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Pensacola Discussion Forum » General Discussion » Babyboomers on fixed incomes who hoped to get some safe return on their money......tough times

Babyboomers on fixed incomes who hoped to get some safe return on their money......tough times

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2seaoat



I have a friend who sold a business and has about 7 million in the bank.......he used to make about 400k a year.......he is eating into his capital, and cannot find a safe place to park his capital. My mother in law and father in law when they were alive retired and had CDs for ten years which were giving them 14% returns, with short term CDs as high as 18%, yet today a retired person is lucky to get 1.5% on a long term CDs.......you better not retire unless you have a part time job, or can invest you capital in a business, because the babyboomers are finding out the projections from the 1980s were crap.......if you do not have a job, or a business which is cash flowing.......your money is going to run out.

Guest


Guest

Via Teo: https://www.bullionvault.com/gold-news/gold-brexit-062420161

2seaoat



Yep, gold at 1200 when T argued 2500 and higher.......the last five years if you held gold you lost your asz. Nothing has changed despite the temporary decision of Brits to shoot themselves in the foot. Stable markets and growing GDPs........but it is good to know that Glen Beck still has the most gold commercials on his broadcasts.....defines his audience.....along with Alex Jones.......double duh. Hell.....I may pisz him off enough to start posting again.

ZVUGKTUBM

ZVUGKTUBM

Here are a couple of quotes from a book published in 1997.....

Babyboomers on fixed incomes who hoped to get some safe return on their money......tough times Z4thtu10

Not far into the Fourth Turning, today's long-term projections for Social Security, Medicare, and other elder benefits programs will lie in history's dust bin. The economy will not keep growing as smoothly as the actuaries now assume—and critical events will force the government to reshuffle all its spending priorities. At that point, no one will be entitled to anything; those in need will merely be authorized something. Public figures should alert today's working Americans to their vulnerability.

Howe, Neil; Strauss, William (2009-01-16). The Fourth Turning (Kindle Locations 6750-6754). Random House, Inc.. Kindle Edition.


For Boomers, Social Security will be the object of fatalism and sarcasm. Some will get it, and some won't. The typical Boomer will live on bits and pieces of SEP-IRAs, Keoghs, 401Ks, federal benefits, and assorted corporate pension scraps that will vary enormously from person to person. For many, this will add up to a lot; for many others, nearly nothing. When the market hits bottom, millions of Boomers will find themselves at the brink of old age with far smaller nest eggs than they ever expected. They will immediately have to make do with steeply diminished material consumption.

Howe, Neil; Strauss, William (2009-01-16). The Fourth Turning (Kindle Locations 6082-6086). Random House, Inc.. Kindle Edition.

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2seaoat



I lost an incredible amount of our nest egg when I got sick. We are lucky that my wife has a large pension, and we still have business interests which cash flow nicely as we scale back to retirement. However, so many of my friends have 500k to a million doing just what they were told to do by saving and putting the same in their IRAs and 401ks, yet all the income which comes off these well saved funds are 10k with two working SS checks of say 40k a year for a total income of 50k. These are folks who with combined income were making over 100k, or a drop in many case of more than half their income. Add to this problem their paid off houses which are 30% less than the peak, and no replacement housing which is really affordable with a drop of half their income....so one or more of the spouses keep working, and they are angry....they wanted to travel, enjoy their grandkids in other states, and go golfing.......instead they are scared, and the promise of IRAs and 401ks of the Reagan Trickle down economics which gutted traditional pensions have proven to be failures for those who bought into the trickle down you can do better with your own money.....bull chit......America has been robbed and the anger is misdirected.......Bernie Sanders has started the revolution, and it is time to hold the banksters and wall street accountable for the theft of almost 17 trillion from Americans.

Markle

Markle

2seaoat wrote:Yep, gold at 1200 when T argued 2500 and higher.......the last five years if you held gold you lost your asz.   Nothing has changed despite the temporary decision of Brits to shoot themselves in the foot.   Stable markets and growing GDPs........but it is good to know that Glen Beck still has the most gold commercials on his broadcasts.....defines his audience.....along with Alex Jones.......double duh.  Hell.....I may pisz him off enough to start posting again.

Great Britain did no such thing. The citizens, as in the United States are sick and tired of having every facet of their lives mandated by others.

A major issue in Britain is immigration, the people know they cannot allow that many immigrants especially without even knowing who they are or their motives.

