The great baby-boomer retirement wave is upon us. According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. By 2030, the largest generation to enter retirement will all be older than 65.
The general assumption is that boomers will have a comfortable retirement. Coasting on their accumulated wealth from three decades as America’s dominant economic force, boomers will sail off into their golden years to sip on margaritas on cruises and luxuriate in their well-appointed homes. After all, Federal Reserve data shows that while the 56 million Americans over 65 make up just 17% of the population, they hold more than half of America’s wealth — $96.4 trillion.
But there’s a flaw in the narrative of a sunny boomer retirement: A lot of older Americans are not set up for their later years. Yes, many members of the generation are loaded, but many more are not. Like every age cohort, there’s significant wealth inequality among retirees — and it’s gotten worse in the past decade. Despite holding more than half of the nation’s wealth, many boomers don’t have enough money to cover the costs of long-term care, and 43% of 55- to 64-year-olds had no retirement savings at all in 2022. That year, 30% of people over 65 were economically insecure, meaning they made less than $27,180 for a single person. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse.
As boomers continue to age out of the workforce, it’s going to put strain on the healthcare system, government programs, and the economy. That means more young people are going to be financially responsible for their parents, more government spending will be allocated to older folks, and economic growth could slow.
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Okay, fuck YOUR boomers then. I’m sorry you descend from such assholes. And while we’re at it, fuck the wealthy and super wealthy who don’t give their money to do good in the world. And okay let’s fuck those non-wealthy who wasted what money they earned on selfish shit.
But there’s a lot of old people who’ve never become wealthy because they were fair and kind and helpful to others instead. They still vote for government policies that benefit people worse off than they, and they make a good effort to embrace diversity, fight climate change, promote truth and science and peace. They didn’t die of COVID because they masked up and got the vaccines and rejected ivermectin. They may not be a majority but there’s still a lot because the whole is so large. They don’t deserve extra special treats but they don’t deserve to die homeless either.
This is my boomer MIL. She is honestly one of the kindest people I know. . She votes pro-environment/pro-social issues and has given (almost beyond her means) everything she can to virtually anyone who needs it. She has almost nothing left, and is a stones throw from couch surfing. I have no idea what’ll happen when her health starts to fail. As frustrated as I am with boomers, I try to remember her and the good she has tried to bring about in the world.
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So because some members of a group were unkind or showed you discourtesy, you condemn them all? I’d love to hear your thoughts on other ethnic groups. Anyone from India ever give you a hard time? I bet that makes you think less of all Indians. Y’know a lot of Russians support Putin and the war in Ukraine. Do you also think all Russians deserve to be punished as a result?
I hope you don’t consider yourself socially progressive because your attitude is part of the problem.
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While my boomer parents have obviously participated in the system and profited from it, they have never voted for a party that lead us down this path. Are they also to blame?
Yo you’re boomers were legit insane dicks! I agree we should all hate on them and try to make their lives miserable!!
On the other hand, the boomers in my life seem well aware how difficult things are nowadays for us. I’m brown tho so ymmv
Bigger picture is eat the rich, don’t let them divide us. Age and generation isn’t the problem. It’s a side effect of the income gap. It doesn’t take a saint to empathize, it takes a human. If you spit the same shit back at them, you’re as bad as they are and the next generation will look at us the same way.
Income gap is and always has been the problem. Eat the rich.