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Baby Boomers Don't Deserve Retirement?

August 22, 2008 RSS Feed Print

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Americans who have been paying into the Social Security system their entire working lives have definitely earned their due. But with an average benefit of about $13,000 a year, retirement may not be especially comfortable if it's not topped off with other savings or a pension.

In a column that seems designed to incite baby boomers who are dreaming of—but woefully unprepared for—retirement, former financial adviser Robert Brokamp argues that Americans who haven't been looking out for themselves don't deserve a retirement. He writes:

I have some news for you, folks: You are not entitled to a retirement. It's not in the Constitution. It's not in the Bill of Rights. It's not in the Bible (except for that one time in Numbers 8:25, and that was only for the Levites). Retirement is something you earn...

Not only are you not entitled to a retirement—you don't deserve a retirement. By "you," I mean the average American—which could mean you specifically if you're doing an average job of planning for your retirement.

His reasons why the average American doesn't deserve a retirement: You don't save enough, you don't even know how much you need to save, and you have a lousy portfolio.

Tell us, do baby boomers deserve to retire?

Tags:: baby boomers,; social security,; retirement

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@Fern and others:
You will get all of your money back (probably) if you live past age 72. FICA is 6.25% of your salary. If you averaged $50,000 (as an individual) over 40 years of work, and you received $13,000 a year in benefits starting at 62, you would recoup all of your deductions in 10 years (by age 72). You can continue to work while you get Social Security...
I think the author of the article who said Boomers don't deserve to retire is being rather callus. I also think that people need to be inspired to invest, even in a ROTH, each and every pay check. We are certainly an instant gratification society of which many of us live from pay check to pay check, and neglect retirement planning.

Chris of MA 9:20AM December 05, 2010

As stated by Fern from CT, return all the money they paid into the "system", with interest. How can you say they don't deserve it back when they worked and paid for it? How can the government send trillions of dollars overseas to people who have never paid into our "system" but complain about paying our citizens who worked hard all their lives and paid for it?
Our government waists so much money, which us the "taxpayers" gives to the government. Then want to find a way NOT to pay them back when they need it most.

Roy & Lori Rowley of LA 9:50AM May 11, 2009

Not many people look at facts...more than anything they talk and act with emotion. Of course baby boomers "deserve" to retire. Now the question because "why?" The answer, in my mind, is that, as most adults (working adults) baby boomers have put their hard work into maintaining the existence of the structure (be it militatry, economics, social or whatever) of this society. And, even when these persons receive a wage (a not a very good wage becasue they can't live on it let alone "save" on it or "build a portfolio") they have still been the millions of people who have contributed to America's stature in the global world. Should they be compensated for that BEYOND a paycheck that just keeps them going to the job to pay the bills? I believe so. It may not be in the constitution but lets face it, the formers of the constitution had people working for them and believed in paying workers as little as possible so that they could keep themselves (and their progeny) on top. I grant you also that it was not in the Bill of Rights and primarily for the same reason given above. But, we have moved, (I hope) pass the notions of "servitude to the elite" and should "honor" those who have maintained our civil exitence by providing their energy and expending their streghts and talents to keep America fucntioning at her optimum best. Or, all workers can just stop working now, to promote the wealthy who will retire off their sweat, sit back and eat foods grown with their own hands, get water from natural springs, and live in makeshift houses. Both will suffer but I guarantee you that the condition of the structure of America will suffer far more.

Khalilah of IN 1:58PM September 05, 2008

Baby Boomers Don't Deserve Retirement?

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