My original retirement plan was to retire at 62, work part-time, and save diligently. However, rising costs have significantly disrupted this plan. I’m concerned about whether those who faced the 2008 financial crisis had an easier time compared to the challenges I'm facing now. With a shrinking income and the stock market's volatility, I'm worried about my future Medicare expenses and whether I’ll have enough savings for retirement, especially since I’m unable to contribute as much as I once did.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
’Sonya Lee Mitchell’ is the manager I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...
Gold might crash in a liquidity crunch, but many precious metal holders are prepared for this and unlikely to be forced sellers. The paper market would tank and possibly collapse. Hearing from an experienced investor who has overcome adversity is motivating. It can be scary when your portfolio turns red, but if you've invested in strong companies, stick to your goals and continue growing them
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
My job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.
This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $780k, generating sufficient dividends for my household's needs.
*Izella Annette Anderson* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
The two greatest gifts you can give your children: 1) Teaching them how to live without you by they time they are adults. 2) Not being a financial burden to them in your later years.
Instead boomers normalized drugs and treated their children like they were a burden to their success. They stole from the generation before and after them. You can commonly see them treating customer service employees like they are their jester.
Not correct. SS is part of the General Fund. No Trustfund exists. Payroll taxes fall short, so taxpayers pay the shortfall. But more precisely, money is borrowed to pay the shortfall.
It’s actually a pay as you go system and it started using more than revenue a few years ago. It will have no reserves left in 2033 and then it will be strictly money in equals money out if nothing is down
@@johnkessler9878 that’s not true. In the 80s the federal government basically bought treasuries with the excess funds that SS was taking in. Now they’re depleting that trust fund and it’s due to be gone by 2035. When gone SS will be unable to pay 100% if promised benefits. Who knows what’ll happen, but we’ll find out pretty soon.
I’m a late Boomer (also known as Generation Jones), the generation that saw traditional pensions disappear, saw the social contract with employers disappear, had to learn about the stock market and mutual funds, watched salaries not keep up with inflation, learned that many “financial advisors” are really slick salesmen trying to eat our nest eggs. It has made us cynical and mistrusting. I learned as fast as I could and did ok with mutual funds, I should be able to retire by age 67 to 70, but still worry about the future of Social Security, Medicare, and rapacious inflation. I’m not angry at older Boomers for having it better, but I am angry that we won’t have it as well.
@@TShirtAndReeboks: That sounds like government claptrap. A quick bankruptcy of the US social security ponzi scheme could end the trickle of income for seniors instantly, esp. since there are fewer and fewer earners to keep the scheme going.
@@thundersnow93 I don't believe it. The same fund gives all those on disability money. Do you believe they will suddenly cut off those on SSDI? I can't see it.
Yeah I really resent being 61 and being called a Boomer. Boomers are much older than me. When I graduated from high school, my only options were McDonald's or waitressing. I had none of those advantages!
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
My depression era parents always pushed the idea that only you are responsible for your future security. Don’t count on the government, rules can be changed in midstream, don’t count on a secure job based on your loyalty and good work ethics, companies can be sold and your old boss’s opinion of you doesn’t matter any more. They were so frugal I couldn’t wait to leave home. It took many years to appreciate where they were coming from and admit they were right on many issues.
Helping my parents already. They are in their 70s and 80s on a very fixed income so I have to help cover some of their expenses. It is an honor to do it though. They did so much for me to help me get where I am and can help them.
In Asian culture, the kids are the parents retirement. The kids pay their way and I’ve married into this culture, so my home is also the home of my in laws. When parents help the kids financially through college, it seems reasonably fair.
Military retiree. Living off my retirement pay. Next job went to 401k and IRA and some traveling. Retired for good and still living off retirement pay. No mortgage, have an emergency fund for home repairs.. Grandkids will get college paid for.
That's great to hear. A lot of people say military doesn't get paid enough, but I'm in the same boat as you and didn't have the newest cars and spend money on things all the time like everyone else. Now that I'm getting out I'm good to go and my peers are scrambling to get another job that pays well to keep up with their lifestyle.
@@bluefrog12345 working for the federal government in any capacity pays quite well considering the guaranteed retirement pay. Nobody else is guaranteed a specific pay at a specific date.
@@rathelmmc3194govt jobs are the cushiest because they are funded by taxes, and the govt wants its cogs loyal. Cops get paid a ton too, inspectors, pencil pushers of all kinds......
I hope that your spouse during your military years can say the same. My mom's been pretty much screwed in retirement by her employers who used a vesting system which she could never take advantage of due to moving for my dad's military career every couple of years.
My wife and I are late boomers. We're ok though. We never had troubles with jobs, we kept investing except for a couple years when I took a flyer on a startup. Two of the secret weapons we used are 1. Live below your means, and 2. Avoid high cost of living regions of the country. Salaries may be a bit lower than on the coasts but at the end of the month you've still got more money left in your pocket. Economies also aren't so boom and bust so there are always jobs available.
My parents are late boomers. They struggled through immigration, language barriers etc... you can't accuse them of living beyond their means, all things considered, they did well. Luckiest decision they made was buying the cheapest house in a cheap neighborhood in an expensive city. The whole place got gentrified and they managed to hang onto it. They sold last year for millions and worked with a fiduciary to figure out their retirement. They're doing well about to head into retirement they'll have more than they ever lived on. And they'll still be working because they enjoy working. Hopefully they're like their parents and grandparents living into 90s and 100s. Coastal cities can be beneficial for retirement as long as you don't plan to stay there.
Yep, my idiot in-laws were stupid with their money, and now my mother-in-law lives with us. Of course, I married the responsible son, and the other two sons that were coddled and spoiled, don’t help out at all.
I got the same ones lol . But one passed away .Fortunately she has different places to live because of her mistreating me over the years she isn’t welcomed at my house to live . They didn’t save one dollar .
If your mil can care for herself , try to get her into a PROC 202 apartment. She will only pay 1/3 of her income for rent and that is after Medicare and other medical deduction s.
Sadly that's a real conversation that needs to happen before marriage. My girlfriend's mom and sister are both irresponsible. We've already established once we marry under absolutely zero circumstances will they ever be allowed to live under our roof. As Dave would say we have zero obligation to enable irresponsible behavior.
I am a late boomer but so what I ain’t worried it is what it is was never raised with a silver spoon in my mouth. But one thing I learned in my glorious days is you can be here today and gone tomorrow so money is not my priority in life. We could even be facing world war 3 next. My advice to whatever generation you are live your life and enjoy it the best you can because nobody knows what’s around the corner……
You need to preach this to the young ones. I’m one of the Jones and I did not freak out on my 401k. Let it ride, buy cheap. Keep saving. Keep working and save, save, save.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I’m a mid boomer (1956). I was broke and divorced at age 40 when I decided to take action. Got myself out of debt, got a better paying job, married a girl with the same financial goals and started learning to invest. Today we have $165k in annual dividends, $50k in interest, a small pension, my social security, and in two years my wife will start social security at age 70. I think we’ll be okay. Cash flow is what you need.
u will be more than ok. i hate the nanny state. it's not every man for himself, it's take care of yourself before you expect help. the problem is , central planning wants us to be subservient to their, '' higher and more benevolent authority''...
@@john-o1g9p I know we are more than okay. My last comment was facetious. My point was to create cash flow streams of income. Buying stocks in solid companies that increase their dividends each year is the way to go.
@@MariahRamsey-ts3uzI once took my wife to this little Korean cafeteria run by an old woman. I am a boomer but she was old enough to my mom. She was very stern looking and seemed impatient with everyone and here we were, the only black people in the place. My wife thought she was a little mean to us when she took our order. I explain to her that she was just being herself. When I went to pick up our order, I said "thank you mother" in Korean. She snatch my order back, loaded it up with twice as much food and gave it back to me. Then she gave me the smallest of smiles and a nod before motion to me to get lost 🤣 Never think you know people and who they truly are until you take a moment to know them.
One issue I point to is people nowadays don't realize that a lot of the information about doing better things for yourself wasn't nearly as easy to find as it is now. We didn't have the internet, and if you were in the lower class, most people had very little knowledge about it all. Information wasn't as readily available as it is now, and people were a lot more suspicious of its inner workings.
Not late boomer but first Gen Xers. Parents were first to divorce. We were first latchkey kids. 2008 recession hurt bad. Now we’re in the sandwich generation, and it’s not us moving in with the kids; it’s the millennial/Gen Z kids moving back home with us while we work at least one job to pay all our bills and also care for Boomer/Silent Gen parents.
As a Boomer I take exception to the generalization that we don't understand technology. It's true we missed growing up with the Internet. We missed it so much that we invented it!
Yes indeed. I am an early boomer. I admit to only have been using computers since 1968. True I never adopted the cell phone lifestyle. I do have a smart phone, but it is off most (99%) of the time. I only use it to make calls when I am away from home since there are no longer pay phones. I last made a call back in March.
The internet was pioneered by the Greatest and Silent Generations. Gonna try to tell me Boomers beat Hitler too? lol @@oldmaninthemirror also the Greatest and Silent Generation
There's a difference between a hasty generalization and true generalization. An educated person knows the difference, which is why I know you're not an educated person. Boomers had a poor education as children. I know because my grandmother was a teacher in 1950 when she was 19 years-old. The schools in 1950 had so many Boomer kids that they were hiring anyone without any teaching credentials to teach the Boomer kids. That's why Boomers are so poorly educated. That and they did get exposed to led paint and ate led paint chips.
@@oldmaninthemirrorNo you didn't. It was your parents' generation that went to the moon. You're literally the generation that canceled all that, that's why we stopped things like going to the moon once boomers dominated the political system.
I was born 52 days before the end of the Baby Boomer Generation. I have absolutely nothing in common with someone about to turn 80 years old. People my age entered the job market during a deep recession and faced some of the highest interest rates in history. We then had to navigate every economic downturn after that like the one after 9/11, in 2008, the pandemic, etc. Not all "Boomers" had it easy.
@@InvisibleHotdog - Move to a market where houses sell for $150k, but there are almost no jobs to be found and those that you can find only pay the federal minimum wage of $7.25 per hour. That is what it was like in the early 80s (except you only made $3.35 per hour back then). Once you do that, come back here and tell us just how easy it is for you to afford your $150k home.
@@chiplangowski3298 so you're just oblivious to inflation? That 3.35 is 11.58 now. Housing was also half the share of income it is today and the cost of living was lower too. Come back after you educate yourself.
@@InvisibleHotdog - Please read and understand the comment. You said that you want to pay $150k for a home - but pay that with your 2024 wages. There are $150k homes available now. There are $60k homes available now. You just won't be able to find a job that pays enough to afford those homes in those areas. The same was true 40 years ago. I very clearly stated that. You throw out personal attacks after embarrassing yourself by not understanding the topic of conversation.
@chiplangowski3298 Im a recently retired boomer. You and my children's generation have a steep financial mountain to climb. Take good care of your own business. I wish you well.
