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Started By
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Why are Boomers acting like this?
Posted on 10/3/21 at 10:29 am
Posted on 10/3/21 at 10:29 am
LINK
quote:
COVID-19 caused more baby boomers to retire in 2020 than in any other year, and while traditionally retirees make more frugal spending decisions to leave a financial legacy for their family, this generation is ready to spend their days living it up, according to a new survey.
According to a recent survey from Coventry, more than 75% of over 1,500 respondents are ditching the idea of leaving a nest egg for their family and plan to spend the remainder of their lifetime — and money — making memories, citing a dramatic shift in prioritization from material things to experiences.
Peter Hershon, SVP of Account Services at Coventry, told GOBankingRates that the challenges of COVID-19 put into perspective what is most important to baby boomers. “During the pandemic, seniors were at the highest health risk, more likely to be socially isolated and may have missed out on quality time with loved ones,” he stated. “Looking ahead, boomers are less focused on leaving a financial inheritance for the next generation — and would rather ensure their legacy by making priceless memories with those loved ones today.”
63
Posted on 10/3/21 at 10:31 am to Seldom Seen
Because the IRS is just going to snatch it up anyway.
Posted on 10/3/21 at 10:32 am to Seldom Seen
Common sense.
Why leave it all to all to mostly ungrateful kids?
The ones who need it will waste it. The ones who would be responsible enough to keep it don’t need it.
Why leave it all to all to mostly ungrateful kids?
The ones who need it will waste it. The ones who would be responsible enough to keep it don’t need it.
Posted on 10/3/21 at 10:32 am to Seldom Seen
Maybe they feel the end is near, and we are all screwed anyway.
Posted on 10/3/21 at 10:38 am to Seldom Seen
Because many will last 10+ years and by then their money won't be worth the paper its printed on.
Posted on 10/3/21 at 10:39 am to Seldom Seen
quote:
Looking ahead, boomers are less focused on leaving a financial inheritance for the next generation.
Posted on 10/3/21 at 10:40 am to Seldom Seen
Well this is one guilt trip that ain't going to work with this old boy.
Posted on 10/3/21 at 10:53 am to Seldom Seen
They earned it and do whatever the heck they want to with it
Posted on 10/3/21 at 10:53 am to Seldom Seen
Because their Gen X kids made their own money?
Posted on 10/3/21 at 10:56 am to Seldom Seen
It’s their money.
Posted on 10/3/21 at 11:01 am to Wally Sparks
I don’t agree, especially if they inherited from their parents
Posted on 10/3/21 at 11:13 am to Seldom Seen
Because a shite load of Boomers are not indoctrinated leftists. Why would any sane and rational Boomer leave any of their assets to children, grandchildren or relatives who subscribe to the managed decline of America? My assets will go to a very select few who are deserving of my gifts.
Posted on 10/3/21 at 11:15 am to Seldom Seen
Baby boomers are a very selfish generation, just spend some time around them and it’s obvious. Plus look where they’ve taken our country. Just sad considering what they inherited
Posted on 10/3/21 at 11:18 am to Bass Tiger
quote:
My assets will go to a very select few who are deserving of my gifts.
I don't have that problem. My wife is 10 years younger plus female life expectancy means she will outlive me by 20 years. She can deal with inheritance issues.
Posted on 10/3/21 at 11:21 am to Seldom Seen
If you raise your kids right they won't need a nest egg
Posted on 10/3/21 at 11:22 am to Seldom Seen
quote:
“Looking ahead, boomers are less focused on leaving a financial inheritance for the next generation — and would rather ensure their legacy by making priceless memories with those loved ones today.” “Looking ahead, boomers are less focused on leaving a financial inheritance for the next generation — and would rather ensure their legacy by making priceless memories with those loved ones today.”
Good for them. Our younger generation needs to learn how to save anyway. Don't depend on rich Mom and Dad or Grandparents to set them up for a nice life when retired.
Posted on 10/3/21 at 11:27 am to jfootball14
quote:
Baby boomers are a very selfish generation
Did you comprehend the article?
Boomers are buying up goods and services. That means they are releasing their money back into the economy. That means income and jobs for younger generations.
How is that selfish?
Posted on 10/3/21 at 11:28 am to jfootball14
I don't know how you could come up with such a stupid comment unless it is sarcasm.
Posted on 10/3/21 at 11:30 am to TrueTiger
I spent a lot of money on college educations for my kids and grandkids. Doesn't seem like money well spent.
Posted on 10/3/21 at 11:32 am to BillRose
quote:
I spent a lot of money on college educations
It seems like unless you are getting a STEM degree,
you would be better off going to trade school.
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