What are your thoughts on reports that say recent college grads may have to work until age 75?

Sgt Tom Cunnally — Thu, 22 Oct 2015 06:57:18 -0400

http://www.msn.com/en-us/money/markets/new-grads-may-have-to-work-till-theyre-75-report-predicts/ar-BBmhYRF?ocid=spartandhp

New grads may have to work till they're 75, report predicts

A NerdWallet report predicts young workers will need to work an additional 13 years on average to save enough for retirement.

Response by PO1 John Miller made Oct 22 at 2015 6:59 AM

PO1 John Miller — Thu, 22 Oct 2015 06:59:31 -0400

They should join the military and serve for 20 years. Boom, retirement paid for! :)

Response by Sgt Tom Cunnally made Oct 22 at 2015 7:01 AM

Sgt Tom Cunnally — Thu, 22 Oct 2015 07:01:42 -0400

This is a subject that I know a little about. I recently had this discussion with a Pre Med Student at BC who told he will graduate next year with @$120,000 student debt. And has no clue how long it will take for him to pay off this debt and not sure how much he will earn as an Intern.. I was shocked with this amount of debt but later learned it was not out of the range for some college grads. But most have @ $35,000 - $50,000.00...

Response by Sgt Tom Cunnally made Oct 22 at 2015 7:13 AM

Sgt Tom Cunnally — Thu, 22 Oct 2015 07:13:13 -0400

Researchers at Nerdwallet, the financial site that published the report Wednesday, cited rising rents and student debt levels. "Millennials are facing a unique challenge in ever-rising student debt that is really impacting their ability to save early in their careers," said NerdWallet investing manager Kyle Ramsay.

Meanwhile, the cost of renting a home in the U.S. has risen to its least affordable levels ever, taking up a record proportion of income in most major cities, according to a study from property website Zillow. Renters in the U.S. can now expect to pay around 30.2 percent of their monthly income for rent on average, even more in some high-cost areas like Los Angeles, New York and Miami.
http://www.msn.com/en-us/money/markets/new-grads-may-have-to-work-till-theyre-75-report-predicts/ar-BBmhYRF?ocid=spartandhp

Response by Sgt Tom Cunnally made Oct 22 at 2015 7:57 AM

Sgt Tom Cunnally — Thu, 22 Oct 2015 07:57:49 -0400

Average U.S. Retirement Age Rises to 62

Response by MSgt Curtis Ellis made Oct 22 at 2015 9:37 AM

MSgt Curtis Ellis — Thu, 22 Oct 2015 09:37:56 -0400

Makes lowering the mandatory retirement age a little useless...

Response by LCDR Private RallyPoint Member made Oct 22 at 2015 10:29 AM

LCDR Private RallyPoint Member — Thu, 22 Oct 2015 10:29:28 -0400

I take it for granted that I will work until I am no longer physically able...then pray I pass on before I eat up what savings my wife and I have, and in such a manner that will allow her to quickly claim my life insurance :)

Response by MCPO Roger Collins made Oct 22 at 2015 10:36 AM

MCPO Roger Collins — Thu, 22 Oct 2015 10:36:41 -0400

Tom I may be off base in this response, but from what I see, the issue is the Feds taking over student loans. Look at what happened and the debt in total as of today. With all the discussions from the left about eliminating the student loan debt, who is actually paying off their loans. Wait and it will be dismissed, in their opinion. If these people didn't read the fine print and know how much debt they were piling up, I'm not sure I want them in a position requiring a modicum of intelligence. Even after graduation.

Response by Sgt Private RallyPoint Member made Oct 22 at 2015 11:50 AM

Sgt Private RallyPoint Member — Thu, 22 Oct 2015 11:50:58 -0400

In general, it's getting more expensive to but things, and people might be going more in debt, not sure....

Response by SGT Jeremiah B. made Oct 22 at 2015 12:06 PM

SGT Jeremiah B. — Thu, 22 Oct 2015 12:06:33 -0400

On the other hand, the younger generation is doing a FAR better job at saving for retirement than the boomers. It'll be interesting to see how it all pans out.

I totally get what the author is saying. What a lot of boomers don't get is just how expensive modern life is compared to when they were in the same position. College is practically mandatory and stupid expensive. Things like cellphones and internet access are as well. Rent is also at an all time high and the ability to get a loan is lower than it has been. Yeah, incomes have largely stagnated but non-negotiable expenses have ballooned. It's not a good mixture long term.

