Don’t let them fool u by saying that this is just a correction. A correction needs a catalyst. The catalyst here is the tarriff. Trump created this mess. Rise up. Fight.
Let’s go vote republican !
Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it Aw dang it
Gosh darn it!
That’s exactly what happened with this lady.
Wait, I thought this was the plan…what happened? You mean dipshit game show host who bankrupted so many businesses doesn’t know what the hell he’s doing?
But the next Republican will for sure fix it!
Aw dang it
“But… but… but at least we stuck it to the libs didn’t we? Right?.. Right!!!”
I live in Canada and have a locked-in retirement fund, from a former employer, which I have zero control over. It’s lost 10% since the Dumpster was elected.
That mf’er is killing us too.
“Victor Fettes, 54, of Georgia, who retired last week”
Fucking hell, you guys can retire at FIFTY FOUR?
It probably means that he retired from a job and receives that retirement pay, but he still won’t qualify for social security or other benefits until he hits whatever age they’ve raised it to. Some companies let you retire after 20 years, some even less.
receives that retirement pay
Lol actual pensions are rare in the US these days. Most companies/institutions just do a 401k - the decline of which is exactly what will kill your early retirement plans.
Very very few can. Or do. But yes.
He can’t access that 401k without some pretty significant restrictions or penalties, though.
It think it’s like suing someone. You can sue whomever you want for any reason but that doesn’t mean it’s going to be successful. If this guy is retired yet keeps all his retirement money in volatile stocks, he’s not going to be successful in retirement.
you guys can retire at FIFTY FOUR?
My cousin retired 2 years ago at 48.
Stock market whiz? Nah: union.
He started working at a local mechanic in high-school, as engines were interesting; just sweeping up. He asked questions. He applied for his apprenticeship and the school district moved him to the ‘trade’ oriented school where the rough kids seemed to end up completely randomly when catchment overlapped. Did metal shop in his final year and found a funding programme to get through his first courses. Displayed a natural talent for adequate work and straightforward math that was apparently everything people needed when paired with his indomitable spirit and happier-than-sadder mood profile. In short: he hustled, he did his fucking work and he was a net-positive to work with.
Now we fast-forward. The union was good to him, and he moved into jobs where his 5’8 size, nimble fingers and “yeah, I’ll crawl in the slushy muck” attitude got him as many opportunities as his quick wit got him out of shitty politics. He went to a place we call Fort McMoney and was able to exercise his options when bosses were dinks; and he did so very quickly and openly, explaining what’s happening on the way out – “We agreed on this vacation time, but you broke that agreement. I’m still getting on the plane tonight. I got a job with the guy down the road, so that’s why I’m clearing out. I’m sorry it went this way, but we both get to learn from this. Good luck, and have a great weekend.”
At 48 he’d done his 25-plus years at one career and many shops, and the half-pay-for-life union retirement kicked in.
He now rides his donorcycle with his adorable wife or they take the little car on trips to climb mountains or see a lake or something. He got a shitty place in a nice place, made some friends and some of them knew how to fix up his place and needed his own skills, and his easygoing attitude provided the glue to get everything fixed everywhere, and he’s kinda set.
He touches grass and trees a lot, and the pics he posts on his cell phone show some great locations and his beaming face in the dawn light. He’s fucking winning so hard and I’m half jealous and intensely proud of him because he is actually an absolute sweetie and a great and caring guy.
Guys, build better unions or build better labour code. Focus on getting into a work arrangement with a group that pretends to like you better than at-will dot-com fat-cat “we’re a family” pizza-party dickheads think they’re pretending.
Holy shit I just felt like I lived his life vicariously with that comment.
I’m really happy for this guy and just absolutely despairing over how weak labor generally is. People don’t even imagine a better world, it feels like.
Don’t worry, he won’t stop working. He’ll spend the next 15 years as a ‘consultant’ in his old position and make 100 times more than he did as an employee.
He was senior director of risk management, so I assume more than 100k+ salary a year.
