Honestly the complete disregard for GenX financial strain is getting old

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If the Boomers are so wealthy, won't Gen X inherit their massive wealth? And ditto for Gen Z.

Being poor is really normal when you're just starting your career and I think it's normal to be envious. I remember wondering how so many adults from my parents generation could have money, yet most were extremely unimpressive. I think most made their money by simply investing in their 401k. Compounding returns is an amazing thing!

Some Boomers are out spending it all. Others are just a long way from being dead. My parents and in-laws are only early 70’s. They could have a long ways to go yet.

Snort. Some of our parents are spending their last time, gleefully, since they "raised their kids" and now it's "me time."
Fine.

But our boomer parents have never given us one cent. Ever.

My parents gave us their old washing machine and two of their old cars (one of which died within months). This was in our 20s.
My ILs have never given us anything.
Both of them got $ from their own parents though! My grandparents gave my parents money to add two bedrooms and a bathroom onto their house. I can’t even imagine accepting a gift of that size.

My in-laws, who received substantial financial assistance from their own parents, are extremely well off but have not given their adult children anything. Even college was largely funded by the grandparents (my in-laws parents.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If the Boomers are so wealthy, won't Gen X inherit their massive wealth? And ditto for Gen Z.

Being poor is really normal when you're just starting your career and I think it's normal to be envious. I remember wondering how so many adults from my parents generation could have money, yet most were extremely unimpressive. I think most made their money by simply investing in their 401k. Compounding returns is an amazing thing!

Some Boomers are out spending it all. Others are just a long way from being dead. My parents and in-laws are only early 70’s. They could have a long ways to go yet.

Snort. Some of our parents are spending their last time, gleefully, since they "raised their kids" and now it's "me time."
Fine.

But our boomer parents have never given us one cent. Ever.

My parents gave us their old washing machine and two of their old cars (one of which died within months). This was in our 20s.
My ILs have never given us anything.
Both of them got $ from their own parents though! My grandparents gave my parents money to add two bedrooms and a bathroom onto their house. I can’t even imagine accepting a gift of that size.

My in-laws, who received substantial financial assistance from their own parents, are extremely well off but have not given their adult children anything. Even college was largely funded by the grandparents (my in-laws parents.)

Both my parents and in-laws had tons of help from their parents: wedding costs, downpayment for a home, construction help, childcare for 18 years...But neither set has passed it on, like zero help of any kind. In fact, my mil often remarks negatively on her family members and friends who help their kids. It's a little baffling how selfish and entitled they are, and not generational since so many boomers do help their kids. They do expect a lot from us as well.

[Anonymous]

Anonymous wrote:https://www.wsj.com/personal-finance/millennials-vs-boomers-charts-e6f1971b


I know it’s non stop Boomers and Millenials but many GenX were ruined by the dot.com and housing busts and had the lost decade up to the GFC. Careers haven’t advanced because boomers WILL NOT LEAVE.

It's mostly Boomers vs. GenZ, GenX and even Millenials are forgotten in these squabbles.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Gen X was not old enough to barely impacted at all by 2000 stock market crash or 2008 Financial crisis.

I am a younger Boomer and I was too young to be impacted. I am not yet 65 yet so no taking anyones job. 2001-2003 2008-2018 were just buying opportunities for stocks for me an all of Gen X.

Generation X generally includes individuals born between 1965 and 1980.

Homes were priced pretty good between 2009 and 2019 so that would be 29 to 54 peak home buying years for both starter and trade up homes.

If anything older Boomers had it worse. Many bought trade up homes or newly retired from 2005-2007 and saw home prices collaspe along with their 401ks at a time they were doing RMDs, so selling at the bottom.

What are you even talking about??? We are young GenX and we were definitely impacted by the 2005-2007 housing bubble/bust and the 2008 financial crisis. We got stuck in our starter home (underwater) for a very long time and spouse lost his job in 2008, taking almost a year to find another one.

+ 1. I was born in 1975 - solidly Gen X. I was 30 years old in 2005. How in the world does this idiot poster think my generation escaped 2005-2007 housing crisis and the financial meltdown of 2008? We could barely afford a house and overbid by over $60,000 to get our crappy house in Arlington. Then my husband’s business almost went under in 2008.