I’m in this demographic. A couple of other factors that did not get factored in, 1- this was the group who had to learn how to pivot to 401ks from a pension mentality previous generations relied on, meaning the significance of saving into a 401k wasn’t as well understood like it is now, 2- the cost associated with re-education after said layoff; I went back to school to become an RN, but the expense took away money available to invest in my husband’s 401k, and then the loss of income for the 3.5 years it took me to get my RN degree and license, 3- the cost associated with planning for our children’s college education, competed for our dollars, 4- the cost associated with caring for our aging parents. We lived a frugal lifestyle but still struggled. I appreciate your perspective but feel it’s important to acknowledge the environment at the time and use it as wisdom for the younger generation to learn from, which I think was your point, but wanted to express the circumstances many of those decisions were made within. With that said, keep up the good work. Your videos are providing education I wish I had been privy to in my 20’s and 30’s.
I'm also a late boomer. In my early 20's I didn't sign up for my pension because I didn't understand the need. Then I got a job with a 401K, but I left after 3 years to have a baby and when my investment was returned to me, my (ex-)husband snatched it to get a table saw. Then after divorce I went back into the work force unsuccessfully. After my 2nd husband passed away I went back to school like you to become an RN. Now I work for NYC and have a pension, but a very small one as I didn't even go back to school until age 40 and started working for the City at age 45 and since I'm on a school schedule I don't clock into the pension year over year, but by the number of hours I work (so after 17 years of work I have 10 years clocked in) so my pension won't even add up to 1500/month if I stay till age 70.
Around age 50, had an ESOP go bankrupt (yes that happens) at the same time as the crash, lost about $450,000. Because we kept a budget and lived frugally we got back on track. I was retired at 59 1/2.
Being a late Boomer myself 1962, I can tell you a problem we have always had and I can attest to it. When I entered workforce age I was competing against a larger populace for jobs. There trades were saturated and they were always getting laid off, I was laid off so many damn times. Some went to college, I did not. The only jobs left were crappy customer service. This was the norm for years. Basically late boomers were left with crumbs. The amount of good paying jobs, competitive jobs, were saturated by the earlier boomers. All my damn life I have had to live like this, still am in many ways.
@@joeshmoe7768 Yeah? After high school, I struggled through the 80's just like the guy above - I did a lot of job hopping in those days. I was working full time wherever with a beater car I bought, and in a rundown old apartment at 19 years old. More schooling was not an option with shitty jobs with shitty pay....and rent due at the end of the month. What he says about the "earlier boomers" is correct. They were NEVER going to leave their positions. -1963 "Boomer".
@thecolorgreen7046 Gave me, as a business owner who got screwed over by boomers, a very strong sense of up or out. No dead weight. Their sense of entitlement is so huge now they want to steal more. SMH. I will tell them what they told me - "F" yourself.
Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
Sincerely it's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.
Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, my stagnant reserve of $325K has yielded nearly $1m after subsequent investments so far.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
George, I understand that your intention is to help people who need it, but the tone of this toward older boomers is mean-spirited. We don't all eat "congealed salads" or scream at people to get off our lawns. I put in my time (50+ years in the workforce) and paid my taxes including Medicare, and I live carefully on a modest retirement budget. We're not all old doddering idiots and "karens".
I'm a "late boomer" - so grateful I found Ramsey. Following the baby steps for almost two years now and am on track to turn this Titanic around and thrive in retirement. It will take diligence until then, but so worth it.
Late boomer here. You are spot on about us! We are in a totally different set of circumstances compared to the earlier boomers! We are mostly planning to work for many more years. I'm divorced, not my plan, and it's expensive going it alone. Swiping left and right to start over again. 😅
Well then you are a rare exception... the rest of us are just fine. You guys crying about how hard it was on you is so cringe, when people like me lived the exact same era and are just fine. The reality is YOU spent your money frivolously and now you want to pretend it is not your fault if you are struggling.
@@dee4435 Yeah because the guys that fought WWII and Korea and Vietnam had is so easy.... I was born in 1961 and the rest of us in that generation are just fine. There is no "retirement crisis" other then you few cry babies that spent money on shiny cars and crap you could not afford, now you wish to cope by pretending it is not your own fault if you struggle now. Claiming "the party was over" while living in the most free, fair, and prosperous nation in history is so silly.
@@_Coffee4Closers you do realize the fastest growing demographic of homeless people are Baby Boomers right? I'm all for the Boomer bashing, but just because they have most the wealth doesn't mean that its spread equally. Boomers have the same problem as everyone else, where 80% of the wealth is held by 20% of them.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Millenials, without sales (scams) crazy luck or PHDs, will never save that much. You have over 100k saved... its easy to use that money to stay well off. Jesus dude cmon
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Agree. I started out as a factory laborer and now I am a Oracle Engineering Analyst. Basically fell into it and taught myself. There are quite a few like me in these fields. I never went to college. Plus they don't teach Oracle engineering in college anyway.
I agree. I'm a Gen X. We are the only generation that was old enough to be working BEFORE the internet took off, and yet we were still young enough to learn the internet during our working time. Most boomers were already set in their ways cause they had worked 30 years already without the internet unless they were working in a computer field. The millennials don't know what it's like without a computer to work on. So the Gen Xers have the best of both worlds.
I am a 54-year old Burnt-out doctor with $400K in declining investments, planning retirement soon. Seeking best stock strategies for market downturns and hyperinflations
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Please develop some compassion. For many people illness both physical and mental change their lives completely. Also veterans deal with challenges that we should assist them with. Life is complex not simple.
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The best phrase here: “YOU are responsible for your retirement-“ not the government, not your employer, and not some union. Retirees have no right to complain about their finances if they squandered money in their youth. A pricy car, boat, motorcycle or vacation can do serious long term damage to your financial future.
These are not really Boomers. The person who created the generational names says they are really GenXers. But yes, the people born in those years came of age when the older Boomers had already filled a lot of professional jobs. They graduated from college during a recession, further delaying their professional development. More of these folks became lower income as adults than older Boomers.
not everyone is as lucky as us to make it this far. We made it with determination, sacrifice, common sense, and a little luck. we didn't whine when times got tough; we got a second job, or even a third. and if Boomers are doing so badly, they should take a look at our assets and standard of living (like the Villages in Florida).
This hit a sore spot! I’m really tired of being blamed for everything wrong in the world. Every day someone is blaming “late bloomers”. Geez, we are just here doing our best! We had to play with the hand we were dealt as does every generation since! We didn’t have control of the “world” just our own little part of it! We will be retiring soon and happy about it!!
THANK YOU THANK YOU THANK YOU!! for recognizing War Babies. We are different from Boomers. Boomers were born into a booming American economy. We War babies had our early childhoods shaped by ration books, air raid sirens and search lights over NYC, victory gardens (to provide enough family food), oleo margarine packs that our mothers colored with yellow food dye, etc. The sugar shelves were still empty 1949 in NY. We were raised by adults nervous about possible sea and air invasions. . America had still not recovered from The Great Depression until about the 1950's. As children we worried if our soldier uncles would return alive. The men didn't return home until 1946. We wore dog tags around our necks and ducked and covered. We helped our mothers pack CARE packages to deprived European relatives newly freed from German occupation. The suburbs and Levittown's weren't built when we were pre-school age, no TV, my mother prepared meals listening to the radio soap operas. The music world of the 1960's was created by War Babies - not Boomers. The impressions made on our young psyche's made us more serious than Boomers
First, I was forced to sell my very nice house in 2008 for $20,000 less than what it was worth. Second, I have spent thousands helping my kids and grandkids. They would not be where they are now if I had not floated them.
Your generosity will be rewarded. My parents didn’t help me in college or early in my career in my times of greatest need, and as a result my generosity to them will be severely tempered now that I’ve finally gotten into a good position in my 40’s.
@@mylesgray3470 : My parents helped me, but they did not have much and I needed to work side jobs while in college. They did not push or encourage me to finish college, but college is what I wanted and they helped. After college I found a high paying job, and I then supported my brother and sister with $money that they needed. Kinda stinks that your parents didn't help you when you needed help. I assume your parents had money and could help, and your major was something useful for you to make money (not political science, or other stupid major).
I’m seeing the results of two parents who gave their children EVERYTHING. (Land, built homes for them, gave them lump sum money, a thriving business, college education, etc.). Now these parents have health problems and dementia. Their two kids are asking family members to help stay with them 24/7 because, get this, the parents don’t have any money to pay someone. I’m a late boomer and I will NEVER put myself in this situation!
Born in 1960, husband in 1957. Both retired (me 4 years ago and him a few weeks ago) with 3 pensions, several IRA's, no debt at all and SS. We downsized from a large colonial to a still pretty large house in a 55+ community and have no mortgage. We never changed what we put into our 401's except to increase the percentages a few times over the years. We do what we want when we want. From what I've found online our net worth is in the top 10% for our age group. As our CFP says, we are not risk adverse and rode out several big dips in the market without panicking.
@@SomeUserNameBlahBlahI'm part of gen Y and have taken care of my boomer mother to a large degree for years mostly with provining most of her heat and i do diy enough most repairs cost her just material. She still at times seems spoiled and ungrateful it is kind of wild.
That's because the banks and government manipulated the housing prices and the stock market. Yeah my Boomer uncle who paid $78,000 in 1978 for his house that's worth $900,000 now in southern California is really struggling financially. He bought it while working at a grocery store as a clerk. The people he sold it to are doctors because the only people who could afford it need a salary of at least $250,000 a year. The people who bought the house are using it as a short term vacation rental to help cover rent too. My Boomer uncle laughed his way to the bank the same way a lot of Boomers are doing. Boomers don't have to listen to the government and sell their overpriced houses for the price the government and banks have said is the value of the houses. They're choosing to sell the house they bought on their blue collar jobs to people with white collar jobs that are the only ones able to afford the houses. The Boomers could give a 70% discount and sell the house to blue collar workers that want to start a family and support the foundation of society, but they won't because they want all that money instead. Their house prices and 401K are all made up by the government and the banks. They love it as a long as they are wealthy and could care less if young people today can't afford to have the same lifestyle they had when they were young. This is why society is crumbling. It's everyone for themselves and society be damned.
Makes me want to scream when I hear it suggested people/families should “move back home” as a measure to save money. Don’t they realize, someone, the parents, have to pay the expenses for all those “extra” people “moving back home”. And there goes their ability to save for their own retirement.
Social Security isn't going anywhere. The program is paid for by its own tax and is currently running a three trillion dollar *surplus.* While there may need to be adjustments to keep up with changing economics and demographics, it's unlikely the program will disappear altogether.
I tried convincing my boomer parents to buy some of the old cottages in our community when they were being sold for $60-$80k, they said I was a fool. Those cottages are worth $800-$1.2m now 15 years later and all they have for retirement is their home they bought for 40k in 93
Don’t you dare call this old Gen-X’er a late boomer! 😅 Proud to say we are debt free, no mortgage, and on our way to 2 million in retirement. Priorities!
