Let's get Generational!

[arminnie]

Baby boomer here, but if I were just a few months older I'd be generational.

Interesting about savings, etc. I think a lot of how you afford retirement depends on the cost of living where you are. My grandparents who would be 120 years old and my parents who would be 95 years old did live off of social security. And being in Arkansas I could live in senior independent living (very nice place) if all I had was SS - but I get maximum SS.

I retired early at 55 so I did my part in getting out of the job market to make room for others. I fortunately had a pension and a 401k.

But I have a section 8 apartment complex for seniors near me. I've made friends with many of the residents. Most are living on lower SS and some get food stamps. But they are so happy and have such a great time. My DH and I went to a party they had recently. They were all dancing, eating shared potluck, and just having a ball. I swear it is more like a college dorm experience. I know they are happier than some very wealthy older people I know who live in mansions all alone.

 

[SirDuff]

Not looking to start another war over Canada, but only 2 of my 13 cousins in Canada worked to age 60. One of my cousins said once you have 30 years in and are age 55 they make it tough not to retire. Several of them have gotten financial incentives to retire to open up their job for younger, and lower paid workers.

I always find your Canadian family's experience so different from mine - weird. I only know one person/organization where they made it tough not to retire at age 55/with 30 years. Definitely not a Canadian norm.

 

[LovesTimone]

I am a Boomer, and DH is Gen X.... both of us barely made it into "our" categories. I also think not only when you were born but where in the country you live and how you were raised comes into the picture. How you perceive things, like growing up in the city or country.

 

[adelaster]

I am a Boomer, and DH is Gen X.... both of us barely made it into "our" categories. I also think not only when you were born but where in the country you live and how you were raised comes into the picture. How you perceive things, like growing up in the city or country.

Most assuredly!

 

[tvguy]

I always find your Canadian family's experience so different from mine - weird. I only know one person/organization where they made it tough not to retire at age 55/with 30 years. Definitely not a Canadian norm.

Lots of teachers in my family. So public sector may make the difference. I even remember one Aunt and Uncle who got some very nice cash incentives for them to vacate their jobs at 55, but that was in the 1980s in Saskatchewan.

 

[ronandannette]

I always find your Canadian family's experience so different from mine - weird. I only know one person/organization where they made it tough not to retire at age 55/with 30 years. Definitely not a Canadian norm.

Not to mention most of his Canadian anecdotal experiences seem to be several decades old.

Lots of teachers in my family. So public sector may make the difference. I even remember one Aunt and Uncle who got some very nice cash incentives for them to vacate their jobs at 55, but that was in the 1980s in Saskatchewan.

Ya think? The vast majority of Canadians currently in the workforce (and I dare say most Americans too) have spent their working lives in professions with no private pension. In more recent history larger employers have begun to offer matching RRSP contributions but even that was not available to most Boomers. I myself work for one of the largest privately-held companies in the country and our "matching incentive" only began 4 years ago. Many of my coworkers have been with the company for more than 25 years - during which time they would have been entirely on their own for retirement savings.