AGAIN, Donald Trump called it, against all odds, and he was right. Unlike Lame Duck President Barack Hussein Obama who went to Britain and then THREATENED THEM if they dropped out of the EU.

Did President Obama turn the vote?

2seaoat



Possibly.....a lot of Old white people voted for this and a black American just reminds them of their perceptions that the good old days are gone. Trump reflects the far right quasi nazi nationalist parties xenophobic fears....so yes, I would think President Obama did not help Britain stay in the EU......he is just one more black person who is part of their perceived fears....

Markle

Markle

2seaoat wrote:I have a friend who sold a business and has about 7 million in the bank.......he used to make about 400k a year.......he is eating into his capital, and cannot find a safe place to park his capital. My mother in law and father in law when they were alive retired and had CDs for ten years which were giving them 14% returns, with short term CDs as high as 18%, yet today a retired person is lucky to get 1.5% on a long term CDs.......you better not retire unless you have a part time job, or can invest you capital in a business, because the babyboomers are finding out the projections from the 1980s were crap.......if you do not have a job, or a business which is cash flowing.......your money is going to run out.

Your "friend" sure didn't have any money in the stock market over past eight years, did he?

What was great about those 18% CD's were the 18+% mortgages at the same time! Weren't those rates wonderful? Thank you, President Jimmy Carter.

Please show us those projections, with a source and link from FORTY YEARS AGO. Granted, NO ONE, when interest rates were 18+% anticipated single digits again much less rates lower than 4%.

Glad to see you are finally accepting the total failure of Lame Duck President Barack Hussein Obama's economic policies.

Maybe you can educate some of your comrades' way over there on the left.

2seaoat



He has stayed out of the market since investing 500k with a named brokerage where the brokerage had actual knowledge that the fund he was investing in was busted. He and others had to sue, and he recovered from the national brokerage about half of his investment, but after attorney fees it was close to a 60% loss because the brokers breached their fiduciary duty.

The funny thing about Paul Ryan passing a bill during the sit in......It was a bill not to force brokers to have fiduciary duties on retirement funds......no gun legislation concerning the no fly list, but good old special interests getting more fresh meat to rip off. No he is left with health clubs and other commercial real estate giving loans which he now requires 10% return, but they are few and far between.......stock market........why not go to the casino with Wall street being the house......

Failure of President Obama.....but for President Obama we would still be in the ditch.....he has gotten us out of the ditch, and now trump is running to put us back in the ditch.

Guest


Guest

Record setting poverty... Record setting food stamps... Record setting welfare... Record setting medicaid...Record setting entitlement spending... Return to carter era workforce participation... Doubling the debt... Stagnate wages for middle and low income workers. But corporations had record setting profits and green schemes got buckets of tax dollars and the federal reserve digitalized trillions of air dollars and the largest fascist program (obamacaid) in the history of our country got shoved down the publics throat contrary to popular opinion... which also doubles as the largest tax increase in history(don't forget roberts changed it from a penalty to save the individual mandate). So we've got that going for us... which is good. Or as ole seagoat would say... "STUNNING SUCCESS"..!!

2seaoat



The American people seem to disagree with you PK.....they are smart enough to know who drove us in the ditch and who has gotten us out......higher approval rating than Reagan at this time in the office......wow.....makes you pause does it not PK....all those years of spewing mind numbing propaganda, and the American people do not buy into your conclusions.......tough times for mindless propaganda.....sorry for your loss.

Guest


Guest

The average american is an idiot. Proven when obama was elected... and reinforced by the two presumptive nominees.

ZVUGKTUBM

ZVUGKTUBM

PkrBum wrote:Record setting poverty... Record setting food stamps... Record setting welfare...  Record setting medicaid...Record setting entitlement spending... Return to carter era workforce participation... Doubling the debt... Stagnate wages for middle and low income workers. But corporations had record setting profits and green schemes got buckets of tax dollars and the federal reserve digitalized trillions of air dollars and the largest fascist program (obamacaid) in the history of our country got shoved down the publics throat contrary to popular opinion... which also doubles as the largest tax increase in history(don't forget roberts changed it from a penalty to save the individual mandate). So we've got that going for us... which is good. Or as ole seagoat would say... "STUNNING SUCCESS"..!!

The question is.... Would John McCain or Mitt Romney--had either of them been elected POTUS--have run the country any better than President Obama has? I don't think they would have.

