Boomers can’t downsize

[Anonymous]

Anonymous wrote:

Anonymous wrote:Looking here and the numerous send ups of Boomers on insta , I am here to say that most millennials are entirely unschooled as to who the Boomers were. Boomers are constantly confused with my parents' generation. None of this is true- about anything- housing, jobs, pensions, inflation, anything.

Tons of boomers born 1960- 1964 still working. SS is 67 and Medicare is 65. They are not old enough to retire.

Numerous boomers still have kids in HS and college. They are laying 2023 prices for college.

And pensions were phased out in the 1970s and 1980s most big companies. They just have 401ks. And they did not get medical on retirement.

For instance American Express froze its pension plan and post retirement medical benefits in 1991. And they were generous as never canceled. But you have to retire from there at 65 to get it and they did massive layoffs in 2000 and 2009. Do you really think there are anf pre 1991 employees left?

My first company canceled pensions in 1982 when rates shot up.

And 401ks unless you are paid very well and get a good match good luck.

My MiL worked in schools in a mid- western state and retired in her mid 50s with a 6 figure pension that will pay out until she dies. Even if she dies (up to a certain age) her husband gets it until he dies. It’s insane. She’s in her 70s now.

Another relative also a boomer worked PT in schools in the Midwest for the majority of her career! For decades she worked only part time then got an online ‘masters’ degree (not knocking online degrees but this was from a now defunct uni) and for the last few years worked in administration making 6 figures. She also retired in her mid 50s and allegedly gets her pension based on her last 6 figure salary and every year gets a 3 percent increase until she dies. Good old unions!

This is what taxpayers are paying for and what boomers voted for.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s the Boomer’s America, the rest of us just live in it.

You are absolutely wrong. I graduated college in the worst recession. Rationed gas, lines for miles to even get some. No jobs at all. Interest rates for mortgages were in the high teens, dropped over 2 decades slowly. We lived in apts, then THs , and either stayed there or bought a bigger place when we were READY and not everyone did, and the place wasn't huge. We were public servants- much lower salary and far less govt promotions, but we didn't travel to Europe, we bought used cars, our kids didn't go to pricey camps, but they had college paid for- because we saved. No, we didn't have marble anything, or the newest reno, but our house was great. We both have multiple degrees, but we knew that did not translate to large salaries. We got over that and focused on what mattered.

No, I am not feeling the need to sell my hard earned and lived in house to you. Sorry.

They had college paid for because it was a fraction of what it is today because it was heavily subsidized. You boomers cut funding. You voted yourself nice pensions and gold plated health insurance benefits. Do you think we get any of that? Think we will ever see a pension? You also take out far more in social security than you will ever put in, Boomer.

Again! Wrong generation! Tuition was not at all inexpensive in the early 2000s- where on earth are you getting all this incorrect info? We did not cut any funding-what? One of us has government health, but I didn't on my own- I was not a fed. I do not have a pension- why do you think we all do? Most of my contemporaries do not! For the feds that did get CSRS, it is absolutely deferred income- very low comparatively to today. Promotions were not givens like now. We lived VERY frugally. Read a book- you are wrong about everything.

Out. Of. Touch.

[Anonymous]

College is still dirt cheap. Except students and parents choose to pay more

For instance in MoCo and can earn enough APs to graduate in three years. The university of Maryland is like 12k a year with fees if you live at home.

So 36k for a college degree with zero aid full pay. Most get some merit or financial aid so even less.

Except kids choose to go to NYU, Syracuse, Georgetown and then complain about cost.

My old company in Bethesda we have $6k a year towards tuition part time workers.

One could do that and get 1/2 tuition paid.

With paycheck pay other half. But kids don’t want to do that

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Looking here and the numerous send ups of Boomers on insta , I am here to say that most millennials are entirely unschooled as to who the Boomers were. Boomers are constantly confused with my parents' generation. None of this is true- about anything- housing, jobs, pensions, inflation, anything.

Tons of boomers born 1960- 1964 still working. SS is 67 and Medicare is 65. They are not old enough to retire.

Numerous boomers still have kids in HS and college. They are laying 2023 prices for college.

And pensions were phased out in the 1970s and 1980s most big companies. They just have 401ks. And they did not get medical on retirement.