+2. We also bought at the height of the market in 2005 and lost our jobs (both of us) in 2008. And we became the casualty of white collar work outsourcing already just like Mlllenials and GenZ, we just were the first to travel down the path of diminishing returns and race to the bottom wages in some fields.

[Anonymous]

Anonymous wrote:I live in a highly desirable suburb with top schools, and half my street of large homes with property is occupied by Boomers or older Gen X with grown and flown kids.

My theory? We are just stuck. Many people in their late 60s and early 70s are still caring for elderly parents who had them so darn young. Coming up behind these Boomers are Gen X and Millennials who aren't having kids, or having them late. So there's no incentive to move to be nearer to grandchildren because they don't exist. Instead, everyone's visiting the nursing home.

It's depressing.

as a genx with grown and flown we are absolutely sitting. Problem #1 is they need to raise the capital gains exemption on primary homes to keep up with inflation. At this point why would i take that tax hit? no thank you. Problem #2 interest rates on new homes are higher than what i currently have. No motivation to move. #3 inflation. i’ve remodeled this house to something i love. If we moved remodeling costs are now too high. Not looking to pay these crazy inflated costs for what i want. Maybe i will die here and my kids can have this at the stepped up basis and walk away with a fortune.

[Anonymous]

Anonymous wrote:55 and older should if they are financially able, but many don’t! It's a disservice.

It’s healthcare. Fix that and then you will see more early retirements. A buy in option to Medicare for 55-65 would help.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I live in a highly desirable suburb with top schools, and half my street of large homes with property is occupied by Boomers or older Gen X with grown and flown kids.

My theory? We are just stuck. Many people in their late 60s and early 70s are still caring for elderly parents who had them so darn young. Coming up behind these Boomers are Gen X and Millennials who aren't having kids, or having them late. So there's no incentive to move to be nearer to grandchildren because they don't exist. Instead, everyone's visiting the nursing home.

It's depressing.

as a genx with grown and flown we are absolutely sitting. Problem #1 is they need to raise the capital gains exemption on primary homes to keep up with inflation. At this point why would i take that tax hit? no thank you. Problem #2 interest rates on new homes are higher than what i currently have. No motivation to move. #3 inflation. i’ve remodeled this house to something i love. If we moved remodeling costs are now too high. Not looking to pay these crazy inflated costs for what i want. Maybe i will die here and my kids can have this at the stepped up basis and walk away with a fortune.

My solution would be different- eliminate capital gains exclusion entirely, eliminate step up basis. This way, there will be a tax hit either way and timing doesn't really matter. Sick of catering to the real estate lobby.

[Anonymous]

Anonymous wrote:https://www.wsj.com/personal-finance/millennials-vs-boomers-charts-e6f1971b


I know it’s non stop Boomers and Millenials but many GenX were ruined by the dot.com and housing busts and had the lost decade up to the GFC. Careers haven’t advanced because boomers WILL NOT LEAVE.

100% I am STUCK because of all these old men who need to retire.

[Anonymous]

Anonymous wrote:Instead of pitting different generations against each other, you should realize that each generation is at the mercy of historical booms and busts, OP. It's not the fault of anyone in particular. I object to your narrow-minded characterization.

I am late gen X, born in 1980.

Oh sweetie, you are solidly a millennial.

[Anonymous]

My husband and I are Gen X (born in 70s) while his sister is a Millennial (born in 80s). There is a noticeable difference in how his parents treat us (50 with children) and his sister (30s no children). Notably - they give her all sorts of money and support ("people in their 30s are having such a hard time right now") and have never offered to support us at all - not even when DH was unemployed for a full year and we were dipping into our savings to make ends meet. Meanwhile, they just handed his sister $250K for a down payment on a condo. She HAD the money to buy it herself, and she still took the gift. So yeah, I agree, Gen X just gets ignored.

[Anonymous]

All these faux generational wars.

Just another way for foreign bot farms to stir up trouble in the U.S.

Every generation has its challenges to overcome. That's life.

[Anonymous]

Anonymous wrote:https://www.wsj.com/personal-finance/millennials-vs-boomers-charts-e6f1971b


I know it’s non stop Boomers and Millenials but many GenX were ruined by the dot.com and housing busts and had the lost decade up to the GFC. Careers haven’t advanced because boomers WILL NOT LEAVE.

