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Message
Great Wealth Transfer is going in the wrong direction
Posted on 7/19/26 at 11:29 am
Posted on 7/19/26 at 11:29 am
quote:
The Great Wealth Transfer was supposed to be about baby boomers passing down wealth to Gen X and millennials. Increasingly, though, wealth is moving in the opposite direction.
Adult children are supporting cash-strapped boomer parents, helping them pay off debt and cover living expenses, including the cost of long-term care. Meanwhile, boomers are carrying significant balances on credit cards, car loans, personal loans and business loans.
quote:
-Nearly 44% of older Americans rely exclusively on Social Security for all of their income.
-that about 40% of retirees don't have enough cash to cover these kinds of expenses, even drawing from their retirement savings.
-The report found that 41% of boomers aged 65 to 79 still have mortgages, as do 31% of Americans 80 and older.
-Half of them spend upwards of 50% of their income on housing.
quote:
It's no wonder adult children are feeling the pinch.
According to AARP research, 22% of family caregivers have taken on debt to support older loved ones, spending $7,000 or more out of pocket each year.
Among them, 31% have depleted their savings, 19% have fallen behind on bills and one in five can't cover their own basic living expenses.
Boomers didn't save for retirement
35
Posted on 7/19/26 at 11:32 am to TigerintheNO
Wait, I thought Boomers were hoarding everything ...
Good thing I'm Gen X.
Good thing I'm Gen X.
Posted on 7/19/26 at 11:34 am to Night Vision
quote:
Wait, I thought Boomers were hoarding everything ...
They are. About 50 boomers have 90% of the wealth. The rest will be lucky to die without leaving their kids a bunch of debt
Posted on 7/19/26 at 11:34 am to TigerintheNO
More like Boomers and Gen X are being taxed to death to support Biden’s invasion and the Medicaid crowd.
Posted on 7/19/26 at 11:36 am to The Torch
Trump is reducing spending?
Posted on 7/19/26 at 11:37 am to TigerintheNO
quote:
that about 40% of retirees don't have enough cash to cover these kinds of expenses, even drawing from their retirement savings.
Isn’t that what it’s there for?
quote:
The report found that 41% of boomers aged 65 to 79 still have mortgages, as do 31% of Americans 80 and older.
Does this include those that went the reverse mortgage route?
Posted on 7/19/26 at 11:37 am to TigerintheNO
quote:I would never do that to my children; i’ll go be a Christian missionary in Northern northern Nigeria before I do that, so I could check out pretty quickly and get the heaven express card
Adult children are supporting cash-strapped boomer parents,
Posted on 7/19/26 at 11:42 am to TigerintheNO
quote:
41% of boomers aged 65 to 79 still have mortgages,
Is this a product of the rising numbers of divorce? My plan was to have my house paid off at 48-50 years old, but had to refinance at 45 due to divorce property settlement.
This post was edited on 7/20/26 at 10:15 am
Posted on 7/19/26 at 11:44 am to NIH
B/S
Posted on 7/19/26 at 11:45 am to evil cockroach
Same. People should plan better for old age. I would not sell my home to care for someone or or go into massive debt. And I’m also making my own old age plans.
Posted on 7/19/26 at 11:45 am to NIH
quote:No. He is redirecting it to accomplish useful things that the Dems neglected.
Trump is reducing spending?
Posted on 7/19/26 at 11:45 am to The Torch
Taxed- yes. Where are the taxes going? Completely wrong
Posted on 7/19/26 at 11:48 am to TigerintheNO
quote:
-The report found that 41% of boomers aged 65 to 79 still have mortgages, as do 31% of Americans 80 and older.
Meaningless as a stand-alone stat. Mortgages could be in the 2% range with retirement accounts earning more even in CDs or other equivalents.
Posted on 7/19/26 at 11:49 am to purpleblackandgold
quote:
Where are the taxes going? Completely wrong
40% of the people in Louisiana are on some type government assistance.
Who do you think pays for it ?
Posted on 7/19/26 at 11:49 am to TigerintheNO
Boomers would have a pension if they hadn’t voted to send all the fun factory jobs to China
Posted on 7/19/26 at 11:52 am to TigerintheNO
Well it works both ways. There are lots of “Boomers” and other older folks supporting adult kids in their 20s and 30s. Maybe if jobs, money and housing weren’t being funnelled to tens of millions of foreigners imported by the Dems things would be better.
Posted on 7/19/26 at 11:54 am to TigerintheNO
I have posted about this before, but the “Great Wealth Transfer” is a crock of shite.
Posted on 7/19/26 at 11:55 am to TigerintheNO
the idea that most baby boomers are leaving behind meaningful assets to their children is silly
Posted on 7/19/26 at 12:06 pm to Rabby
Like?
Posted on 7/19/26 at 12:12 pm to GreatLakesTiger24
quote:It is less than 30%, if I remember correctly.
the idea that most baby boomers are leaving behind meaningful assets to their children is silly
Somewhere right around there.
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