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A boomer retirement bomb is about to blow up America's economy (www.businessinsider.com)

submitted 11 months ago by MicroWave to c/news

210 comments fedilink hide all child comments

The great baby-boomer retirement wave is upon us. According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. By 2030, the largest generation to enter retirement will all be older than 65.

The general assumption is that boomers will have a comfortable retirement. Coasting on their accumulated wealth from three decades as America's dominant economic force, boomers will sail off into their golden years to sip on margaritas on cruises and luxuriate in their well-appointed homes. After all, Federal Reserve data shows that while the 56 million Americans over 65 make up just 17% of the population, they hold more than half of America's wealth — $96.4 trillion.

But there's a flaw in the narrative of a sunny boomer retirement: A lot of older Americans are not set up for their later years. Yes, many members of the generation are loaded, but many more are not. Like every age cohort, there's significant wealth inequality among retirees — and it's gotten worse in the past decade. Despite holding more than half of the nation's wealth, many boomers don't have enough money to cover the costs of long-term care, and 43% of 55- to 64-year-olds had no retirement savings at all in 2022. That year, 30% of people over 65 were economically insecure, meaning they made less than $27,180 for a single person. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse.

As boomers continue to age out of the workforce, it's going to put strain on the healthcare system, government programs, and the economy. That means more young people are going to be financially responsible for their parents, more government spending will be allocated to older folks, and economic growth could slow.

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[–] VelvetStorm 21 points 11 months ago (1 children)

My wife's grandparents and their parents were very very wealthy but my mil and her siblings have literally waited every cent of it and im talking millions of dollars. One aunt is a forever student, she has never had a job, never earned her own money in any way and has constantly used money for her own education while never earning any degrees. One uncle spent the vast majority on gambling and alcohol.

[–] NotMyOldRedditName 9 points 11 months ago* (last edited 11 months ago) (1 children)

Some people actually like being perpetual students, but to not earn any degrees while doing that is crazy. Like, get PhD or 2 if you want to spend forever in school and if you ever get bored of it then you'd have something to use. Also if you're good at it, you can even get scholarships or grants along the way.

[–] VelvetStorm 0 points 11 months ago

Ya thats not what she did. She just took classes that sounded interesting and never got anything to show for it. Being a full time student would be fun but not at the expense of fucking over everyone else.