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Retirement ´Perfect Storm´
Coming in 2013

CNBC News, by Mark Koba

Original Article

Posted By:NorthernDog, 11/15/2012 2:57:45 PM

An estimated 7 million Americans will reach the age of 65 by the start of 2013, and many will no doubt be thinking about retiring. But even if falling off the "fiscal cliff´ is avoided, some financial experts are warning anyone thinking about trading in their paycheck for a retirement fund next year. "It´s kind of a perfect storm in 2013 when you think about it," said Jason Wheeler, CEO of Pathfinder Wealth Consulting. "With questions about taxes, spending cuts, the markets, health care-and then put those together with the number of seniors wanting to retire
Headline split by staff.

Comments:
Obama´s new taxes could wipe-out a lot of planned-for retirement income.

      


Post Reply  

Reply 1 - Posted by: shamus, 11/15/2012 3:01:55 PM     (No. 9016693)

80 is the new 65

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Reply 2 - Posted by: Rather Read, 11/15/2012 3:03:49 PM     (No. 9016698)

I never planned on retiring at 65 anyway. Looks like I won´t be able to.

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Reply 3 - Posted by: KsGirl101, 11/15/2012 3:05:31 PM     (No. 9016707)

I am. I have everything set up to retire Jan 4. I can´t do anymore of this.
Lord help me, I shudder at the thought of having to find a part time convenience store job to help buy groceries and it´s too late to back out now.

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Reply 4 - Posted by: 6079 Smith, W, 11/15/2012 3:13:15 PM     (No. 9016727)

And with us working longer and no growth in the economy to create new jobs, all those kids trying to enter the job market will have a very hard time of it. But, they voted for this, so maybe they´ll learn after they have been educated.

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Reply 5 - Posted by: Ribicon, 11/15/2012 3:22:01 PM     (No. 9016752)

Work until you drop dead, shoulder to the wheel. "The new normal," all to fund the government functionaries and their various parasite and corporate welfare beneficiaries.

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Reply 6 - Posted by: lavalette, 11/15/2012 3:26:02 PM     (No. 9016762)

OTOH, if you keep working, your money stays in retirement funds and 401k funds, where, if the goverment chooses to steal them and replace them with some worthless annuity, there is nothing you can do. at least if you retire and roll the money over into IRAs you can cash out and pay the taxes. Half a loaf is better than none.

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Reply 7 - Posted by: otronome, 11/15/2012 3:36:45 PM     (No. 9016795)

What is with the 65 year thing?

Take a look at what is happening. Disability at age 55-62 and partial SS at 62 is the growing trend. The looting of the treasury is going to drain any funds that people waiting until their late 60´s thought they would see from SS.

System is broken and well beyond a simple fix. We have movedd on to having a meltdwn that will lead to a long delayed overhual whether our math challengedd leaders want it or not.

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Reply 8 - Posted by: rubberneck, 11/15/2012 3:37:10 PM     (No. 9016797)

If you´re pulling the cart, you better keep working.

If you´re riding in the cart, as long as you can vote for Democrats, you´re safe.

When you´re no longer needed... no retirement. We need Soylent Green!

(I´ve been hoping to retire sometime in the next 5-7 years... don´t know if that dream is slipping away.)

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Reply 9 - Posted by: grambo, 11/15/2012 3:55:08 PM     (No. 9016825)

As a physician of retirement age, I should keep working in this financial perfect storm, but won’t be able to make a living under ObamaDon’tCare. What to do, what to do?

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Reply 10 - Posted by: MMC, 11/15/2012 4:00:54 PM     (No. 9016833)

Stay a part of the productive work force... as long as you can.. We now have Death Panels for the unproductive members of society.



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Reply 11 - Posted by: Jethro bo, 11/15/2012 4:09:53 PM     (No. 9016849)

Obambi is at least an equal opportunity predator. No age, no income level, or no job is safe from his insatiable money grabbing desire.

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Reply 12 - Posted by: BaseballFan, 11/15/2012 4:25:23 PM     (No. 9016882)

Retirement? What´s that?
Social Security? heh. Just money taken from me that I´ll never see again.

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Reply 13 - Posted by: cartcart, 11/15/2012 4:45:53 PM     (No. 9016908)

I could not even begin to tell you how we cannot retire....we have to give up a great income (higher tax bracket and in the 1%) and rely on a poor-performing 401(k) and social security that may or may not be there. Why would I want to give up this income for that income? Better yet, how could I be so stupid as to do it.



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Reply 14 - Posted by: 4Justice, 11/15/2012 5:13:16 PM     (No. 9016946)

I´ll never get to retire. I lost my retirement long ago. I will be working until I keel over or physically am unable to do so anymore.

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Reply 15 - Posted by: dittohead, 11/15/2012 5:14:39 PM     (No. 9016948)

Never thought I would retire and looks like I was right.

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Reply 16 - Posted by: jackburton, 11/15/2012 5:35:00 PM     (No. 9016975)

Hahahahah.

IPAB.

So where´s the problem?

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Reply 17 - Posted by: bkt23, 11/15/2012 5:37:52 PM     (No. 9016977)

First, no one has a right to retire ever. You work to earn money to stay alive and maintain your standard of living. IF AND ONLY IF you have saved while you were younger and have enough to live off of should you consider retiring.

That said, so many who have played by the ruled and paid into their 401k´s and pensions may find their nest egg isn´t all that wonderful. Those who manage pensions and retirement funds often invest in extremely risky instruments and/or buy toxic assets (eg: getting into credit default swaps).

It´s unfair, illegal and morally wrong, but the hard, sick truth of the matter is that unless you hold an asset in your physical possession and can stand in front of it with a rifle to defend it, you don´t really have it. That means every "account" you have, whether it´s a bank account, a retirement fund or a pension.

Welcome to the new normal.

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