Connect with us

Opinion Editorials

Will you get to retire? Boomers, their kids headed for sad reality

With the Boomer generation and their children on their current path, retirement will not be a reality for many, but there is an answer and it lies within in ourselves.

Published

on

Retirement no longer a priority

Considering the country’s last 40 years of economic history, one might conclude that retirement would be a top priority for most people. The 1970s brought us our first run-in with double digit inflation and interest rates. The 1980s began with a prime rate in excess of 20%. There was 14% inflation, give or take. The FHA interest rate hit around 16.5%. Unemployment was 9% — or higher if you believe the real, non-spun numbers.

The 1980s also saw the top marginal personal income tax rate slashed from 70% to 28%. Employment blew up positively, causing the unemployment rate to drop like a rock. The economy recovered, over 20 million jobs were added, and life was good.

Then, in the 1990s we endured the S&L ‘Crisis’. Commercial properties all over the nation ended up being sold for pennies on the dollar. Real estate in general was a no-go. In fact, I’d take it further. For around half that decade real estate was, to use an industry technical term, in limbo.

The only good thing about that decade was that after 10-15 years of drastically reduced taxes, welfare reform, and a reduction in capital gains taxes, our leaders in D.C. Gumped their way into a balanced budget — that is, as long as you didn’t look too closely at their accounting.

Enter the Darth Vader Economy

The Bubble came — had its way with us, and left. It was akin to an economic F-4 tornado following 5-8 years of perpetual spring and summer. In the process, regular folk invested in the Nasdaq, lost the shirts off their backs at the start of the century. I had a couple clients who literally lost almost 40% of their retirement nest egg in that crash. Try goin’ from $500,000 to just over $300,000 faster than you can watch it happen.

Same thing happened on a bigger scale in 2008. Imagine being retired in 2007 when the stock market crash of 2008 hit. Or, how ’bout those poor people scheduled to retire in late 2008? That couldn’t have been a normal Thanksgiving.

The current unemployment fiction says over 8% of us are unemployed. Really? Yup, it’s true. ‘Course to get to that figure those in power found it necessary to remove more than a million citizens from the equation. Seems you’re not unemployed after a certain time period. Who knew?

Rents are now rising while vacancy rates are falling. Not everywhere, but it appears to be a nationwide trend. We’ll see. The percentage of Americans buying their own homes is decreasing annually. Most of us have realized by now, that this isn’t just another economic cycle which will end by completing the circle with a pretty ‘recovery bow’.

The retirements of millions of Boomer-Americans are not only gonna be postponed. Many will never truly retire. They will never stop working. Those who can’t will begin living with family, almost always one of their kids. If not, their kids will at least be providing significant financial support to fill the gap. This will necessarily stretch their kids’ budgets, while simultaneously transferring potential investment dollars to parent care dollars. I realize that’s not fun to read. It’s a whole buncha real though — and like a virus it’s already spreading.

The Catch-22 for Boomers’ progeny

Many have indeed learned from watching older generations in their family retire less than well. The writing on the wall for thousands of Boomers’ kids is that one, if not both their parents will need them as they reach retirement age and older. On one hand they realize they need to prepare seriously for their own retirement. On the other hand reality inserts their parents into their longterm planning. They want to execute a solid retirement plan. But diverting significant investment capital to maintain Mom and/or Dad in their old age acts as a governor of sorts on how effective their plan can be.

What to do?

I hate to put it this way, but it depends. 401Ks are a virtual guaranteed loser. Ditto with IRAs. Let’s not debate those statements. Do your own surveys. Whenever I’ve challenged people to do that, they’re astounded by the fact they can’t locate anyone who’s retired with even a mediocre income via their job related ‘retirement plan’. Real estate investing takes seed capital and capital reserves. Most of ’em believe Social Security is an oxymoronic phrase — and why should be blame them? Pensions are only found (except for gov’t workers) in history books.

