There was a time when people were dependent on defined benefit pensions. Then the U.S. pivoted to defined contribution plans, 401Ks. This of course put retirees at risk of a situation like the present one.
Could they have diversified their portfolio better? Sure. Should you blame them for Trump being an evil asshole? Only if you are one, too. The system itself was redesigned to fuck over the elderly, my friend. Then it did.
Seriously I was scanning the comments to find anyone mentioning this. It’s insane to leave your funds in stocks if you’re retired or close to retirement. That should have been shifted to bonds or other stable investments years ago.
Retirees ‘idiots’ as they keep savings they need to live in volatile asset classes such as stocks.
There was a time when people were dependent on defined benefit pensions. Then the U.S. pivoted to defined contribution plans, 401Ks. This of course put retirees at risk of a situation like the present one.
Could they have diversified their portfolio better? Sure. Should you blame them for Trump being an evil asshole? Only if you are one, too. The system itself was redesigned to fuck over the elderly, my friend. Then it did.
Seriously I was scanning the comments to find anyone mentioning this. It’s insane to leave your funds in stocks if you’re retired or close to retirement. That should have been shifted to bonds or other stable investments years ago.
Boomers lived their entire lives failing upwards. Why wouldn’t they expect things to just go their way?