Retirement??>>---> "Peak Oil

Soft_Landing · Heavy Crude Joined: May 28, 2004 Posts: 377

It seems to me the potential downsides to peak oil maybe overwhelm the question. I like to think of myself as an optimist, but if the worst consequence to come from the passing of peak oil turns out to be that I don't get retirement/superannuation monies, then I think I'll have me a little party when I turn 60. (27 now...)

Ardalla · Posted: Sat May 29, 2004 1:10 pm Post subject:

I am 55 and plan to work until 60 and then go part-time at another job. I am not planning for a catastrophe. Sure, I could hold out here in my house fow a few weeks or months, but I don't see the point.

I am expecting a recession will start by 2006 and my company will close either that year or the next. I get a pension from GE, but I expect they will be gone by 2012 along with my pension. The company says the pension is guaranteed by the Feds. I don't think it will work out that way.

I am expecting SSecurity benefits to be cut in half by 2010.

With my house paid for and my only expenses being taxes, food and utilities, I can do allright as long as it doesn't get any worse than Depression level. I can't plan for anything worse than that.

I lived for 15 years in back-to-the-land communes in Missouri and Virginia. I could go back there I suppose, but I think I would prefer death. They live off the power grid the same as I do. I'm not convinced they would be any better off than I would be if it failed.

People can check out their site if interested. http://www.eastwind.org

k_semler · Posted: Sat May 29, 2004 11:50 pm Post subject: Re: Retirement??>>---> "Peak Oil

AA · Tar Sands Joined: May 15, 2004 Posts: 46

Good sempler I just advised my dad to take his pension out and he did. Folks even without peak oil you aren't going to see a penny of your retirements.

Way to many baby boomers and way way too little money in the system when they go to retire. Already multiple companies have cancelled all their pensions even for people who payed in there entire life. They had to or face bankruptcy such as american airlines, heavy hit by high oil costs and 9'11.

GM, Ford and daimler are already saying pretty much they won't be able to pay any pensions, they are transfering what assets they can to other companies they own so that they can let their american companies go bankrupt.

The best you can hope for is a drastically reduced amount, maybe 5-10% at best from what you were promised, once you factor in inflation of course. I believe the government is starting to madly print money to stay in the game already, and the boomers haven't even started retiring.