MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

Tokyo Markets Close in:

need to know
Biden polls better than Clinton against top GOP
Nassim Taleb’s ‘Black Swan’ fund made $1 bln
Alaska’s Mount McKinley to be renamed Denali
Staples, Office Depot to delay close of merger
PBF Energy chemical leak in Del. refinery
5 silly new words in the Oxford dictionary

Apple will double the cost of next Apple TV
Apple will double the cost of next Apple TV

Apple, Amazon, Google shares on shopping lists

Scott Walker wants to build a wall — with Canada
Scott Walker wants a wall — with Canada

Italy’s Eni discovers ‘supergiant’ gas field off Egypt
Italy’s Eni discovers ‘supergiant’ gas field off Egypt

Sunday is Warren Buffett's 85th birthday
Happy 85th birthday to the $67 billion man


Now is the time to fix your investment portfolio
Now is the time to fix your investment portfolio
Both worry, be happy stocks aren’t a sure bet

Facebook users flood Mark Zuckerberg with thank you’s
Facebook users flood Zuckerberg with thanks


‘War Room’ is a ‘resounding success’ at box office

10 money stories you might have missed but shouldn’t have
10 money stories you shouldn’t have missed

By this measure, stocks have weathered the worst
By this measure, stocks have weathered the worst

Atlantic hurricanes lose sway over oil-and-gas market
Atlantic hurricanes lose sway over oil, gas markets

Blue-chips with fat dividends offer value


These are the best jobs for millennials
These are the best jobs for millennials


Have kiddie birthday parties gone too far?

Parents: You’re putting your kids in danger
Parents: You’re putting your kids in danger

Cheeseburgers and happiness always on the menu for Warren Buffett — and Jimmy Buffett, too
Farrell: Recipes for happiness, from Buffett and others

Harry Styles makes more waves for SeaWorld
Harry Styles makes more waves for SeaWorld

Never use a market order when stocks are selling off
Schwab site hit by outages in busy trade stretch
Lack of fear means this correction isn’t finished

Most imposing stock ‘wall of worry’ in 5 years
Worried? With good advice, you won't be

Meet the author of one of Wall Street’s best-read blogs
Meet the author of a best-read Wall Street blog

New Orleans 10 years after Hurricane Katrina
New Orleans 10 years after Hurricane Katrina
Hurricane Katrina: Looking back and forward
Obama in New Orleans to mark 10 years


China wins the Battle of Mountain Pass
China just undermined the U.S. Defense Department

China may be in worse shape than most of us think
What should China do to fix its economy?
Analysts dismiss fears of a China hard landing
‘Loch Ness monster’ and China's mystery rally

How Aldi stacks up vs. Trader Joe's
How Aldi stacks up against Trader Joe’s


/conga/frontpage.html 353651

Markets »

