NYT Opinion Piece: This Isn’t What Millennial Middle Age Was Supposed To Look Like

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a Gen Xer who graduated into the recession of the early 90s and then endured the financial crisis I find the millennial attitude/ignorance that they are apparently the first generation ever to face economic hardship laughable. This generation has been feeding at their boomer parents trough all their lives is on track to receive the largest intergenerational transfer of wealth in history.

The largest intergenerational transfer of wealth in history occurred when the Greatest Generation who served in WWII passed their wealth to their Boomer children. The Baby Boomers, now in their 60s and 70s, squandered their children's futures. They did.

+1.

And just look at our escalating national debt. The boomers won't care if our country goes broke so long as their Social Security and Medicare is generously funded until they're dead.

Basically they're taking one last deep swig and then will toss the empty bottle to the younger generations.

And millennials are their children, so.
Yeah bc a $12M entry point for estate taxes (see: Boomers) in the wake of the longest bill market and lowest interest rates in history definitely is setting you up for serious deprivation.

This ALL benefiting boomers right now, not younger generations. They're the ones inheriting tax free, they are they ones riding the bull market into retirement, etc.

This. Some Millenials and Gen Z might inherit some of this wealth, but the vast majority likely will not. I know in our family, we are banking on nothing. My ILs pension and paid off home is going to pay for international travel and then will be channelled into end-of-life care -- we don't expect there to be anything left over. Maybe 40k or something that we would just funnel straight into our kid's college fund. My parents have more but they also have a lot more kids and grand kids and a history of very questionable financial choices.

[Anonymous]

My friends, let's not forget the real common enemy: the Boomers, even now growing fat off the sweat of our 30- , 40-, and 50- something brows alike. The resource hogs who own all the top floor apartments and good houses. The smug older couples who assured you that your woman's salary was supposed to cover childcare costs because it would be fine to live just on your husband's salary. The selfish bastards who use their collective mass to block any civic and legal decisions that might compromise their own lifestyles and are remarkably at peace with taking from future generations to ensure their comfort.

Let's focus.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a Gen Xer who graduated into the recession of the early 90s and then endured the financial crisis I find the millennial attitude/ignorance that they are apparently the first generation ever to face economic hardship laughable. This generation has been feeding at their boomer parents trough all their lives is on track to receive the largest intergenerational transfer of wealth in history.

The largest intergenerational transfer of wealth in history occurred when the Greatest Generation who served in WWII passed their wealth to their Boomer children. The Baby Boomers, now in their 60s and 70s, squandered their children's futures. They did.

+1.

And just look at our escalating national debt. The boomers won't care if our country goes broke so long as their Social Security and Medicare is generously funded until they're dead.

Basically they're taking one last deep swig and then will toss the empty bottle to the younger generations.

And millennials are their children, so.
Yeah bc a $12M entry point for estate taxes (see: Boomers) in the wake of the longest bill market and lowest interest rates in history definitely is setting you up for serious deprivation.

This ALL benefiting boomers right now, not younger generations. They're the ones inheriting tax free, they are they ones riding the bull market into retirement, etc.

This. Some Millenials and Gen Z might inherit some of this wealth, but the vast majority likely will not. I know in our family, we are banking on nothing. My ILs pension and paid off home is going to pay for international travel and then will be channelled into end-of-life care -- we don't expect there to be anything left over. Maybe 40k or something that we would just funnel straight into our kid's college fund. My parents have more but they also have a lot more kids and grand kids and a history of very questionable financial choices.

+1000. My boomer parents recently inherited my grandparent's large house by the beach plus a million dollar nest egg. They could have lived in the beach house and/or run it as a family compound for the benefit of all. But what did they do? They immediately sold the house and liquidated the nest egg. They also keep bragging how they are flush now and 100% intent on spending it all on a gold-plated retirement. This could have been family wealth to help with future college for the grandkids or just to be passed down the generations. But no, they are laughing away the money as we speak on a round-the-world luxury cruise for the next 6 months. Can't make this up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a Gen Xer who graduated into the recession of the early 90s and then endured the financial crisis I find the millennial attitude/ignorance that they are apparently the first generation ever to face economic hardship laughable. This generation has been feeding at their boomer parents trough all their lives is on track to receive the largest intergenerational transfer of wealth in history.

The largest intergenerational transfer of wealth in history occurred when the Greatest Generation who served in WWII passed their wealth to their Boomer children. The Baby Boomers, now in their 60s and 70s, squandered their children's futures. They did.

+1.

And just look at our escalating national debt. The boomers won't care if our country goes broke so long as their Social Security and Medicare is generously funded until they're dead.

Basically they're taking one last deep swig and then will toss the empty bottle to the younger generations.

