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Old 08-13-2009, 11:38 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,651,129 times
Reputation: 474

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A good number of the boomers I KNOW, which includes MY parents, spent lots of $$$ bailing out their kids as well as helping to pay for the care of THEIR parents.

MY parents spent lots of their hard earned money helping out a worthless sibling, who by the way has not paid them back and is no position to still. I know a number of my parents friends who have the same sorts of stories. True there are some with the problems the OP described, but not nearly the number in MY experience.

DH & I, along with my other "responsible" sibling, endlessly discuss the "what ifs" and what we are going to do about our boomer parents care. What is that going to do to US and what we have worked hard for and saved. Then I think about my 3 kids and wonder what WE are burdening them with.
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Old 08-13-2009, 11:57 AM
 
Location: Wherabouts Unknown!
7,805 posts, read 17,575,713 times
Reputation: 9435
GeminiGal wrote:
DH & I, along with my other "responsible" sibling, endlessly discuss the "what ifs" and what we are going to do about our boomer parents care. What is that going to do to US and what we have worked hard for and saved. Then I think about my 3 kids and wonder what WE are burdening them with.
Great post. This puts things in perspective.
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Old 08-13-2009, 12:03 PM
 
Location: Boca Raton, FL
5,809 posts, read 9,434,834 times
Reputation: 7785
Smile One other point....

My mom is 88 and has Alzheimers but she's very sweet and does whatever you need her to do. Sometimes, she remembers things and that's a good day.

My husband's aunt is 88, has been a vegan for 35 years, exercises and is doing well. She comes down and helps us with our FIL.

Two women, both 88, and vastly different healthwise. My mom, even though she was trained as a dietician, never really exercised.

My husband and I both work out but could always do more. Seeing the differences in my mom and his aunt is giving me careful thought to get healthier.

I do think that the boomers have brought health into the equation and where some might think, oh they just want to stay young, we have redefined young and are healthier than our parents. I do know there is more obesity in our country but that's because of all the hormones in the foods we eat and as we become more educated, we can know that and make that choice.

I look at a picture of my grandmother at the age of 49 and she looks like a woman today of 90 would. Very scary.
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Old 08-13-2009, 12:06 PM
 
Location: Boca Raton, FL
5,809 posts, read 9,434,834 times
Reputation: 7785
Smile That's what my husband and I are faced with too...

Quote:
Originally Posted by CosmicWizard View Post
GeminiGal wrote:
DH & I, along with my other "responsible" sibling, endlessly discuss the "what ifs" and what we are going to do about our boomer parents care. What is that going to do to US and what we have worked hard for and saved. Then I think about my 3 kids and wonder what WE are burdening them with.
Great post. This puts things in perspective.
I have my mom to worry about (she needs our financial support) and my FIL (needs our physical and being there support which then hurts our finances!) - our kids see this - then we have them - son still in college but I want them to have a solid footing.
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Old 08-13-2009, 12:35 PM
 
Location: Rockland County New York
2,984 posts, read 5,432,003 times
Reputation: 1295
Quote:
Originally Posted by GeminiGal View Post
A good number of the boomers I KNOW, which includes MY parents, spent lots of $$$ bailing out their kids as well as helping to pay for the care of THEIR parents.

MY parents spent lots of their hard earned money helping out a worthless sibling, who by the way has not paid them back and is no position to still. I know a number of my parents friends who have the same sorts of stories. True there are some with the problems the OP described, but not nearly the number in MY experience.

DH & I, along with my other "responsible" sibling, endlessly discuss the "what ifs" and what we are going to do about our boomer parents care. What is that going to do to US and what we have worked hard for and saved. Then I think about my 3 kids and wonder what WE are burdening them with.
My wife's uncle spending thousands of dollars on legal fees every time his Gen Y brats got into trouble. They failed so many of their college courses that he had to use some of his retirement funds to pay for the 5th year of a bachelors degree.
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Old 08-13-2009, 12:36 PM
 
14,256 posts, read 16,235,746 times
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I'm not expecting anything from my kids. I put them through college from whence they emerged both successful and with no debt. They are a lot more fortunate than either I or my wife as we both came out with debt. Its a good time to be a Gen X-er or Gen Y-er
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Old 08-13-2009, 03:11 PM
 
Location: Virginia Beach, VA
5,517 posts, read 9,410,919 times
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Quote:
Originally Posted by Jaggy001 View Post
I'm not expecting anything from my kids. I put them through college from whence they emerged both successful and with no debt. They are a lot more fortunate than either I or my wife as we both came out with debt. Its a good time to be a Gen X-er or Gen Y-er

The average college student is more in debt then ever.

It is a good time to be YOUR gen x or Yer. The majority of them are doing worse then their parents.
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Old 08-13-2009, 04:08 PM
 
22,770 posts, read 27,796,297 times
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Quote:
Originally Posted by Jaggy001 View Post
Its a good time to be a Gen X-er or Gen Y-er
It is a mixed bag. Good portions of Gen X and Gen Y got caught up in the leveraging. Some of them were hit by the huge tuition inflation. Some of them took on huge mortgages relative to their incomes, probably banking on the greater fool theory. Don't get me wrong, it is nobody's fault but their own.

It is a good time for me, but only by the skin of my nose. Got my first job, and then first big raise immediately before the bottom fell out. If I was three years younger, fresh out of college, I'd probably be unemployed. As it is, I've gotten to build experience and invest in a down stock market. I owe most of it to my dad, a boomer, and financial planner. He didn't give me a dime for college, but he pointed out the storm on the horizon for the U.S., and the urgency needed in getting on my feet.
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Old 08-13-2009, 04:56 PM
 
Location: Conejo Valley, CA
12,470 posts, read 18,212,762 times
Reputation: 4343
Quote:
Originally Posted by Bette View Post
Rarely save money? Are you kidding me? Everyone I know puts away something - mostly in 401k's - we didn't have IRA's until 1979 or so, right?
No, I'm not kidding. The personal savings rate started to decline once the boomers were handed the ropes:

household+debt+4.png (image)

I've also never understood why boomers equate savings with 401(k). A 401(k), etc is a retirement account...a replacement for a pension. These accounts work rather differently than true savings. You can't use the money until you are older without penalties. You can't use the money in a lump sum without getting hit with a large tax bill.

So yes many boomers contribute to 401(k)'s while having little to no real savings. Despite working for decades, most still would not be able to make a major purchase (e.g., car, home repair) with cash. The banks love boomers, they take out loans for everything.

Quote:
Originally Posted by Bette View Post
Yes, there will be mortgages on them but so what? They will be rented out. It's a good tax deduction. Not every boomer is the way you think.
The irony here is that the things you are saying here are typical boomer-think. "Its a good tax deduction", "there will be mortgages, but so what". When you have a large mortgage on a rental property you are highly leveraged, that is the "so what". Many things can happen, that will both kill your rents and/or cause depreciation the property. Boomers often over leverage themselves because they tend to think "All will be okay", "real estate always appreciations". I wish I could take some Boomers on trips to Detroit, Pittsburgh, Cleveland, etc.
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Old 08-13-2009, 05:01 PM
 
Location: Seattle
1,369 posts, read 3,053,190 times
Reputation: 1496
user_id,

Nah, don't go to Detroit go to Japan. Home prices are WAY, WAY lower than they were in 1990. Like 50% lower. Look at the Japanese stock index price in 1990 and look at it now. It's kind of laugh out loud funny, in a bit of a sadistic way.
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