131.79MDow Volume:
Avg Vol: 112.32M
Unchanged
186
Decliners
2190
Advancers
4209
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,643 -12 0.07%
Nasdaq
/quotes/zigman/12633936/realtime 4,828 +16 0.32%
S&P 500
/quotes/zigman/3870025/realtime 1,989 +1 0.06%
GlobalDow
/quotes/zigman/629063/realtime 2,369 -4 0.18%
Gold
/quotes/zigman/662444/delayed 1,134 0 0.03%
Oil
/quotes/zigman/2331095/delayed 44.41 -0.81 1.79%
FTSE 100
/quotes/zigman/3173262/delayed 6,248 +56 0.90%
DAX
/quotes/zigman/2380246/delayed 10,299 -17 0.17%
CAC 40
/quotes/zigman/3173214/delayed 4,675 +17 0.36%
FTSE MIB
/quotes/zigman/1482176/delayed 21,994 -208 0.93%
IBEX 35
/quotes/zigman/2759620/delayed 10,353 +63 0.61%
Stoxx 600
/quotes/zigman/2380150/delayed 363 +1 0.28%
Asia Dow
/quotes/zigman/6959860/realtime 2,758 -39 1.41%
Nikkei 225
/quotes/zigman/5986735/delayed 18,936 -201 1.05%
Hang Seng
/quotes/zigman/2622475/delayed 21,498 -115 0.53%
Shanghai
/quotes/zigman/1859015/delayed 3,148 -84 2.60%
Sensex
/quotes/zigman/1652085/delayed 26,392 +161 0.61%
Singapore
/quotes/zigman/1709939/delayed 2,941 -15 0.52%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.01 0.52%
Yen
/quotes/zigman/16008150/realtime/sampled 121.04 -0.66 0.54%
Pound
/quotes/zigman/16008140/realtime/sampled 1.54 +0.00 0.26%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 0.00 0.35%
DXY Index
/quotes/zigman/1652083/delayed 95.76 -0.22 0.23%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.30 -0.20 0.23%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.16 -0.02 0.97%
German 10y
/quotes/zigman/15866409/realtime 0.75 +0.00 0.17%
Italy 10yr
/quotes/zigman/15866497/realtime 1.91 -0.02 0.80%
Spain 10yr
/quotes/zigman/15866444/realtime 2.06 +0.01 0.26%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.85 -0.02 0.96%
Japan 10yr
/quotes/zigman/15866525/realtime 0.38 0.00 0.50%
Crude Oil
/quotes/zigman/2331095/delayed 44 -1 1.79%
Gold
/quotes/zigman/662444/delayed 1,134 0 0.03%
Corn
/quotes/zigman/7599553/delayed 376 +1 0.20%
DJIA F
/quotes/zigman/38649152/delayed 16,455 -204 1.22%
S&P F
/quotes/zigman/30356461/delayed 1,965 -25 1.26%
Silver
/quotes/zigman/3134148/delayed 15 0 0.34%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 91.01 1.28 1.43%
AAPL /quotes/zigman/68270/composite 113.29 0.37 0.33%
GOOG /quotes/zigman/30194416/composite 630.38 -7.23 -1.13%
BAC /quotes/zigman/190927/composite 16.36 -0.08 -0.49%
C /quotes/zigman/5065548/composite 53.28 -0.16 -0.30%
F /quotes/zigman/264304/composite 13.74 0.18 1.33%
T /quotes/zigman/398198/composite 33.29 -0.15 -0.45%
BP /quotes/zigman/247026/composite 33.26 0.23 0.70%
GE /quotes/zigman/227468/composite 25.16 0.15 0.60%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/55553287/composite NK-4.87%
  • /quotes/zigman/57221/composite ARIA+41.69%
  • /quotes/zigman/1494100/composite OIL+7.27%
  • /quotes/zigman/242371/composite LGF-0.48%
  • /quotes/zigman/10294855/composite TEVA-0.26%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

Email address

Password

Forgot password?

SmartMoney Blogs

Encore
A blog about living in and planning for retirement

Has the Economic Well-Being of the Elderly Really Improved?

iStockphoto

Alicia Munnell, the director of the Center for Retirement Research at Boston College, is a weekly contributor to “Encore.”

These are difficult times. Everyone is on edge and would like to find someone to blame for their deteriorated economic circumstances. Commentators should keep this in mind when they release studies that pit one group against another. The new Pew Foundation study “The Rising Age Gap in Economic Well Being” does just that. It implies that, over the period 1984-2009, householders 65 and over grew their net worth at the expense of householders under 35. Two important points: First, the difference is primarily explained by housing, rather than student loans or some other factor with immediate policy implications. Second, reporting the assets of the elderly without considering their liabilities gives a misleading impression of their well being.

The headline is that between 1984 and 2009 the median net worth of householders 65 and over increased by 42% ($170,494/$120,457), while that of householders 35 and under declined by 68% ($3,662/$11,521 in 1984 to in 2009). It’s a clearly shocking discrepancy. But take out housing, and both groups show a decline – a 33% loss for older households versus a 66% loss for the under 35 group. Essentially, older households bought their houses a long time ago – way before the bubble. Younger households purchased their homes as house prices were rising rapidly and suffered major losses when the bubble burst. The result is one of timing rather than systematic policies that favor one group over the other.

