5 ms·

If you old people would stop working and retire, the young people would have work to do. What's that? you didn't save anything after the best financial boom ti

by fown9 12y ago

If you old people would stop working and retire, the young people would have work to do. What's that? you didn't save anything after the best financial boom time in history? You have to work until you're 80? Well, then stop complaining.

JoeAltmaier 12y ago
The topic was of a Basic Income that meant no one has to work any more unless they want to.
deleted 12y ago
[deleted]
bmelton 12y ago
To be fair, a lot of market-based savings schemes were wiped out in 2008. My in-laws, who diligently spent their entire lives working boring jobs in banks (as accountants and such, not wall street), who prepared for their retirement by paying off their modest $250,000 home (in Nashville, it's nicer than the dollar amount makes it seem), found themselves screwed when they went to retire, as their 401Ks were now worth fractions of what they'd expected. So they're still working, extending their retirement in the hopes that their portfolios will recover, or that they can continue earning enough while they're healthy that they can offset it. It literally never occurred to me until your comment that someone might resent them for trying to earn a living for themselves without burdening the rest of society.
- aros 12y ago
  I find it sad that you have to emphasize a 250k home as "nice" since people around here are used to million dollar single bedroom apartments crammed in to a city. In many, many places in the US, you can easily own 3000+ sqft of land and home for 250k.
- ufmace 12y ago
  I gotta wonder, what were they invested in? I just checked my records, and my investments went down about 35% in 2008, and have long since recovered. I'm not a particularly good investor or anything. How do they manage to have their investments drop to fractions, implying much greater than 50% loss, and still have not recovered in 2015? Not trying to judge or anything, just wondering what the deal is, because from everything I've seen around me, that is far from typical.
  - MikeTV 12y ago
    In the case of my dad's 401k: The company's fund manager actively traded shares on the way down, repeatedly moving the balance from declining symbols to those that seemed more stable but were really just slightly behind the curve. ...Then did the same thing when things started recovering, trying to target the stocks that seemed to be going up the fastest. Quite literally decimated their retirement.

by fown9 12y ago

JoeAltmaier 12y ago

The topic was of a Basic Income that meant no one has to work any more unless they want to.

deleted 12y ago

[deleted]

bmelton 12y ago

To be fair, a lot of market-based savings schemes were wiped out in 2008. My in-laws, who diligently spent their entire lives working boring jobs in banks (as accountants and such, not wall street), who prepared for their retirement by paying off their modest $250,000 home (in Nashville, it's nicer than the dollar amount makes it seem), found themselves screwed when they went to retire, as their 401Ks were now worth fractions of what they'd expected. So they're still working, extending their retirement in the hopes that their portfolios will recover, or that they can continue earning enough while they're healthy that they can offset it. It literally never occurred to me until your comment that someone might resent them for trying to earn a living for themselves without burdening the rest of society.

aros 12y ago
I find it sad that you have to emphasize a 250k home as "nice" since people around here are used to million dollar single bedroom apartments crammed in to a city. In many, many places in the US, you can easily own 3000+ sqft of land and home for 250k.
ufmace 12y ago
I gotta wonder, what were they invested in? I just checked my records, and my investments went down about 35% in 2008, and have long since recovered. I'm not a particularly good investor or anything. How do they manage to have their investments drop to fractions, implying much greater than 50% loss, and still have not recovered in 2015? Not trying to judge or anything, just wondering what the deal is, because from everything I've seen around me, that is far from typical.
- MikeTV 12y ago
  In the case of my dad's 401k: The company's fund manager actively traded shares on the way down, repeatedly moving the balance from declining symbols to those that seemed more stable but were really just slightly behind the curve. ...Then did the same thing when things started recovering, trying to target the stocks that seemed to be going up the fastest. Quite literally decimated their retirement.