And millennials are their children, so.
Yeah bc a $12M entry point for estate taxes (see: Boomers) in the wake of the longest bill market and lowest interest rates in history definitely is setting you up for serious deprivation.

This ALL benefiting boomers right now, not younger generations. They're the ones inheriting tax free, they are they ones riding the bull market into retirement, etc.

This. Some Millenials and Gen Z might inherit some of this wealth, but the vast majority likely will not. I know in our family, we are banking on nothing. My ILs pension and paid off home is going to pay for international travel and then will be channelled into end-of-life care -- we don't expect there to be anything left over. Maybe 40k or something that we would just funnel straight into our kid's college fund. My parents have more but they also have a lot more kids and grand kids and a history of very questionable financial choices.

+1000. My boomer parents recently inherited my grandparent's large house by the beach plus a million dollar nest egg. They could have lived in the beach house and/or run it as a family compound for the benefit of all. But what did they do? They immediately sold the house and liquidated the nest egg. They also keep bragging how they are flush now and 100% intent on spending it all on a gold-plated retirement. This could have been family wealth to help with future college for the grandkids or just to be passed down the generations. But no, they are laughing away the money as we speak on a round-the-world luxury cruise for the next 6 months. Can't make this up.

I’m Gen X And I wish my silent generation parents would spend their money and enjoy themselves. I don’t expect nor want anything from them. They loved me, they raised me, they paid for college and they worked really hard to do it. They made a series of prudent choices every.single.day to ensure that we would be cared for and get a solid start. After that, the rest was up to me. They owe me nothing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a Gen Xer who graduated into the recession of the early 90s and then endured the financial crisis I find the millennial attitude/ignorance that they are apparently the first generation ever to face economic hardship laughable. This generation has been feeding at their boomer parents trough all their lives is on track to receive the largest intergenerational transfer of wealth in history.

The largest intergenerational transfer of wealth in history occurred when the Greatest Generation who served in WWII passed their wealth to their Boomer children. The Baby Boomers, now in their 60s and 70s, squandered their children's futures. They did.

+1.

And just look at our escalating national debt. The boomers won't care if our country goes broke so long as their Social Security and Medicare is generously funded until they're dead.

Basically they're taking one last deep swig and then will toss the empty bottle to the younger generations.

And millennials are their children, so.
Yeah bc a $12M entry point for estate taxes (see: Boomers) in the wake of the longest bill market and lowest interest rates in history definitely is setting you up for serious deprivation.

This ALL benefiting boomers right now, not younger generations. They're the ones inheriting tax free, they are they ones riding the bull market into retirement, etc.

This. Some Millenials and Gen Z might inherit some of this wealth, but the vast majority likely will not. I know in our family, we are banking on nothing. My ILs pension and paid off home is going to pay for international travel and then will be channelled into end-of-life care -- we don't expect there to be anything left over. Maybe 40k or something that we would just funnel straight into our kid's college fund. My parents have more but they also have a lot more kids and grand kids and a history of very questionable financial choices.

+1000. My boomer parents recently inherited my grandparent's large house by the beach plus a million dollar nest egg. They could have lived in the beach house and/or run it as a family compound for the benefit of all. But what did they do? They immediately sold the house and liquidated the nest egg. They also keep bragging how they are flush now and 100% intent on spending it all on a gold-plated retirement. This could have been family wealth to help with future college for the grandkids or just to be passed down the generations. But no, they are laughing away the money as we speak on a round-the-world luxury cruise for the next 6 months. Can't make this up.

That’s so disappointing of your parents. Obviously, nothing you can say/do, but I’d be resentful as well in your shoes.

[Anonymous]

Anonymous wrote:I am 34 and I am NOT middle aged. F off.

How long do you think you’re going to live????

Look, the average American woman lives to be 80 years old, so you entered the MIDDLE third of your life before 30. I don’t understand why this is so offensive:
0–30 young
30-60 “middle” aged
60-90+ old

[Anonymous]

Life in the US has become steadily more expensive since WWII ended. People born in 1946-1950 got a lot of easy benefits. It’s been uphill lifestyle wise since then. Also the US population has grown tremendously meaning more people asking for the same resources. It’s tough unless your parents were kind enough to die and give you a lift.

[Anonymous]

Most people seem to jump from “I’m still young…” to “I’m on Medicare …” missing the middle age thing altogether. Baby boomers in particular.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:As a GenXer, my parents are both deceased and left me with nothing. I know I won't be getting an inheritance. Baby Boomers still won't retire, so I know I won't be getting a promotion. Millennials still won't stop complaining, so I know I won't be getting any Millennials to work for me.

Millennials don't have an understanding of what older people experienced in life because you just don't know any better. Your standard of living is based off of your Boomer parents standard of living. Colleges were redesigned for you to look like resorts. You were given endless supplies of free money for college, which you most likely will never pay back. You were on your parents health insurance until age 25.