I’m surprised he kept his job so long, seeing how poorly he managed his own risks…
This comment here is excellent - I love it! Thank you for sharing!
ZING!
Clearly they just need to take their own advice:
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No more avocado toast
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Stop buying so much coffee out. Make it at home.
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???
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Profit.
Simple as.
Trumps plan is to fix obesity by making everyone too poor to eat… Or something
Maybe they could have remembered to not trust everything they see on the internet for the past decade.
Oh! And learn some basic financial literacy!
Can’t just rely on someone else to make all your decisions for you =D
Time to start by brushing up on some basic math, its not like everyone will always have a calculator in their pocket.
Boot straps. Don’t forget about the boot straps.
They could eat the bootstraps.
Also they could just get an easy job at McDonald’s???
Maybe they could try an unpaid internship to get experience first
They just arent qualified for that job.
Don’t forget about the cell phone plan, Internet access, Netflix or large screen TVs. I remember reading about “boomer math”, if I remember correctly - the skewed notion about what really costs what.
Used to be a color TV was a luxury, and that probably made a real imprint on some. Same for coffee - until Starbucks really cracked that market, the idea of paying more than fifty cents or whatever for a cup of coffee was considered ludicrous at one time. And things like cell phones, Netflix and Internet were not really things in their formative years…
I just saw the Costco flyer for this week and they had a 75" LG TV on sale for like $599. I couldn’t believe how cheap TVs are now.
Exactly. I think once they started monetizing the data from “smart” TVs, they really, really fell through the floor. And yeah, compare that to memories of the 60s or 70s when a mere color TV of any size was a big deal and definitely a luxury item for the rich and adjust for inflation…in 1965, say, $599 would be $59.13…so if you imprinted on that in your twenties, I could see how that might be hard to understand the delta…
See the prices for a 23"-25" color TV in 1965 - $1800-$2000. That’d be $18,233 - $20,259 in today’s dollars…so if someone is doing “boomer math” when chastising people for buying huge TVs, and claiming that’s the reason they cannot afford a house/rent, I can sort of get it, but it’s also just a one-time cost…and they really need to update their thinking.
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Oh the thing professionals all said would happen? That’s what they are stunned about? The very thing they were warned would happen if trump did the thing he said he would do.
Old people aren’t exactly “finger on the pulse” types
And they have been trained to hate government, science and experts.
The only one of those you should hate is the government.
Governments are comprised of people. Like any other people they should be judged on their actions. Blanket statements about distrusting governments and politicians no matter what they actually do is no different than distrusting science and experts. It’s all part of how we got here.
Not only that, governments are comprised of people who are paid a fixed salary with no bonuses or incentives and strict conflict of interest rules whose literal only job is to work to make people’s lives collectively better.
Well no. Actually we aren’t supposed to trust the government. That’s why we have (in theory) a system of checks and balances. The whole point is that we rely on them and hope they’ll do the right thing, but we need to be paying some attention some of the time, because they will occasionally get things wrong.
Please stop the generation blaming/shaming. It’s a “divide and conquer tactic”. Also, please notice a LOT of the people at the protests are “old people”. We don’t sit behind keyboards blaming, we actually get out and DO something. And, finally, do some research and look up who voted for MAGA. ✌️☮️
I know several people that were suppose to retire next year. Looks like they are gonna have to postpone 😂😂
They’ll be out of work next year, one way or another.
I just took a couple Ubers. They were driven by retirees as a way to make a little extra cash and get out of the house. Both of them said they would have to quit driving and get another “real” job again if the market continued to tank. This shit rolls downhill…gonna create a job crunch again. People not leaving jobs, no jobs for people entering the marketplace, and companies are going to start crushing labor’s wages and benefits again.
Maybe that IS the end goal. Get old people working so wages get fucked for everyone and the corporate overlords can increase their profit margins from a measly 99% to 99.9% or whatever
And what’s the end goal? What’s their plan for when those old people die in a fiery crash while driving Doordash? Nobody’s having kids anymore and immigration ain’t happening so who’s gonna take those jobs?