Im a boomer. I started working full time in 1982. I lived with my parents for about 3 years. I brought my first paycheck home & my Greatest Generation Dad asked me how I felt about the new increase in social security taxes. I looked at my check and found that over $180 dollars had been taken out of my first check. And I said this pays for old people. Without this money some of them would be in the streets. I did not want to see old people living in the streets. So, I paid for it. Dad was living with relatives and renting rooms from strangers until he was in his late 40's. Most homes on the street where he bought his house cost $15 to $20,000. My Dad bought a 38-year-old house for $9,000. He finally started living in his own home at the age of 47 or 48.
I was born in late 1964 but was fortunate to not have missed work in my life and have been contributing to a 401K my entire working life. I'll have around 12X my current gross income in retirement which is mostly in dividend paying stocks and funds. I'm retiring at the end of this year.
No hate, but I would have some money in CD's and money market. We are likely closing in a market crash. Will need some cash to weather the storm. Congrats on your savings and retirement.
I was born in 62 and I am 62 years old. I remember very clearly when my 401K became a 201K overnight. My cute little house I purchased in 2003 for 75K was suddenly worth only 39K. Really sucks but I’ve recovered nicely. I remarried in 2012 and we took FPU in 2016. We are currently in baby step 6. I’ll be receiving SS soon.
Our mother grew up during The Great Depression and that formed her mindset for the rest of her life. And she passed some of that on to us. And we passed that on to our kids. Our late boomer sister lost her job during The Great Recession as an accountant. Fortunately, she married into a lot of money so she sent her kids to private school and then private colleges. She and her husband more or less retired in their forties. We all supported our mother into her late life. Almost all of the boomers I know are millionaires, have one or more homes, a couple of cars and put their kids through college without debt. We all expect to pass on significant inheritance amounts to our kids too. All of these folks grew up in poverty or normal middle-class; the idea of saving for your kids' college, taking care of your parents in their old age and funding your own retirement were part of the culture.
I'm a late Boomer. It seems like everyone has a problem with us. At least I paid my student loans and didn't get a bailout from the government. Now when it is time to pay your obligations, everyone boo-hoos that they can't. I don't feel bad about it!
Hey! I'm a "late boomer"! Who knew there was such a thing! I've always felt kind of left out, not being quite old enough to be a boomer and not quite young enough for Gen X. I've found a home! Yaaaay! (and I'm a total wheel watcher too). I think I'm gonna be ok and won't have to rely on my disabled son to take care of me. Thank goodness I've always I've always gotten going when the going got tough.
When GM went bankrupt one of my neighbors had his entire retirement in GM. Lost it all. He died 9 months later (depression is a killer btw) and his wife was forced to sell their house at a loss. He thought he had planned well.
What people do not realize is that in 2008 ALOT of people got either fired or layed off. I feel bad for all of them. The economy was kind of at a stalemate from 2009-2015 it got better from 2016-2020. Saying that they should have all kept investing during that time is not realistic. A time of little to no work is a time to not invest in the name of survival.
Taking care of my 80 yr old mom because she didn't save for retirement sucks but I am fortunate enough to be in the situation that I can help. You really hit the nail on the head there. There's not that many people that ever touch on those nuances. You're a real one George.
You accidentally-or not so accidentally-popped up on my feed, and this is the first time I’ve listened. You are SO funny that this Tennessean decided to subscribe. This bitter pill is easier to swallow with a little comic relief.
Thank you for this George. I have $1k emergency funds saved. Now I’m following the baby steps to get out of $30k debt, which includes: credit cards, student loans, and 1 personal loan. (My $30k combined debt is not including my mortgage balance). I use DR apps
I have been amazed that many people my age (66) are below zero net worth! They have borrowed money in their younger years and never paid it back. They can't sell everything they have and pay off what they owe.
I'm one of those late boomers, and I made sure I always maxed out my 401k, plus had a Roth IRA and I make sure my kids do as well at their jobs. If you are smart with your money, which most people are not, you can retire well. Which I will be doing in 2 years at 65 with 7 figures in the bank so don't worry about me George.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I am a late boomer!!!!! Born in 1963. We have 4 Millennial children. We are doing great, debt free, no mortgage and 750k in assets and 10k a month in income, we are doing fine. Husband is retired, I will work 5 more years.
I’m glad for you, I’m 42 and in reasonable shape. But I work with two late boomers that will likely never be able to retire until their health fails and forces them. They still have mortgages and consumer debt. Unlikely they will ever have that paid off… It’s very sad 😢
No offense but $750k between 2 people at 61 is not actually great. Better than most, but should be double that in retirement investments alone (per the 4% rule).
My dad refuses to downsize from his 30 acres and 5k square ft house.. he's approaching 70 and doing volunteer driving to pay for everything. Brings people to doctors apts all over the state and gets paid by the mile. If he sold it, he could be 100% debt free, build a smaller place with cash, and have almost no bills. In 5 years, he'd have $500k in the bank. I'll never understand it. If he would have sold it 10 years ago he'd probably have a million in the bank.
Yes I took the uncomfortable steps 16 years ago and downsized, then used the new internet to hack my smaller house so have no bills even food. And it’s the nicest house I’ve ever owned to boot…. Saved millions, retired early etc etc
@@emilyschultheiss2929, he does but the place is dissolving around him. The lean-to on the garage collapsed this last winter. The deck is rotten and you can't walk on it. Needs to be replaced. He can't afford to fix anything. He's been a slave to this "Dream House" for his entire life. He complains constantly about his situation. He set a very strong example of what not to do for my brother and me. 🫣 We moved away for work as started families. We'll only see him a couple times a year. Everytime I go back to visit him it's terrifying to see how much worse things have gotten.
When I lost everything during the recession, I really wanted to be able to take part of my future SS benefits to tide me over until I could get back on my feet. But now I'm glad they didn't allow that because I have retired comfortably on my full earned benefits. No, it's not 100% of what I made when I was working but I spend a lot less now so it's enough.
As a late boomer, house prices were high compared to early boomers. The early boomers got the sweet deal of low prices. This has a long term effect on what you can save.
I have been dealing with high interest rates my whole life, bought first house in 87 and rented it out to pay the bills, second house in 92 and my retirement house in 2014, All is well!
My dad luckily has a pension, but a lot of boomers didn't grow up investing. Investing wasn't really stressed until all the pensions started ending maybe 20 years ago. Imagine only starting investing when you are already in your 40s. You miss out on a exponential growth!!
That is the situation for a lot of GenXers. Their parents were on pensions so saving for retirement was never taught. The only financial advice was to buy a house. Many of them started saving way too late, plus they got smacked by the '08 recession mid-career.
Fear mongering is a great way to promote change. Social Security has been the center of "its gonna run out" and "if its still there" talk FOREVER. The program may change but it will be there
Oh boy, tell me you don't understand how that works without telling me. Take your time, maybe you can get to it when you retire at 62. I mean 65. I mean 67. I mean 70. I mean-
The problem is that if fixes aren’t put into place you eventually reach the tipping point. Look what’s happening with federal spending, in past fifteen years we have more than tripled our national debt and we’re currently on track to add at least a trillion in new debt every year. Our interest payments on the national debt are more than our military budget currently. So yes… they can always print more money to pay for social security but that doesn’t mean the money will be worth anything.
Social security will be there; the full check will even be there… what that check will buy you will be the real question. The government underreports CPI so each year you are taxed more and your social security provides less. Additionally, the government is already running massive deficits; anytime the fed increases their balance sheets to buy these bonds versus the private sector is inflationary. So they will print money to fund the deficit plus the social security deficit which will cause more inflation which will cause prices to go up. Then they will turn around and increase social security to offset the price increases but the price increases are underreported. It’s a giant feedback loop and everytime it cycles everyone (who doesn’t own assets) gets progressively poorer.
@@FreakyLynx Well, several trillion dollars were wasted in the Iraq and Afghanistan wars and then another several trillion were given to businesses and people during the pandemic to stay home and Do Nothing, pretty pathetic!
Late boomer here. When I was in my mid 40's I had to leave my job "temporarily I thought" to assist my elderly mother who has stricken with lung cancer and dementia. FMLA can only hold your job for so long, and I lost it while trying to work on finding an ALF that would take her (the dementia had sadly turned her extremely combative, requiring additional care for her). Needless to say, this effected my income for quite some time. I had to find another job at a lower rate of pay and work my way back up the ladder. All this happened around the 2007-2008 financial crisis. She passed away in 2009. Today at 60 I'm back to financial independence. Building a new home on some acreage and plan on going into semi-retirement around 62-65. Yes, it can be done, but it was an experience I wouldn't wish on my worse enemy.
We Boomers who were born between 1945 and 1955 were the luckiest generation. Our first homes cost under 40K, college costs were less than $500/year, and many of us waited until age 70 to start our Social Security. Some of us are still working at the age of 77, so 60 years of frugal living and consistent investing have given us financial security.
Eh... houses were cheaper and wages were lower. I'm a late boomer. When I started work at my job, I earned less than $10/hr in 1986. 36 years later, I retired making nearly $40/hr, same job. Houses in my area are quadruple the price they were back then, but my wages went up the same.
No retirement crisis for me. I did the opposite. I did mini semi-retirement plan. When I quit or loose a job. I'm not job hunting the next day. I'm taking a long vacation between jobs. I planned them, so I'll have the funds to take a break from "real life". My breaks can be consist of 3,6,9 months or even 1-3 years. My longest between jobs has been 2 years and 9 months. Will be able reach that 3 years down the road some. I never saved up a nest egg. I save what I been calling a golden goose egg. The funds to survive during my unemployment breaks. Now I do hustle between jobs and during employment. So I have other sources of income. I was a masonry during my younger years. So moving from town to town, city to city and state to state was easy pie. As I got older I quit my masonry career and did easier jobs. Been a forklift driver, clerical work in a warehouse, supervisor for 2nd shift, and many other jobs where I can carry that skill any place I chose to be at. Now I'm a caretaker since I'm 60 now. But I settle down to be closer to my parents. I bought my first home at age 56 and paid my home in cash. Been debt free since I was 36. Never married had kids and now don't do any kind of substance abuse. So my money I earn goes to me and easy for me to save money. I'm a bargain hunter, I rarely paid retail for anything. And still paid cash for all my used vehicles. Currently employed as a caretaker. When I reach 67, I'll take it much easier as not working much. I will continue my side hustles for sure. Since I enjoy doing them and it's easy cash. My semi-retirement planned worked great. Finish my bucket list and enjoying my new home and garden with my new greenhouse. Life is great with long breaks from the "real world". No regrets how I done things in life. Saw everything I wanted to see and keeping a smile on my face.
I do agree the point that “you may have enough now, might not in the future “. You see so many RUclips about retirement with only $500k in their 50s. You have enough now if you control your expenses. What will be in 20 years? Best of luck.
