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elprez00 
New Orleans Saints Fan
Hammond, LA
Member since Sep 2011
6643 posts
| Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:13 am)
I was on the Poli Board this morning (I know, scary thought) and a poster made a comment about with the way the national debt is, even if we hunkered down, it might take 15 years to fully recover. He commented that by that time, he'll be 46, and already had spent the core of his working years trying to get through it.
Got me to thinking. I'm 30. Most of my friends are around my age. Most of us are just having our first children. By contrast, my parents already had two and my inlaws three at my age. Also take account that I have graduated high school and college in one of the worst job markets in history. I've worked for three companies since graduating. My father has worked for one for 35 years. I've spent my formative work years in an employers market, where employees are having to compete for jobs, rather than employers. Because of this, workload has increased, companies are not putting emphasis on bringing in younger employees they can train as opposed to experienced people that can produce now, salaries have grown in the smallest rate in 40 years, and inflation is skyrocketing. Consequently, I'm far less financially secure than my parents were at my age.
I think its safe to assume that social security, regardless if it exists or not when I turn 65, will be vastly different than what it is today. With cost of living increasing, salaries stagnant, and the market performing so erratically, I am seriously scared that I might never be able to retire.
I know this wont apply to all you OT Ballers, but anyone else my age have this concern?
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ottothewise 
LSU Fan
Member since Sep 2008
32094 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:15 am to elprez00)
Michelle Bachman said it best:
"just eliminate the minimum wage and jobs will come back to the USA".
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yellowfin 
Illinois Fan
Paige is Pretty
Member since May 2006
52965 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:15 am to elprez00)
There are lots of people in their 50s right now that won't be able to retire and don't even realize it yet.
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CptBengal 
USA Fan
BR Baby
Member since Dec 2007
30857 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:16 am to elprez00)
quote:
I am seriously scared that I might never be able to retire.
I know this wont apply to all you OT Ballers, but anyone else my age have this concern?
It is a real concern. Our government has mortgaged our future for their present.
Ever hear of "lost" generations? I would look up the "lost" generation in Japan as a starting point to what that type of government unbridled spending will do to your future.
My suggestion, prepare an exit strategy if things get too bad. Find yourself some nice third world country where crime isn;t too bad and there is a nice left curling right off a white sand beach.
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brewhan davey
USA Fan
Audubon Place
Member since Sep 2010
19088 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:16 am to yellowfin)
My dad just turned 61, is still working and he planned on retiring at 55.
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trident
USA Fan
Member since Jul 2007
2561 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:17 am to yellowfin)
quote:
There are lots of people in their 50s right now that won't be able to retire and don't even realize it yet.
yea it is pretty scary to be in that age group. At least at 27 I have somewhat of a chance to make it if I keep my ducks in a row
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Walt OReilly
Cubs Fan
Member since Oct 2005
65100 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:18 am to elprez00)
i plan to move out of the country in the next 3-5 years
come back a few times a year for LSU games and to visit friends and family
i have nothing tying my down anyways and dont plan on it happening
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LsuTool
LSU Fan
Junior U
Member since Oct 2009
16371 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:20 am to Walt OReilly)
where to walt?
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hardhead
LSU Fan
stinky bayou
Member since Jun 2009
1931 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:22 am to elprez00)
quote:
With cost of living increasing
the thought crosses my mind to sell all of my stuff and go live somewhere cheap for a few years and see how much i could put away. When you make more you just spend more. Two generations ago people did not do that.
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OldSouth
LSU Fan
Folsom, LA
Member since Oct 2011
4713 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:22 am to LsuTool)
You also don't save money like your parents did. That's the other half of it.
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yellowfin
Illinois Fan
Paige is Pretty
Member since May 2006
52965 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:24 am to brewhan davey)
my dad is the tightest fricker i know so he is in a better position than probably 99% of people his age and he still won't retire...he's 62
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elprez00
New Orleans Saints Fan
Hammond, LA
Member since Sep 2011
6643 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:26 am to OldSouth)
quote:
You also don't save money like your parents did. That's the other half of it.
Higher Cost of Living + less money = less savings.
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OldSouth
LSU Fan
Folsom, LA
Member since Oct 2011
4713 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:27 am to elprez00)
+excuses
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DaSaltyTiger
LSU Fan
Alexandria/Pineville, LA area
Member since Dec 2004
4536 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:27 am to elprez00)
Depends upon how you save and invest your money. If you are only living for the day, then you are probably going to frick yourself financially.
I am retiring in a little over four years. At that point, I can decide if I want to keep working or go play. Right now, I am leaning towards the latter.
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ZereauxSum
LSU Fan
Atlanta, GA
Member since Nov 2008
5915 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:28 am to yellowfin)
quote:
There are lots of people in their 50s right now that won't be able to retire and don't even realize it yet.
This.
I think the "new normal" will be for most people to semi-retire and work part time in their old age.
I'm in my 30s and am planning to retire in my mid sixties, but I wouldn't be surprised if I work longer than that.
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vl100butch
LSU Fan
Vicksburg, MS
Member since Sep 2005
23168 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:28 am to elprez00)
i'll be 61 next month and have no intention of retiring until i'm 70...and then will find some sort of part time job to keep busy with...
and I'm FAR better off than a lot of people in my age bracket due to military retirement and the VA....
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Walt OReilly
Cubs Fan
Member since Oct 2005
65100 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:29 am to LsuTool)
Costa Rica is at the top of my list
also given thought to Singapore and austrailia
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WavinWilly 
UTEP Fan
Wavin Since 1990
Member since Oct 2010
6691 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:30 am to vl100butch)
I'm 23 and am in the mindset that I might have to work for the next 50 years... 
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Rickety Cricket 
Navy Fan
Premium Member
Member since Aug 2007
26582 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:32 am to elprez00)
If you're 30 or younger and relying on only social security for your retirement, then you're a complete idiot.
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redstick13
Wichita State Fan
Western Colorado
Member since Feb 2007
18909 posts
| re: Will My Generation Be The First Unable To Retire? (Posted on 10/4/12 at 10:33 am to Walt OReilly)
You can forget getting an Australian visa.
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