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Guess I should ask my estate planning lawyer for a refund.
You figure you, all by yourself, comprise "most Boomers?"
It is a continuing epistemological error perpetrated through this thread and through a lot of C-D that, people think they are representative of the whole world, regardless of statistics showing otherwise.
The majority of Boomers will exhaust our wealth before we die in nursing homes and healthcare costs. Reverse mortgages, the Great Recession causing home losses, and giving up homes to pay for nursing care and other factors will reduce the number of paid-off homes available to the next generation.
Most Boomers have no money--their wealth is going, in one way or another, to "trickle up" to those who own the financial machinery.
Most Boomers will have no more than a few thousand dollars, if anything at all, to transfer to their children.
Untrue. The 60+ age cohort has never been so wealthy. Estate attorneys are doing record business, establishing trusts to avoid unnecessary probate and efficiently transfer assets accumulated over a lifetime to intended beneficiaries, including colleges & universities, local non-profits, national charities, and yes, even to children and grandchildren.
Skipping most of the comments. The article is pretty weak.
"But the next one—if it happens, when it starts happening—stands to hit this much-maligned generation particularly hard. For adults between the ages of 22 and 38, after all, the last recession never really ended."
Really? The person aged 22 would have been 12 in the last recession. They've seen nothing but upwards pressure on the minimum wage and are so socked with college debt at the moment that it doesn't matter. You'll get through it. You'll appreciate your success once you make it through. Do what we all did first, then apply what you've learned.
From my generation to yours. Circa 1999. And people still don't like you when your 23.
Untrue. The 60+ age cohort has never been so wealthy. Estate attorneys are doing record business, establishing trusts to avoid unnecessary probate and efficiently transfer assets accumulated over a lifetime to intended beneficiaries, including colleges & universities, local non-profits, national charities, and yes, even to children and grandchildren.
Remember that most Boomer households--the numerical majority--have never earned more than $50-60K (household income) their entire lives, and reached that peak in only the last decade of working. And those Boomers suffered nearly as much in the Great Recession as their children.
Again, people on this forum don't seem to understand that we do not represent the American average. People on this forum on the whole are above the American average.
If you are on this forum, your experience in your environment does not represent the average.
Untrue. The 60+ age cohort has never been so wealthy. Estate attorneys are doing record business, establishing trusts to avoid unnecessary probate and efficiently transfer assets accumulated over a lifetime to intended beneficiaries, including colleges & universities, local non-profits, national charities, and yes, even to children and grandchildren.
Remember that most Boomer households--the numerical majority--have never earned more than $50-60K (household income) their entire working lives, and reached that peak in only the 10-15 years. And those Boomers suffered nearly as much in the Great Recession as their children.
Again, people on this forum don't seem to understand that we do not represent the American average. People on this forum on the whole are above the American average.
If you are on this forum, your experience in your environment does not represent the average.
Remember that most Boomer households--the numerical majority--have never earned more than $50-60K (household income) their entire working lives, and reached that peak in only the 10-15 years. And those Boomers suffered nearly as much in the Great Recession as their children.
Again, people on this forum don't seem to understand that we do not represent the American average. People on this forum on the whole are above the American average.
If you are on this forum, your experience in your environment does not represent the average.
So, you're saying that most boomers won't have houses to pass on to their children?
You figure you, all by yourself, comprise "most Boomers?"
It is a continuing epistemological error perpetrated through this thread and through a lot of C-D that, people think they are representative of the whole world, regardless of statistics showing otherwise.
The majority of Boomers will exhaust our wealth before we die in nursing homes and healthcare costs. Reverse mortgages, the Great Recession causing home losses, and giving up homes to pay for nursing care and other factors will reduce the number of paid-off homes available to the next generation.
Most Boomers have no money--their wealth is going, in one way or another, to "trickle up" to those who own the financial machinery.
a lot of maybes, possibilities and mights in that article. Only hard statistics that stood out were the sizes of actual inheritances, with the bottom 50% at $68,000. A little more than a few thousand dollars.
So, you're saying that most boomers won't have houses to pass on to their children?
No... he isn't saying that at all.
Most Boomers start with the 20% at the very bottom.
Almost none of whom could ever own homes or will ever have more than some token savings.
The next batch, probably another 20%, are those who plugged away at a mortgage for 30 years
on some rough frame shack that when paid off ... needs to be rebuilt. Again... a token net.
I could go on (again) but this information has been hashed over 1000 times already.
Some relate directly. Some remember the discussions. Most (here) refuse delivery.
Today average person is about twice financially worse than in 1970. Minimum wage earners - about 3 times worse.
Nice "progress".
That's mostly untrue. Minimum wage aside for another day. The average guy/gal between pay and benefits is more highly compensated than ever in real terms. FWIIW real wages and real discretionary incomes have been rising nearly unabated for years.
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