Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

[Anonymous]

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

Along these lines, I think it's gross when there are Boomers are getting benefits and Social Security AND sitting on paid off houses, but they forced their own kids to borrow money for college. I know people who had their kids take out loans to attend in-state colleges because they had not saved a penny for college educations, but then 10 years later those kids are still paying down those loans while their boomer parents are retiring. It does not compute.

It's so weird to me that Boomers have so much wealth but we still have so many people with education debt, including people from MC or even UMC backgrounds (so not poverty). Why didn't some of that money go to pay for college for their kids??? To me that's one of the main things I'm working to pay for.

[Anonymous]

Anonymous wrote:https://fortune.com/2023/10/28/great-wealth-transfer-baby-boomers-bank-of-america-millennials-government-policy/amp/

Wow, I just came across this shocking article from Fortune which reveals that the so-called "great wealth transfer" is not the $72 trillion we've been hearing about, but rather a whopping $129 trillion. And guess where most of it went? Yup, straight into the pockets of baby boomers, thanks to government policies over the last 40 years.

We've all heard about the economic challenges millennials face today, especially with the housing market and student debts. But to think that the government has been so instrumental in enriching an entire generation, predominantly boomers, is mind-blowing! This massive wealth transfer is arguably a result of policies from when boomers were in their prime working years. The research shows that two-thirds of the current U.S. household net worth (around $146 trillion) is held by boomers and "traditionalists."

What's even more shocking is that while millennials struggle with high-interest rates on mortgages, most boomers were able to lock in at a low 3% rate. We often hear about boomers giving financial advice to younger generations, but it's evident they had a huge leg up due to these policies.

It's time for a change. Millennials and Gen Z are battling a completely different economic landscape, one that has been significantly shaped by previous generations. While there's hope that a pending wealth transfer might offer some relief, current projections don't seem as promising as what boomers enjoyed.

Thoughts? How do we bridge this generational wealth gap? It's evident now more than ever that we need a system that supports all generations equitably.

Thoughts? 100% BS.

[Anonymous]

Anonymous wrote:It just seems wrong that we live in a society where people think twice about taking their child to the doctor or emergency room because they are worried about copays and prescription costs, and meanwhile my hypochondriac older relatives seem to have made 'going to the doctor' into a lifestyle. I pay a lot of taxes and yet there's not maternity leave, no childcare. That's apparently a "you problem" whereas senseless wars and viagra for old men are an 'us problem'. Makes no sense.

I'm not really sure where this is coming from. When I was growing up we rarely could afford to go to the doctor. And when it was a must, my mom then had to figure out what bills to put off in order to pay the doctor.

[Anonymous]

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

If they qualify for free healthcare than they are either poor enough for Medicaid or they/their spouse worked enough credits for Medicare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

If they qualify for free healthcare than they are either poor enough for Medicaid or they/their spouse worked enough credits for Medicare.

Can you show me the work requirement, because there isn't one
https://www.hhs.gov/answers/medicare-and-medicaid/who-is-eligible-for-medicare/index.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:It just seems wrong that we live in a society where people think twice about taking their child to the doctor or emergency room because they are worried about copays and prescription costs, and meanwhile my hypochondriac older relatives seem to have made 'going to the doctor' into a lifestyle. I pay a lot of taxes and yet there's not maternity leave, no childcare. That's apparently a "you problem" whereas senseless wars and viagra for old men are an 'us problem'. Makes no sense.

I'm not really sure where this is coming from. When I was growing up we rarely could afford to go to the doctor. And when it was a must, my mom then had to figure out what bills to put off in order to pay the doctor.

the PP is upset that they see these older women who are Bible thumpers and never worked getting "free" healthcare. The PP doesn't see people like your mom, or my parents, who worked their butts off in blue collar jobs, all while buying a tiny house with double digit mortgage rate. They live in CA, so yea, their house appreciated. Why shouldn't they enjoy that? They certainly worked for it.

[Anonymous]

Anonymous wrote:It just seems wrong that we live in a society where people think twice about taking their child to the doctor or emergency room because they are worried about copays and prescription costs, and meanwhile my hypochondriac older relatives seem to have made 'going to the doctor' into a lifestyle. I pay a lot of taxes and yet there's not maternity leave, no childcare. That's apparently a "you problem" whereas senseless wars and viagra for old men are an 'us problem'. Makes no sense.

Old people have more medical problems than young people. They aren't doing it for fun.

I'd support national maternity leave but lots of employers offer it. I'm sure you're educated and could have looked into that during job search. Childcare subsidies and healthcare exist for those who qualify due to income. You probably make too much, but if you ever fell into poverty, those programs would be there. Most of them were not there when the boomers were younger, not even unpaid FMLA. They often lost their jobs entirely when they had kids and had nowhere near the flexibility and opportunities we have today.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

If they qualify for free healthcare than they are either poor enough for Medicaid or they/their spouse worked enough credits for Medicare.

Can you show me the work requirement, because there isn't one
https://www.hhs.gov/answers/medicare-and-medicaid/who-is-eligible-for-medicare/index.html

dp.. medicare isn't free, though. My parents live on $30K fixed income, and they pay a few hundred dollars for medicare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

If they qualify for free healthcare than they are either poor enough for Medicaid or they/their spouse worked enough credits for Medicare.

Can you show me the work requirement, because there isn't one
https://www.hhs.gov/answers/medicare-and-medicaid/who-is-eligible-for-medicare/index.html

It says for premium free you have to qualify for Social Security (which requires 40 quarters if wages).