For instance American Express froze its pension plan and post retirement medical benefits in 1991. And they were generous as never canceled. But you have to retire from there at 65 to get it and they did massive layoffs in 2000 and 2009. Do you really think there are anf pre 1991 employees left?

My first company canceled pensions in 1982 when rates shot up.

And 401ks unless you are paid very well and get a good match good luck.

My MiL worked in schools in a mid- western state and retired in her mid 50s with a 6 figure pension that will pay out until she dies. Even if she dies (up to a certain age) her husband gets it until he dies. It’s insane. She’s in her 70s now.

Another relative also a boomer worked PT in schools in the Midwest for the majority of her career! For decades she worked only part time then got an online ‘masters’ degree (not knocking online degrees but this was from a now defunct uni) and for the last few years worked in administration making 6 figures. She also retired in her mid 50s and allegedly gets her pension based on her last 6 figure salary and every year gets a 3 percent increase until she dies. Good old unions!

This is what taxpayers are paying for and what boomers voted for.

I am happy for your MIL and relative.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Looking here and the numerous send ups of Boomers on insta , I am here to say that most millennials are entirely unschooled as to who the Boomers were. Boomers are constantly confused with my parents' generation. None of this is true- about anything- housing, jobs, pensions, inflation, anything.

Tons of boomers born 1960- 1964 still working. SS is 67 and Medicare is 65. They are not old enough to retire.

Numerous boomers still have kids in HS and college. They are laying 2023 prices for college.

And pensions were phased out in the 1970s and 1980s most big companies. They just have 401ks. And they did not get medical on retirement.

For instance American Express froze its pension plan and post retirement medical benefits in 1991. And they were generous as never canceled. But you have to retire from there at 65 to get it and they did massive layoffs in 2000 and 2009. Do you really think there are anf pre 1991 employees left?

My first company canceled pensions in 1982 when rates shot up.

And 401ks unless you are paid very well and get a good match good luck.

People born between 1960-1964 are not boomers. If you look as the stats the birthrate fell off a cliff with the advent of the pill in 1960. The seminal events of the boomers are Kennedy’s assassination, the moon walk and Viet Nam - none of those were as important to those born between 1960-1964 even if they were alive or actually remember.

When they started talking about the boomers vs Gen-X they ended boomers in 1960 and started GenX in 1970. Then someone went “oops we forgot the 60’s and split the difference. Those born between 1960 and 1970 are neither really.

According to every source out there, Baby Boomers were born between 1946 and 1964.

https://www.beresfordresearch.com/age-range-by-generation/

https://www.statista.com/statistics/797321/us-population-by-generation/

[Anonymous]

College is still dirt cheap. Except students and parents choose to pay more

College students should not have to live at home to get an affordable education. Cost of attendance at UVA is $37K, so definitely not dirt cheap when you add in room and board. Yes, my kids could walk across the street and go to George Mason for much less, but keeping them home during college is not ideal.

By contrast, state schools were affordable *with* room and board in the 80s and 90s.

[Anonymous]

^^ i.e., 80s and 90s when Boomers were paying for their own kids educations. Obviously they went to college much earlier (and paid much less).

[Anonymous]

Gen X immigrant here.

You know what my parents did? They sold their house and helped both of their kids buy their “family” homes in the area with the understanding that we would take care of them in their old age.

They spend time with the grandkids but have lives. They travel a lot (like 9 months a year) but are here for the holidays.

Is it perfect? Nope. But it’s pretty awesome.

But the whole concept that you can’t afford to downsize really means you don’t want to. That’s a huge difference. You want a certain type of lifestyle and that is totally different than not being able to afford it.

[Anonymous]

Anonymous wrote:OP my last one is leaving for college soon. My house big. But close in, no HOA fee and I have landscaping.

I am not from DC so I have zero relatives and only work friends. So retiring elsewhere is east.

However, doing bath with wife she is like why not just buy a small one bedroom in an older condo with no amenities and low common charges by beach and just snowbird.

My friends 825k house the HOA mixed in a few small condo units for “working class” when built but low snow birds are buying.

So if I and other boomers do this now we are taking up two homes.

They really need to RTO everyone to get remote people out of Florida etc so retirees can move there again.

