Quote:
Originally Posted by Red
and all that resulted in was what? Live with the parents for another year or two?
How would you feel if HALF your pension was wiped out and you were just about to retire?
Don't see how the Y-ers took it harder. They lost nothing other than an opportunity to get a cushy job. Boomers lost half their life savings.
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Lol...
I'd also like to mention that a lot of boomers had Defined Benefit pensions, most of which are now being purged from existence with only those boomers being grandfathered into it. We recently had ours purged 4 years ago at the company I work for with the cut off age being 53.
This has become a pretty steady trend with companies recently, axing DBs and moving to DCs only, because of what you mentioned, the stock market crash.
However, the result of this for many boomers is not that they lost all of their retirement savings (not saying it wasn't a big hit), but that the current generation will continue to finance these bloated plans so that boomers can achieve their previously defined benefit - i.e. guaranteed retirement income.