The only hope for BoomerKids

They need to face a harsh reality. The government isn’t their mommy. Trying to rob those who spend their lives as magnificent producers in order to fund their own needs is not only a losing strategy, it’s for losers. The majority of our kids better step up to the plate and realize any form of consistent collectivist government is a guaranteed FAIL. Millions are now watching with their own ‘lyin’ eyes’ how low the bar is set when their parents’ ‘Golden Years’ are financed by others’ efforts. Pretty soon those ‘others’ find a way to avoid playing the part of Peter in the Robbing Peter to pay Paul vignette.

Self reliance is the key. It’s what America was known for since its creation. We’re either gonna realize this and correct course, or we’ll pay the same price every citizen of every collectivist government has paid throughout history.  Complete and irreversible failure as a nation. Any nation is only as strong as it’s core beliefs and principles. They didn’t volunteer for this mission, but the offspring of the Boomer Generation will, for good or ill, be the pivot for America, the Idea. If they steer us back to our foundational values we’ll begin to pull back from the cliff’s edge. If, instead, they opt for keepin’ their hands in Peter’s pockets?

They’re not far from livin’ in a world where everyone is a ‘Paul’ and Peter left town. Then retirement will be something their grandparents did.

Continue Reading
Advertisement
19 Comments

19 Comments

  1. Roland Estrada

    March 15, 2012 at 2:37 am

    Amen brother!!

  2. Missy Caulk

    March 15, 2012 at 8:48 am

    Excellent, the Google+ button is not working. 🙁

  3. D Evans

    March 17, 2012 at 11:32 am

    401k’s, IRAs and Roths made us millionaires. Use them to your advantage.

  4. Teresa Boardman

    March 18, 2012 at 8:12 am

    some of this rings true but I can’t see children supporting parents. it just doesn’t happen which is a good thing. However I agree that many boomers will never stop working. because of that stock market crash, the recession and the housing crash I will need to work until I am at least 120 years old. Self employment is the only way to make that happen because people who are much over 50 rarely get job offers.

  5. Ryan

    April 9, 2012 at 10:58 am

    Aw, come on those sheep don’t need pensions. They don’t even need soical security. Their well-planned retirements will include vast stores of cat food and Ramen noodles.I read at HuffPo where some Dems in Congress were retaliating with Where are the jobs? since the house majority went to the GOP. Clearly that’s rhetorical because anyone with a pulse knows the GOP is exploiting the current situation without any real expectation of creating jobs despite what they might say at times.So in a political environment where many have drank the Kool-aid informing them that it’s not government’s job to help it is legitimate to ask what will help? and also why the only remedy available to the GOP (after possibly drowning government in the bathtub), corporate America, is not helping either. Isn’t it kind of strange this isn’t asked more? Good of you to point is out. Maybe it will catch on. Maybe the Dem leadership will start to play offense for the first time.Many say that the sheeple never turn their attention to the elite because they someday dream of joining the upper class. The sheeple would rather smack down the ones one rung higher on the ladder than move up themselves. That looks more like they’ve concluded reaching the upper class is an unattainable dream and they’re just spiteful. Clearly they trust the hand that feeds them poorly more than those who say they can change the hand that feeds.They can’t seem to get their heads around how it is exactly the corporate failure to help them that has made the corporate successes possible.

Leave a Reply

Your email address will not be published. Required fields are marked *

Opinion Editorials

Job listings are popping up left and right, so what exactly *is* UX writing?

(EDITORIAL) While UX writing is not technically new, it is seemingly becoming more and more prevalent. The job titles are everywhere, so what is it?

Published

on

UX writing

The work of a UX writer is something you come across every day. Whether you’re hailing an Uber or browsing Spotify for that one Drake song, your overall user experience is affected by the words you read at each touchpoint.

A UX writer facilitates a smooth interaction between user and product at each of these touchpoints through carefully chosen words.