Response by SSG Audwin Scott made Oct 22 at 2015 12:49 PM

SSG Audwin Scott — Thu, 22 Oct 2015 12:49:46 -0400

Well Tom, The sad thing about it is it's probably true. Most college grads are barely making ends meet. Student loans and trying to raise a family is rough, the wages just don't line up.

Response by MAJ Robert (Bob) Petrarca made Oct 22 at 2015 1:01 PM

MAJ Robert (Bob) Petrarca — Thu, 22 Oct 2015 13:01:38 -0400

I believe it as I'll be one of them!

Response by LTC Private RallyPoint Member made Oct 23 at 2015 12:24 AM

LTC Private RallyPoint Member — Fri, 23 Oct 2015 00:24:30 -0400

If you save and invest wisely that wouldn't be the case. The majority of Americans don't know how to mange money; that includes people who make a decent living. What really helps you to get a great head start is to join the military; that would help with educational expenses, medical ,retirement (if you stay long enough active or reserve) , learning a skill that can translate to good paying jobs.

Response by SPC Christopher Perrien made Oct 23 at 2015 8:51 PM

SPC Christopher Perrien — Fri, 23 Oct 2015 20:51:29 -0400

Don't default or ignore your students loans. Always keep them in deferred status when you cannot pay, and pay them off whn/as you can. It is now law if you have unpaid student loans at retirement (63-67),the government will dock your SSi checks until the student loans are paid back.

Response by 1SG Charles Hunter made Oct 23 at 2015 10:24 PM

1SG Charles Hunter — Fri, 23 Oct 2015 22:24:13 -0400

I'm 69, and would still be working if my company hadn't exported my job. Hard to find new work after age 60.

Response by SPC Luis Mendez made Oct 23 at 2015 10:28 PM

SPC Luis Mendez — Fri, 23 Oct 2015 22:28:32 -0400

Interesting! My son and daughter have mentioned this, as well a fellow and younger church member.

My response to ALL is the same: "ONLY GOD knows, so just keep working and saving, AVOID Conspicuous Spending and Pray. Economics is not an Exact Science but a Social Science. Predictions and Prognostics are NOT the same thing as Prophecies from the Almighty. And Alarmists may have a hidden Agenda."

Response by SGM Private RallyPoint Member made Oct 23 at 2015 10:45 PM

SGM Private RallyPoint Member — Fri, 23 Oct 2015 22:45:53 -0400

First, check the statistics. With every increase in student aid, the cost of college has gone up ... at roughly 3 times the inflation rate for several decades now.

Second, check the degrees we are granting. What do we need, what leads to high pay, and what leads to a Burger King Managership? STEM (Science, Technology, Engineering, and Mathematics) degrees are down, and those are good paying jobs going to foreigners. Likewise we need doctors and nurses.

Mike Rowe (Dirty Jobs host) recently wrote a blog about blue collar work paying a lot more than many degree requiring jobs, and of course with much less debt.

I can't make people make smarter choices. So if you think going $100,000 in debt and getting a $35,000 job on the outside is a good deal, go for it. (And pray that the government decides to assume the debt for you.) But I'd like to think that a person getting a college degree would have the basic ability to figure out how he's going to pay off the debt. Maybe we need to offer a pre-college course in Personal Responsibility. If you don't pass, you can't go to college.

Response by SrA Private RallyPoint Member made Oct 23 at 2015 11:04 PM

SrA Private RallyPoint Member — Fri, 23 Oct 2015 23:04:02 -0400

I don't think that they'll have to work until 75. Like some of the other comments said: it's really up to the individual whether he works his life away or learns balance. College costs a lot and the job market can be rough, but if you're willing to find a way, you will.

Response by 1stSgt Private RallyPoint Member made Oct 24 at 2015 9:29 AM

1stSgt Private RallyPoint Member — Sat, 24 Oct 2015 09:29:38 -0400

Kind of blows, but it is what it is. Join the Marines, deal with it for 20 years and retire at 38. Up to them

Response by Capt Jeff S. made Oct 24 at 2015 4:03 PM

Capt Jeff S. — Sat, 24 Oct 2015 16:03:43 -0400

We have so screwed this generation of grads.

