biggest wild card is health care. There is no way I can estimate the cost of what that looks like.

So:
I will work longer than I wanted to
I will have less money to work with
I will have less to pass on to my heirs


I really worry about my sons and every person under 50. Pensions are gone, you will be paying for your health care, SS will be allot less and your stuck with the biggest bill for this party we have all been on. You will have less discressionary spending and your lifestyle won't be as good as your parents. I'm not alone in this senario. I talk to many of my age and we see it very much the same. I paint a very grim picture and I'm very angry.