Are We Ever Satisfied?
A recent report from HSBC shows that people across the West -- including the U.S. -- are generally pessimistic about their retirement prospects while those in the East are relatively optimistic. And yet, by every objective measure, citizens in Western developed countries control significantly more assets per capita than their counterparts in Eastern emerging economies. This inconsistency begs the question: Are we ever satisfied?
Specifically, HSBC’s The Future of Retirement report showed that 64% of Americans are concerned they haven’t saved enough for retirement, with 59% expecting to be worse off than their parents. Conversely, only 17% of Chinese expect to face financial hardships in retirement. Those findings are relatively consistent across Eastern and Western nations.
According to Richard Easterlin, a professor of economics at USC, the difference is all in perception.
Originally published in 1974 and updated just last year, Easterlin authored what has become a highly controversial paper that set forth the idea that beyond the point of meeting our basic needs, the accumulation of more wealth does not necessarily make a person happier or more satisfied with their life.
The reason, he asserts, is because once we can afford to meet our basic necessities, we no longer view wealth in absolute terms, but in relative terms. We begin to compare our lifestyle relative to those around us. If we have an iPod but our neighbor has an iPad, we’re less satisfied.
When it comes to retirement, this paradox becomes clearly evident.
Many of today’s near-retirees remember watching as the previous generation of workers in the 1990s received huge early retirement bonuses. With two decades of stock market and real estate growth in the ‘80’s and ‘90’s, corporate pensions still a rule rather than exception -- and a relatively sound social security program -- the pre-boomer Silent Generation of retirees significantly raised the expectation bar for the next generation. Not known to shy away from keeping up with the Jones’s, boomers themselves have continued to raise the bar on their expected retirement -- potentially unsustainably.
The question then, is how can you help your clients create a satisfying retirement that may not live up to their previous expectations? One answer is to help them clearly define their retirement in terms of their personal values and priorities -- which are typically absolutes -- so they can focus on what’s most important to them and not compare themselves to others.
The Silent Generation - News
The realised sample consisted of 102 adults who view television, selected from three generations Millennials (mid 1980s-1992), X-ers (1968-1984) and Baby Boomers including the Silent generation (1929-1967). The research was conducted in Gauteng where
With two decades of stock market and real estate growth in the '80's and '90's, corporate pensions still a rule rather than exception -- and a relatively sound social security program -- the pre-boomer Silent Generation of retirees significantly raised
By NU ONLINE NEWS SERVICE Generation Y life insurance policyowners are more inclined to register on company websites than Generation X ,Baby Boomer and Silent Generation policyowners. Researchers at LIMRA, Windsor, Conn., have published figures
People born before 1946 were called The Silent generation. People born between 1946 and 1964 are called The Baby Boomers. People born between 1965 and 1979 are called Generation X. And people born between 1980 and 2010 are called Generation Y. Why do
Finally, the doctors who know the history of the profession, often referred to mistakenly as the silent generation, still represent the small core of loyal membership within the profession, albeit their numbers are dwindling. Many of these doctors and
An agenda for the Silent Generation
The finally retiring Boomer Generation is used to getting its way. These sons and daughters of Tom Brokaw’s Greatest Generation grew up as America was economically coming into its own. Americans emerged from World War Two with factories ready to convert from producing tanks and guns to cars and television sets. We were not only able to feed our own pent-up needs and material desires, but also more than willing to supply the lucrative markets of both our war battered allies and enemies. America’s postwar children were the kids-of-plenty. Life was relatively easy and they adapted quickly to getting their way. When an unpopular war in Southeast Asia started up, many refused to go. Unlike their fathers, who dutifully reported at the first draft notice, many young Boomers said, “Hell, no. We won’t go!” And they didn’t stop there. Flying under flags such as, “Question Authority” and “Different strokes for different folks”, they took on the popular wisdom of the time, whether it was the treatment of racial minorities, rules about how to live out one’s sexual lives, or what substances to ingest into their bodies. They wanted change and were willing to go to the streets and then the polls to get it. They learned to use the media and the political system to achieve what they wanted. But for whatever reason, the next generation, the children of Boomers, haven’t followed in their parents’ footsteps. They have become the Silent Generation. Every US president in memory has declared himself “the education president”, only to leave office with bloated public school budgets and embarrassing student report cards. More tax money has not led to better skills and higher test results. Every promising innovation seems to run aground and be replaced quickly with the educational version of “the new, new thing”. The ugly truth is that our public schools are run by the teachers unions and that translates to our schools being run for the teachers, and not the students. Our schools will not change until the public school monopoly is broken and parents are given the opportunity to select the education their individual children need. The free market choice system has served the nation well in every other area. Why not education? Without intending to provoke class envy, it is nevertheless instructive to observe how the rich behave.
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RT @: Routine is the silent killer of our generation.
RT @: Routine is the silent killer of our generation.
Routine is the silent killer of our generation.
Thx to @ I met a man while on our 3-generation tour. Yum! The strong silent type. The Silent Generation - Bookshelf
The Silent Generation, A Memoir of the Depression Babies, the Parents of the Babyboomers
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"The most creative generation in American History."Martin ScorseseChina witness, voices from a silent generation
From the highly praised author of "The Good Woman of China" and "Sky Burial" comes an extraordinary work of oral history that illuminates the diverse ways in ...A Silent Generation, A Love Story
GGRRAANNDDPPAARREENNTTSS,, TTHHEEIIRR UUNNTTOOLLDD SSTTOORRIIEESS M y parents always told us that we were fortunate children to have four grandparents. ...Information Source Directory
Silent Generation - Wikipedia, the free encyclopedia
Silent Generation is a label for the generation born from 1925–1945 notably ... The label "Silent Generation" was first coined in the November 5, 1951 cover story of ...
What is the Silent Generation?
Brief and Straightforward Guide: What is the Silent Generation?
Silent Generation - Psychology Wiki
The name Silent Generation was coined in the November 5, 1951 cover story of Time to refer to the ge
The Ultimate Silent Generation - American History Information ...
Silent Generation. The name Silent Generation was coined in the November 5, 1951 cover story of Time to refer to the generation coming of age at the time. ...
The Silent Generation
No generation has so small a reputation as does the Silent. No generation since the American Civil War has been so misunderstood and underestimated. ...