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In fairly basic terms can someone explain the downfalls of this.
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I am retired because I saved well…… AND ....I didn’t buy a house I couldn’t afford, I didn’t pay for college educations that I couldn’t afford ...
But now we have a younger generation who feel entitled to all the good things in life....
I had a job that required a college degree, and I lost because it was off shored, my wife had a job that required a college and guess what, it was off shored. At today’s tuition costs a college education is a waste of money in my opinion. Much better off learning a trade that can’t be off shored to India.To be fair, the cost of housing (both ownership and rentals) is vastly higher now than it was when you likely got into the housing market. The cost of education has also increased exponentially, coupled with an increase in jobs that require degrees. Oh, as for the younger generations, they’ll likely lose social security money that they paid into, because your generation mismanaged it. Sure, it’s a ponzy scheme at heart, but its funds were still pillaged for other purposes by the “older” generations.
I agree with some of your sentiment in regards to the consumerist culture of current society, but it’s not really a generational thing. There’s enough blame to go around.
I had a job that required a college degree, and I lost because it was off shored, my wife had a job that required a college and guess what, it was off shored. At today’s tuition costs a college education is a waste of money in my opinion. Much better off learning a trade that can’t be off shored to India.
Sorry for the rant, sensitive subject with me. I do understand your point, things have changed since I entered the job and housing market. But some of the idea’s on how to handle these changes I don’t agree with.
To be fair, the cost of housing (both ownership and rentals) is vastly higher now than it was when you likely got into the housing market. The cost of education has also increased exponentially, coupled with an increase in jobs that require degrees. Oh, as for the younger generations, they’ll likely lose social security money that they paid into, because your generation mismanaged it. Sure, it’s a ponzy scheme at heart, but its funds were still pillaged for other purposes by the “older” generations.
I agree with some of your sentiment in regards to the consumerist culture of current society, but it’s not really a generational thing. There’s enough blame to go around.
I thought that same thing so that's why I asked for a simplification. From what I understand from a previous poster that was not mentioned in the linked article is that they want to change how money that you leave to your survivors in a 401k is taxed .I can’t find what’s wrong with this? It doesn’t Tax my retirement savings more,it doesn’t preclude me from collecting Social Security etc. seems to just enable people to get into 402ks easier. That’s not a bad thing
I thought that same thing so that's why I asked for a simplification. From what I understand from a previous poster that was not mentioned in the linked article is that they want to change how money that you leave to your survivors in a 401k is taxed .
As for a college education and debt . . .
There is a lot to be said for Co-Op programs. I lived at home but easily made more than enough money on Co-Op to pay all of my tuition and books, with money left over. It also gave a sense of responsibility and real-world experience prior to graduation. What I gave up was all those Summers slumming on the beach, but it was well worth it. When I worked for DEC, I started a Co-Op program in my department, we paid them very well (women I hired got the same rate as men, no inequality) and we hired every one of them after graduation. It was a great win-win for all involved.
Am I the only one reading this and thinking it sounds like once you run out of money, you get executed?