Hello fellow poors! How is that retirement plan coming along? Hahahahaha. Think you will retire in your sixties? Better get to know your grandparents and great grandparents. Find out everything you can about how to survive as an old without any money. Remember when Social Security was a secure income for your old age?
In the late 1970s large companies decided that they did not want to provide pensions for their more well paid employees. Ever since then, the large companies have essentially removed themselves from providing any pensions at all. That is fine, right? You can never trust those big evil corporations anyway. So people went ahead and started investing on their own. Most of them invested in companies.
The funny thing about stocks is their price only goes up if you find another sucker to buy it at a higher price than you did. In order for this to work, more and more people need to enter the system. Throughout the eighties as more people were introduced to 401(k)s and IRAs more people started investing. But now as the baby boomers start to retire and begin to take out their money, they need somebody to buy the stocks that they sell. With a smaller working age population due to changing demographics fewer people will buy. Couple the lower wages that younger people make as well as the historically high unemployment rates among the nation's youth and you have a recipe for disaster.
Then there is all the stuff the above documentary states. Anybody want to buy gold?
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Previously: Their Pants Are on Fire