Column: Broke baby boomers, it's time to face reality | PBS NewsHour
Huge crisis in the making. Banks and businesses got bailed out. The super rich are getting more and more money. But the people who were working and now find themselves unable to work anymore, lost everything, and most vulnerable are withering on the vine.
They say the mark of a nation is how it handles the least fortunate. Will we continue to lump them all in a big generic group and not pay attention to the reality that things can fall apart?
My guess is that few think it will happen to them. My suggestion is that they talk to their mom's and dad's and ask them the real story of how they are making it. I know that I'll have to take care of my mom soon. There's no avoiding it.
Better ask them now, before it's too late and you are watching them pass from something that could have been prevented if only they had a little help. You are going to have to do it, because your politicians aren't looking out for us. That goes against their benefactors who have paid for their office.
The cavalry ain’t coming
Where we start is by recognizing that the cavalry is not coming to rescue us. There is no national bailout—no prince charming on a white horse.
In the short to medium term, we’re going to have to save ourselves and one another.
Why? Well, with few exceptions, our politicians are not offering comprehensive solutions to the retirement-income crisis. Most are focused on Social Security as though it were the answer and the magic bullet. But what if you’re one of the millions of boomers under the full-retirement age, of between 65 or 67 depending on when you were born? Then for now, you’re out. Receiving the full Social Security benefit isn’t even an option.
And even when you are eligible for it, the full benefit will only replace about 40 percent of your preretirement income, if that. Most financial advisors say you’ll need 70 to 80 percent of it to maintain your standard of living. For tens of millions of Americans, that small Social Security check is the only money coming in. Our lawmakers can pretend all they want that that’s enough to live on. Give me a break.
Huge crisis in the making. Banks and businesses got bailed out. The super rich are getting more and more money. But the people who were working and now find themselves unable to work anymore, lost everything, and most vulnerable are withering on the vine.
They say the mark of a nation is how it handles the least fortunate. Will we continue to lump them all in a big generic group and not pay attention to the reality that things can fall apart?
My guess is that few think it will happen to them. My suggestion is that they talk to their mom's and dad's and ask them the real story of how they are making it. I know that I'll have to take care of my mom soon. There's no avoiding it.
Better ask them now, before it's too late and you are watching them pass from something that could have been prevented if only they had a little help. You are going to have to do it, because your politicians aren't looking out for us. That goes against their benefactors who have paid for their office.