Most generations before you did not grow up with the internet, cable tv, microwave ovens, trips all over the world, granite counter tops, and yes, avocado toast and $5 latte! LoL.

I like how the standard Gen X argument about generational differences these days is to accuse Millennial of complaining too much... while complaining.

We are tired of reading about it. I will complain about that. Oh, poor me, poor me.

Then don't read it.

The whining is ridiculous. You think Gen Xers never wrote about their experiences, sometimes complaining or comparing them to those of their parents? I'm sorry, can I introduce you to an entire genre of writing called "blogging" that was basically invented by and dominated by Gen Xers for an entire decade. And most blogging was confessional in style, essays about parenting, work, society, culture, and media. Some of those folks are still blogging, some have moved on to non-media jobs, some now have more traditional media jobs at this point. They were the original influencers and popularized the idea of becoming internet famous for having a point of view and opinions.

But yes, please tell me about how the occasional essay by a Millennial in their 30s about their lived experience is somehow too much. Or how ALL Millenials are rich and privileged because they will ALL inherit a bunch of money from their universally wealthy Boomer parents.

And then explain to me how Gen Xers, as a group, are amazing at suffering silently while Millenials are whiny. Because like many Gen Xers, I adore irony. But unlike you, I understand it.

I normally don't bother to read the whining. As for irony, I think millennials are in for a surprise regarding wealth transfer when their boomer parents kick off. Boomers will either spend every dime, donate it to some "worthy" cause, or attach crazy riders. Reverse mortgages make it is to transfer the wealth to someone and it isn't the millennial children.

Boomers' long term care will take whatever's left.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a Gen Xer who graduated into the recession of the early 90s and then endured the financial crisis I find the millennial attitude/ignorance that they are apparently the first generation ever to face economic hardship laughable. This generation has been feeding at their boomer parents trough all their lives is on track to receive the largest intergenerational transfer of wealth in history.

The largest intergenerational transfer of wealth in history occurred when the Greatest Generation who served in WWII passed their wealth to their Boomer children. The Baby Boomers, now in their 60s and 70s, squandered their children's futures. They did.

+1.

And just look at our escalating national debt. The boomers won't care if our country goes broke so long as their Social Security and Medicare is generously funded until they're dead.

Basically they're taking one last deep swig and then will toss the empty bottle to the younger generations.

And millennials are their children, so.
Yeah bc a $12M entry point for estate taxes (see: Boomers) in the wake of the longest bill market and lowest interest rates in history definitely is setting you up for serious deprivation.

This ALL benefiting boomers right now, not younger generations. They're the ones inheriting tax free, they are they ones riding the bull market into retirement, etc.

This. Some Millenials and Gen Z might inherit some of this wealth, but the vast majority likely will not. I know in our family, we are banking on nothing. My ILs pension and paid off home is going to pay for international travel and then will be channelled into end-of-life care -- we don't expect there to be anything left over. Maybe 40k or something that we would just funnel straight into our kid's college fund. My parents have more but they also have a lot more kids and grand kids and a history of very questionable financial choices.

+1000. My boomer parents recently inherited my grandparent's large house by the beach plus a million dollar nest egg. They could have lived in the beach house and/or run it as a family compound for the benefit of all. But what did they do? They immediately sold the house and liquidated the nest egg. They also keep bragging how they are flush now and 100% intent on spending it all on a gold-plated retirement. This could have been family wealth to help with future college for the grandkids or just to be passed down the generations. But no, they are laughing away the money as we speak on a round-the-world luxury cruise for the next 6 months. Can't make this up.

So what? It’s their money – they don’t owe you an inheritance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am 34 and I am NOT middle aged. F off.

How long do you think you’re going to live????

Look, the average American woman lives to be 80 years old, so you entered the MIDDLE third of your life before 30. I don’t understand why this is so offensive:
0–30 young
30-60 “middle” aged
60-90+ old

Don’t be stupid – by that definition, a 27-year-old is middle-aged.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am 34 and I am NOT middle aged. F off.

How long do you think you’re going to live????

Look, the average American woman lives to be 80 years old, so you entered the MIDDLE third of your life before 30. I don’t understand why this is so offensive:
0–30 young
30-60 “middle” aged
60-90+ old

Don’t be stupid – by that definition, a 27-year-old is middle-aged.

Ha! I told you that this obsessive PP would eventually argue that 30 is middle aged. So weird.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a Gen Xer who graduated into the recession of the early 90s and then endured the financial crisis I find the millennial attitude/ignorance that they are apparently the first generation ever to face economic hardship laughable. This generation has been feeding at their boomer parents trough all their lives is on track to receive the largest intergenerational transfer of wealth in history.

