The reason I call this blog MyGoldWatch is because I believe my generation is the first one to grow up believing (well, it's always been in the back of our minds anyway) that our social safety nets will not be there when we get ready to retire at 62.
So, I believed that I would find a good job with a good company, pay into the pension plan and one day retire at the age of now, 65. Yeah, there was going to be a nice ceremony where your boss gives you your gold watch to take home and put in the top dresser drawer.
Then, just as I got that job and started thinking of retirement, lo and behold the 401K was created. And company stock was offered."Just help the company be the best it could be and you will get a share. You don't need no stinking union. You can just be partners with us and reap the benefits too."
And the risk. Actually most of the risk. Pension plans are bankrupt. Shares of company stock ain't worth a pinch of monkey shit and our 401Ks are like empty Walmart bags. And the new retirement age is now 72.
But who can afford it?
bc
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