Question on income and asset protection and the USD etc
This is a question for you yanks, as the majority you seem to be well off, well educated and politically/economically in tune with current affairs.
Let me first pose the question, then explain why it comes about.
Q: what percentage of Americans from the ‘boomer sector’ (said to be about 76 million) will hit a lifestyle/economic crisis when they retire. And what do you think, (referring to this sector only –boomer-in-crisis) on average their free and clear asset base is? (i.e. household)
To explain a bit. Two buddies of mine in the US, (mid-boomers) independently of each other both raised the same topical questions to me over the holidays, which focused on their concern for their financial well being when they hit retirement.
In this scenario, the income will stop, and the portfolio of assets they have accumulated may-or-may-not get them thru the post retirement phase in a life style they are accustomed to. (they each feel, probably will not).
One chap, who is financial consultant, has socked away a percentage of his income over the years, the other is not quite as well-prepared. So the conversation branched to the numbers of people in the same boat as they. One fellow thinks a lot of the middle class will be in crisis, as the pension funds are eroded, many collapsed – the Government back-up is not there. They each tossed some numbers at me, and the general feeling was that about 10 million people now living comfortably will be headed for the poor house. What do y’all think?
Is this number 10 mil people high? Low? Is their overall concern warranted? In general terms, what type of asset base (value)would they need to be sitting on to get though say 20 years of retirement and maintain the current life style (means average middle class)?
This is a question for you yanks, as the majority you seem to be well off, well educated and politically/economically in tune with current affairs.
Let me first pose the question, then explain why it comes about.
Q: what percentage of Americans from the ‘boomer sector’ (said to be about 76 million) will hit a lifestyle/economic crisis when they retire. And what do you think, (referring to this sector only –boomer-in-crisis) on average their free and clear asset base is? (i.e. household)
To explain a bit. Two buddies of mine in the US, (mid-boomers) independently of each other both raised the same topical questions to me over the holidays, which focused on their concern for their financial well being when they hit retirement.
In this scenario, the income will stop, and the portfolio of assets they have accumulated may-or-may-not get them thru the post retirement phase in a life style they are accustomed to. (they each feel, probably will not).
One chap, who is financial consultant, has socked away a percentage of his income over the years, the other is not quite as well-prepared. So the conversation branched to the numbers of people in the same boat as they. One fellow thinks a lot of the middle class will be in crisis, as the pension funds are eroded, many collapsed – the Government back-up is not there. They each tossed some numbers at me, and the general feeling was that about 10 million people now living comfortably will be headed for the poor house. What do y’all think?
Is this number 10 mil people high? Low? Is their overall concern warranted? In general terms, what type of asset base (value)would they need to be sitting on to get though say 20 years of retirement and maintain the current life style (means average middle class)?