{"id":33741,"date":"2018-04-25T10:21:54","date_gmt":"2018-04-25T15:21:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=33741"},"modified":"2018-04-25T10:21:54","modified_gmt":"2018-04-25T15:21:54","slug":"book-excerpt-how-you-got-screwed","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=33741","title":{"rendered":"Book Excerpt: How You Got Screwed"},"content":{"rendered":"
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Book Excerpt: How You Got Screwed<\/a><\/h3>\n<\/header>\n
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Chapter 4: How you\u2019re getting screwed by\u2026Retirement Promises<\/strong><\/p>\n

The Point: <\/em><\/strong>Most people have an expectation that they\u2019ll be taken care of later in life thanks to government programs like Social Security and Medicare, private or public pensions, or through their own efforts to build up their net worth. In reality, it was never possible for governments and corporations to fulfill the promises they made to you, and those assets you saved may not be worth what you think they will be, when it\u2019s time to cash them in.<\/em><\/p>\n

There is a predictable pattern to life: We start out as dependent children; grow to be independent adults; and, inevitably, become dependent again as we move into old age. We know this is coming; not a single person in history has avoided it. So it\u2019s important for us to plan for that while we\u2019re in our prime.<\/p>\n

Unfortunately, the vast majority of Americans are completely unprepared for the 100 percent certainty of old age. There are many reasons for this:<\/p>\n

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  • Because we live in a debt- and credit-driven society, we have come to think only of our immediate needs and wants. There\u2019s no need to save for the things we want to buy: We just borrow the money and promise to pay for it later. This mindset not only means that we\u2019re hard-wired against saving, it also means we\u2019re probably going to grow old with a pile of debt\u2014all those things we said we\u2019d pay back in the future. We have some assets\u2014notably our home equity\u2014but all that debt keeps our net worth low.<\/li>\n
  • We\u2019re about to deal with a huge demographic bubble\u2014the aging of the huge Baby Boomer population\u2014which will result in a selling frenzy of the assets they accumulated in better times. Asset prices will crash due to little demand and huge supply of those assets.<\/li>\n<\/ul>\n<\/div>\n

     <\/p>\n

    …click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

    Book Excerpt: How You Got Screwed Chapter 4: How you\u2019re getting screwed by\u2026Retirement Promises The Point: Most people have an expectation that they\u2019ll be taken care of later in life thanks to government programs like Social Security and Medicare, private or public pensions, or through their own efforts to build up their net worth. In […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195,19927,5631,5856],"class_list":["post-33741","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-how-you-got-screwed","tag-retirement","tag-the-burning-platform"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33741"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33741\/revisions"}],"predecessor-version":[{"id":33742,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33741\/revisions\/33742"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}