Boomers can’t downsize

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's not "The Boomers" hoarding the wealth or sticking it to the "Millennials." It's the very wealthy of each generation - including and especially the elected officials - who are sticking it to everyone else in all generations.

How do you think elected officials get to be elected officials?

The system is rigged by the rich. The politicians on both sides lie and none of them truly look out for the public good.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

I'd say the Silent Generation put these policies in place that benefitted Boomers, and then Boomers changed the rules so us Millennials and Gen X not only don't get pensions or retirement plans, but also are saddled with six-figure student loan debt, rising housing prices, and exorbitant child care costs.

Nobody “changed the rules” .. based on winning WW2 with the least damage the world allowed the dollar to be reserve currency. Then everybody since 1976 decided to decouple the dollar from gold so we could print money and get manufactured products without having to work. Everybody is in on it and votes for it. Now the accounting is breaking since inflation is here to stay

Huh? Boomers definitely changed the rules on pensions at their companies, who gets them and how much they pay, then cancelling pensions altogether and forcing employees to fund 401Ks dependent on the market while simultaneously increasing inflation, causing market crashes in 2001, 2008, etc.

People literally don’t want to work the kind of private sector jobs that had pensions. The polluting, productive and rigorous jobs have been purposely moved to China while we just print money and don’t have to smell pollution or work difficult jobs.

Everybody is temporarily living easy.

[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.

https://www.infoplease.com/us/population/live-births-and-birth-rates-year

Only the years 1954-1964 had births over 4MM until the millennials. “If you look at the stats” — what a joke. No falling off a cliff until 1965.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The last 10 years have been tougher on some Boomers though because their $ allocation was probably not as equity heavy, so while younger people made $$ on anything they invested in stock wise, many Boomers were seeing much more modest gains after losing a lot in the late 2000s.

Most younger people don’t have money to invest in the stock market because we’re saddled with massive student debt and wage stagnation.

Speak for yourself. I am 35. I've paid off my loans and just got a 5% raise.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The last 10 years have been tougher on some Boomers though because their $ allocation was probably not as equity heavy, so while younger people made $$ on anything they invested in stock wise, many Boomers were seeing much more modest gains after losing a lot in the late 2000s.

Most younger people don’t have money to invest in the stock market because we’re saddled with massive student debt and wage stagnation.

Speak for yourself. I am 35. I've paid off my loans and just got a 5% raise.

You’re not young.

[Anonymous]

Anonymous wrote:

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.

My MiL worked her tail off, but she said during her lifetime she voted to cut those kinds of pensions for those who came after her. My relative worked PT for most of her career (and took plenty of paid leave) and gets a 6 figure pension (gotta love Illinois). This is based on what they both told me. Granted they both want “small government”

I don’t know how you think people can fund these pensions. It’s coming from taxpayers and many people will live to their 90s (both of them had parents who lived to late 90s). It’s not sustainable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

My MiL worked her tail off, but she said during her lifetime she voted to cut those kinds of pensions for those who came after her. My relative worked PT for most of her career (and took plenty of paid leave) and gets a 6 figure pension (gotta love Illinois). This is based on what they both told me. Granted they both want “small government”

I don’t know how you think people can fund these pensions. It’s coming from taxpayers and many people will live to their 90s (both of them had parents who lived to late 90s). It’s not sustainable.

Big government causes massive inflation with no gold standard, massive consumption with no production, distributing money to people that produce nothing and money printer goes brrrrrr.

Inflation is the tax of sloppy big government.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

I'd say the Silent Generation put these policies in place that benefitted Boomers, and then Boomers changed the rules so us Millennials and Gen X not only don't get pensions or retirement plans, but also are saddled with six-figure student loan debt, rising housing prices, and exorbitant child care costs.

Never, ever lump us Gen Xers and Millennials together. Gen X will be fine. We always will be because of our expectations.
We have zero in common with Millennials and to be frank most of us mock this generation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

I'd say the Silent Generation put these policies in place that benefitted Boomers, and then Boomers changed the rules so us Millennials and Gen X not only don't get pensions or retirement plans, but also are saddled with six-figure student loan debt, rising housing prices, and exorbitant child care costs.

Never, ever lump us Gen Xers and Millennials together. Gen X will be fine. We always will be because of our expectations.
We have zero in common with Millennials and to be frank most of us mock this generation.

I agree we have nothing in common Wil Mils but I never mock them. I like young people, much more than boomers. They don’t take shit from anyone and are a lot more optimistic. When was the last time you ran into a baby boomer without a sourpuss face. I like to ignore them

[Anonymous]

Anonymous wrote:

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?