I am a gen-ex and we have weathered through things. We bought a house in 1997 and held steady through the ups and downs of the market. We retired last year and sold our house for a nice profit and the buyer tore it down. We lost money in the dot.com bust, but kept up our 401ks. We weathered job loss. Our 401ks have done well since 2000. We have more than enough for retirement.

Plenty of boomers have quit, it’s just that there are so many of them that it feels like they are staying on. It was harder early in our career to move up because so many had come before- but we stayed in technical roles and that served us well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.wsj.com/personal-finance/millennials-vs-boomers-charts-e6f1971b


I know it’s non stop Boomers and Millenials but many GenX were ruined by the dot.com and housing busts and had the lost decade up to the GFC. Careers haven’t advanced because boomers WILL NOT LEAVE.

100% I am STUCK because of all these old men who need to retire.

maybe you are just not as good at your job as you think you are? Companies find a place for rising stars. Everyone else just has to wait in line.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in a highly desirable suburb with top schools, and half my street of large homes with property is occupied by Boomers or older Gen X with grown and flown kids.

My theory? We are just stuck. Many people in their late 60s and early 70s are still caring for elderly parents who had them so darn young. Coming up behind these Boomers are Gen X and Millennials who aren't having kids, or having them late. So there's no incentive to move to be nearer to grandchildren because they don't exist. Instead, everyone's visiting the nursing home.

It's depressing.

as a genx with grown and flown we are absolutely sitting. Problem #1 is they need to raise the capital gains exemption on primary homes to keep up with inflation. At this point why would i take that tax hit? no thank you. Problem #2 interest rates on new homes are higher than what i currently have. No motivation to move. #3 inflation. i’ve remodeled this house to something i love. If we moved remodeling costs are now too high. Not looking to pay these crazy inflated costs for what i want. Maybe i will die here and my kids can have this at the stepped up basis and walk away with a fortune.

My solution would be different- eliminate capital gains exclusion entirely, eliminate step up basis. This way, there will be a tax hit either way and timing doesn't really matter. Sick of catering to the real estate lobby.

well you won’t get to. Raising the capital gains exclusion is a current discussion and is bipartisan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Boomers have very good social security benefits with no means testing. They do not NEED to keep working and delaying retirement. They also won’t give up their family sized homes that younger people need to start families.

Meanwhile they complain that they don’t have many grandchildren. And that it’s expensive to hire people to cut their grass, repair their spare 2 bathrooms, snowblower their long driveways. It’s ridiculous. Poor them.

They just care A LOT about their peers’ opinions.
My parents had an enormous house on 2 acres of land. I convinced them to downsize and when they saw houses that would be an appropriate size (no stairs, 2 bedrooms) they were appalled. My mom said “I need to be PROUD of my home! My friends wouldn’t be impressed by this.” They ended up in a huge “luxury” townhouse with two flights of stairs. But at least they got rid of the yardwork problem.

Your mom is right. Those tiny 2br "retirement" homes are depressing. Most of them don't even have enough space for a proper dining table that would seat 8-10 people. Tiny closets, no storage. We are not ready to downsize yet (youngest still at home) but what I have seen is not very encouraging. We will likely either stay put and remodel or do a partial downsize to something like a large townhome for 10 or so years before downsizing again.

Why do you need a dining room to host 10 people? Isn’t it time for the next generation to get to own a home with space to raise their kids and be the one entertaining?

Also I don’t think rattling around in a 5 BR house in your 70s is something to be proud of, especially if you’re in generic suburbia. If I didn’t have kids I’d be in a smaller luxury home in an upscale city. No one is fawning over Barbara’s 80s track built home in Loudoun.

As a recent retiree, we want space to seat 8 to 10 people because we have a large friend group! We have 6 to 8 of us who get together 3 or 4 times a week. We host lunches and dinners (either the host cooks, or everyone brings a dish), play cards and have movie night. One of our friends is religious and hosts her church's retiree bible study group and potluck dinner.

We are thinking of downsizing from the 4300 sf we don't need, but I don't want a small living or eating area, due to socializing. The kitchen doesn't have to be huge, but I don't want tiny either. We are not sitting around watching TV and waiting for our adult kids to invite us to Sunday dinner at their house. We stay active, volunteer, and need room to host the many friends we are lucky to have.