"Of the participants who took out loans, the greatest percentage were to people in their 50s (34.2%), followed by those in their 60s (28.9%) and then by those in their 40s (27.3%). The increase among participants in their 50s was nearly double the increase among those under 30. This is based on an analysis of a subset of 1.9 million eligible participants in retirement plans that Wells Fargo administers."
No no! Nothing to see here! Back to your lives citizens. Oh, and you youngsters! You better hit the ground running. We don't have time to train you. You didn't have it as tough as we did. I don't have time to explain this to you. If you can't figure it out on your own, then you don't belong here. You just aren't a team player are you? You're not as wise as us and you should plan better for your future. Matter of fact, can we borrow $45 trillion from your future? We're really smart and you're too stupid to understand. Didn't you hit the ground running? Why, we told you it was a steep learning curve. You're just not smart enough to understand this. Answer our HR questions. You don't know about HR? Well, that's alright, you didn't hit the ground running and we didn't have time to train you. You have to be a self-starter. Didn't you pay attention to detail?
My gosh the lack of nursing home visits will sure be funny. Perhaps we can securitize or commoditize "nursing home visits"?
"Hey grandpa? Want a nursing home visit? Well that will be 50% of your medicare payout this month and 60% of your social security check. Good thing you 'paid into the system!'"
They must smell the deflation coming. What the hell happened to gold today...
ReplyDeleteAlso relevant, from the guy who wrote the famous essay The Misandry Bubble.
ReplyDeleteWhy Baby Boomers Will Have a Troubled Retirement
http://www.singularity2050.com/2012/03/why-baby-boomers-will-have-a-troubled-retirement.html
Basically says that due to feminism and Marxist culture, the younger generation stopped marrying and stopped buying houses. And thus, there were no younger people to buy the houses from the baby boomers, hence the housing crash.
Marxists, liberals, feminists will destroy themselves.
Don't give Goldman Sachs any ideas. Those bastards will find a way to create unsecured trillions of derivatives from nursing home visit securities. Then when that bubble pops, we'll be on the hook for it thanks to the revolving door in and out of government.
ReplyDeleteYes loans, but I would like some stats on 401ks that are being cleared out permanently, like mine. I didn't need a loan - just figured tangibles would be better, and my tax rate will probably be higher if I live to retirement age anyway even if my income is lower, so it was really just weighing the 10% penalty with the prospect of trusting that it wouldn't be raided in the next 20 years. Not a tough decision for me. Something has to snap soon.
ReplyDeleteFor the less economically astute of us, can someone explain the significance of the increase in loans from the retirement funds and what it portends for the future?
ReplyDelete