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It is no secret who owns America's wealth. The age 55+ is the wealthiest age cohort, of course. It is more wealthy now than ever before.
Sorry for this funky cell phone pic - I "paused" the TV and took a cell phone pic of the TV itself.
The source is listed as Michael Clinton, a contributing author to Esquire Magazine. Clinton's most recent book is ROAR: Into The Second Half of Your Life https://www.amazon.com/Roar-into-sec...134/ref=sr_1_1. ROAR is an acronym for Reimagine yourself, Own who you are, Act on what's next, Reassess your relationships.
Clinton was interviewed about the implications of affluent 55+ cohort. There has been a boom in formation of new companies who design products and services targeting the Older American. There are even Venture Capital funds exclusively investing in, for example, concierge services for the older person, as the forecast for the number of truly elderly people is expected to grow exponentially.
Location: IN>Germany>ND>OH>TX>CA>Currently NoVa and a Vacation Lake House in PA
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As well they should be. Ever play Monopoly? Same principle. Winners end the game with much more money than they started with. If you end the game broke, well then, you suck at the game.
Right. That is an age group that has spent a lifetime working, saving for retirement, paying off their homes for 40+ years.
You are supposed to have more savings at that age because that is what you will be living off for the rest of your life.
It is getting a lot tougher for the young to be solidly middle class, especially if they do not have a useful college degree. The upper class is growing in number but the middle class is shrinking. The American Dream is slipping away.
Our political leadership is failing the population.
That said, most responsible, hard working people will have much more wealth on the last day of their working lives than on the first day. It is common sense that someone who has been earning a living for 35 years and investing money for 35 years, would have more money than somebody just starting out.
It is getting a lot tougher for the young to be solidly middle class, especially if they do not have a useful college degree. The upper class is growing in number but the middle class is shrinking. The American Dream is slipping away.
Our political leadership is failing the population.
That said, most responsible, hard working people will have much more wealth on the last day of their working lives than on the first day. It is common sense that someone who has been earning a living for 35 years and investing money for 35 years, would have more money than somebody just starting out.
I don't even know that it's true that it is so impossible today for younger people to become solidly middle class. It's never been easy to start out in life.
If you spend your money on dream/destination weddings, fancy 2 week long honeymoons to exotic locations, Brazilian Butt lifts, $100 manicures, Gender reveal parties and other extras INSTEAD of putting money away into your 401K, paying off your student loan debt and saving up for a down payment on a house, you are going to have little to show for it.
It used to be common for new grads to share inexpensive rentals with other new grads. Now they not only have to have their very own apartments, it's got to be in a sought after "hot" neighborhood. If you blow all your money on a fancy city loft rental of course you will have nothing left to put towards a down payment.
I didn't take a trip out of the country or a cruise until I was in my 50's. I had no money for that. But it is now common these days for young people to have traveled extensively all over the world, yet they complain about how they can't afford their own student loan debt. Priorities are mixed up.
A new born has nothing and depends on the parents to feed, cloths and shelter as the new born grows. At some point the new born does things for then selves and finally leaves the nest, gets a job and supports then selves. The assets they accumulative depends on how well they can perform services for others and how well they manage their money. You would think the older they get the better they would do.
A new born has nothing and depends on the parents to feed, cloths and shelter as the new born grows. At some point the new born does things for then selves and finally leaves the nest, gets a job and supports then selves. The assets they accumulative depends on how well they can perform services for others and how well they manage their money. You would think the older they get the better they would do.
They either figure that out or they are going to be in for a rude awakening.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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This is why I'm still working at age 70. After working so hard to get to this point where I'm at my peak income, it's hard to give it up. I'm at 3 times what I made starting at this place in 2009. I'm expecting another 10% increase in March, so my plan to retire next year may get another delay so I can enjoy that for a while. It's odd that we make so much more after the kids are grown and on their own, and expenses are so much less. It helps to build up the retirement accounts to supplement the pension, but I'll still have a considerable drop in income when I retire.
The title is peculiar. "Age 55+ is the wealthiest age cohort." So you are comparing everyone from 55-100+ with everyone age 0-54? And are surprised that the older people have accumulated more money?
People age 0-10 have the least money. The 11-20 group has more. The 21-30 group has more than them. And so on, and so on. Although I do think net worth drops off for the very elderly who have been living on their retirement savings for a few decades.
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