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

[Anonymous]

What percentage of these "hoarded billions" are owned by like 1,000 people? I'd guess > 50%. Probably closer to 90%.

Someone is trying to shift the frame, and shift the blame, and y'all are falling for it.

[Anonymous]

Boomers had much cheaper education. White boomers had big advantages over minority workers and until the late 70’s not much competition from overseas. I think it is also fair to say that they structured the current tax system which has cut out a lot of govt support for services that could benefit younger generations. Hell, most of our leaders are still boomers.

As a gen-x er my biggest gripe is that they gave been clogging the leadership pipelines and often refuse to retire and make way for younger leaders.

[Anonymous]

Boomer Genx are the worst people

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%.

Was going to post the same!

I think the article has so many flaws it’s maddening.
How many homeowner Boomers actually have mortgages? Many paid off their homes in the late 90s and eat 2000s.

What about GenX? No one ever talks about us? We’re the ones who will inherit the Boomer $$$ - millennials and GenZ are the boomer’s grandchildren.

That wealth may have gone to Boomers for a few decades, but a lot of it will not be transferred to heirs. It will be consumed by healthcare and nursing homes.

Finally, Boomers may have a lot of equity in their homes, but as a generation they are more likely to have a pension than a 401k and many didn’t save much because they thought SS and Medicare would cover them.

The bolded isn't true in most cases. Some older Boomers have Gen X kids but mostly Gen X's parents are Silent Generation and millennials parents are mostly Boomers. "Echo Boomer" was an early name for the generation before we settled on millennial. I'm a millennial and my parents were 1949 and 1951 birthdates definitely Boomers.

I thought the silent generation was called the Greatest Generation?

Some from Boomer generation have Boomer children. The Gen Z generation has 9 year olds and adults in their mid 20s. Can they really be labeled before they’ve even hit puberty?

[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.

This is all BS. Completely confused with the wrong generation.
I am full on Boomer. Mid 60s.

Graduated in a huge recession. Waited in gas lines during gas rationing.
No jobs.
Interest rates were upwards of 18%, started dropping to 8 much later on. We only saw 3% well after this last recession, around 2012, and 2015, brought to you by deregulation policies of Republicans. Stock market was literally STAGNANT after dropping from crash. Our house mortgages were underwater. We had 2 incomes to just buy any house and support a family. Inflation only rose house prices recently and that is because of housing shortage. Building shortage.

Where is all this fiction you bring from? It's all made up.

[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.

There is nothing strange about not working. This was the social norm until society forced us all to work our butts off and make home life stressful. The social norm of women not working had its pluses and minuses, but it in no way meant someone was lazy or worthless. Let them enjoy their grandchildren and the Y, sheesh

How old? This isn't the boomer generation. We were working and literally doing it all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%.

Was going to post the same!

I think the article has so many flaws it’s maddening.
How many homeowner Boomers actually have mortgages? Many paid off their homes in the late 90s and eat 2000s.

What about GenX? No one ever talks about us? We’re the ones who will inherit the Boomer $$$ - millennials and GenZ are the boomer’s grandchildren.

That wealth may have gone to Boomers for a few decades, but a lot of it will not be transferred to heirs. It will be consumed by healthcare and nursing homes.

Finally, Boomers may have a lot of equity in their homes, but as a generation they are more likely to have a pension than a 401k and many didn’t save much because they thought SS and Medicare would cover them.

The bolded isn't true in most cases. Some older Boomers have Gen X kids but mostly Gen X's parents are Silent Generation and millennials parents are mostly Boomers. "Echo Boomer" was an early name for the generation before we settled on millennial. I'm a millennial and my parents were 1949 and 1951 birthdates definitely Boomers.

I thought the silent generation was called the Greatest Generation?

Some from Boomer generation have Boomer children. The Gen Z generation has 9 year olds and adults in their mid 20s. Can they really be labeled before they’ve even hit puberty?

No, the Silent Generation is the Silent Generation.

They're called that because they came in between the Greatest Generation and the Loud, Selfish Generation (Boomers) and comparatively are the overlooked (silent) middle child.

[Anonymous]

Anonymous wrote:Boomers had much cheaper education. White boomers had big advantages over minority workers and until the late 70’s not much competition from overseas. I think it is also fair to say that they structured the current tax system which has cut out a lot of govt support for services that could benefit younger generations. Hell, most of our leaders are still boomers.

