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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: RockyBalboa who wrote (215997)8/17/2009 9:52:03 AM
From: ggershRead Replies (3) of 306849
 
The next chapter has been written and has been put out into Main St. -ng-

Before I get to next week’s data and the credit markets, I have a story to share. I date a school teacher of 27 years. Karolyn is 51 years old. She has numerous Masters Degrees and earns a very respectable salary. Why she is dating me, one only knows. I think she likes the “bad boy” thing.

Anyhow, Karolyn has been putting “X” amount away in a teachers pension fund for all those years. Her intention was to retire at the age of 58 and live very comfortably off her retirement.

Karolyn was just notified by her pension fund that upon retirement, if she plans on receiving the predetermined “X” amount, she has to double her contribution. Why does that not surprise me? Unfortunately, it sure caught her by surprise. This is a woman who raised five children and never lived above her means. She had a game plan and a bunch of greedy bastards who earn 10 to 20 times more than Karolyn screwed her. And now this year, these greedy bastards will all pay themselves handsomely. It is not a profit until you take it.

So have a good think about this. After putting money in a retirement fund for the past 27 years, how many Baby Boomers received the same news Karolyn received? How many Baby Boomers will not be retiring at 58? How many Baby Boomers are saving more and spending less? The long-term repercussions will keep a lid on Wall Street for many years to come.
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