557
The 'wealth transfer' from boomers won't save Gen X and millennials
(www.nbcnews.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 30 Dec 2023
557 points (97.3% liked)
News
23530 readers
6457 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
Shit. Throw in a few reverse mortgages to pay for Meemaw and Pop pop's cruise every 6 months, and we won't even get that generational housing.
There was a segment on NPR recently where they were talking about how many Boomers are selling their houses to pay for medical bills and long-term care, leaving little to nothing for their children.
My Boomer parents had one of those "I'm spending my kids' inheritance" bumper stickers on one of their RVs and it was no joke. New RVs every couple of years, driving around the country part of each summer, new boats every couple of years, two timeshares, one in Branson, one on the gulf coast FL, two houses, one in the Adirondacks, one outside Orlando, flying back and forth twice a year, a new gold wing every couple of years. They don't believe they're rich.
My father worked his whole life as a telephone lineman, retired at 55. My mother worked swing shift in processing at Kodak. Neither started wealthy. My dad had to purchase my grandfather's farmhouse. My mother didn't inherit anything. And they didn't think one second about passing anything down.
Placing the blame on medical costs for the generation as a whole is letting them off the hook, again. Boomers are too selfish to pass anything down anyway.
Not true. They voted, and THAT legacy will be with us for a LONG time...
And sadly, I don't even mean DT - there's Ted Cruz, Moscow Mitch, the whole cohort - along with all the international agreements that we've already pulled out of and so on.
See, they left us something after all?! :-P This economy, lack of access to healthcare, and so much more!?
Btw, I don't know about you, but I have a retirement plan for my old age. I plan to die. :-P
In fairness, it is less that they are "selfish" and more that they are "clueless" (to the point of obstinacy, outright refusing to open their eyes) - b/c as you said, your mother didn't inherit anything, and yet THEY are fine, so why wouldn't you be, with nothing left to you either? (remember as you think this through to remove all of the actual "facts" first, and add the layer of Faux News Nostalgia factor)
Yep my dad brags about his wealth and how rich he is and he has made it clear we will not get jack shit. He will blow every dime save nothing.
Union workers with pensions?
Pensions, yes, though my father lost his sometime after he retired. I don't think the phone company was union, but Kodak likely was. Both parents were anti-union. Both were forced into retirement as Kodak passed on digital photography and phone companies started consolidating.
It's absolutely going to be most of them. Modern medical care isn't worried about quality of life at end of life, and because we don't have healthy conversations around death in the USA, the kids will probably be desperate to keep mom and dad hooked up to machines until they're literally fucking braindead.