Our kids taking care of us? Is that a joke? My college-educated kids (the education my husband and I paid for, buy the way, so they wouldn't have debt) are barely making enough to feed themselves.
Isn’t that the truth! My daughter, age mid 40’s, just got divorced and is now a single mom of 2 kids. She’s squeaking by to make ends meet! The younger daughter, and her fiancée, can’t make ends meet, so they recently “moved back home”! With me! I’m 70 and on SS.
@@jowill76 I am very sorry your parents did not help. I try to help my kids as much as I can because both of them have chosen professions that, unfortunately, do not pay much.
You should have only paid them to become engineers or doctors. You paying for their worthless degrees is what ultimately financially crippled them. They'd be better off going into trades.
Well, my Boomer uncle who paid $78,000 in 1978 for his house that's worth $900,000 now in southern California is really struggling financially. He bought it while working at a grocery store as a clerk. The people he sold it to are doctors because the only people who could afford it need a salary of at least $250,000 a year. The people who bought the house are using it as a short term vacation rental to help cover rent too. My Boomer uncle laughed his way to the bank the same way a lot of Boomers are doing. Boomers don't have to listen to the government and sell their overpriced houses for the price the government and banks have said is the value of the houses. They're choosing to sell the house they bought on their blue collar jobs to people with white collar jobs that are the only ones able to afford the houses. The Boomers could give a 70% discount and sell the house to blue collar workers that want to start a family and support the foundation of society, but they won't because they want all that money instead. Their house prices and 401K are all made up by the government and the banks. They love it as a long as they are wealthy and could care less if young people today can't afford to have the same lifestyle they had when they were young. This is why society is crumbling. It's everyone for themselves and society be damned.
@@rwdchannel2901 it goes both ways, there are a lot of Gen Z influencers making millions online. Are they helping others, nope. But they are helping themselves, lol.
you are so far off on what happened. I am one of the Lucky ones because I had paid off my house so I am fine now. There weren't even gig jobs back then. It was really tough. The situation was much more complex than what you are saying. The generations gong forward are really in trouble because many will never purchase a Home
I am a GenXer and graduated from college in December 2008 - late for my cohort - after going the way that Boomers said I should, by working my way through and paying cash as much as possible. I lost my job in construction around the time I graduated. I lost a decade of earnings and social security contributions because of not being able to find a steady, well-paying job for ten years after graduation. I had to fille bankruptcy for an ER visit that happened just after graduation and losing my job. That bankruptcy prevented pretty much any life advancements for 11 years. After that economic crisis sunk my entire life's prospects, I can't say I'm too sympathetic to people who lost (only) some of their retirement savings.
Yeah people seem to miss this point. One thing you can count on in this democracy is politicians continuing popular programs for seniors. The people who vote
I"m a late boomer and I have more than my parents. During the 2008 crisis...I kept buying and buying and buying and buying and NEVER sold anything. I did get laid off for about a year....but went back. I fully realize it is UP to me and ME alone to fund my retirement...and yeah, I would agree....SS is just possible icing on a possible cake. Looking at retiring in 2.5 years (I'm 59 now)....
Stop scaring people into thinking Social Security is going to run out of money in a decade. Most of Congress and the government are older and they're not going to let their generation stop getting full earned benefits. The last thing politicians want is the highest voting block (seniors) to be marching on DC in protest and we've got all the time in the world to make our case. That said, if you're under 50, you should be worried because your current income and future benefits might be affected.
Yeah, I mean I'm not planning on SS being there just for my own financial planning, but people have been saying this for decades now. George has to toe the company line though and isn't allowed to have his own free thoughts.
Late boomer here. I have more retirement savings and investments than the published average for 63-year-olds. A lot of us boomers were promised pensions early in our careers that evaporated when we were in our 40s, so many of us had a late start investing. I was employed with the same health care system for 32 years and my pension would be less than $700 per month. My biggest complaint, however, is the money I was forced to contribute to SS that the government mishandled. I have been reading that millennials and gen-z put more value on experiences than possessions. Since they borrowed money needlessly to get the college experience (I say needless because my millennial DIL got her Batchlors and masters in nursing while working and using grants and scholarships not debt) why should the government pay off their loans? Instead, use the money to pay back money that was BORROWED from the working people of this country. Instead of feeling bad that the younger generation has to pay back their loans the government should be ashamed to tell the older generation that we will probably have to take a 20% cut in SS in 2034. When the money was borrowed for education, there was no promise that the debt would be forgiven. In 1935 the government promised that if the working people paid into the SS system it would support the retired and disabled. The mills and zs have 40 to 70 years to take over the world and make everything the way they want it; Us BBs have 20 to 30 left and need to survive.
I am a 2 years too late late boomer otherwise known as early Gen X. Always worked full time since I was 16 and earned good money. Those market crashes never bothered me. Just continue to invest and don't get into debt and you should be fine
Wait a minute here.........what about the h7ge amount of equity in the boomer homes and the wealth transfer when they go up yonder and leave that to thr kids?
The great 'wealth transfer' will not be from older generations to their children. It will be from older generations to corporations... it's happening right now.
401 over 7 figures, will be 8 when I retire and pay $30k/month. I've seen too many pensions pay $2500/month and then go belly up and slash 2/3rds of the benefit. Hard pass.
Retiring isn't always a choice, most older people i know say they felt pushed out (me included). Late boomers also contributed to Social Security, your not subsidizing anyone. Some wisdoms only come with age if you are lucky enough to arrive at that destination.
I was born in 1950. I paid for my own college (I was the first person in my family to gradutre from college,) got a teaching job at $7,000 that first year but then I got ill. I was never able to work fulltime from that point on. My father lived solely on Social Security after his retirement and never talked about "retirement savings." We had never heard of a "financial advisor!! We only knew about buying term life insurance and saving for our children's college fund in the bank. Then my husband divorced me and I lost half of my assets. So by the time it was time to retire we were already behind. I saved as much as I could but the reality is my IRA savings are going to run out by the time I am age 80. Once behind always behind.
I was born in '51 and it was an entirely different era. I totally get that unexpected life events can totally derail you - a lot of the 'contributors' on these threads love to pat themselves on the back and blame the victim.
Well well well George today in my news feed is an article that the headline is “it’s a weird dynamic: nearly half American parents financially support their adult children” I believe families should help each other. So if those same boomer parents run out of funds during retirement I’d say turn about is fair play.
My original retirement plan was to retire at 62, work part-time, and save diligently. However, rising costs have significantly disrupted this plan. I’m concerned about whether those who faced the 2008 financial crisis had an easier time compared to the challenges I'm facing now. With a shrinking income and the stock market's volatility, I'm worried about my future Medicare expenses and whether I’ll have enough savings for retirement, especially since I’m unable to contribute as much as I once did.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
Mind if I ask you to recommend this particular coach you using their service?
’Sonya Lee Mitchell’ is the manager I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I searched her full name online and found her webpage. I emailed to make an appointment to talk with her; hopefully, she gets back to me.
The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...
Gold might crash in a liquidity crunch, but many precious metal holders are prepared for this and unlikely to be forced sellers. The paper market would tank and possibly collapse. Hearing from an experienced investor who has overcome adversity is motivating. It can be scary when your portfolio turns red, but if you've invested in strong companies, stick to your goals and continue growing them
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
impressive gains! how can I get your advisor please, if you don’t mind me asking? I could really use a help as of now
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
My job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
Her name is “ANNETTE MARIE HOLT” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.
This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $780k, generating sufficient dividends for my household's needs.
@@ThomasChai05Mind if I ask you to recommend this particular coach you using their service?
*Izella Annette Anderson* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
The two greatest gifts you can give your children: 1) Teaching them how to live without you by they time they are adults. 2) Not being a financial burden to them in your later years.
Instead boomers normalized drugs and treated their children like they were a burden to their success. They stole from the generation before and after them. You can commonly see them treating customer service employees like they are their jester.
What are the two greatest gifts the children can give to their parents?
especially No.2.
@@jocarson5310no retirement home?
And teaching them not to be a burden on you in your later years. It works both ways.
social security is not funded by "our tax dollars"... it is funded by a payroll tax that people and employers pay into throughout their careers.
Otherwise known as a tax...
I call it theft but whatever.
Not correct. SS is part of the General Fund. No Trustfund exists. Payroll taxes fall short, so taxpayers pay the shortfall. But more precisely, money is borrowed to pay the shortfall.
@@johnkessler9878no it’s separate.
It’s actually a pay as you go system and it started using more than revenue a few years ago. It will have no reserves left in 2033 and then it will be strictly money in equals money out if nothing is down
@@johnkessler9878 that’s not true. In the 80s the federal government basically bought treasuries with the excess funds that SS was taking in. Now they’re depleting that trust fund and it’s due to be gone by 2035. When gone SS will be unable to pay 100% if promised benefits. Who knows what’ll happen, but we’ll find out pretty soon.
I’m a late Boomer (also known as Generation Jones), the generation that saw traditional pensions disappear, saw the social contract with employers disappear, had to learn about the stock market and mutual funds, watched salaries not keep up with inflation, learned that many “financial advisors” are really slick salesmen trying to eat our nest eggs. It has made us cynical and mistrusting. I learned as fast as I could and did ok with mutual funds, I should be able to retire by age 67 to 70, but still worry about the future of Social Security, Medicare, and rapacious inflation.
I’m not angry at older Boomers for having it better, but I am angry that we won’t have it as well.
If you are a late boomer, social security will still be there for you in some capacity. No one will be able to phase it out that quickly.
@@TShirtAndReeboks: That sounds like government claptrap. A quick bankruptcy of the US social security ponzi scheme could end the trickle of income for seniors instantly, esp. since there are fewer and fewer earners to keep the scheme going.
@@thundersnow93 I don't believe it. The same fund gives all those on disability money. Do you believe they will suddenly cut off those on SSDI? I can't see it.
I am old gen x and I have a pension. Zero excuse for you not having one.
Yeah I really resent being 61 and being called a Boomer. Boomers are much older than me. When I graduated from high school, my only options were McDonald's or waitressing. I had none of those advantages!
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
The answer is, like with most inquiries about investing, it depends. I would advise you to look into advice management.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
My depression era parents always pushed the idea that only you are responsible for your future security. Don’t count on the government, rules can be changed in midstream, don’t count on a secure job based on your loyalty and good work ethics, companies can be sold and your old boss’s opinion of you doesn’t matter any more.
They were so frugal I couldn’t wait to leave home. It took many years to appreciate where they were coming from and admit they were right on many issues.
Helping my parents already. They are in their 70s and 80s on a very fixed income so I have to help cover some of their expenses. It is an honor to do it though. They did so much for me to help me get where I am and can help them.
They are fortunate parents ❤
❤
In Asian culture, the kids are the parents retirement. The kids pay their way and I’ve married into this culture, so my home is also the home of my in laws. When parents help the kids financially through college, it seems reasonably fair.
I'm a boomer. I had both parents live with me at different times. I have no regrets.
@@mylesgray3470 Same in Caribbean/African culture.
