Is Gen-X about to get really, really rich? (funds, pay, million)
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Gen-X has long been ignored in American society, primarily due to being a very small generation brought about by the collapse in birth rates during the 1970's. The Boomers have also hung on for a long time, and the Millennials were a baby boomlet of their own, and so Gen-X continued to be ignored.
However, Gen-X are now in the prime of their careers and likely to be at the height of their earning power over the next decade. Demographer Peter Zeihan has made a compelling case on several podcasts I've listened to that as we reach peak Boomer retirement, Gen-X won't have the numbers to replace them all, Millennials are 5 years behind in terms of skills/careers because they came of age in the Great Recession, and Gen-Z is locked into social media algorithms rather than working and building skills. This will lead to an extremely favorable job market for Gen-X over the next decade until Millennials catch up and Gen-Z (hopefully) matures.
I've also been thinking that on top of that favorable job market, as the Boomers die, Gen-X will inherit their parents wealth and because they were from small families, won't have to split it with very many siblings.
Will society finally start paying attention to us, and will resentment and jealousy be the cause?
Gen-X has long been ignored in American society, primarily due to being a very small generation brought about by the collapse in birth rates during the 1970's. The Boomers have also hung on for a long time, and the Millennials were a baby boomlet of their own, and so Gen-X continued to be ignored.
However, Gen-X are now in the prime of their careers and likely to be at the height of their earning power over the next decade. Demographer Peter Zeihan has made a compelling case on several podcasts I've listened to that as we reach peak Boomer retirement, Gen-X won't have the numbers to replace them all, Millennials are 5 years behind in terms of skills/careers because they came of age in the Great Recession, and Gen-Z is locked into social media algorithms rather than working and building skills. This will lead to an extremely favorable job market for Gen-X over the next decade until Millennials catch up and Gen-Z (hopefully) matures.
I've also been thinking that on top of that favorable job market, as the Boomers die, Gen-X will inherit their parents wealth and because they were from small families, won't have to split it with very many siblings.
Will society finally start paying attention to us, and will resentment and jealousy be the cause?
I'm 57 and a Gen X. My Boomer husband is a couple of years older than me. I'd say that most of the people that we know are in the Sandwich Generation where they have kids still at home/in college and elderly parents that need some amount of care. I'm not really seeing too many getting big windfalls.
Millennials tend to have Boomer and Gen X parents who may seem very well off. But the reality is, old age is expensive. They shouldn't be counting their chickens just, yet.
The US nursing home industry does a good job of minimizing inheritance for a huge swath of Americans.
Quote:
Originally Posted by Hemlock140
The average cost of assisted living now here is $6,000/month, that will eat up any nest egg very quickly. No one should count on an inheritance.
Ya'll are a bunch of Debbie Downers, but with a name like Hemlock140...
Obviously, some people have parents that spent every dime they ever had on booze and meth and won't leave anything behind but bills and heartache. Some people will spend a $1 million on long term care because they refuse to die. I'm talking about statistically, and in the aggregate, Gen-X stands to benefit tremendously from the tight labor market and not having to split any Boomer wealth they inherit with a bunch of siblings. If you have any kind of assets at all, I think you're more likely than not going to leave something behind. Anecdotal examples from my own grandparents who were all born between 1914 and 1921, and died between 1977 and 2008. These were all working class people of modest means:
Grandfather 1: dropped dead of a heart attack in the kitchen while eating blueberry cobbler.
Grandmother 1: lived alone another decade on a modest Social Security check and a $20k inheritance from a wealthy cousin. Then had a stroke and lingered in a nursing home for many years. Spent down all her money and in the end the nursing home was getting her Social Security, but when she finally died her small house, contents and several acres it sat on were auctioned off and her 3 sons split the proceeds.
Grandfather 2: had dementia and required several years of nursing home care, paid for by the Veterans Administration.
Grandmother 2: lived for 26 years on her husbands Social Security and about $50k they'd managed to save up when interest rates were high in the late 70s. Spent some time in assisted living and a few months in a nursing home and was in spend down mode when she passed. There was about $20k left, a house and a car. All those assets were left to a daughter and two grandchildren.
Primary residence, vehicle, personal belongings and home furnishings are generally exempt from Medicaid spend down.
Gen-X has long been ignored in American society, primarily due to being a very small generation brought about by the collapse in birth rates during the 1970's. The Boomers have also hung on for a long time, and the Millennials were a baby boomlet of their own, and so Gen-X continued to be ignored.
However, Gen-X are now in the prime of their careers and likely to be at the height of their earning power over the next decade. Demographer Peter Zeihan has made a compelling case on several podcasts I've listened to that as we reach peak Boomer retirement, Gen-X won't have the numbers to replace them all, Millennials are 5 years behind in terms of skills/careers because they came of age in the Great Recession, and Gen-Z is locked into social media algorithms rather than working and building skills. This will lead to an extremely favorable job market for Gen-X over the next decade until Millennials catch up and Gen-Z (hopefully) matures.
I've also been thinking that on top of that favorable job market, as the Boomers die, Gen-X will inherit their parents wealth and because they were from small families, won't have to split it with very many siblings.
Will society finally start paying attention to us, and will resentment and jealousy be the cause?
LOL. I guess you can hope.
The only boomers I know that have "died off" either spent most of their funds on medical bills and care, or left spouses that will soon need to go into a nursing home. I'm not seeing any scenarios that you are dreaming of...but as I said, one can hope.
Ya'll are a bunch of Debbie Downers, but with a name like Hemlock140...
Obviously, some people have parents that spent every dime they ever had on booze and meth and won't leave anything behind but bills and heartache. Some people will spend a $1 million on long term care because they refuse to die. I'm talking about statistically, and in the aggregate, Gen-X stands to benefit tremendously from the tight labor market and not having to split any Boomer wealth they inherit with a bunch of siblings. If you have any kind of assets at all, I think you're more likely than not going to leave something behind. Anecdotal examples from my own grandparents who were all born between 1914 and 1921, and died between 1977 and 2008. These were all working class people of modest means:
Grandfather 1: dropped dead of a heart attack in the kitchen while eating blueberry cobbler.
Grandmother 1: lived alone another decade on a modest Social Security check and a $20k inheritance from a wealthy cousin. Then had a stroke and lingered in a nursing home for many years. Spent down all her money and in the end the nursing home was getting her Social Security, but when she finally died her small house, contents and several acres it sat on were auctioned off and her 3 sons split the proceeds.
Grandfather 2: had dementia and required several years of nursing home care, paid for by the Veterans Administration.
Grandmother 2: lived for 26 years on her husbands Social Security and about $50k they'd managed to save up when interest rates were high in the late 70s. Spent some time in assisted living and a few months in a nursing home and was in spend down mode when she passed. There was about $20k left, a house and a car. All those assets were left to a daughter and two grandchildren.
Primary residence, vehicle, personal belongings and home furnishings are generally exempt from Medicaid spend down.
Go over to the caregiving forum if you want to get an idea as to what adult children are being left these days.
There's a poster who got a call that her mom needed someone to come stay with her ASAP so she quit her job and moved across the country to live with her mom. After a couple of years of back breaking, soul crushing caregiving the mom died leaving the poster with an old falling down house filled with junk. Last she checked in, she was about ready to have a nervous breakdown. That's quite an inheritance don't ya think?
Many older retirees wind up selling their homes and moving into easy maintenance Independent Living apartments which help them stay independent for as long as possible. They use the proceeds from the sales of their house and belongings to pay their rent and otherwise provide for themselves.
I really do not know many people getting much in the way of inheritances these days. But Alice is welcomed to dream on if she wants to.
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