Some of the most common touchpoints these writers work on are interface copy, emails, and notifications. It doesn’t sound like the most thrilling stuff, but imagine using your favorite apps without all the thoughtful confirmation messages we take for granted. Take Eat24’s food delivery app, instead of a boring loading visual, users get a witty message like “smoking salmon” or “slurping noodles.”

Eat24’s app has UX writing that works because it’s engaging.

Xfinity’s mobile app provides a pleasant user experience by being intuitive. Shows that are available on your phone are clearly labeled under “Available Out of Home.” I’m bummed that Law & Order: SVU isn’t available, but thanks to thoughtful UX writing at least I knew that sad fact ahead of time.

Regardless of where you find these writer’s work, there are three traits an effective UX writer must-have. Excellent communication skills are a must. The ability to empathize with the user is on almost every job post. But from my own experience working with UX teams, I’d argue for the ability to advocate as the most important skill.

UX writers may have a very specialized mission, but they typically work within a greater user experience design team. In larger companies, some UX writers even work with a smaller team of fellow writers. Decisions aren’t made in isolation. You can be the wittiest writer, with a design decision based on obsessive user research, but if you can’t advocate for those decisions then what’s the point?

I mentioned several soft skills, but that doesn’t mean aspiring UX writers can’t benefit from developing a few specific tech skills. While the field doesn’t require a background in web development, UX writers often collaborate with engineering teams. Learning some basic web development principles such as responsive design can help writers create a better user experience across all devices. In a world of rapid prototyping, I’d also suggest learning a few prototyping apps. Several are free to try and super intuitive.

Now that the UX in front of the writer no longer intimidates you, go check out ADJ, The American Genius’ Facebook Group for Austin digital job seekers and employers. User-centric design isn’t going anywhere and with everyone getting into the automation game, you can expect even more opportunities in UX writing.

Continue Reading

Opinion Editorials

Have an in-person job interview? 7 tips to crush the competition

EDITORIAL) While we all know the usual interview schtick, take some time to really study for your next face-to-face job interview.

Published

on

Job interview between two women.

So, you’re all scheduled for an in-person interview for a job you’d kill for. It’s exciting that you’ve made it to this step, but the question is, are you ready? Especially with remote interviews being the new norm, your nerves may feel shaken up a bit to interview in person – but you’ve got this! And many of these tips can be applied no matter the interview setting.

We all know the basics of a job interview: dress nice, get there early, come prepared, firm handshake, yada, yada, yada… However, it’s good to really sit and think about all of the requirements of a successful interview.

There are seven steps for crushing a face-to-face interview. Do your homework upside down and inside out in order to walk into that room.

Which brings us to the first step: know everything you need to know backwards and forwards.

This can be done in two steps: getting to know the company and getting to know yourself. By doing website, social media, and LinkedIn research, you can get a feel of the company culture as well as the position you’re interviewing for.

By getting to know yourself, have a friend ask you some interview questions so you can practice. Also, take a look at your resume through the eyes of someone who doesn’t know you. Make sure everything is clear and can compete with other candidates.

The next step is to anticipate solving future problems. Have some insight on the department that you are interviewing for and come prepared with ideas of how to better this department. (i.e. if it’s marketing, give examples of campaigns you’ve done in the past that have proven to have been successful.)

Step number three requires you to go back to the research board and get some information on the employer. Find out who you’re meeting with (head of HR, head of the department, etc.) and make your self-presentation appropriate for the given person.

Next, work on making the interview conversation a meaningful one. This can be done by asking questions as people like to see you take an interest in them. Also, be sure to never answer the questions as if it’s your regular spiel. Treat each job interview as if this is the first time you’re presenting your employability information.

With this, your next step is to have stories prepared for the job interview. Anecdotes and examples of previous jobs or volunteer/organization experiences can help bring life to an otherwise run-of-the-mill resume.