[Anonymous]

Anonymous wrote:

Anonymous wrote:It just seems wrong that we live in a society where people think twice about taking their child to the doctor or emergency room because they are worried about copays and prescription costs, and meanwhile my hypochondriac older relatives seem to have made 'going to the doctor' into a lifestyle. I pay a lot of taxes and yet there's not maternity leave, no childcare. That's apparently a "you problem" whereas senseless wars and viagra for old men are an 'us problem'. Makes no sense.

Old people have more medical problems than young people. They aren't doing it for fun.

I'd support national maternity leave but lots of employers offer it. I'm sure you're educated and could have looked into that during job search. Childcare subsidies and healthcare exist for those who qualify due to income. You probably make too much, but if you ever fell into poverty, those programs would be there. Most of them were not there when the boomers were younger, not even unpaid FMLA. They often lost their jobs entirely when they had kids and had nowhere near the flexibility and opportunities we have today.

Fortunately, when boomers had families, you could raise one on one middle class income

[Anonymous]

Anonymous wrote:

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

Along these lines, I think it's gross when there are Boomers are getting benefits and Social Security AND sitting on paid off houses, but they forced their own kids to borrow money for college. I know people who had their kids take out loans to attend in-state colleges because they had not saved a penny for college educations, but then 10 years later those kids are still paying down those loans while their boomer parents are retiring. It does not compute.

It's so weird to me that Boomers have so much wealth but we still have so many people with education debt, including people from MC or even UMC backgrounds (so not poverty). Why didn't some of that money go to pay for college for their kids??? To me that's one of the main things I'm working to pay for.

I agree to some extent, but it's not always a direct comparison. Many people make it into the wealth/retirement phase long after their kids are in college. At least, my parents did. They were 44 and 47 when I started college and had very little. 20 years later they have huge gains on their homes and are getting their social security and pensions. At least I'm grateful that they are self-sufficient and I'm not supporting them in my adulthood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

Along these lines, I think it's gross when there are Boomers are getting benefits and Social Security AND sitting on paid off houses, but they forced their own kids to borrow money for college. I know people who had their kids take out loans to attend in-state colleges because they had not saved a penny for college educations, but then 10 years later those kids are still paying down those loans while their boomer parents are retiring. It does not compute.

It's so weird to me that Boomers have so much wealth but we still have so many people with education debt, including people from MC or even UMC backgrounds (so not poverty). Why didn't some of that money go to pay for college for their kids??? To me that's one of the main things I'm working to pay for.

I agree to some extent, but it's not always a direct comparison. Many people make it into the wealth/retirement phase long after their kids are in college. At least, my parents did. They were 44 and 47 when I started college and had very little. 20 years later they have huge gains on their homes and are getting their social security and pensions. At least I'm grateful that they are self-sufficient and I'm not supporting them in my adulthood.

This is what we are trying to do for our kids. No school loans, make sure they become financially independent by majoring in something useful, and not have to help us out financially in our old age.

I'm having to help out my boomer parents a bit, which is fine. They didn't have the resources that I have.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

If they qualify for free healthcare than they are either poor enough for Medicaid or they/their spouse worked enough credits for Medicare.

Can you show me the work requirement, because there isn't one
https://www.hhs.gov/answers/medicare-and-medicaid/who-is-eligible-for-medicare/index.html

It says for premium free you have to qualify for Social Security (which requires 40 quarters if wages).

Exactly and the basic Medicare only covers hospitalization. You have to buy the supplemental parts for outpatient and prescriptions, and pay co-pays on all of that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It just seems wrong that we live in a society where people think twice about taking their child to the doctor or emergency room because they are worried about copays and prescription costs, and meanwhile my hypochondriac older relatives seem to have made 'going to the doctor' into a lifestyle. I pay a lot of taxes and yet there's not maternity leave, no childcare. That's apparently a "you problem" whereas senseless wars and viagra for old men are an 'us problem'. Makes no sense.

Old people have more medical problems than young people. They aren't doing it for fun.

I'd support national maternity leave but lots of employers offer it. I'm sure you're educated and could have looked into that during job search. Childcare subsidies and healthcare exist for those who qualify due to income. You probably make too much, but if you ever fell into poverty, those programs would be there. Most of them were not there when the boomers were younger, not even unpaid FMLA. They often lost their jobs entirely when they had kids and had nowhere near the flexibility and opportunities we have today.

Fortunately, when boomers had families, you could raise one on one middle class income

that's probably true, which is why it's more and more important that kids major in something useful to get good paying jobs. There are lots of good paying jobs out there, but it usually requires a degree that is not in liberal arts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the person above: where I live, there are a lot of older boomer women who have literally never worked a day in their lives. they spend their days going to bible studies and out to eat, swimming at the y and bragging about their grandchildren. I had never read an obituary before for someone who had never worked. They are strange.

So yes, I do think it's wrong that the government provides free healthcare to women who have never worked a day in their lives, while children go without. I don't buy the argument that everything every boomer has is because they earned it, and that they have earned so much more than the rest of us.

and suggesting that since they suffered we should suffer to sounds a bit like those people that try to justify fraternity hazings. Just make the system better. don't think that because you put up with it, we should put up with it too.

If they qualify for free healthcare than they are either poor enough for Medicaid or they/their spouse worked enough credits for Medicare.

Can you show me the work requirement, because there isn't one
https://www.hhs.gov/answers/medicare-and-medicaid/who-is-eligible-for-medicare/index.html

To qualify for the spousal benefit of social security, yes, the other spouse has to have worked. Sorry to disappoint you.