The second issue is whether the elderly are really better off in 2009 than they were in 1984. Yes, their assets have increased, but their liabilities – their responsibility for replacing their pre-retirement earnings during their retirement years – have as well. That responsibility has become significantly more expensive. First, since 1985, life expectancy at age 65 for men has risen from 15.4 years to 18.6 years – a 21% increase. Second, in 1984 many retirees had a defined benefit pension to provide a lifetime guaranteed income. By 2009, the share of older workers with this kind of protection had declined to about 25%. Third, out-of-pocket health care expenses have soared. As a result, older households have to pay higher costs for many more years out of their own pocket. It is not at all clear that older people today are in better shape than they were in 1984.

Society today faces enormous challenges. Real wages have barely budged since 1979. The degree of income and wealth inequality is at levels not seen since the 1920s. Unemployment remains about 9% two years after the recession officially ended. Housing prices continue to drop. Those are problems that need to be addressed. And the answers are not going to be found by comparing the wealth of the old to the young.

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (3 of 3)

View all Comments »
    • yourself. Quote from CompEng: “What are the other options? Be resnipsoble for your own security and violently tear down any organization that acquires significant power?”And we return once again to the false dichotomy, now supported by pure pragmatism. Invoking Friedman will not make it ethical. Explain how giving monopoly power over all things to people who by your own words are just as flawed as everybody else, and based on our political selection process are probably more flawed than the average person, provides for my security and protects me from violence. I’ll invoke my own historic figure: Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.It’s been great debating with you, but I’m afraid debate isn’t my strong suit. I don’t generally have the patience, and you strike me as somebody who is a collectivist at heart. Consequently, there is little likelihood either of us will convince the other. Perhaps we’ll meet again (hopefully not on opposite sides of the barricades).

    • Thank you for showing the truth behind the numbers of the previous article.

About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

Tokyo Markets Close in:

need to know
Biden polls better than Clinton against top GOP
Nassim Taleb’s ‘Black Swan’ fund made $1 bln
Alaska’s Mount McKinley to be renamed Denali
Staples, Office Depot to delay close of merger
PBF Energy chemical leak in Del. refinery
5 silly new words in the Oxford dictionary

Apple will double the cost of next Apple TV
Apple will double the cost of next Apple TV

Apple, Amazon, Google shares on shopping lists

Scott Walker wants to build a wall — with Canada
Scott Walker wants a wall — with Canada

Italy’s Eni discovers ‘supergiant’ gas field off Egypt
Italy’s Eni discovers ‘supergiant’ gas field off Egypt

Sunday is Warren Buffett's 85th birthday
Happy 85th birthday to the $67 billion man


Now is the time to fix your investment portfolio
Now is the time to fix your investment portfolio
Both worry, be happy stocks aren’t a sure bet

Facebook users flood Mark Zuckerberg with thank you’s
Facebook users flood Zuckerberg with thanks


‘War Room’ is a ‘resounding success’ at box office

10 money stories you might have missed but shouldn’t have
10 money stories you shouldn’t have missed

By this measure, stocks have weathered the worst
By this measure, stocks have weathered the worst

Atlantic hurricanes lose sway over oil-and-gas market
Atlantic hurricanes lose sway over oil, gas markets

Blue-chips with fat dividends offer value


These are the best jobs for millennials
These are the best jobs for millennials


Have kiddie birthday parties gone too far?

Parents: You’re putting your kids in danger
Parents: You’re putting your kids in danger

Cheeseburgers and happiness always on the menu for Warren Buffett — and Jimmy Buffett, too
Farrell: Recipes for happiness, from Buffett and others

Harry Styles makes more waves for SeaWorld
Harry Styles makes more waves for SeaWorld

Never use a market order when stocks are selling off
Schwab site hit by outages in busy trade stretch
Lack of fear means this correction isn’t finished

Most imposing stock ‘wall of worry’ in 5 years
Worried? With good advice, you won't be

Meet the author of one of Wall Street’s best-read blogs
Meet the author of a best-read Wall Street blog

New Orleans 10 years after Hurricane Katrina
New Orleans 10 years after Hurricane Katrina
Hurricane Katrina: Looking back and forward
Obama in New Orleans to mark 10 years


China wins the Battle of Mountain Pass
China just undermined the U.S. Defense Department

China may be in worse shape than most of us think
What should China do to fix its economy?
Analysts dismiss fears of a China hard landing
‘Loch Ness monster’ and China's mystery rally

