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The only way Millennials can get back on track is if parents of millennials mainly the boomers pass on in death and transfer their wealth and assets to millennials.
Don't count on it.
If the Ds get full federal control, I strongly expect a return to the Estate Tax (both for its plentiful and easy $$$ and "to reduce wealth inequality.") As recently as the Clinton administration, the Estate Tax applied (at 55%) to all assets in excess of $600,000. Perhaps a President Warren or Biden, feeling charitable, would adjust the exemption upward to one million.
Even so, an average successful boomer household, with a million in real estate and another million in the market is suddenly bequeathing 1.45 million not 2.0 million after taxes. And many blue states would likely follow suit, maybe collecting another 25% on top of the federal take.
My caginess about future taxes reflects my overall problem with the US federal debt, too. The money must come from somewhere. Ultimately it's going to be much higher taxation (less take-home income) or money-deflation (which is realized as inflation to people who are consuming in the devaluating currency.) These *are* the golden days. I don't expect it will be easy for future generations to retire.
Didn't the last recession destroy Millennials? A lot of Millennials were graduating school when the last recession started and had to move back in with parents because they could not get jobs.
My daughter came out of undergrad in 2008. She had an early job offer that stood, so she was employed. But some of her classmates actually had job offers rescinded. Tough times.
Four-in-ten Millennial workers ages 25 to 29 had at least a bachelor’s degree in 2016, according to a Pew Research Center analysis of Current Population Survey data. That compares with 32% of Generation X workers and smaller shares of the Baby Boom and Silent generations when they were in the same age range.
A. Forty percent have "some" college. Those who only have a few hours without actually having any kind of degree are no better off, and worse in terms of debt, than those with only a high school diploma.
B. Only twenty five percent, by your own link, have a bachelor's degree.
C. A huge percentage of those--perhaps most--have unmarketable degrees.
The discussion should be about that great majority who don't have marketable degrees, bachelor's degrees, or technical certifications (without which most Associate degrees are useless).
The only way Millennials can get back on track is if parents of millennials mainly the boomers pass on in death and transfer their wealth and assets to millennials. That is the only way so far millennials can survive the next recession.
Most Boomers will have no more than a few thousand dollars, if anything at all, to transfer to their children.
There was an earlier thread on this same thing just recently.
I don’t think the article holds water given my sons income and mine, at his age. He’s much better off than I was.
And my dad was probably making $25,000 a year in the early 60s when we bought our house for $17000 in a nice town on along Island. Today, the house costs 18x the original cost and the salary would have gone up maybe 3-4x today. So, making $75 - 100k today is far worse than making 25k the 50 years ago.Someone making salary of $325k today would be equivalent to what my dad made then.
And my dad was probably making $25,000 a year in the early 60s when we bought our house for $17000 in a nice town on along Island. Today, the house costs 18x the original cost and the salary would have gone up maybe 3-4x today. So, making $75 - 100k today is far worse than making 25k the 50 years ago.Someone making salary of $325k today would be equivalent to what my dad made then.
Across the numbers that's a bad example because it's specific to a tiny area that's seen explosive RE price increases.
And my dad was probably making $25,000 a year in the early 60s when we bought our house for $17000 in a nice town on along Island. Today, the house costs 18x the original cost and the salary would have gone up maybe 3-4x today.
How did someone earning $25 K qualify for a loan on a $170 K house back then? Or is that extra zero a mistake?
Originally Posted by trusso11783 And my dad was probably making $25,000 a year in the early 60s when we bought our house for $17000 in a nice town on along Island. Today, the house costs 18x the original cost and the salary would have gone up maybe 3-4x today.
Quote:
Originally Posted by CA4Now
How did someone earning $25 K qualify for a loan on a $170 K house back then? Or is that extra zero a mistake?
Most Boomers will have no more than a few thousand dollars, if anything at all, to transfer to their children.
Guess I should ask my estate planning lawyer for a refund.
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