Baby Boomers Delusional About Likely Retirement Income, State of the Union Speech Tonight, Economic Forecastingby Administrator ~ February 12th, 2013. Filed under: Ramblings.
I am dismayed that there has been yet another survey of baby boomers (those born between 1946 and 1964) which indicates a completely delusional attitude toward retirement. The survey done for Ameriprise of affluent Americans indicated that the vast majority of those surveyed were extremely confident of their retirement lifestyles. Yet the vast majority of those surveyed expected to have $100,000 or more in income each year (as they were making presently), yet their retirement assets including PENSION FUNDS ASSETS (AND IRAs AND 401Ks) were well under $500,000. This appears to be a pattern in virtually every study that I have seen, and once these baby boomers retire this is going to be a huge problem.
After that happy thought, today is the date of the State of the Union address by President Obama. And if that isn’t enough, there is a response by the Republican Party by Senator Rubio, and a further response by the Tea Party by Senator Paul. It should certainly be a wonderful three or four hours. Yet the result will no doubt be political, short on solutions and each side expressing problems and issues.
The DJIA once the churn is over (with potential further negative price action) should reach nominal new highs.
Gold should still be able to reach new highs at about $2000 the ounce.
Oil should reach $125 the barrel.
Interest rates are still in a tight trading range. The 10 year Treasuries did brake about 2%, but then fell back below 2% again.
The dollar is still heading lower.
Real estate pricing is still rising for the time being.
The economy continues to look plus or minus break even to me.
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