Whether you believe it's their fault or not, you should always have a fundamental level of empathy for people in bad circumstances.
Military retiree. Living off my retirement pay. Next job went to 401k and IRA and some traveling. Retired for good and still living off retirement pay. No mortgage, have an emergency fund for home repairs.. Grandkids will get college paid for.
That's great to hear. A lot of people say military doesn't get paid enough, but I'm in the same boat as you and didn't have the newest cars and spend money on things all the time like everyone else. Now that I'm getting out I'm good to go and my peers are scrambling to get another job that pays well to keep up with their lifestyle.
Thank you for your service
@@bluefrog12345 working for the federal government in any capacity pays quite well considering the guaranteed retirement pay. Nobody else is guaranteed a specific pay at a specific date.
@@rathelmmc3194govt jobs are the cushiest because they are funded by taxes, and the govt wants its cogs loyal. Cops get paid a ton too, inspectors, pencil pushers of all kinds......
I hope that your spouse during your military years can say the same. My mom's been pretty much screwed in retirement by her employers who used a vesting system which she could never take advantage of due to moving for my dad's military career every couple of years.
My wife and I are late boomers. We're ok though. We never had troubles with jobs, we kept investing except for a couple years when I took a flyer on a startup. Two of the secret weapons we used are 1. Live below your means, and 2. Avoid high cost of living regions of the country. Salaries may be a bit lower than on the coasts but at the end of the month you've still got more money left in your pocket. Economies also aren't so boom and bust so there are always jobs available.
My parents are late boomers. They struggled through immigration, language barriers etc... you can't accuse them of living beyond their means, all things considered, they did well. Luckiest decision they made was buying the cheapest house in a cheap neighborhood in an expensive city. The whole place got gentrified and they managed to hang onto it. They sold last year for millions and worked with a fiduciary to figure out their retirement. They're doing well about to head into retirement they'll have more than they ever lived on. And they'll still be working because they enjoy working. Hopefully they're like their parents and grandparents living into 90s and 100s.
Coastal cities can be beneficial for retirement as long as you don't plan to stay there.
Yep, my idiot in-laws were stupid with their money, and now my mother-in-law lives with us. Of course, I married the responsible son, and the other two sons that were coddled and spoiled, don’t help out at all.
I got the same ones lol . But one passed away .Fortunately she has different places to live because of her mistreating me over the years she isn’t welcomed at my house to live . They didn’t save one dollar .
Aren't you a peach ? Does your husband know you refer to his parents as 'idiots'?
If your mil can care for herself , try to get her into a PROC 202 apartment. She will only pay 1/3 of her income for rent and that is after Medicare and other medical deduction s.
Sadly that's a real conversation that needs to happen before marriage. My girlfriend's mom and sister are both irresponsible. We've already established once we marry under absolutely zero circumstances will they ever be allowed to live under our roof. As Dave would say we have zero obligation to enable irresponsible behavior.
@@TMPS93tell the future in laws upfront before marriage
I am a late boomer but so what I ain’t worried it is what it is was never raised with a silver spoon in my mouth. But one thing I learned in my glorious days is you can be here today and gone tomorrow so money is not my priority in life. We could even be facing world war 3 next. My advice to whatever generation you are live your life and enjoy it the best you can because nobody knows what’s around the corner……
You need to preach this to the young ones. I’m one of the Jones and I did not freak out on my 401k. Let it ride, buy cheap. Keep saving. Keep working and save, save, save.
Work hard, save, and they’ll take it and give it to those who didn’t
Facts. We're giving $1.5 billion a day to our new friends that's coming over here to stay, and the numbers are growing.
Don’t vote Democrats in.
@@10speed4you aint giving shit 😂
@@SK-kh2rs only a teenager thinks that. You’ll grow up - maybe.
@@SK-kh2rs WTF are you talking about? US tax payers are forceably giving our money to illegal immigrants.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Mind if I ask you to recommend this particular coach you using their service?
vivian jean wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
i am 70 retired at 58 and owe no one nothing and living the good life
I’m a mid boomer (1956). I was broke and divorced at age 40 when I decided to take action. Got myself out of debt, got a better paying job, married a girl with the same financial goals and started learning to invest. Today we have $165k in annual dividends, $50k in interest, a small pension, my social security, and in two years my wife will start social security at age 70. I think we’ll be okay. Cash flow is what you need.
That’s when my grandparents were born they say boomers are mean but my grandparents are pretty nice
u will be more than ok. i hate the nanny state. it's not every man for himself, it's take care of yourself before you expect help. the problem is , central planning wants us to be subservient to their, '' higher and more benevolent authority''...
@@john-o1g9p I know we are more than okay. My last comment was facetious. My point was to create cash flow streams of income. Buying stocks in solid companies that increase their dividends each year is the way to go.
@@MariahRamsey-ts3uz Mean? No, as a group we’re not mean. Maybe a small percentage as in any generation. We are very generous to charities as a group.
@@MariahRamsey-ts3uzI once took my wife to this little Korean cafeteria run by an old woman. I am a boomer but she was old enough to my mom. She was very stern looking and seemed impatient with everyone and here we were, the only black people in the place. My wife thought she was a little mean to us when she took our order. I explain to her that she was just being herself. When I went to pick up our order, I said "thank you mother" in Korean. She snatch my order back, loaded it up with twice as much food and gave it back to me. Then she gave me the smallest of smiles and a nod before motion to me to get lost 🤣
Never think you know people and who they truly are until you take a moment to know them.
The boomers born between 60 and 64, the tail end of the boomers, had a very different experience than those born in the 40s and 50s.
Yeah, no Vietnam to worry about!
@@TheBeagle1956 …. I think they were talking finically.
One issue I point to is people nowadays don't realize that a lot of the information about doing better things for yourself wasn't nearly as easy to find as it is now. We didn't have the internet, and if you were in the lower class, most people had very little knowledge about it all. Information wasn't as readily available as it is now, and people were a lot more suspicious of its inner workings.
Not late boomer but first Gen Xers. Parents were first to divorce. We were first latchkey kids. 2008 recession hurt bad. Now we’re in the sandwich generation, and it’s not us moving in with the kids; it’s the millennial/Gen Z kids moving back home with us while we work at least one job to pay all our bills and also care for Boomer/Silent Gen parents.
As a Boomer I take exception to the generalization that we don't understand technology. It's true we missed growing up with the Internet. We missed it so much that we invented it!
And landed men on the moon 55 years ago something the current generations haven’t been able to duplicate or even come close.
Yes indeed. I am an early boomer. I admit to only have been using computers since 1968. True I never adopted the cell phone lifestyle. I do have a smart phone, but it is off most (99%) of the time. I only use it to make calls when I am away from home since there are no longer pay phones. I last made a call back in March.
The internet was pioneered by the Greatest and Silent Generations. Gonna try to tell me Boomers beat Hitler too? lol
@@oldmaninthemirror also the Greatest and Silent Generation
There's a difference between a hasty generalization and true generalization. An educated person knows the difference, which is why I know you're not an educated person. Boomers had a poor education as children. I know because my grandmother was a teacher in 1950 when she was 19 years-old. The schools in 1950 had so many Boomer kids that they were hiring anyone without any teaching credentials to teach the Boomer kids. That's why Boomers are so poorly educated. That and they did get exposed to led paint and ate led paint chips.
@@oldmaninthemirrorNo you didn't. It was your parents' generation that went to the moon.
You're literally the generation that canceled all that, that's why we stopped things like going to the moon once boomers dominated the political system.
I was born 52 days before the end of the Baby Boomer Generation. I have absolutely nothing in common with someone about to turn 80 years old. People my age entered the job market during a deep recession and faced some of the highest interest rates in history. We then had to navigate every economic downturn after that like the one after 9/11, in 2008, the pandemic, etc. Not all "Boomers" had it easy.
I'd rather pay double digits on a 150k mortgage than what's on the market now lol
@@InvisibleHotdog - Move to a market where houses sell for $150k, but there are almost no jobs to be found and those that you can find only pay the federal minimum wage of $7.25 per hour. That is what it was like in the early 80s (except you only made $3.35 per hour back then). Once you do that, come back here and tell us just how easy it is for you to afford your $150k home.
@@chiplangowski3298 so you're just oblivious to inflation? That 3.35 is 11.58 now. Housing was also half the share of income it is today and the cost of living was lower too. Come back after you educate yourself.
@@InvisibleHotdog - Please read and understand the comment. You said that you want to pay $150k for a home - but pay that with your 2024 wages. There are $150k homes available now. There are $60k homes available now. You just won't be able to find a job that pays enough to afford those homes in those areas. The same was true 40 years ago. I very clearly stated that. You throw out personal attacks after embarrassing yourself by not understanding the topic of conversation.
@chiplangowski3298 Im a recently retired boomer. You and my children's generation have a steep financial mountain to climb. Take good care of your own business. I wish you well.
I’m in this demographic. A couple of other factors that did not get factored in, 1- this was the group who had to learn how to pivot to 401ks from a pension mentality previous generations relied on, meaning the significance of saving into a 401k wasn’t as well understood like it is now, 2- the cost associated with re-education after said layoff; I went back to school to become an RN, but the expense took away money available to invest in my husband’s 401k, and then the loss of income for the 3.5 years it took me to get my RN degree and license, 3- the cost associated with planning for our children’s college education, competed for our dollars, 4- the cost associated with caring for our aging parents.
We lived a frugal lifestyle but still struggled. I appreciate your perspective but feel it’s important to acknowledge the environment at the time and use it as wisdom for the younger generation to learn from, which I think was your point, but wanted to express the circumstances many of those decisions were made within.
With that said, keep up the good work. Your videos are providing education I wish I had been privy to in my 20’s and 30’s.
I'm also a late boomer. In my early 20's I didn't sign up for my pension because I didn't understand the need. Then I got a job with a 401K, but I left after 3 years to have a baby and when my investment was returned to me, my (ex-)husband snatched it to get a table saw. Then after divorce I went back into the work force unsuccessfully. After my 2nd husband passed away I went back to school like you to become an RN. Now I work for NYC and have a pension, but a very small one as I didn't even go back to school until age 40 and started working for the City at age 45 and since I'm on a school schedule I don't clock into the pension year over year, but by the number of hours I work (so after 17 years of work I have 10 years clocked in) so my pension won't even add up to 1500/month if I stay till age 70.
do not expect understanding nor depth from George. He's typical.
Thank you for adding this balanced perspective. I lost respect for George today.
Yep, me too, totally.
@@LisaSimplified …. He has no real world experience. That’s the problem with trying to give advice when you haven’t lived it. 🤔
Around age 50, had an ESOP go bankrupt (yes that happens) at the same time as the crash, lost about $450,000. Because we kept a budget and lived frugally we got back on track. I was retired at 59 1/2.
