Meadville Tribune

Community News Network

June 16, 2014

Lean retirement looms for Generation X

(Continued)

As of May, unemployment for 35- to 44-year-olds was 1.8 percentage point higher than in the same month in 2007.

The plight of Gen-Xers also means less support for the economy as they limit spending and concentrate on building up nest eggs, Emmons said.

Matthew Kraft, out of work for about a year, is watching fewer movies at the theater and dining out less. The 39-year-old former public relations manager in New York has filled out more than 110 applications to find something other than entry-level work.

"If this keeps going on for another four or five months, it's going to start to hurt," said Kraft, whose wife works at a hedge fund. "We have been living off of her income and dipping into our savings."

Generation X has already forfeited valuable years of interest compounding by failing to accrue savings early, said Alicia Munnell, the director of the Center for Retirement Research at Boston College and former research director at the Federal Reserve Bank of Boston.

"Gen-Xers are going to live longer than the current generation of retirees, and the major source of retirement income is going to be smaller," Munnell said. After 40, if "you've put this off, you really have to save at a mind- boggling rate to accumulate enough to retire."

As for Johnson, a mother of a 17-year-old daughter and a 12-year-old son, she's more concerned about day-to-day living than about preparing for retirement.

Her home-loan modification "is a Band-Aid for a hemorrhage" as her business continues to struggle, she said. "It'll seem like it's getting better, and then it gets worse."

Text Only
Community News Network
  • Wal-Mart to cut prices more aggressively in back-to-school push

    Wal-Mart Stores plans to cut prices more aggressively during this year's back-to-school season and will add inventory to its online store as the chain battles retailers for student spending.

    July 21, 2014

  • Hospitals let patients schedule ER visits

    Three times within a week, 34-year-old Michael Granillo went to the emergency room at Northridge Hospital Medical Center in Los Angeles because of intense back pain. Each time, Granillo, who didn't have insurance, stayed for less than an hour before leaving without being seen by a doctor.

    July 21, 2014

  • Starved Pennsylvania 7-year-old weighed only 25 pounds

    A 7-year-old Pennsylvania boy authorities described as being so underweight he looked like a human skeleton has been released from the hospital.

    July 21, 2014

  • Malaysians wonder 'Why us?' after second loss of airline jet

    It was all too familiar. Grieving families rushing to airport. The flashing television graphics of a plane's last radar appearance. The uncomfortable officials before a heavy thicket of microphones.
    For many Malaysians, the disappearance of Flight 370 in March has been a long trauma from which the nation has not yet recovered.

    July 18, 2014

  • A quarter of the world's most educated people live in the 100 largest cities

    College graduates are increasingly sorting themselves into high-cost, high-amenity cities such as Washington, New York, Boston and San Francisco, a phenomenon that threatens to segregate us across the country by education.

    July 18, 2014

  • Your chocolate addiction is only going to get more expensive

    For nearly two years, cocoa prices have been on the rise. Finally, that's affecting the price you pay for a bar of chocolate - and there's reason to believe it's only the beginning.

    July 18, 2014

  • Facebook tests button to let people shop from its website

    Members on desktop computers or mobile devices can click a "buy" button to make purchases through advertisements or other posts on the world's largest social network, the Menlo Park, California-based company said Thursday in a blog post.

    July 17, 2014

  • The terrible history of passenger planes getting shot out of the sky

    What is more clear is that, if initial reports are true, this would be the deadliest incident of a civilian passenger plane being shot down in modern memory. In some instances, the causes of the disaster are still shrouded in mystery. Here are some of the worst events.

    July 17, 2014

  • 130408_NT_BEA_good kids We're raising a generation of timid kids

    A week ago, a woman was charged with leaving her child in the car while she went into a store. Her 11-year-old child. This week, a woman was arrested for allowing her 9-year-old daughter to go to the park alone. Which raises just one question: America, what the heck is wrong with you?

    July 17, 2014 1 Photo

  • VIDEO: New story emerges about Texas children locked in hot car

    After footage showed Texas shoppers breaking the windows of a hot car to rescue children trapped inside, additional witnesses have come forward to correct the story behind what has become a viral video.

    July 16, 2014

Business Marquee
AP Video
Raw: Israel Bombs Multiple Targets in Gaza Veteran Creates Job During High Unemployment Raw: Cargo Craft Undocks From Space Station Widow: Jury Sent Big Tobacco a $23B Message New Orleans Plans to Recycle Cigarette Butts UN Security Council Calls for MH 17 Crash Probe Obama Bestows Medal of Honor on NH Veteran Texas Sending National Guard Troops to Border Hopkins to Pay $190M After Pelvic Exams Taped Foxx Cites Washington 'Circus Mirror' NASA Ceremony Honors Moon Walker Neil Armstrong Obama Voices Concern About Casualties in Mideast Diplomacy Intensifies Amid Mounting Gaza Toll AP Exclusive: American Beaten in Israel Speaks Obama Protects Gay, Transgender Workers Raw: Gaza Rescuers Search Rubble for Survivors Raw: International Team Inspects MH17 Bodies Raw: 25 Family Members Killed in Gaza Airstrike US Teen Beaten in Mideast Talks About Ordeal 'Weird Al' Is Wowed by Album's Success
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Stocks