American Retirement Plan….LOL
Sorry for the language but let us look at this family in the USA. It could well be India after a few years, not commenting on it though.
Grandfather is aged about 95 had the following:
1. A great job (he was a supervisor in Gen Motors and retired in 1980),
2. Has an indexed pension from a company that has not yet gone bankrupt
3. Social security is paying in full and
4. His house that he bought for a small amount is worth about US $ 1 Million.
No debt, and has enough money to spend.
His son aged 70 has a few strong legs:
1. A decent job, retired about 5 years ago, he would have loved to work for a few more years, but the job moved. However his wife works as a senior nurse in a good hospital.
2. Has started drawing from his social security
3. Has a medical insurance that his company is continuing to fund. However no long term care insurance….he hopes he does not live too long.
4. His house has lost value recently, but he hopes to inherit something from his parents…so he feels a little more secure.
The next guy is gen Y guy…
1. Recently lost his job, and his wife has left him. The house belonged to his wife, so he is homeless, trying to come back to his dad’s house.
2. His 401(k) looks like a 201(k)
3. No savings, no wife, no house, luckily no kids. He does not dare get into a relationship.
4. With no job, not sure of his social security, no savings, obviously no retirement plan.
Well well….at the age of 45….the current generation of Americans will be the first to see a fall in their standard of living.
So if the 4 pillars of a good retired life were: a good job, a defined pension, social security, and good health, the current generation has none of these…Obama what will you do? seek a re-election? You might as well go back to Kenya.
Mrhdk
Fairly accurate description of an average American. Matches for generation Y without college degree.
Subra: How do you know America so well?
Ashish
Well Indian Retirement Plan – not sure if is great anyway. Now that there is no pension concept in new vacancies – I doubt if people have woken up to plan for it themselves.
Sreekant
Americans generally need to downgrade their wage levels and consequently their lifestyle and standard of living because they’ve been living beyond their means (both the government and citizens) for too long now. Greenspan and Bernanke have contributed their might. Wall Street still seems to be partying. This applies to the Europeans too.
JS
funny how indians are superbly immune to racist innuendos
anon
Subrabhai, I’m 47 and am not too sure how many of my colleagues would fit somewhat into this defination as well.
wealthucreate
This is ultimate… The way you have put is giving the article the so call Subra touch.
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The next guy is gen Y guy…
1. Recently lost his job, and his wife has left him. The house belonged to his wife, so he is homeless, trying to come back to his dad’s house.
2. His 401(k) looks like a 201(k)
3. No savings, no wife, no house, luckily no kids. He does not dare get into a relationship.
4. With no job, not sure of his social security, no savings, obviously no retirement plan.
LuckyOye
Subra…how can you say that collectively the standard of living has fallen? I’m sure the per capita income has gone up in last 20 years in the Untied States. I mean…the trillions of dollars racked up in national debt must have gone somewhere right?
I’m sure the rich have never had it better in the U S. Improving employee productivity (as they are shit scared of losing their jobs), F ED pumping the stock market (or the O WS will return in full force), SE C hanging up its dentures. Even F BI is reluctant to pursue you if you are super-rich and a fundraiser like Corzine.
Sure, most middle class amer i cans will see a fall in their standard of living, but that’s ok, they represent only 1% of the country’s financial assets anyway.
(In case anybody missed it, this is a total sarcy comment on the situation)
param
Subra, you lost me on this end-note:
“You might as well go back to Kenya.”
Does this mean Obama is from Kenya or just because he is african-american, he can relocate to any country in Africa?
krish
This article highlights the prevalent syndrome or hypocracy that we Indians live. We always highlight the social/economical issues of the West and give an impression that we are doing extremely well. The difference between West and East is simple. They are ready to accept their mistakes and honest about declaring bankruptcy, recession and economic troubles. Our leaders in Asian nations would never declare that.
Same as this article about retirement. The average american student borrows loan for education and work hard to repay it. The suicides in our country or attacks on media or harassment to employees summarises the true story. Even if American citizen loses everything, the government support him/her to stand up with dole moeny. Here we perish. Lets accept the reality and stop bashing our counterparts.
Praveen
May the present genY of Indian is equal to the ‘Father’ gen mentioned in the post?
abc23
Obama to Kenya? That comment is uncalled for. Perhaps, you don’t realize that you are being offensive, like many other fellow Indians. Detracts from the quality of blog.
subra
hi abc23
when I said Obama to Kenya…I said go back to Kenya – HE was born there, that is all. I grew up at a time when Negro, black, nigger, manure, cripple, blind were all part of our vocabulary. Now all these words are politically banished.
Be that as it may I said Kenya simply because he was born there…
vivekvee
subra, obama was born in the US to a Kenyan father and US mother. there is a movement in the far right where they claim that he is not a US citizen precisely because they dont believe he was born in the US, but his birth certificate etc. say that he was born in the US.
wrt this post , think we indians tend to make an apples to oranges comparison. if you want to compare a median american to a median indian, most probably the indian will be living in a small town/ village, no medical insurance, no steady job, eduacated till X perhaps, his parents, brothers, cousins will all be living in that same 2 room house with a shared toilet if that.
which is why the UN development index is the right way to look at where we stand and we do stand quite low, forget the US we do not even measure up to some sub saharan african countries in a few parameters.
subra
for those people who think I am saying India is superior to US or Indians are better off, that is not what I meant. I said we are aping the American lifestyle without the security of an American (albeit borrowed or printed notes) lifestyle, and that will hurt.
After all I only know of Indians who lick up to the American embassy for an American visa..and treat the visa as an achievement. I do not know of queues in the US for an Indian visa, right?