Being a late Boomer myself 1962, I can tell you a problem we have always had and I can attest to it. When I entered workforce age I was competing against a larger populace for jobs. There trades were saturated and they were always getting laid off, I was laid off so many damn times. Some went to college, I did not. The only jobs left were crappy customer service. This was the norm for years. Basically late boomers were left with crumbs. The amount of good paying jobs, competitive jobs, were saturated by the earlier boomers. All my damn life I have had to live like this, still am in many ways.
Remember when your teacher told you school was important?
@@joeshmoe7768 Yeah? After high school, I struggled through the 80's just like the guy above - I did a lot of job hopping in those days. I was working full time wherever with a beater car I bought, and in a rundown old apartment at 19 years old. More schooling was not an option with shitty jobs with shitty pay....and rent due at the end of the month. What he says about the "earlier boomers" is correct. They were NEVER going to leave their positions.
-1963 "Boomer".
@@thecolorgreen7046 I know, in 1979, you could graduate on Friday from high school and Monday get a job which makes more than your teacher!
@thecolorgreen7046 Gave me, as a business owner who got screwed over by boomers, a very strong sense of up or out. No dead weight.
Their sense of entitlement is so huge now they want to steal more.
SMH. I will tell them what they told me - "F" yourself.
Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
Sincerely it's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.
Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, my stagnant reserve of $325K has yielded nearly $1m after subsequent investments so far.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
George, I understand that your intention is to help people who need it, but the tone of this toward older boomers is mean-spirited. We don't all eat "congealed salads" or scream at people to get off our lawns. I put in my time (50+ years in the workforce) and paid my taxes including Medicare, and I live carefully on a modest retirement budget. We're not all old doddering idiots and "karens".
Did the trolling go over my head or is this not legit a Karen comment?
@@rg8162 you are the troll
@@nancyphipps5996 your father is the troll.
wait until George reaches retirement age. He will be changing his tune
We don't care that you're offended, lady. Grow a thicker skin. Can't take a joke huh?
I'm a "late boomer" - so grateful I found Ramsey. Following the baby steps for almost two years now and am on track to turn this Titanic around and thrive in retirement. It will take diligence until then, but so worth it.
Late boomer here. You are spot on about us! We are in a totally different set of circumstances compared to the earlier boomers! We are mostly planning to work for many more years. I'm divorced, not my plan, and it's expensive going it alone. Swiping left and right to start over again. 😅
Yep. Born in the last 3 years of the Boomer generation. The party was over by the time we came around.
Late boomer experience is closer to Gen X which is the most indebted generation.
Well then you are a rare exception... the rest of us are just fine. You guys crying about how hard it was on you is so cringe, when people like me lived the exact same era and are just fine. The reality is YOU spent your money frivolously and now you want to pretend it is not your fault if you are struggling.
@@dee4435 Yeah because the guys that fought WWII and Korea and Vietnam had is so easy.... I was born in 1961 and the rest of us in that generation are just fine. There is no "retirement crisis" other then you few cry babies that spent money on shiny cars and crap you could not afford, now you wish to cope by pretending it is not your own fault if you struggle now. Claiming "the party was over" while living in the most free, fair, and prosperous nation in history is so silly.
@@_Coffee4Closers you do realize the fastest growing demographic of homeless people are Baby Boomers right?
I'm all for the Boomer bashing, but just because they have most the wealth doesn't mean that its spread equally. Boomers have the same problem as everyone else, where 80% of the wealth is held by 20% of them.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Melissa does not exist - this is all a scam to get your money! Can somebody please delete these scam-robot messages?
Millenials, without sales (scams) crazy luck or PHDs, will never save that much. You have over 100k saved... its easy to use that money to stay well off. Jesus dude cmon
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Could you possibly recommend a CFA you've consulted with?
Gen X seems best positioned as far as skills. Many have the skills of the pre-internet world but can navigate all of the modern tech.
Agree. I started out as a factory laborer and now I am a Oracle Engineering Analyst. Basically fell into it and taught myself. There are quite a few like me in these fields. I never went to college. Plus they don't teach Oracle engineering in college anyway.
I agree. Gen x here. Most clump us together with Boomers. Our generation has had multiple economic rug pulls. So please I don’t feel bad for them.
Thank you ❤
I agree. I'm a Gen X. We are the only generation that was old enough to be working BEFORE the internet took off, and yet we were still young enough to learn the internet during our working time. Most boomers were already set in their ways cause they had worked 30 years already without the internet unless they were working in a computer field. The millennials don't know what it's like without a computer to work on. So the Gen Xers have the best of both worlds.
That’s how I feel. Gen X and I can use technology.
I am a 54-year old Burnt-out doctor with $400K in declining investments, planning retirement soon. Seeking best stock strategies for market downturns and hyperinflations
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
This is definitely considerable! think you could suggest any professional/advisors I can connect with? I'm in dire need of proper portfolio allocation
Melissa Jean Talingdan is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Please develop some compassion. For many people illness both physical and mental change their lives completely. Also veterans deal with challenges that we should assist them with. Life is complex not simple.
The best phrase here: “YOU are responsible for your retirement-“ not the government, not your employer, and not some union. Retirees have no right to complain about their finances if they squandered money in their youth. A pricy car, boat, motorcycle or vacation can do serious long term damage to your financial future.
These are not really Boomers. The person who created the generational names says they are really GenXers. But yes, the people born in those years came of age when the older Boomers had already filled a lot of professional jobs. They graduated from college during a recession, further delaying their professional development. More of these folks became lower income as adults than older Boomers.
Yes exactly
George, as a late boomer, I really didn’t like the way you made fun of us. You’ll get there too, you know.
That's true. A while ago at a retirement party for a coworker, he told me, "I used to make fun of old people, now I am one"
not everyone is as lucky as us to make it this far. We made it with determination, sacrifice, common sense, and a little luck. we didn't whine when times got tough; we got a second job, or even a third. and if Boomers are doing so badly, they should take a look at our assets and standard of living (like the Villages in Florida).
This hit a sore spot! I’m really tired of being blamed for everything wrong in the world. Every day someone is blaming “late bloomers”. Geez, we are just here doing our best! We had to play with the hand we were dealt as does every generation since! We didn’t have control of the “world” just our own little part of it! We will be retiring soon and happy about it!!
He thinks he will never get old. LOL
Yeah, I have just unsubscribed. Immature…
THANK YOU THANK YOU THANK YOU!! for recognizing War Babies. We are different from Boomers. Boomers were born into a booming American economy. We War babies had our early childhoods shaped by ration books, air raid sirens and search lights over NYC, victory gardens (to provide enough family food), oleo margarine packs that our mothers colored with yellow food dye, etc. The sugar shelves were still empty 1949 in NY. We were raised by adults nervous about possible sea and air invasions. . America had still not recovered from The Great Depression until about the 1950's. As children we worried if our soldier uncles would return alive. The men didn't return home until 1946. We wore dog tags around our necks and ducked and covered. We helped our mothers pack CARE packages to deprived European relatives newly freed from German occupation. The suburbs and Levittown's weren't built when we were pre-school age, no TV, my mother prepared meals listening to the radio soap operas. The music world of the 1960's was created by War Babies - not Boomers. The impressions made on our young psyche's made us more serious than Boomers
I got admitted into medical school. My dad retired when he was 52. So I had to drop out to save money. I now work in fast food. Thanks dad.
First, I was forced to sell my very nice house in 2008 for $20,000 less than what it was worth. Second, I have spent thousands helping my kids and grandkids. They would not be where they are now if I had not floated them.
Your mistake was helping kids and grandkids. Your best gift to them is being able to take care of yourself, and not running out of money.
Your generosity will be rewarded. My parents didn’t help me in college or early in my career in my times of greatest need, and as a result my generosity to them will be severely tempered now that I’ve finally gotten into a good position in my 40’s.
@@mylesgray3470 : My parents helped me, but they did not have much and I needed to work side jobs while in college. They did not push or encourage me to finish college, but college is what I wanted and they helped.
After college I found a high paying job, and I then supported my brother and sister with $money that they needed.
Kinda stinks that your parents didn't help you when you needed help. I assume your parents had money and could help, and your major was something useful for you to make money (not political science, or other stupid major).
Question is whether you would do it differently if you could
I’m seeing the results of two parents who gave their children EVERYTHING. (Land, built homes for them, gave them lump sum money, a thriving business, college education, etc.). Now these parents have health problems and dementia. Their two kids are asking family members to help stay with them 24/7 because, get this, the parents don’t have any money to pay someone. I’m a late boomer and I will NEVER put myself in this situation!
Born in 1960, husband in 1957. Both retired (me 4 years ago and him a few weeks ago) with 3 pensions, several IRA's, no debt at all and SS. We downsized from a large colonial to a still pretty large house in a 55+ community and have no mortgage. We never changed what we put into our 401's except to increase the percentages a few times over the years. We do what we want when we want. From what I've found online our net worth is in the top 10% for our age group. As our CFP says, we are not risk adverse and rode out several big dips in the market without panicking.
Boomers are supporting their grown kids
Exactly
Don't forget the grown kids supporting their boomer parents.
@@SomeUserNameBlahBlahI'm part of gen Y and have taken care of my boomer mother to a large degree for years mostly with provining most of her heat and i do diy enough most repairs cost her just material. She still at times seems spoiled and ungrateful it is kind of wild.
Now we both know that you just.made that up.
That's because the banks and government manipulated the housing prices and the stock market.
Yeah my Boomer uncle who paid $78,000 in 1978 for his house that's worth $900,000 now in southern California is really struggling financially. He bought it while working at a grocery store as a clerk. The people he sold it to are doctors because the only people who could afford it need a salary of at least $250,000 a year. The people who bought the house are using it as a short term vacation rental to help cover rent too. My Boomer uncle laughed his way to the bank the same way a lot of Boomers are doing.
Boomers don't have to listen to the government and sell their overpriced houses for the price the government and banks have said is the value of the houses. They're choosing to sell the house they bought on their blue collar jobs to people with white collar jobs that are the only ones able to afford the houses. The Boomers could give a 70% discount and sell the house to blue collar workers that want to start a family and support the foundation of society, but they won't because they want all that money instead.
Their house prices and 401K are all made up by the government and the banks. They love it as a long as they are wealthy and could care less if young people today can't afford to have the same lifestyle they had when they were young. This is why society is crumbling. It's everyone for themselves and society be damned.
What about when we support our adult children and they bring their new families in?? Support all! They’re worried about their parents? Don’t think so!
I suggest "Boundaries" by Henry Cloud
Makes me want to scream when I hear it suggested people/families should “move back home” as a measure to save money. Don’t they realize, someone, the parents, have to pay the expenses for all those “extra” people “moving back home”. And there goes their ability to save for their own retirement.
@@sallyprzybil2404 Maybe they could rent a room out of their McMansions to a stranger and just send them some money from the checks?
My boomer grandparents are fine with it
If they increase SS tax to make up for this very problem, I’m going to lose it 😤 I’m 25 and will never see SS when I’m old but I’m PAYING now?! Lame
Wish there was an option to opt out
You can opt out. Just have to move out of the country.