* First, by not taking more interest in them and setting a good example for them to follow. This generation of kids has been largely ignored by their parents. We have overdiagnosed conditions like ADD and ADHD, and made excuses for their inability to learn and function, so that we could put them on drugs instead of having to deal with the root cause in many cases, which is lack of parental discipline. Much of their values come not from their parents but the media, which feeds them a steady diet of Progressive values and sexualized garbage! The schools should NOT be tasked with their care and feeding! PARENTS SHOULD be making their children breakfast and lunch, NOT THE SCHOOL SYSTEM!

* Second, by failing to properly educate them. Our school systems (especially the ones with the Common Core curriculum!) are failing our children and teaching them the virtues of socialism, which takes away their desire to excel. We have tried to remove the stress of competition from them and told them they were winners when they did nothing but show up to activities. When I was growing up, performance was rewarded. If you wanted an award or high test score, you had to work to achieve it. Now all kids have to do is show up and they get rewarded. Today, we pad test scores so that the children wouldn't feel stupid.

We are sending so many conflicting and factually inaccurate messages to them. America should be ashamed of its past. People shouldn't own guns because guns kill people. Capitalism and competition are bad. Those who get abortions are being socially responsible. Prayer in schools is prohibited because it is offensive to atheists. Yet, our children are being taught about the virtues of Islam (out of sensitivity to those that seek our destruction) and part of that includes saying the Muslim prayers. Tolerance is promoted especially when it comes to promoting the [UN Agenda 21 friendly] Progressive/LGBT agenda. But wait, if we are promoting tolerance, why are we teaching kids about Islam which treats women as less, and is completely intolerant of homosexuality and all other religion?

Confusing? The public schools are also introducing our children to homosexuality as an acceptable alternative lifestyle. They are being taught about transgenders and that you can be whatever sex you feel like. And they can get condoms and abortions without telling their parents... WTF is wrong with this picture?

We are raising sexually active, sexually confused children who can't handle stress, don't want to apply themselves, but know their rights and feel their minimal efforts should be highly compensated. We have failed to educate our children properly and they have not been prepared to go out and deal with the challenges their generation is going to have to face. Today's kids see the writing on the wall and many of them do NOT want to grow up and face the real world.

* Third, by mortgaging their future. We have spent their inheritance on ourselves and saddled them with the burden of debt we incurred because we felt "entitled" to benefits. They know it and they feel like they are screwed. What goes around is going to come around. Watch what happens to YOUR healthcare when this generation of grads grows up and is in charge of our country! We spent their inheritance and left them holding the bag. When it comes time to pay for us, they're not going to have the money to do it.

Response by 1SG Michael Blount made Oct 24 at 2015 11:11 PM

1SG Michael Blount — Sat, 24 Oct 2015 23:11:36 -0400

Sgt Tom Cunnally - well, that'll give me time to beef up my 401(k)

Response by CMSgt James Nolan made Oct 25 at 2015 10:43 AM

CMSgt James Nolan — Sun, 25 Oct 2015 10:43:27 -0400

Yep, lets just keep handing out benefits to the lazy, so that everyone else can pay for that growing population, so that the workers can pay more for everything, so that the kids who want to work go into debt to get educations to work to pay for the lazy......

Response by Sgt Ken Prescott made Oct 25 at 2015 1:34 PM

Sgt Ken Prescott — Sun, 25 Oct 2015 13:34:33 -0400

I would suggest that is a good thing, seeing as how current life expectancy is closing in on 100.

The real problem is that, right now, 75 is probably the absolute upper limit for being productive in the work pace--i.e., it's an outlier.

We need to get gerentology to focus not on extending lifespan so that you spend 50 years drooling in a nursing home instead of just 25, but extending your vitality so that to can continue to work and contribute to society through, say, 80 or so--or even longer. Retirement isn't supposed to last long enough to count as a career, just sayin'.

Response by CPT Private RallyPoint Member made Oct 26 at 2015 9:36 AM

CPT Private RallyPoint Member — Mon, 26 Oct 2015 09:36:05 -0400

There is some half truth to it. If you count our generation's obsession with spending and lack of saving (not everyone), then yes.

Response by MAJ Ken Landgren made Oct 26 at 2015 5:27 PM

MAJ Ken Landgren — Mon, 26 Oct 2015 17:27:21 -0400

Not all graduates are equal.