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I'm still not convinced that basing retirement on 401k is a great idea. It seems weird to me that you would shackle your cart to what seems to be the health of other industries. And it seems counter productive to getting out of depressions because these people tend to hold on to their jobs because of their losses when it would probably be a bigger help to the economy if they left and let in a new generation of workers.
Over the Hill at Work:
Why 50 May Be the New 70
By: Mark Koba
Senior Editor, CNBC
Too old for the job and time to make room for the younger generation? Jack Ma thinks so.
He's the CEO of Alibaba Group, the e-commerce conglomerate who said Tuesday he's stepping down from his post in May.
Jack Ma is not even a baby boomer. He's 48 years old. But he says he's feeling the strain of his job. "When I was 35, I was so energetic and fresh-thinking, I had nothing to worry about," Ma said in an interview.
In an email to employees, Ma said: "It's because I see that Alibaba's young people have better, more brilliant, dreams than mine, and they are more capable of building a future that belongs to them." (Read more: Why Women Don't Save for Retirement)
So this begs some questions: Are careers over much sooner these days than in the past? Is the younger generation—- Gen X—taking over? Or is it the even-younger Gen Y?
"Almost without fail, people in the 45-55 age range get to a place where they go through a professional midlife crisis," said Sharon Hulce, president and CEO of Employment Resource Group, a search firm.
"They say 'I've made money and done well and is this all there is?' They know that once they get to older age they are less marketable so they make a move," Hulce said, who is writing a book about career transitions.
Alibaba Founder Jack Ma will stay on as chairman, leaving the day-to-day running of the company to "a younger, better-equipped" generation. Andrew Ross Sorkin spoke to Ma Monday night to get the billionaire to explain the move.
There could be many more execs joining Ma in his 'retirement.' A survey of executives in June of last year by search firm ExecuNet stated that many executives were just waiting for the economy to get better so they could retire. They cited stress as one of the main reasons for wanting to leave.
"More and more, professionals are feeling burnt out and discouraged, and are in turn leaving the workforce because they can't find any level of alignment between work and life," says Allison O'Kelly, founder and CEO of staffing firm Mom Corps.
(cont.)
If you have more than them they were the stupid people who freaked the fuck out after the crash transferring all their money to the money markets. If they had any sense they would have just left it alone and would have balances higher than they had before the crash. But people are morons and don't understand the concept of not selling low. That said don't be stupid about your accounts. Make sure to take advantage of all the funds in your account and regularly make sure your at a proper risk level for your age and toleranceQuote:
Originally Posted by GohanX
Also don't get scammed by the target date funds. By and large those funds are raping you on expense fees
There's a lot bigger problems then just the accounts being shackled to other industries, actually pensions were invested as well so that's no real change. But making people take on the investment risk is a big problem. Most people are fucking stupid and have no idea how to invest which is going to cause major difficulties long term. Fucking 20 year olds with there money in money markets or fixed interest accounts that don't earn enough to keep up with inflation because they're afraid of the markets. 99% of the populous is way too stupid to know how to invest and because of that they're going to have nothing when they reach retirement age which will be a problem for all of usQuote:
Originally Posted by Fe 26
In addition the fact that there is a lot more access to the funds in DC accounts as compared to DB accounts you also have tons of stupid people who don't know how to live within their means and are constantly taking money out so they have no retirement savings
Yep shit is fucked long term
Bbobb: I actually set my account to be much lower risk than recommended due to my distrust of the market. Surprisingly, it's kicked ass this year.
I wasted two minutes I can't get back before I decided that the guy's "information" and "logic" matched his "taste" in "art." The US funds something like 80% of all medical research, and I guarantee you that is buried in this guy's charts. If you'd like to never find a cure for cancer, do everything we're currently trying to do to make health insurance more expensive while also reducing research spending.
It's a global market. Just because the funding is done in the US (and a lot of funding is from the gubment), it doesn't mean US customers need to pay for it exclusively.
Healthcare costs in the US are so expensive because "they can." That's it. Profit margins are nice and fat here in ways they aren't in other countries, because other countries don't let them.
His graphs probably don't show that the US consumers are paying for it exclusively. It only shows US expenditures per capita, so if some international Biotech firm spends $8B on R&D in the US, then that would translate to $20 per capita.
I wish Yoshi would post some articles or videos for me to not bother reading or watching in their entirety so that I could then go tangential.
I came away from the video with the same thing Diff stated.