As a gen-x er my biggest gripe is that they gave been clogging the leadership pipelines and often refuse to retire and make way for younger leaders.

That depends who is paying for it. I am a boomer and paid for both kids full pay private college educations. So yes, their educations were more expensive, but they didn't pay for it or take on any debt for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This boomer once had a 17.25% mortgage and never had one in the 3% area. My husband also got drafted and had to fight and get wounded in Vietnam. He didn’t want to go but he didn’t have an option and he did his duty. We have set up very well funded 529 plans for all of our grandchildren. We gift our kids a lot of money every year at Christmas and they will inherit a great amount of money. I inherited very little from my parents and my husband deferred his inheritance and it went to our children. Yes, our children and grandchildren are very lucky and unlike OPs crowd they are very grateful.

So incredibly tone deaf and sanctimonious!!!! Of course your kids and grandkids are grateful. They are not in the position that many of their peers are in - they are benefitting from the boomers wealth. What about all their peers who don't have boomer wealth in their families? You are completely missing the point, either intentionally or you don't have the ability to think on a more nuanced level....

No, I’m not missing the point. I’m just tired of boomers being trashed by people who are clueless about interest rates and inflation when boomers were your age. Interest rates in the teens, inflation in the teens all during our 30’s. If you don’t think we were scared you are so wrong. Unemployment was high and if you lost your job and you had a 10% interest rate plus 10% inflation eating into your savings you were screwed. You have been spoiled by 2% inflation and 3% mortgages. That’s free money. Yes, inflation and interest rates are up…….welcome to the world boomers lived in for a decade.

Yes, boomer you lived in that world but your real estate prices were dirt cheap and so was college tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%.

Was going to post the same!

I think the article has so many flaws it’s maddening.
How many homeowner Boomers actually have mortgages? Many paid off their homes in the late 90s and eat 2000s.

What about GenX? No one ever talks about us? We’re the ones who will inherit the Boomer $$$ - millennials and GenZ are the boomer’s grandchildren.

That wealth may have gone to Boomers for a few decades, but a lot of it will not be transferred to heirs. It will be consumed by healthcare and nursing homes.

Finally, Boomers may have a lot of equity in their homes, but as a generation they are more likely to have a pension than a 401k and many didn’t save much because they thought SS and Medicare would cover them.

The bolded isn't true in most cases. Some older Boomers have Gen X kids but mostly Gen X's parents are Silent Generation and millennials parents are mostly Boomers. "Echo Boomer" was an early name for the generation before we settled on millennial. I'm a millennial and my parents were 1949 and 1951 birthdates definitely Boomers.

I thought the silent generation was called the Greatest Generation?

Some from Boomer generation have Boomer children. The Gen Z generation has 9 year olds and adults in their mid 20s. Can they really be labeled before they’ve even hit puberty?

No, the Silent Generation is the Silent Generation.

They're called that because they came in between the Greatest Generation and the Loud, Selfish Generation (Boomers) and comparatively are the overlooked (silent) middle child.

No, ignoramus, it was because they were thought as being more traditional and conformist.

Wikipedia: "Upon coming of age in the postwar era, Silents were sometimes characterized as trending towards conformity and traditionalism, as well as comprising the "silent majority".[4] However, they have also been noted as forming the leadership of the civil rights movement and the 1960s counterculture, and creating the rock and roll music of the 1950s and 1960s.[5]"

[Anonymous]

Anonymous wrote:What percentage of these "hoarded billions" are owned by like 1,000 people? I'd guess > 50%. Probably closer to 90%.

Someone is trying to shift the frame, and shift the blame, and y'all are falling for it.

This. The wealth is concentrated, as always.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomers had much cheaper education. White boomers had big advantages over minority workers and until the late 70’s not much competition from overseas. I think it is also fair to say that they structured the current tax system which has cut out a lot of govt support for services that could benefit younger generations. Hell, most of our leaders are still boomers.

As a gen-x er my biggest gripe is that they gave been clogging the leadership pipelines and often refuse to retire and make way for younger leaders.

That depends who is paying for it. I am a boomer and paid for both kids full pay private college educations. So yes, their educations were more expensive, but they didn't pay for it or take on any debt for it.