After the gloom of 8 years of George W. Bush, the country was ready for something different, anyway.

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Guest


Guest

They wouldn't have raised taxes and at the same time bailed out unions and too big to fail corps... or created another entitlement... or created thousands of new regulations (some ruled unconstitutional)... all during a recession mind you.

ZVUGKTUBM

ZVUGKTUBM

PkrBum wrote:They wouldn't have raised taxes and at the same time bailed out unions and too big to fail corps... or created another entitlement... or created thousands of new regulations (some ruled unconstitutional)... all during a recession mind you.

Both would have continued to serve the Establishment and do its bidding. Don't kid yourself. Obama has largely done likewise.

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Markle

Markle

2seaoat wrote:He has stayed out of the market since investing 500k with a named brokerage where the brokerage had actual knowledge that the fund he was investing in was busted.   He and others had to sue, and he recovered from the national brokerage about half of his investment, but after attorney fees it was close to a 60% loss because the brokers breached their fiduciary duty.

The funny thing about Paul Ryan passing a bill during the sit in......It was a bill not to force brokers to have fiduciary duties on retirement funds......no gun legislation concerning the no fly list, but good old special interests getting more fresh meat to rip off.   No he is left with health clubs and other commercial real estate giving loans which he now requires 10% return, but they are few and far between.......stock market........why not go to the casino with Wall street being the house......

Failure of President Obama.....but for President Obama we would still be in the ditch.....he has gotten us out of the ditch, and now trump is running to put us back in the ditch.

So he put all his money in one basket and trusted someone else to do the work.   Cool, lots of folks were lulled into a false sense of security.  They were greedy, they demanded huge returns...with little or no risk.  Stuff happens.

Maybe he should have taken personal responsibility, been conservative and done his own research and diversified.

As for a law on fiduciary responsibilities.  My guess is that 95% have no clue as to the meaning.

Now try to be specific and I know that is difficult for you.

Would the unconstitutional placing of anyone on the no-fly list, on a list for special attention when purchasing a gun have prevented any of the recent Terrorist Attacks, Orlando and San Bernardino included?

As you know too, the economy has been in a "Jimmy Carter" malaise and is getting worse.

Hallmarkgard



..you better not retire unless you have a part time job....................Or just live within your means, it doesnt take a lot of money to live a good life...

Guest


Guest

Hallmarkgard wrote:..you better not retire unless you have a part time job....................Or just live within your means, it doesnt take a lot of money to live a good life...

Live within your means - wise words, Hallmark. The more I simplify the more I feel the need for a smaller home and less "stuff." Hoping the hubby gets on board with me. Just as you said, it certainly does not take a lot of money to have a good life.

I look back to the early 80s when we were starting out and it was all about climbing that insidious ladder and making your first million. Thankfully we did not take that mentality hook, line, and sinker. Drains a person and we were not willing to sacrifice family, home, and real life.

2seaoat



My wife and I lived in a 4k square foot house on an acre most of our child rearing life, and today have probably the smallest house of anyone on this forum. It is a home that is 150 years old, and has had the kitchen and a bedroom added to the house over that 150 years as a famous person lived in this house at one time. Our floor in the kitchen which was added on is uneven and settled. Ten years ago we were paying 13k a year property taxes, which would be 20k today, yet the house we live in now has a property tax bill of less than 2k. We used to get a new car through the business every three years, then that one went to wife, then that one went to oldest child, and then youngest child. Now we drive a six year old car and a ten year old car. We paid 2k a month in food, golf in at country club membership, and had a non resident membership at tiger point...... no more. We paid mortgages on second homes, and taxes.....all gone. We still have rental properties, but they cash flow and do not impact our downsized life. We do not golf anymore, or rarely for obvious reasons. We still socialize with the same groups and nobody thinks less of us for our downsized and simple happy life. As I get sicker, I strangely get happier.......a simple golf cart ride in paradise, or clearing land in Santa Rosa by hand enjoying the natural beauty around us......I also am unable to drink anymore, yet I laugh and socialize with others as happy as I ever did drinking. Yes you can downsize and live within almost any budget, but when my friends have $1500 a month property taxes on their home which they want to retire and thought a million in their 401ks would give them 50-70k passive income for retirement, and they are getting 10k.....it is not simply living within your means......it is having wall street and the banksters snooker America to switch from dollar certain traditional pensions to the trickle down manage you own money flim flam.......they either have to give up their homes, or work.........it is the great American scam.

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