Retiring Boomers Find 401(k) Plans Fall Short .

Wells there's that, too.

But I want my 5,000 sqft colonial in the nice neighborhood with two brand new cars, a TV in every room, the latest iphone with an unlimited everything plan (I talk a lot) and the cable package with every channel known to man plus HD and DVR and whatever else ya got. Plus I want a boat, which I guess I'll have to pay to dock. Some 4-wheelers, and I've always had a thing for Porche's, and there's a sweet Boxer I found in the classifieds. And you know what...I've always wanted a house down on Cape Cod.

But they can't afford life insurance.
 
But they can't afford life insurance.

Life insurance, that's just a con. Besides, I don't want my old lady profiting from my death. Next thing you know, some guy is going to be sitting on my couch, drinking my beer.
 
Life insurance, that's just a con. Besides, I don't want my old lady profiting from my death. Next thing you know, some guy is going to be sitting on my couch, drinking my beer.

That's why they don't save in the 401K either. If they die she might also get that.
 
How can you say you really love someone if you don't want them to be just as well off with or without you?

You can't. These guys are selfish insecure jerks who only care about themselves. If I die my wife is going to never have to work. I owe her that much after 37+ years.
 
Wells there's that, too.

But I want my 5,000 sqft colonial in the nice neighborhood with two brand new cars, a TV in every room, the latest iphone with an unlimited everything plan (I talk a lot) and the cable package with every channel known to man plus HD and DVR and whatever else ya got. Plus I want a boat, which I guess I'll have to pay to dock. Some 4-wheelers, and I've always had a thing for Porche's, and there's a sweet Boxer I found in the classifieds. And you know what...I've always wanted a house down on Cape Cod.

You pretty much nailed it on the head. Don't know how many other people are in their 40's on this board, but you know damned well this isn't how our parents lived.

We had one vacation a year...drove to the beach. One car. Modest house and my father was a mechanical engineer at GE so he was definitely pulling in some dough. New car? He'd fix ours in the garage until is literally died.

Anyone remember our parents taking the car to get the oil changed? They changed it themselves.

Now, of course we have a different world. We have smartphone with new apps you can constantly buy, itunes, laptops, etc...Our parent didn't have big screen tv's because they weren't invented.

We are taunted with a lot more "stuff" than our parents. But the MAJOR difference I see is the house. He bought the house I grew up in for about what he made in a year (guessing - he's never told me what he made) but the house in the 60's like just under 100K.

Now we have people making 80K buying 250K homes and people earning 120K buying 500K homes and that's where it all goes south.

Right now I'm in a 420K...wait for it....townhome. My wife and I have realized that we're being d-bags and are moving in just over a year - looking for a 200K house which means moving out of MD. I at least got out of the car BS. We once had two car payments for over $700. Now I haven't had a payment in 5 year and don't plan on one for another 5.
 
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It amazes me when I have appointments with seniors who can't afford their own bills but are healthy and retired at 62 or even 65. Why would you choose to retire BROKE?
Retiring is optional not forced. Only retire if it makes life sweet. Not a struggle.
 
There's another side to that story and that's companies "forcing" people out...which is what happened to my father after 35 years at GE.

They wanted him gone. He's earning top dollar and costing the company too much. Since they couldn't outright fire him they gave him a new assignment - traveling to Mexico. He hated it but sucked it up.

So GE upped the ante and told him he would now be flying to India. He caved and took their retirement package.

My brother-in-law was "forced" out of management at Giant foods after 30 years. Same stuff - earning top dollar, can't fire him so just make his work environment a living hell - new crappy job tasks, etc...He also caved.

The truth of the matter is if you're still around with the company at age 65 they want you gone. Some companies are offering early retirement packages at 55. Take it and you're fine. Don't take it and watch the work environment change.
 
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It amazes me when I have appointments with seniors who can't afford their own bills but are healthy and retired at 62 or even 65. Why would you choose to retire BROKE?
Retiring is optional not forced. Only retire if it makes life sweet. Not a struggle.

That is dumb, dumb, dumb!
 
There's another side to that story and that's companies "forcing" people out...which is what happened to my father after 35 years at GE.

They wanted him gone. He's earning top dollar and costing the company too much. Since they couldn't outright fire him they gave him a new assignment - traveling to Mexico. He hated it but sucked it up.

So GE upped the ante and told him he would now be flying to India. He caved and took their retirement package.

My brother-in-law was "forced" out of management at Giant foods after 30 years. Same stuff - earning top dollar, can't fire him so just make his work environment a living hell - new crappy job tasks, etc...He also caved.

The truth of the matter is if you're still around with the company at age 65 they want you gone. Some companies are offering early retirement packages at 55. Take it and you're fine. Don't take it and watch the work environment change.

This is true, there are two sides to the coin. But, there's always taking the early retirement deal and working somewhere else. There's also insurance, where there's no one to push you out. :D
 
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