How Aldi stacks up vs. Trader Joe's
How Aldi stacks up against Trader Joe’s


/conga/frontpage.html 353651

Markets »

131.79MDow Volume:
Avg Vol: 112.32M
Unchanged
186
Decliners
2190
Advancers
4209
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,643 -12 0.07%
Nasdaq
/quotes/zigman/12633936/realtime 4,828 +16 0.32%
S&P 500
/quotes/zigman/3870025/realtime 1,989 +1 0.06%
GlobalDow
/quotes/zigman/629063/realtime 2,369 -4 0.18%
Gold
/quotes/zigman/662444/delayed 1,134 0 0.03%
Oil
/quotes/zigman/2331095/delayed 44.41 -0.81 1.79%
FTSE 100
/quotes/zigman/3173262/delayed 6,248 +56 0.90%
DAX
/quotes/zigman/2380246/delayed 10,299 -17 0.17%
CAC 40
/quotes/zigman/3173214/delayed 4,675 +17 0.36%
FTSE MIB
/quotes/zigman/1482176/delayed 21,994 -208 0.93%
IBEX 35
/quotes/zigman/2759620/delayed 10,353 +63 0.61%
Stoxx 600
/quotes/zigman/2380150/delayed 363 +1 0.28%
Asia Dow
/quotes/zigman/6959860/realtime 2,759 -39 1.40%
Nikkei 225
/quotes/zigman/5986735/delayed 18,936 -201 1.05%
Hang Seng
/quotes/zigman/2622475/delayed 21,500 -112 0.52%
Shanghai
/quotes/zigman/1859015/delayed 3,148 -85 2.62%
Sensex
/quotes/zigman/1652085/delayed 26,392 +161 0.61%
Singapore
/quotes/zigman/1709939/delayed 2,942 -14 0.48%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.01 0.50%
Yen
/quotes/zigman/16008150/realtime/sampled 121.03 -0.67 0.55%
Pound
/quotes/zigman/16008140/realtime/sampled 1.54 +0.00 0.25%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 0.00 0.36%
DXY Index
/quotes/zigman/1652083/delayed 95.77 -0.22 0.23%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.30 -0.20 0.23%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.16 -0.02 0.97%
German 10y
/quotes/zigman/15866409/realtime 0.75 +0.00 0.17%
Italy 10yr
/quotes/zigman/15866497/realtime 1.91 -0.02 0.80%
Spain 10yr
/quotes/zigman/15866444/realtime 2.06 +0.01 0.26%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.85 -0.02 0.96%
Japan 10yr
/quotes/zigman/15866525/realtime 0.38 0.00 0.76%
Crude Oil
/quotes/zigman/2331095/delayed 44 -1 1.79%
Gold
/quotes/zigman/662444/delayed 1,134 0 0.03%
Corn
/quotes/zigman/7599553/delayed 376 +1 0.20%
DJIA F
/quotes/zigman/38649152/delayed 16,458 -201 1.21%
S&P F
/quotes/zigman/30356461/delayed 1,965 -25 1.24%
Silver
/quotes/zigman/3134148/delayed 15 0 0.34%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 91.01 1.28 1.43%
AAPL /quotes/zigman/68270/composite 113.29 0.37 0.33%
GOOG /quotes/zigman/30194416/composite 630.38 -7.23 -1.13%
BAC /quotes/zigman/190927/composite 16.36 -0.08 -0.49%
C /quotes/zigman/5065548/composite 53.28 -0.16 -0.30%
F /quotes/zigman/264304/composite 13.74 0.18 1.33%
T /quotes/zigman/398198/composite 33.29 -0.15 -0.45%
BP /quotes/zigman/247026/composite 33.26 0.23 0.70%
GE /quotes/zigman/227468/composite 25.16 0.15 0.60%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/55553287/composite NK-4.87%
  • /quotes/zigman/57221/composite ARIA+41.69%
  • /quotes/zigman/1494100/composite OIL+7.27%
  • /quotes/zigman/242371/composite LGF-0.48%
  • /quotes/zigman/10294855/composite TEVA-0.26%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

Email address

Password

Forgot password?