Gen X'ers (like me) FCUKED

Topspin said:
I'm the late boomer 1960 and I have both
pension lumpsum is almost what the 401 is
I agree that 70's and 80's kids won't get the pension
BUt 401K's didn't come along until 78!!!
hardly around for early and mid boomers
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Then wtf are you arguing about??!! That was the whole effin point!!!!!!!!
 
I'll provide you a link, like I said educated and financially astute people know about differnces in college educated earners and not.
What you whiney baby X's fail to realize is how much better the 401K is vs pension.
Again 401K was not their for the majority of boomers.
 
Superfreak said:
Is it a pension/profit sharing plan that only sees new contributions in the form of profit sharing?

Or does your company contribute to both a pension and a 401k for you?
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Mine does. But its one of the last ones. I only have a hand ful of peers that have the same at their companies.
 
Superfreak said:
Is it a pension/profit sharing plan that only sees new contributions in the form of profit sharing?

Or does your company contribute to both a pension and a 401k for you?
Click to expand...
They contribute to both. I didn't even know about the Pension until about a year ago or so. I had a vested amount in that account of 15K at that time. In comparison, I have over 70K invested in the 401K.
 
uscitizen said:
Yeah GenX'rs will be inheriting the boomers assets too. And with the greatly reduced numbers that will have to pay inheritance tax...

I see it all the time, the kids inherit the farm, sell the farm and blow the money and have nothing in a few years....
What their parents spent a lifetime building up they blow in a few years....

Yep GenX'rs will have it rougher, but they are partially to blame.
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Unfortunately many are FORCED to sell so that they can pay the estate tax... which after 2010 once again means anything over $1mm.

But you are correct, many that come into a lot of money suddenly, tend to spend it rather quickly. If it is a concern of yours or your friends, talk to your advisor.... I would be willing to bet they know an estate planning attorney that can set up a plan that allows you to control your assets after you die. :)
 
PS my shit company will lay a lump sum of over 500,000 in pension unless I wait till 55 and it'll be 30% more.
all thanks to you guys driving a lot.
 
Superfreak said:
Unfortunately many are FORCED to sell so that they can pay the estate tax... which after 2010 once again means anything over $1mm.

But you are correct, many that come into a lot of money suddenly, tend to spend it rather quickly. If it is a concern of yours or your friends, talk to your advisor.... I would be willing to bet they know an estate planning attorney that can set up a plan that allows you to control your assets after you die. :)
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Not a concern of mine. I have that taken care of. I forget what it is called but I set up a trust to amke the farm non saleable with taxes paid from the trust.
The farm can be inherited as a homestead, but not sold as long as there are any living heirs.
 
uscitizen said:
Not a concern of mine. I have that taken care of. I forget what it is called but I set up a trust to amke the farm non saleable with taxes paid from the trust.
The farm can be inherited as a homestead, but not sold as long as there are any living heirs.
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Smart move.
 
X's had cars at younger ages
Parents paying for college in many cases, most boomers didn't
and you'll soon see each section of X's will retire with more wealth on average than the previous X'rs or boomers.
If you play the game,
Don't hate the playa hate the game.
 
Superfreak said:
Unfortunately many are FORCED to sell so that they can pay the estate tax... which after 2010 once again means anything over $1mm.

But you are correct, many that come into a lot of money suddenly, tend to spend it rather quickly. If it is a concern of yours or your friends, talk to your advisor.... I would be willing to bet they know an estate planning attorney that can set up a plan that allows you to control your assets after you die. :)
Click to expand...


Unfortunately many are FORCED to sell so that they can pay the estate tax...


that's misleading. Very few people pay estate tax.
 
500k, by then that will be about one years upper middle class income :)

You need to get them to do it in Euros...
 
My bad, your picture looked 26
but I figured since you had the big finance job and buying a house
WAY YOUNGER THAN BOOMERS DID. lol
 
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