The typical household income for people age 55 to 64 years old is almost 10 percent less in today’s dollars than it was when the recovery officially began three years ago, according to a new report from Sentier Research, a data analysis company that specializes in demographic and income data.
Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply.
The decline looks even worse when comparing today’s incomes to those when the recession began in December 2007. Then, the median household income was $54,916, meaning that incomes have fallen 7.2 percent since the economy last peaked.
READ IT HERE
Excuse me, but WHY IS ANY POLL CLOSE?
From recession into depression?
ReplyDeleteWhat this means is that anyone over 45 who has been harmed fiscally for any reason by all this, will be extremely fortunate if their position the day they retire is what it was the day they were 45.
ReplyDeleteConsidering the unemployment, underemployment, and HS level employment of the collge graduated and debt laden children of many of these 45 yr olds +, WE ARE F*CKED as a nation.
It is not Obama's fault that Sept 2008 happened, it IS his fault that he not only made it worse, but also clung to non working solutions in the face of FACT.
When my wife and I were 45 we were in good shape. We carried some hefty debt but nothing we couldn't pay minimums + more each month. 401ks and savings were in good shape, too.
ReplyDeleteThen when things turned south we lost 30-40% of our 401Ks and that never really rcovered.
Now we're 50 (and I'm bearing down on 51 fast) and after 4 years of combined unemployment the 401Ks are gone, the house is underwater, the creditor calls are out of control, she's working for 1/3 less than she was 5 years ago and I start Monday at a job where my hourly rate will be 70% less than I was making 5 years ago AND there will be far fewer hours.
I don't wory about retirement because I don't foresee a day I will ever be able to retire. It's all I can do to keep it together day to day.
As far as I'm concerned this IS a depression and Franklin Delano Obama needs to go.
If this gavone gets in again ...
ReplyDeleteMR this is going to sound horrible, but think about worst case planning. You WILL retire, and it will be @ 62 and not because you want to.
You will retire because the jobs you now have, will go to younger kids who will accept less. They can accept less because they are living at home. They are living at home with their parents who were forced to retire @ 62 because there are no jobs for those of that age.
And that will be the new america.
We won't be worrying about the muslim brotherhood. We won't be worrying over Rooski Akula subs cruising the gulf of mexico. We won't be worrying about Chavez. We won't be worrying over Assad and Khameinei. We won't be worrying about too much aid for Israel. We won't be worrying about national debt. We won't be worrying about the usa's balance of payments. We won't be worrying about pussy riot.
We will only be thinking about how to pay that electric bill,so the food we bought with food stamps won't spoil in the fridge, and that it will last until we get the next social security check which is greatly reduced because it was the only way to get income @ 62.
Everyone getting psyched to be volunteering to drive people to the polls to vote for MittRyan?