Doesn’t matter to them, the rich are isolated from any real repercussions of their behaviours. The older ones probably think they’ll be out of the game before things get worse anyway. Short term benefits for them are worth the long term issues for the rest of us, just as always.
Automation, once the population is too small to cover the jobs.
And who’s gonna buy this stuff when nobody has a job?
That’s a q3 problem and we only care about what happens in q2.
It’s that flagrant disregard for what happens near term that makes everything worse.
Every day, I’m further grasping just how fucked we are :)
It’s almost like this is exactly what we warned them would happen.
Good, it’s what my parents deserve.
My mom retired last year. She also voted for Trump. She made her bed …
I love you Internet stranger. And I hope you found some peace after moving out.
People at or near retirement age should have a 401k invested in more safe funds with a higher mix of bonds. Why would they have such a high proportion of stocks that a drop in the stock market would impact their spending habits?
Yeah, exactly my thoughts. At retirement age, most or all your investments should be low risk.
That’s the best part. The baby boomers created this shit and now they can’t retire. Good for them!
So, all of boomers created this?
More or less.
Pardon my ignorance but is there leverage in 401k ? Would it be able to get liquidated if stocks crash too hard ?
You can cash out a 401k but you’ll pay a 20% penalty and then have to pay taxes on the remaining amount - since the money put into a 401k is untaxed until it’s drawn upon. Liquidating your 401k is a desperation catastrophe.
No. It’s a pretty secure savings engine. Even if you had a loan out against the account, the reserve a portion of the account as collateral, as I view it. Let me go research that right quick.
I think the biggest risk would be if your holding institution went tits up and you had more than is covered in FDIC, you would only recover the FDIC limit. I think. Anyone confirm that?
Now, a fun question there is, if there was a crash out of the holding institution, would 47’s FDIC manager pay out.
Another fun question is, if this isn’t protected by FDIC because you own the investments which are external to the holding company:: are you really holding the investments you selected? During the fervor of the GME due diligence, it was surfaced that when you buy a stock on the open markets, it is but a right to a stock, not the actual thing. So, your access to those rights could get rug pulled too, if things get too crazy and system risk becomes too high. I think that the chances of this rug pull are super low for msot investments in a 401k. Generally retirement savings plans are slow moving investment engines, so for instance, if I schedule a change in my 401k investments, it trades, not at the time of request, but at the end of day. There are also high frequency trading limits in some of them.
In case you want to learn what the GME due diligence found: https://fliphtml5.com/bookcase/kosyg
House of Cards is a good starting point to understand how the current stock trading machine functions.
I’m starting to wonder if I should be switching my savings to Euros or Chinese Yuan or something.
If the FDIC fails or is shut down, a bank run is almost inevitable.
covered in FDIC
I still don’t know where donvict’s plan (lol, “plan”) is at regarding FDIC, but early on, there was musings about how they were going to “abolish the FDIC”.
I swear to Zeus that the dumbfucks that follow donvict would be 100% for that if they were told something something argle bargle FDIC is woke and filled with nCLANGers, oops, I mean “DEIers”. Even if abolishing FDIC would be a perfect speed-run of causing a Depression 2.0 style run on the banks.
FFS. So much dumb.
https://theweek.com/business/economy/fdic-function-trump-elimination
When you get a 401k loan, it is treated as a loan, it looks like, from yourself. Only risk there is if you default, it then switches to a disbursement and has a 10% penalty and probably some sort of tax implication.
Oh no, are the Boomers finally collectively suffering the consequences of their own collective actions?
What a shame.
Anyway, welcome to the ‘you can never retire or afford a house’ club along with all your children who’ve been begging you for the past 20 years to stop voting for policies and politicians who made this current situation inevitable.
Excellently stated. Thank you.
This is not a good time to hate on Boomers.
https://www.thecivicscenter.org/blog/youth-voting-in-2024-election
White voters over age 65 supported Harris stronger than white voters 30-45. The most pro Trump group was white voters age 45-65.