The largest intergenerational transfer of wealth in history occurred when the Greatest Generation who served in WWII passed their wealth to their Boomer children. The Baby Boomers, now in their 60s and 70s, squandered their children's futures. They did.

+1.

And just look at our escalating national debt. The boomers won't care if our country goes broke so long as their Social Security and Medicare is generously funded until they're dead.

Basically they're taking one last deep swig and then will toss the empty bottle to the younger generations.

And millennials are their children, so.
Yeah bc a $12M entry point for estate taxes (see: Boomers) in the wake of the longest bill market and lowest interest rates in history definitely is setting you up for serious deprivation.

This ALL benefiting boomers right now, not younger generations. They're the ones inheriting tax free, they are they ones riding the bull market into retirement, etc.

This. Some Millenials and Gen Z might inherit some of this wealth, but the vast majority likely will not. I know in our family, we are banking on nothing. My ILs pension and paid off home is going to pay for international travel and then will be channelled into end-of-life care -- we don't expect there to be anything left over. Maybe 40k or something that we would just funnel straight into our kid's college fund. My parents have more but they also have a lot more kids and grand kids and a history of very questionable financial choices.

+1000. My boomer parents recently inherited my grandparent's large house by the beach plus a million dollar nest egg. They could have lived in the beach house and/or run it as a family compound for the benefit of all. But what did they do? They immediately sold the house and liquidated the nest egg. They also keep bragging how they are flush now and 100% intent on spending it all on a gold-plated retirement. This could have been family wealth to help with future college for the grandkids or just to be passed down the generations. But no, they are laughing away the money as we speak on a round-the-world luxury cruise for the next 6 months. Can't make this up.

So what? It’s their money – they don’t owe you an inheritance.

It would be different if they had made their own money. But this was family wealth that had been carefully accumulated over many generations. To just flare it all off on their own personal pleasure and leave nothing for the grandkids just feels short sighted and selfish.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am 34 and I am NOT middle aged. F off.

How long do you think you’re going to live????

Look, the average American woman lives to be 80 years old, so you entered the MIDDLE third of your life before 30. I don’t understand why this is so offensive:
0–30 young
30-60 “middle” aged
60-90+ old

Middle age isn’t mathematical, it’s biological/cultural. That’s why it’s usually considered 45-60 or even 65.

Under 30 is “young,” 30-45 is just plain adulthood. 45 to retirement age is middle age and then after retirement is “old.” Or you could define it as when you start getting Senior discounts and such which is probably 60.

Middle age is associated with things like menopause, raising teenage/20something kids… no longer giving birth but not grandparents yet either, being more or less “settled” with your home, family, career, and starting to show signs of physical aging like weight gain, gray hair and wrinkles and just overall general slowing down with some aches and pains and whatnot. I don’t think these things usually happen in your 30s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a Gen Xer who graduated into the recession of the early 90s and then endured the financial crisis I find the millennial attitude/ignorance that they are apparently the first generation ever to face economic hardship laughable. This generation has been feeding at their boomer parents trough all their lives is on track to receive the largest intergenerational transfer of wealth in history.

The largest intergenerational transfer of wealth in history occurred when the Greatest Generation who served in WWII passed their wealth to their Boomer children. The Baby Boomers, now in their 60s and 70s, squandered their children's futures. They did.

+1.

And just look at our escalating national debt. The boomers won't care if our country goes broke so long as their Social Security and Medicare is generously funded until they're dead.

Basically they're taking one last deep swig and then will toss the empty bottle to the younger generations.

And millennials are their children, so.
Yeah bc a $12M entry point for estate taxes (see: Boomers) in the wake of the longest bill market and lowest interest rates in history definitely is setting you up for serious deprivation.

This ALL benefiting boomers right now, not younger generations. They're the ones inheriting tax free, they are they ones riding the bull market into retirement, etc.

This. Some Millenials and Gen Z might inherit some of this wealth, but the vast majority likely will not. I know in our family, we are banking on nothing. My ILs pension and paid off home is going to pay for international travel and then will be channelled into end-of-life care -- we don't expect there to be anything left over. Maybe 40k or something that we would just funnel straight into our kid's college fund. My parents have more but they also have a lot more kids and grand kids and a history of very questionable financial choices.

+1000. My boomer parents recently inherited my grandparent's large house by the beach plus a million dollar nest egg. They could have lived in the beach house and/or run it as a family compound for the benefit of all. But what did they do? They immediately sold the house and liquidated the nest egg. They also keep bragging how they are flush now and 100% intent on spending it all on a gold-plated retirement. This could have been family wealth to help with future college for the grandkids or just to be passed down the generations. But no, they are laughing away the money as we speak on a round-the-world luxury cruise for the next 6 months. Can't make this up.

I thought a beach property was a bad investment and will be underwater in a generation or two? Sounds like they are following the news and sold the property.