Wow, it’s almost like your experience isn’t everyone else’s. Who knew?

[Anonymous]

Anonymous wrote:What percentage of these "hoarded billions" are owned by like 1,000 people? I'd guess > 50%. Probably closer to 90%.

Someone is trying to shift the frame, and shift the blame, and y'all are falling for it.

This.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This boomer once had a 17.25% mortgage and never had one in the 3% area. My husband also got drafted and had to fight and get wounded in Vietnam. He didn’t want to go but he didn’t have an option and he did his duty. We have set up very well funded 529 plans for all of our grandchildren. We gift our kids a lot of money every year at Christmas and they will inherit a great amount of money. I inherited very little from my parents and my husband deferred his inheritance and it went to our children. Yes, our children and grandchildren are very lucky and unlike OPs crowd they are very grateful.

So incredibly tone deaf and sanctimonious!!!! Of course your kids and grandkids are grateful. They are not in the position that many of their peers are in - they are benefitting from the boomers wealth. What about all their peers who don't have boomer wealth in their families? You are completely missing the point, either intentionally or you don't have the ability to think on a more nuanced level....

No, I’m not missing the point. I’m just tired of boomers being trashed by people who are clueless about interest rates and inflation when boomers were your age. Interest rates in the teens, inflation in the teens all during our 30’s. If you don’t think we were scared you are so wrong. Unemployment was high and if you lost your job and you had a 10% interest rate plus 10% inflation eating into your savings you were screwed. You have been spoiled by 2% inflation and 3% mortgages. That’s free money. Yes, inflation and interest rates are up…….welcome to the world boomers lived in for a decade.

Yes, boomer you lived in that world but your real estate prices were dirt cheap and so was college tuition.

My boomer father didn’t go to college because he was drafted to go to Vietnam at age 18 like all of his brothers, male cousins, and classmates. They did have cheaper starter homes but with 18% mortgage interest rates, deindustrialization moving jobs overseas, and multiple rescissions most of them couldn’t buy more than a very small starter home.

Sorry everything is so much harder for the young people today.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This boomer once had a 17.25% mortgage and never had one in the 3% area. My husband also got drafted and had to fight and get wounded in Vietnam. He didn’t want to go but he didn’t have an option and he did his duty. We have set up very well funded 529 plans for all of our grandchildren. We gift our kids a lot of money every year at Christmas and they will inherit a great amount of money. I inherited very little from my parents and my husband deferred his inheritance and it went to our children. Yes, our children and grandchildren are very lucky and unlike OPs crowd they are very grateful.

So incredibly tone deaf and sanctimonious!!!! Of course your kids and grandkids are grateful. They are not in the position that many of their peers are in - they are benefitting from the boomers wealth. What about all their peers who don't have boomer wealth in their families? You are completely missing the point, either intentionally or you don't have the ability to think on a more nuanced level....

No, I’m not missing the point. I’m just tired of boomers being trashed by people who are clueless about interest rates and inflation when boomers were your age. Interest rates in the teens, inflation in the teens all during our 30’s. If you don’t think we were scared you are so wrong. Unemployment was high and if you lost your job and you had a 10% interest rate plus 10% inflation eating into your savings you were screwed. You have been spoiled by 2% inflation and 3% mortgages. That’s free money. Yes, inflation and interest rates are up…….welcome to the world boomers lived in for a decade.

Yes, boomer you lived in that world but your real estate prices were dirt cheap and so was college tuition.

My boomer father didn’t go to college because he was drafted to go to Vietnam at age 18 like all of his brothers, male cousins, and classmates. They did have cheaper starter homes but with 18% mortgage interest rates, deindustrialization moving jobs overseas, and multiple rescissions most of them couldn’t buy more than a very small starter home.

Sorry everything is so much harder for the young people today.

DP- I don't really have a dog in this fight (for the record, I'm Gen-X, had student loans but DH didn't, we bought our small starter home 10 years ago). But it's been pretty well documented that there is a housing shortage right now, compared to post-WWII and the decades thereafter where lots of building was happening. There were plenty of "starter" homes to go around. I live in one of those 1940s neighborhoods and what one of those old starter homes cost now is kind of nuts. If any go on the market that is, everyone is sitting tight.

I think we can acknowledge that each generation had its challenges without making it a competition. And right now, I feel for millennials like my sister trying to buy a house.