BoomerVille: Dow Futures Down, Is It Good Luck or Bad Life to Have Very Long Life?
No surprise, with the Iran War fallout, Dow futures are down:
But, there is some good news for those of us Boomers already receiving Social Security retirement funds. The grim projection the media loves publishing is that in six years our monthly payment could be reduced by up to 20%. For the average check that could mean $400.
Well, I still put on my old journalism hat. What I am uncovering is that whether Congress acts or not to prevent this cut current retirees might not be affected. Those targeted are the unlucky folks just coming up on eligibility and those for whom the eligibility age could again be raised. The later could reach 70 years of age.
So, despite the curve balls that we Boomers had encountered since the mid-1970s, we might still be the luckiest generation in America.
Higher education was cheap. My undergraduate annual tuition was $700. And colleges still hadn't figured out they could make a killing on housing. My room and board was relative peanuts.
The economic boom had been kicking in by time we were in high school. Those part-time jobs were plentiful and when I graduated college the folks there offered me a full-time job. But the blind faith was in the more education the better so instead of a career I opted for a free ride to a doctorate. Unfortunately it was in the humanities so that was my first reversal of fortunate.
However, not to worry, after three years wandering in the career wasteland I found my way into a 40-year career in communications. Then, another reversal of fortune: That collapsed. More good luck was that I had sidelines to transform into how to earn a living.
The current challenges are the threats to our nest eggs and reserves in our checking accounts. Just had an unexpected dental bill. The stock market is an unknown. Even my financial advisor admits not-knowing. Of course, any playing around with Social Security could leave a hole in our budgets.
Also, choice is lots more limited. More of us have bit the bullet and relocated to LCOL (Low Cost of Living) regions. A common fantasy topic of conversation is: Where would you be living if you had the money? I fancy being a freethinker in Vermont. And not having to blink at the winter energy bill.
As we Boomers enter our 80s we hold our breath and hope our luck doesn't totally run out. One piece of that becomes ambiguous: Is it good luck or bad luck to have a very long life?
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