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Gen X was right: Reality really does bite

August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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Author Topic: Gen X was right: Reality really does bite  (Read 274 times)
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« on: June 11, 2015, 10:07:01 am »

Gen X was right: Reality really does bite

The members of Generation X have plenty to be grumpy about. For starters, no one talks about them anymore. It’s all millennials all the time. There’s another reason Americans born between 1965 and 1980 are gloomy: Gen Xers are in even worse shape financially than the baby boomers who preceded them or the millennials who followed.

Sure, many boomers haven’t saved enough for retirement. And millennials are squeezed by high student-loan debt. But Gen Xers are still paying off student loans while raising families on wages that have barely budged in recent years. They have more debt than other age groups and are more pessimistic about ever being able to afford to retire, according to many surveys.

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Almost 40 percent say they “don’t at all feel financially secure,” and 38 percent have more debt than savings, more than any other generation, according to a recent survey of 5,474 Americans by Northwestern Mutual Life Insurance Co. On average, people in their 40s had saved $62,087 in 401(k) retirement plans at the end of 2013, according to the Employee Benefits Research Institute. That means Gen Xers who plan to retire at 65 have a considerable way to go to accumulate the $1 million they’ll need to generate $40,000 a year as seniors.

“Generation Xers are the forgotten middle child generation,” says Faith Popcorn, a trend consultant who advises companies on generational differences. “They’re worried about both the present and future. They understand more than millennials that they could be replaced by robots and a lot of them don’t think they’ll ever be able to afford kids or qualify for mortgages.”

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Popcorn says “6 in 10 boomers and millennials think their generations are special but only one-third of Gen Xers do. You wouldn’t want to be a Gen Xer.”

Generation Caricature
The term Generation X was popularized by Douglas Coupland, whose novel, “Generation X: Tales for an Accelerated Culture,” was published in 1991. Gen X is a relatively small cohort of about 65.7 million people, compared with about 74.9 million boomers and 75.3 million millennials, according to Census Bureau projections for 2015. When they came of age in the late 1980s and early 1990s, Gen Xers were depicted as slacker-cynics who listened to grunge music and lionized Kurt Cobain. That was always a caricature. Gen Xers were molded more by ill-timed jolts of economic hardship.

They entered the workforce during the recession of the 1990s and then, just as they were getting their footing, the dot-com bubble burst. As the housing market picked up in the 2000s, some bought homes at high prices only to see real estate values plummet during the financial crisis.

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They were the hardest hit generation during the Great Recession, losing almost half their wealth when the stock market slumped, compared with about 25 percent for baby boomers, according to a 2013 Pew Charitable Trusts survey.

“For me and many of my friends, it’s scary not to yet have a decent safety net, and we’re surprised that economically it’s still so hard,” says Jennifer O’Neill, 35, who got an MBA from University of Pennsylvania’s Wharton School five years ago and works in marketing at a large corporation.

Job Worries
O’Neill and her husband earn a combined six-figure income from their marketing jobs in New Jersey. But they’re still renting instead of buying a home, something her schoolteacher parents had at her age, because of worries about job security and high housing prices.

They’ve been paying off student loans for the past five years and have five more to go. They try to save 7 percent of their incomes in their 401(k) plans. That leaves them just enough to cover living expenses: Daycare for their two children, ages 4 and 6 months, costs almost $2,500 a month, about what they pay for rent.

“We both have good jobs and are better off than a lot of people but never seem to get to the point where we can build our savings,” O’Neill says. “And because of our student debt, I don’t have the option to stop working while my kids are young even though day care costs are so high.”

No Raises
While the stock market has rebounded, real wages, after factoring in inflation, haven’t improved for most employees since before the recession, according to the Economic Policy Institute. Twenty-three percent of Gen Xers received no raise and 26 percent just a 1 or 2 percent bump in the past twelve months. Even millennials got more.

Gen Xers are what economists call a sandwich class -- squeezed between raising their kids and caring for aging parents. Forty percent have children under 18 and about one-quarter have a parent or another relative living in their households, Northwestern Mutual’s survey found.

“Aside from weathering a number of economic cycles, this group is juggling home mortgages, educational debt and lifestyle needs,” said Rebekah Barsch, vice president of financial planning at Milwaukee-based Northwestern Mutual.

Life Crisis
That’s left 37 percent of Gen Xers feeling “not at all or not very comfortable” about being on track to meet their financial goals, compared with 22 percent of millennials, according to a March survey by T. Rowe Price of more than 5,000 Americans. Just 6 percent of Gen Xers saved 15 to 19 percent of their incomes in 401(k) plans in the past 12 months, the amount recommended by many financial planners, compared with 8 percent of millennials and 10 percent of baby boomers.

A single life crisis can deplete whatever retirement savings Gen Xers have accumulated.

Barry Andersson built his own video and film direction company, Deodand Entertainment, and saved for retirement by acquiring a rental property that has appreciated in value in the last decade. Then he and his wife divorced after 16 years, and she got the property in the settlement.

Now 37, Andersson, who lives in Minneapolis and has two school-age children, doubts he’ll be able to accumulate retirement savings until he’s 43 and no longer supporting his ex-wife.

“I probably won’t ever get to retire,” says Andersson, who still feels lucky he loves his work. “We’re the first generation that isn’t going to do as well as our parents did.”
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