After this, you’ll want to make sure that you’re showing enthusiasm for the position you’re interviewing for. Don’t jump on the couch in the lobby like you’re Tom Cruise on Oprah, but definitely portray that you’re excited and up for the challenge.

Lastly, make a good impression by being impressive. Be professional and in control of your body language. Put yourself in the mindset of whatever position you’re interviewing for and show them that you have what it takes.

Continue Reading

Opinion Editorials

The benefits of remote work are just too good to overlook

(EDITORIAL) Employees scream it from the rooftops and businesses don’t want to admit it: Remote work is just too beneficial to pass up- and here’s why.

Published

on

Work from home written with scrabble letters.

Remote work has been rising in popularity in the past several years. Especially following the COVID-19 global pandemic, more companies saw significant benefits for both their business and their staff that went beyond the realm of finances by allowing remote labor.

Less happily, many people lost their job during the pandemic, but they ended up having more time to put toward their passions or were compelled to get creative with their remote business ideas to ensure a consistent stream of income.

If you remain on the fence about allowing your employees to work remotely, or are considering a career shift yourself, take a look at the top four benefits of working remotely, which may sway your decision.

Better Overall Quality of Life

Allowing your employees to work remotely doesn’t necessarily mean they work from home full time. There are benefits to having your employees work in an office part of the time – say, two or three days – and working from home, in more familiar surroundings, the rest of the week.

In this way, your workers enjoy some freedom and independence while retaining the ability to interact face-to-face with their peers. That provides human interaction, which can play a substantial role in terms of improved mental health for your staff.

Happy employees means healthier employees, which can save your outfit money in the form of healthcare costs and lost productivity. But we will get further into the cost-saving benefits a little further on.

If you’re a remote worker, you should see yourself becoming significantly more productive. But why would this be the case if you don’t have a manager over your shoulder watching your every move?

It’s true that when employees have a greater sense of independence, they also experience a significant sense of trust on the part of their employers and managers. This is one of the huge benefits of working remotely because it has a trickle-down effect on the quality and overall production of people’s work.

Can Work Anywhere with Internet

Whether you are a small business owner or have crafted your work to tailor toward a life of remote labor, this is an opportunity for someone who has dreamed of being a digital nomad. You have the ability to work anywhere in the world as long as you have access to the Internet. If you love to travel, this is a chance to spend time in various places around the globe while continuing to meet your deadlines.

Multi-member Zoom call on a Apple Mac laptop with a blue mug of black coffee next to it.

Set Your Own Hours

In some cases with remote businesses, you have the freedom to set your own hours. Content writers, for instance, tend to enjoy more flexibility with regard to when they work because a lot of what they produce is project-based rather than tied to a nine-to-five schedule.

When you’re a business owner, this can be incredibly useful when you outsource tasks to save money. You can find a higher quality of performance by searching for contractors anywhere in the world and it doesn’t limit you to workers who live near to your office.

Saves Everyone Time and Money

 In the end, remote work typically saves money for every person and entity involved. Businesses save costs in terms of not having to pay for a physical space, utilities, Internet, and other expenses. This allows you, as the owner, to spend more of your income on providing quality software and benefits for your employees so your operation runs more smoothly and efficiently.

According to FlexJobs, employees or remote business owners may save around $4,000 on average every year for expenses such as car maintenance, transportation, professional clothing in the office, or even money spent dining out for lunch with coworkers. Eventually, the costs add up, which means extra money in your pocket to take that much-needed vacation or save up for a down payment on your first home.

These benefits of working remotely only skim the surface. There are also sustainability factors such as removing cars from the roads and streets, because people don’t have to travel to and from an office; or employees missing fewer workdays since they have the ability and freedom to clock in from home.

Weigh the pros and cons as to whether remote work is right for you as a business owner or online professional. You might be surprised to find that working from home for more than the duration of the pandemic is worthwhile and could have long-lasting benefits.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!