I’m gen x and find your response interesting. The poster is choosing to live in the best place they can afford. So are you. So is everyone. No one complaining about boomers is structuring their life to make sure that they don’t have a big house in retirement for the purpose of making sure it’s on the market for a younger person to buy.

You might choose to downsize, but it won’t be because you feel you have a moral obligation to give up your house to a younger buyer. And you will sell it at the highest price you can get to maximize your profit. I doubt you are making any of your housing choices based on whether other families would benefit from you buying or selling. If no one is entitled to anything then no one is entitled to pressure a person of a certain age to make their home available to the market.

If someone suggested that you decline to bid up a house you wanted because it would drive up the cost of homes in the area, you would stand on your entitlement to pay what you can afford to get the house you want, regardless of the affect on the market.

[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.

As someone in the 1960-64 range I agree with you. I am technically a boomer but definitely don't have a pension. They were pretty much gone by the time I started working full time in 1987. I was an infant when Kennedy was assassinated and learned about Vietnam in history class. I do remember watching the moonwalk on TV. Of course I am still working and paid $70k/year for my kids to go to college.

[Anonymous]

This entire thread is a perfect depiction of the fear, palpitation, and worry over home prices.

Occam's Razor:

"If you have two theories that both explain the observed facts, then use the simplest until more evidence comes along".

"The simplest explanation for some phenomenon is more likely to be accurate than more complicated explanations".

"If you have two equally likely solutions to a problem, choose the simplest".

"The explanation requiring the fewest assumptions is most likely to be correct".

The simplest explanation is, house prices exploded upwards because of low interest rates. And to a lesser degree, the PPP crap, eviction moratoriums, people didn't pay rent for years, eduction loan moratorium, and the list goes on. Mistakes (or not!) were made. These actions have consequences.

Now, all of this free and cheap money is gone. I've said this many many times before. Cost of money is cost money. It fell to the lowest level it could, and there was nowhere to go but up. People who realized this THEN, prepared for it. People who expected this party to go on were oblivious to it, either by design or ignorance.

The chickens are coming home to roost. Cost of money has gone up. The most rapid rise in the last ~50 years. That has consequences. Right now, CASH is king. Yeah, yeah, inflation ...that theory won't hold water for too long. Our country cannot survive this kind of inflation, even a tiny bit. It'll fall apart. The slow frog boiling syndrome of ~2% inflation is the MOST our country can handle. And even then, when the cost of money was cheaper for the last decade, inflation DIDN'T go up. Ever thought why?

The Fed knows this. Their credibility and the future of the United States is on the line. They will not stop, at all, in raising the cost of money till inflation comes down. Measurably and on the streets. That has consequences. There will be pain, things will break, companies will go bust, govts WILL have to cut spending. There are no other choices.

The party has ended, we're dealing with the hangover now, and will be, for some time.

[Anonymous]

Anonymous wrote:Ok but you should sell and live somewhere cheap

Why should she? Why don’t you buy somewhere cheap?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Typical boomers. Want top dollar for the home they're in now, but want to land somewhere nice and cheap.

Typical GenZ/X/Y - want to land somewhere nice, but it also has to be cheap.

Not true - most of my millennial friends bought in expensive areas because we value location over mcmansions

Locations, I.e. “somewhere nice.”

So…true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

I'd say the Silent Generation put these policies in place that benefitted Boomers, and then Boomers changed the rules so us Millennials and Gen X not only don't get pensions or retirement plans, but also are saddled with six-figure student loan debt, rising housing prices, and exorbitant child care costs.

Nobody “changed the rules” .. based on winning WW2 with the least damage the world allowed the dollar to be reserve currency. Then everybody since 1976 decided to decouple the dollar from gold so we could print money and get manufactured products without having to work. Everybody is in on it and votes for it. Now the accounting is breaking since inflation is here to stay

Huh? Boomers definitely changed the rules on pensions at their companies, who gets them and how much they pay, then cancelling pensions altogether and forcing employees to fund 401Ks dependent on the market while simultaneously increasing inflation, causing market crashes in 2001, 2008, etc.

People literally don’t want to work the kind of private sector jobs that had pensions. The polluting, productive and rigorous jobs have been purposely moved to China while we just print money and don’t have to smell pollution or work difficult jobs.

Everybody is temporarily living easy.

I'm only aware of public sector jobs having pensions.