The money I pay in SS I could make so much more with it in the market.
Social Security isn't going anywhere. The program is paid for by its own tax and is currently running a three trillion dollar *surplus.* While there may need to be adjustments to keep up with changing economics and demographics, it's unlikely the program will disappear altogether.
@@MrIMCP true, however ss is income is guaranteed buy the USA. You investment returns are not
I tried convincing my boomer parents to buy some of the old cottages in our community when they were being sold for $60-$80k, they said I was a fool. Those cottages are worth $800-$1.2m now 15 years later and all they have for retirement is their home they bought for 40k in 93
Don’t you dare call this old Gen-X’er a late boomer! 😅 Proud to say we are debt free, no mortgage, and on our way to 2 million in retirement. Priorities!
Im a boomer. I started working full time in 1982. I lived with my parents for about 3 years. I brought my first paycheck home & my Greatest Generation Dad asked me how I felt about the new increase in social security taxes. I looked at my check and found that over $180 dollars had been taken out of my first check. And I said this pays for old people. Without this money some of them would be in the streets. I did not want to see old people living in the streets. So, I paid for it. Dad was living with relatives and renting rooms from strangers until he was in his late 40's. Most homes on the street where he bought his house cost $15 to $20,000. My Dad bought a 38-year-old house for $9,000. He finally started living in his own home at the age of 47 or 48.
I was born in late 1964 but was fortunate to not have missed work in my life and have been contributing to a 401K my entire working life. I'll have around 12X my current gross income in retirement which is mostly in dividend paying stocks and funds. I'm retiring at the end of this year.
Ditto, already out and retired.
Congratulations!
No hate, but I would have some money in CD's and money market. We are likely closing in a market crash. Will need some cash to weather the storm. Congrats on your savings and retirement.
I was born in 62 and I am 62 years old. I remember very clearly when my 401K became a 201K overnight. My cute little house I purchased in 2003 for 75K was suddenly worth only 39K. Really sucks but I’ve recovered nicely. I remarried in 2012 and we took FPU in 2016. We are currently in baby step 6. I’ll be receiving SS soon.
Social security will be 70% higher than my income 😅
My wife and I have always lived a simple life and find joy in activities that we can afford.
Our mother grew up during The Great Depression and that formed her mindset for the rest of her life. And she passed some of that on to us. And we passed that on to our kids. Our late boomer sister lost her job during The Great Recession as an accountant. Fortunately, she married into a lot of money so she sent her kids to private school and then private colleges. She and her husband more or less retired in their forties. We all supported our mother into her late life. Almost all of the boomers I know are millionaires, have one or more homes, a couple of cars and put their kids through college without debt. We all expect to pass on significant inheritance amounts to our kids too. All of these folks grew up in poverty or normal middle-class; the idea of saving for your kids' college, taking care of your parents in their old age and funding your own retirement were part of the culture.
I'm a late Boomer. It seems like everyone has a problem with us. At least I paid my student loans and didn't get a bailout from the government. Now when it is time to pay your obligations, everyone boo-hoos that they can't. I don't feel bad about it!
Yeah, your student loans were like $4k. /golfclap.
@@VulcanLogic Yep. In 1984 Dollars.
@@cheeseman9967Still nothing compared to what the people pay nowadays for their mostly useless degrees.
The late boomers came of age during the highest interest and unemployment rates in decades. The 2008 crash just made a very slow start much worse.
Hey! I'm a "late boomer"! Who knew there was such a thing! I've always felt kind of left out, not being quite old enough to be a boomer and not quite young enough for Gen X. I've found a home! Yaaaay! (and I'm a total wheel watcher too). I think I'm gonna be ok and won't have to rely on my disabled son to take care of me. Thank goodness I've always I've always gotten going when the going got tough.
When GM went bankrupt one of my neighbors had his entire retirement in GM. Lost it all. He died 9 months later (depression is a killer btw) and his wife was forced to sell their house at a loss. He thought he had planned well.
What people do not realize is that in 2008 ALOT of people got either fired or layed off. I feel bad for all of them. The economy was kind of at a stalemate from 2009-2015 it got better from 2016-2020. Saying that they should have all kept investing during that time is not realistic. A time of little to no work is a time to not invest in the name of survival.
Great time to buy a house at that time it was!
Taking care of my 80 yr old mom because she didn't save for retirement sucks but I am fortunate enough to be in the situation that I can help. You really hit the nail on the head there. There's not that many people that ever touch on those nuances. You're a real one George.
George,....I want you to know not all late boomers are in trouble,.....been following Dave for years!!!!! Smart Living
You accidentally-or not so accidentally-popped up on my feed, and this is the first time I’ve listened. You are SO funny that this Tennessean decided to subscribe. This bitter pill is easier to swallow with a little comic relief.
Thank you for this George. I have $1k emergency funds saved. Now I’m following the baby steps to get out of $30k debt, which includes: credit cards, student loans, and 1 personal loan. (My $30k combined debt is not including my mortgage balance). I use DR apps
I have been amazed that many people my age (66) are below zero net worth! They have borrowed money in their younger years and never paid it back. They can't sell everything they have and pay off what they owe.
I'm one of those late boomers, and I made sure I always maxed out my 401k, plus had a Roth IRA and I make sure my kids do as well at their jobs. If you are smart with your money, which most people are not, you can retire well. Which I will be doing in 2 years at 65 with 7 figures in the bank so don't worry about me George.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I am a late boomer!!!!! Born in 1963. We have 4 Millennial children. We are doing great, debt free, no mortgage and 750k in assets and 10k a month in income, we are doing fine. Husband is retired, I will work 5 more years.
very nice
I’m glad for you, I’m 42 and in reasonable shape. But I work with two late boomers that will likely never be able to retire until their health fails and forces them. They still have mortgages and consumer debt. Unlikely they will ever have that paid off… It’s very sad 😢
Exactly this guy is a clueless clown that has no idea what he is yammering about.
Right, if you didn’t plan properly, you can’t retire. All the Boomers that I know are doing just fine.
No offense but $750k between 2 people at 61 is not actually great. Better than most, but should be double that in retirement investments alone (per the 4% rule).
I don't know whether I am watching this for the information or the comedy. Dude gets funnier every video.
only his looks.
My dad refuses to downsize from his 30 acres and 5k square ft house.. he's approaching 70 and doing volunteer driving to pay for everything.
Brings people to doctors apts all over the state and gets paid by the mile.
If he sold it, he could be 100% debt free, build a smaller place with cash, and have almost no bills. In 5 years, he'd have $500k in the bank. I'll never understand it. If he would have sold it 10 years ago he'd probably have a million in the bank.
He probably loves living there so it’s worth holding onto for him.
Yes
I took the uncomfortable steps 16 years ago and downsized, then used the new internet to hack my smaller house so have no bills even food. And it’s the nicest house I’ve ever owned to boot….
Saved millions, retired early etc etc
@@emilyschultheiss2929, he does but the place is dissolving around him. The lean-to on the garage collapsed this last winter. The deck is rotten and you can't walk on it. Needs to be replaced.
He can't afford to fix anything. He's been a slave to this "Dream House" for his entire life.
He complains constantly about his situation. He set a very strong example of what not to do for my brother and me. 🫣
We moved away for work as started families. We'll only see him a couple times a year. Everytime I go back to visit him it's terrifying to see how much worse things have gotten.
Is he living by himself?
@@emilyschultheiss2929 Lots of memories! Don't kill the memories!
no debt. metal roof, new furnace, plumbing, cars all paid off.
700 sqft house. small taxes, small utility bills. didnt listen to the paper chasers.
I was born in 58, and I have plenty of money , no mortgage and can do most anything I like. Retired at 55.
Must be good to have life on easy mode at all times
@ecor150 it sure is
@@FrankH-x7y Hospice is gonna be agonizing all the same
I appreciate the insight- I’m an older boomer. However, to me, a good portion of this broadcast was like an infomercial with referral codes. JMO.
When I lost everything during the recession, I really wanted to be able to take part of my future SS benefits to tide me over until I could get back on my feet. But now I'm glad they didn't allow that because I have retired comfortably on my full earned benefits. No, it's not 100% of what I made when I was working but I spend a lot less now so it's enough.
As a late boomer, house prices were high compared to early boomers. The early boomers got the sweet deal of low prices. This has a long term effect on what you can save.
I have been dealing with high interest rates my whole life, bought first house in 87 and rented it out to pay the bills, second house in 92 and my retirement house in 2014, All is well!
Late boomer too...the early boomers had to contend w/ very high mortgage rates in the 70's-mid 80's.
My dad luckily has a pension, but a lot of boomers didn't grow up investing. Investing wasn't really stressed until all the pensions started ending maybe 20 years ago. Imagine only starting investing when you are already in your 40s. You miss out on a exponential growth!!
And it was difficult to invest enough when wages didn’t keep up with inflation
That is the situation for a lot of GenXers. Their parents were on pensions so saving for retirement was never taught. The only financial advice was to buy a house. Many of them started saving way too late, plus they got smacked by the '08 recession mid-career.
Fear mongering is a great way to promote change. Social Security has been the center of "its gonna run out" and "if its still there" talk FOREVER. The program may change but it will be there
Might be there, but you won’t be able to touch it until your 80
Oh boy, tell me you don't understand how that works without telling me. Take your time, maybe you can get to it when you retire at 62. I mean 65. I mean 67. I mean 70. I mean-
The problem is that if fixes aren’t put into place you eventually reach the tipping point. Look what’s happening with federal spending, in past fifteen years we have more than tripled our national debt and we’re currently on track to add at least a trillion in new debt every year. Our interest payments on the national debt are more than our military budget currently.
So yes… they can always print more money to pay for social security but that doesn’t mean the money will be worth anything.
Social security will be there; the full check will even be there… what that check will buy you will be the real question.
The government underreports CPI so each year you are taxed more and your social security provides less.
Additionally, the government is already running massive deficits; anytime the fed increases their balance sheets to buy these bonds versus the private sector is inflationary.
So they will print money to fund the deficit plus the social security deficit which will cause more inflation which will cause prices to go up. Then they will turn around and increase social security to offset the price increases but the price increases are underreported.
It’s a giant feedback loop and everytime it cycles everyone (who doesn’t own assets) gets progressively poorer.
@@FreakyLynx Well, several trillion dollars were wasted in the Iraq and Afghanistan wars and then another several trillion were given to businesses and people during the pandemic to stay home and Do Nothing, pretty pathetic!
Late boomer here. When I was in my mid 40's I had to leave my job "temporarily I thought" to assist my elderly mother who has stricken with lung cancer and dementia. FMLA can only hold your job for so long, and I lost it while trying to work on finding an ALF that would take her (the dementia had sadly turned her extremely combative, requiring additional care for her).
Needless to say, this effected my income for quite some time. I had to find another job at a lower rate of pay and work my way back up the ladder. All this happened around the 2007-2008 financial crisis. She passed away in 2009.