Don't you need a boat?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Looking here and the numerous send ups of Boomers on insta , I am here to say that most millennials are entirely unschooled as to who the Boomers were. Boomers are constantly confused with my parents' generation. None of this is true- about anything- housing, jobs, pensions, inflation, anything.

Tons of boomers born 1960- 1964 still working. SS is 67 and Medicare is 65. They are not old enough to retire.

Numerous boomers still have kids in HS and college. They are laying 2023 prices for college.

And pensions were phased out in the 1970s and 1980s most big companies. They just have 401ks. And they did not get medical on retirement.

For instance American Express froze its pension plan and post retirement medical benefits in 1991. And they were generous as never canceled. But you have to retire from there at 65 to get it and they did massive layoffs in 2000 and 2009. Do you really think there are anf pre 1991 employees left?

My first company canceled pensions in 1982 when rates shot up.

And 401ks unless you are paid very well and get a good match good luck.

People born between 1960-1964 are not boomers. If you look as the stats the birthrate fell off a cliff with the advent of the pill in 1960. The seminal events of the boomers are Kennedy’s assassination, the moon walk and Viet Nam - none of those were as important to those born between 1960-1964 even if they were alive or actually remember.

When they started talking about the boomers vs Gen-X they ended boomers in 1960 and started GenX in 1970. Then someone went “oops we forgot the 60’s and split the difference. Those born between 1960 and 1970 are neither really.

What are you talking about?? Gen X starts in 1965, which makes 1960-64 babies Boomers. As your Millennial brethren are quick to say, "You need to educate yourself!"

If anything is funny about generation "fixing", its the older Millennials trying to get in on Gen X through this silly "Xennial" thing. Then they try to state that Gen Z started in 1996, which renowned Generational scholar,Neil Howe, had confirmed started in 2003 or 2004. Millennials are the ones who are trying to make themselves into a shortened, recessive, 16 year generation who has had to deal with ALL.OF.THE.PROBLEMS. so that everyone feels sorry for them and their lack of black stainless kitchens, multi-million dollar nest eggs, and luxury vehicles.

[Anonymous]

Anonymous wrote:All of those places will be underwater in 5-10 years.

Yes, and if they are so will be Manhattan, Boston, Philadelphia, Miami, Los Angeles….. do you really think the status of this retirees beach condo is gonna matter then?

[Anonymous]

Anonymous wrote:If Airbnb gets regulated elsewhere, prices will fall. NYC will be the test case.

AirBnB is regulated in DC so we already have a test case. Have prices fallen?

[Anonymous]

Anonymous wrote:The young today aren’t nearly as cheap and miserly I was to get ahead financially.

The easiest and laziest way to get wealthy is to save and invest down to the penny. Never eat out, zero subscriptions, no travel, no A/C, Pump it into index funds. If a car is necessary nothing higher priced than a Mitsubishi Mirage. If single share rent with housemates.

What’s it even for at that point

[Anonymous]

Anonymous wrote:Gen X immigrant here.

You know what my parents did? They sold their house and helped both of their kids buy their “family” homes in the area with the understanding that we would take care of them in their old age.

They spend time with the grandkids but have lives. They travel a lot (like 9 months a year) but are here for the holidays.

Is it perfect? Nope. But it’s pretty awesome.

But the whole concept that you can’t afford to downsize really means you don’t want to. That’s a huge difference. You want a certain type of lifestyle and that is totally different than not being able to afford it.

Bingo!

[Anonymous]

Anonymous wrote:Here is a big part of housing problem. Boomers including me can’t move due to home prices shooting through roof in places we want to retire.

Rehoboth Beach I like, Hamptons I like, Beach place North Carolina or South Carolina I like it maybe a lot place in a good part of Florida.

But prices those places are through the roof!! Way more appreciation than my DMV house the last three years.

And taxes way up on selling and buying homes and retirement places often have HOA fees.

I was shocked at Rehoboth prices when I was there last month. One bedroom condos by beach are price of a whole nice house by beach just 5 years ago.

And Florida I visited there my friends 495k house bought in 2016 is now 825k. To be honest it is crappy and his neighbor the nice homes are now 2 million!! 2 million for Florida!!

Boomers (and anyone else) can downsize if they want to. Where is it written that in retirement you get the same size, level of affluence etc as what you had when you working, just because you are in a certain age group?