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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.
This seems strange, because most people I know who are 55-75 years old and have kids live in single-family homes (in the United States anyway).
It would be interesting to see some actual statistics on this.
??? Boomers are currently the executives, managers and supervisors in corporate America. The highest paid. Meanwhile the completely forgotten generation Gen X is waiting it's turn and slowly taking those positions as Boomers retire.
Most people I know as well even when discounting the debt the next 20% will often be carrying.
But we (you, me, most here and those we know) are in the upper 30-40% portion ...
and NOT what is being discussed or what can be referred to as "most".
It’s pretty amazing how ignorant some people are about the statistics behind the Great Recession and how hard hit some areas were.
Just because your area or you personally weren’t effected doesn’t mean there weren’t large swaths of the population that was.
The government and central bank responses around the world were unprecedented for a reason.
Thank you. I just...just had to not only upvote you but speak and thank you for this.
Some/a lot of the talk i can't relate much to in terms of bouncing back in a few months or a year but that's because i was in a state in the midwest that had a 1-state recession YEARS before the rest of the country because...oooh lawd it was bad. Infact that's all i know of jobs is having bad jobs and never lasting.
I agree that I don't think a recession is the worst thing for most millennials. I actually think it will be the worst for baby boomers; and they have already suffered through costs increasing on a fixed budget.
So if millennials don't have large student loan debts and can keep their job, the next recession/depression could offer them a lot of opportunities. And when you are young enough you can invest in stocks and buy/rent at a bargain and sit back and wait. Its the older generations that suffer more. Not to mention, it won't be that they raise interest rates, so nobody has to worry about paying a higher interest rate back. Many companies also lay off the higher paid management people which a lot would be those 40+ when a recession hits, and they keep the lower paid employees (20-40 years old for the most part). Just my opinion, but I think a recession is a bigger issue for those 60+ than those 20 to 40 years old.
I hear this on this forum so then my only thing is who/how are they going to be taken care of? By us their kids? Are enough of us "on our feet" so well that we can do that? Can some even help out now?
Guess we'll have to wait and see.
??? Boomers are currently the executives, managers and supervisors in corporate America. The highest paid. Meanwhile the completely forgotten generation Gen X is waiting it's turn and slowly taking those positions as Boomers retire.
It's actually shown that many older millennial are overtaking or on the track of overtaking these Gen Xers in the corporate ladder.
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.
Hmm, let me see. The link I provided has the actual numbers from historical data; of course, these numbers come from US govt, so they should be taken with a huge grain of salt, since US govt wants to draw rosy picture. But even that "rosy" picture shows huge decline - in real terms.
And your statement is based on... what, exactly? Wishful thinking? Cause I don't see any link to your source.
I make more than my parents did 25-30 years ago. But considering healthcare is way more expensive now compared to the late 80s and early 90s and we no longer have pensions and our hope is to contribute to a 401K.. (Hope the market doesn't crash hard and for super long) I don't feel better off at all
??? Boomers are currently the executives, managers and supervisors in corporate America. The highest paid. Meanwhile the completely forgotten generation Gen X is waiting it's turn and slowly taking those positions as Boomers retire.
Do you actually think most people of any age group could be managers and executives? Do you really think most Boomers are managers and executives? Anywhere?
You think those Boomer cashiers in Walmart are managers?
Most people I know as well even when discounting the debt the next 20% will often be carrying.
But we (you, me, most here and those we know) are in the upper 30-40% portion ...
and NOT what is being discussed or what can be referred to as "most".
Why is that so difficult for people to understand?
Quote:
Research by the Insured Retirement Institute (IRI) also suggests trouble for some retiring Boomers. According to the study, 45% of Baby Boomers have no retirement savings. Only 55% of Baby Boomers have some retirement savings and, of those, 28% have less than $100,000. Thus, approximately half of retirees are, or will be, living off of their Social Security benefits.
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