Today at 60 I'm back to financial independence. Building a new home on some acreage and plan on going into semi-retirement around 62-65. Yes, it can be done, but it was an experience I wouldn't wish on my worse enemy.
We Boomers who were born between 1945 and 1955 were the luckiest generation.
Our first homes cost under 40K, college costs were less than $500/year, and many of us waited until age 70 to start our Social Security.
Some of us are still working at the age of 77, so 60 years of frugal living and consistent investing have given us financial security.
Eh... houses were cheaper and wages were lower. I'm a late boomer. When I started work at my job, I earned less than $10/hr in 1986. 36 years later, I retired making nearly $40/hr, same job. Houses in my area are quadruple the price they were back then, but my wages went up the same.
Ummm no
No retirement crisis for me. I did the opposite. I did mini semi-retirement plan. When I quit or loose a job. I'm not job hunting the next day. I'm taking a long vacation between jobs. I planned them, so I'll have the funds to take a break from "real life". My breaks can be consist of 3,6,9 months or even 1-3 years. My longest between jobs has been 2 years and 9 months. Will be able reach that 3 years down the road some. I never saved up a nest egg. I save what I been calling a golden goose egg. The funds to survive during my unemployment breaks. Now I do hustle between jobs and during employment. So I have other sources of income. I was a masonry during my younger years. So moving from town to town, city to city and state to state was easy pie. As I got older I quit my masonry career and did easier jobs. Been a forklift driver, clerical work in a warehouse, supervisor for 2nd shift, and many other jobs where I can carry that skill any place I chose to be at. Now I'm a caretaker since I'm 60 now. But I settle down to be closer to my parents. I bought my first home at age 56 and paid my home in cash. Been debt free since I was 36. Never married had kids and now don't do any kind of substance abuse. So my money I earn goes to me and easy for me to save money. I'm a bargain hunter, I rarely paid retail for anything. And still paid cash for all my used vehicles. Currently employed as a caretaker. When I reach 67, I'll take it much easier as not working much. I will continue my side hustles for sure. Since I enjoy doing them and it's easy cash. My semi-retirement planned worked great. Finish my bucket list and enjoying my new home and garden with my new greenhouse. Life is great with long breaks from the "real world". No regrets how I done things in life. Saw everything I wanted to see and keeping a smile on my face.
I do agree the point that “you may have enough now, might not in the future “. You see so many RUclips about retirement with only $500k in their 50s. You have enough now if you control your expenses. What will be in 20 years? Best of luck.
Not a boomer but also not a fan of ageist slurs especially when unnecessary.
Our kids taking care of us? Is that a joke? My college-educated kids (the education my husband and I paid for, buy the way, so they wouldn't have debt) are barely making enough to feed themselves.
Isn’t that the truth! My daughter, age mid 40’s, just got divorced and is now a single mom of 2 kids. She’s squeaking by to make ends meet! The younger daughter, and her fiancée, can’t make ends meet, so they recently “moved back home”! With me! I’m 70 and on SS.
Some kids complain that their parents placed high expectations for achievement and for educational ROI. Some kids don't.
@@jowill76 I am very sorry your parents did not help. I try to help my kids as much as I can because both of them have chosen professions that, unfortunately, do not pay much.
You should have only paid them to become engineers or doctors. You paying for their worthless degrees is what ultimately financially crippled them. They'd be better off going into trades.
Well let's get them off the avocado toast and have them pull themselves up by their bootstraps. That's what they always tell us
We're laughing at you millennials. A guy on youtube tells you boomers are in trouble and you believe him, lol.
Well, my Boomer uncle who paid $78,000 in 1978 for his house that's worth $900,000 now in southern California is really struggling financially. He bought it while working at a grocery store as a clerk. The people he sold it to are doctors because the only people who could afford it need a salary of at least $250,000 a year. The people who bought the house are using it as a short term vacation rental to help cover rent too. My Boomer uncle laughed his way to the bank the same way a lot of Boomers are doing.
Boomers don't have to listen to the government and sell their overpriced houses for the price the government and banks have said is the value of the houses. They're choosing to sell the house they bought on their blue collar jobs to people with white collar jobs that are the only ones able to afford the houses. The Boomers could give a 70% discount and sell the house to blue collar workers that want to start a family and support the foundation of society, but they won't because they want all that money instead.
Their house prices and 401K are all made up by the government and the banks. They love it as a long as they are wealthy and could care less if young people today can't afford to have the same lifestyle they had when they were young. This is why society is crumbling. It's everyone for themselves and society be damned.
@@rwdchannel2901 it goes both ways, there are a lot of Gen Z influencers making millions online. Are they helping others, nope. But they are helping themselves, lol.
Everyone ought to consider reading "A Generation of Sociopaths." Most of the country's problems started with this one generation.
Whatever happens to the boomers will be 10 times worse for millennial and Gen Z
True 😢
Maybe, but boomers had a chance.
Nah, every generation has rich people and poor people. The poor always struggle.
Whatever happens TO the boomers, yes. But Millenials and Gen Z are better savers, so we can weather a storm
@@jacobawojtowicz who told you that?😂😂😂😂😂😂😂😂😂
you are so far off on what happened. I am one of the Lucky ones because I had paid off my house so I am fine now. There weren't even gig jobs back then. It was really tough. The situation was much more complex than what you are saying. The generations gong forward are really in trouble because many will never purchase a Home
On the flip side .How many were stuck helping out their homeless children.And helping them in their failed finances?
I am a GenXer and graduated from college in December 2008 - late for my cohort - after going the way that Boomers said I should, by working my way through and paying cash as much as possible. I lost my job in construction around the time I graduated.
I lost a decade of earnings and social security contributions because of not being able to find a steady, well-paying job for ten years after graduation. I had to fille bankruptcy for an ER visit that happened just after graduation and losing my job. That bankruptcy prevented pretty much any life advancements for 11 years.
After that economic crisis sunk my entire life's prospects, I can't say I'm too sympathetic to people who lost (only) some of their retirement savings.
Social Security is not going anywhere it will still be around 100 years from now.
Yeah people seem to miss this point. One thing you can count on in this democracy is politicians continuing popular programs for seniors. The people who vote
I"m a late boomer and I have more than my parents. During the 2008 crisis...I kept buying and buying and buying and buying and NEVER sold anything. I did get laid off for about a year....but went back. I fully realize it is UP to me and ME alone to fund my retirement...and yeah, I would agree....SS is just possible icing on a possible cake. Looking at retiring in 2.5 years (I'm 59 now)....
Stop scaring people into thinking Social Security is going to run out of money in a decade. Most of Congress and the government are older and they're not going to let their generation stop getting full earned benefits. The last thing politicians want is the highest voting block (seniors) to be marching on DC in protest and we've got all the time in the world to make our case. That said, if you're under 50, you should be worried because your current income and future benefits might be affected.
Yeah, I mean I'm not planning on SS being there just for my own financial planning, but people have been saying this for decades now. George has to toe the company line though and isn't allowed to have his own free thoughts.
it will not look like what it is today. that's for sure
Millennials are the larger than boomers at this point and will likely be larger than Gen z and Gen alpha.
I can visualize the "marching" mass complete with their walkers. Boomers would never march on D.C.
Late boomer here. I have more retirement savings and investments than the published average for 63-year-olds. A lot of us boomers were promised pensions early in our careers that evaporated when we were in our 40s, so many of us had a late start investing. I was employed with the same health care system for 32 years and my pension would be less than $700 per month. My biggest complaint, however, is the money I was forced to contribute to SS that the government mishandled. I have been reading that millennials and gen-z put more value on experiences than possessions. Since they borrowed money needlessly to get the college experience (I say needless because my millennial DIL got her Batchlors and masters in nursing while working and using grants and scholarships not debt) why should the government pay off their loans? Instead, use the money to pay back money that was BORROWED from the working people of this country. Instead of feeling bad that the younger generation has to pay back their loans the government should be ashamed to tell the older generation that we will probably have to take a 20% cut in SS in 2034. When the money was borrowed for education, there was no promise that the debt would be forgiven. In 1935 the government promised that if the working people paid into the SS system it would support the retired and disabled. The mills and zs have 40 to 70 years to take over the world and make everything the way they want it; Us BBs have 20 to 30 left and need to survive.
Every generation feels like it’s living through the worst times.
Every generation has their own unique share of problems to solve- we need to step in their shoes a moment before we judge
I am a 2 years too late late boomer otherwise known as early Gen X. Always worked full time since I was 16 and earned good money. Those market crashes never bothered me. Just continue to invest and don't get into debt and you should be fine
People panic because they don’t have the “great” retirement. We survived 40+ years working. We’ll make it through our golden years. All the best
If you've paid off your house and made it to medicare age, you shouldn't NEED more than half your working income.
? Because no one has medical or divorce debt or disabled family members? How do you know how much income someone needs?
Wait a minute here.........what about the h7ge amount of equity in the boomer homes and the wealth transfer when they go up yonder and leave that to thr kids?
The great 'wealth transfer' will not be from older generations to their children. It will be from older generations to corporations... it's happening right now.
You mean the equity they used to pay for their kid's college education education ??
How's that 401lame working out for everyone now.. bet we wish we still had strong labor unions and a $2500+ a month pension coming in.
401 over 7 figures, will be 8 when I retire and pay $30k/month. I've seen too many pensions pay $2500/month and then go belly up and slash 2/3rds of the benefit. Hard pass.
Our pension went bankrupt we got a small fraction of it.🤬 You’re so much better off with a great match. 👍👍 Speaking from experience.
$2500 a month 😂...I'll have so much more come retirement at 55
@@tristan2332 notice I said 2500+ from a pension.
This is very dark. I think I need to watch it every day to get more motivated.
Retiring isn't always a choice, most older people i know say they felt pushed out (me included). Late boomers also contributed to Social Security, your not subsidizing anyone. Some wisdoms only come with age if you are lucky enough to arrive at that destination.
I was born in 1950. I paid for my own college (I was the first person in my family to gradutre from college,) got a teaching job at $7,000 that first year but then I got ill. I was never able to work fulltime from that point on. My father lived solely on Social Security after his retirement and never talked about "retirement savings." We had never heard of a "financial advisor!! We only knew about buying term life insurance and saving for our children's college fund in the bank. Then my husband divorced me and I lost half of my assets. So by the time it was time to retire we were already behind. I saved as much as I could but the reality is my IRA savings are going to run out by the time I am age 80. Once behind always behind.
I was born in '51 and it was an entirely different era. I totally get that unexpected life events can totally derail you - a lot of the 'contributors' on these threads love to pat themselves on the back and blame the victim.
Separating people into age groups is SUCH a freakin' YAWN. You'll be sorry you started this sh!t when you're older. 😎
Well well well George today in my news feed is an article that the headline is “it’s a weird dynamic: nearly half American parents financially support their adult children” I believe families should help each other. So if those same boomer parents run out of funds during retirement I’d say turn about is fair play.