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The 'wealth transfer' from boomers won't save Gen X and millennials
(www.nbcnews.com)
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this post was submitted on 30 Dec 2023
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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.