… The boomers have majority supported Republicans … for the last 20 years.
Which I specifically mentioned.
Your own source shows:
50-64 at a 56 to 43 for Trump
65+ tied at 49 to 49Wonderful, great, a few of them finally realized that maybe now that they actually need Social Security and they want to actually draw from their 401ks… after majority supporting 401ks over unions+pensions for 20 years.
How typical. A few of them finally figured out maybe spending 20 years supporting corporate profligacy and then betting their retirements on the stock market … is bad, when the obvious problem with a stock market based retirement plan… actually looks like/is actually happening, to them, personally.
You are bringing race into this. I did not.
If you purely go by age alone, which is how you actually define a Boomer…
30-39 (16%) is 50 to 46, Harris.
40-49 (16%) is 48 to 50, Trump.
They are neatly both 16% of the total sample, so…
30-49 is 49 to 48, Harris.
Wonderful, younger Millenials to younger to mid GenX went for Harris by a point.
But I am not talking about them, I am talking about Boomers, over the last 20 years of their existence.
A tiny bit of the older ones shifted course after it was too late to undo what their disproportionately large, wealthy, and influential generational cohort has supported for 20 years.
I guess ‘they’ll be sorry/regret their decisions when they’re older’, another common boomerism often directed toward anyone younger than them that makes a life choice or holds a worldview they disagree with.
This is a perfect time to laugh at Boomers collectively.
They got what they said they wanted, and only now, after its all too late, did they almost, but not quite, flip over to ‘this is not what i wanted.’
If this isn’t clear, obviously not all boomers individually deserve this scorn, but uh, collectively… they do.
What do you mean “collectively”
Would you accept responsibility for somebody else’s actions because they were born within the same arbitrary block of years as you?
I mean collectively by collectively.
Different groups with different specific membership criteria, different descriptive attributes… often, in general, tend to behave differently.
Try writing a history book involving dynamics and differences between groups that doesn’t involve this. Or a medical study. Or a psychological study.
Statistics is the art of going from an unfounded stereotype or complete guess to an actually valid characterization of specified groups according to descriptive parameters.
Of course… these are general descriptors of a group, and do not accurately and perfectly describe every member of a group.
No, I wouldn’t personally accept responsibility for something a bunch of people my age did… but I would accept that it would be reasonable for other people who didn’t know me personally but just knew my age group to make certain reasonable assumptions about me that are actually borne out my the data.
Of course, one should always just have that as a kind of background knowledge and not judge every single book you meet by its cover, you should read the contents of their character if you want to really know them.
But at the same time, that is very time consuming to do with… literally everyone, so it is useful to have basic guidelines for what to expect from certain kinds of people, but not actually judge them or act toward them in a prejudiced way untill they specifically, individually confirm or disconfirm their sameness or difference from your preconceived notion.
Like uh… I am a millenial, and I know it is statistically valid for me to assume myself and other millenials have actual, comprehensive computer troubleshooting skills than boomers or zoomers.
I know a boomer is more likely to be a big Led Zeppelin fan, and a zoomer is more likely to be a fan of whateve is on Lo-fi girl… and I know that millenials are more likely to still be using the term ‘doggo’ and ‘chonker’ unironically, as well as think that the dialogue in the Borderlands games is cool.
Do I use doggo and chonker? Yeah, you got me, I still do sometimes.
Do I think Borderlands style, ‘Millenial writing’ is good? Fuck no, I hate that shit, bounced off those games half for the bullet spongy gameplay I just didn’t like (Im much more of a realism/tac shooter/milsim kinda guy when it comes to gunplay) and half for the character writing that I found to be just fucking awful, rude, crass, annoying, self-important, cringe inducing.
I did like the art style though.
But anyway: I would not be surprised if someone just knew my age, that I like video games and am a dork, didn’t know me beyond that, and then kinda assumed I was into Borderlands for the writing. I would be miffed if they were 100% convinced of this and acted as if it was true without ever actually asking me, but if they did ask, I wouldn’t be offended by the question.
