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

[Anonymous]

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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.

Why do you think you're entitled to any of that money? If your grandparents had wanted you to have the money, they'd have left it to you.

Why do the parents get a pass for being selfish AF?

Why can’t the PP make it on their own?

Well clearly PP had bad role models in her parents who are blowing what should've nourished the next few generations on themselves. PP isn't saying she CAN'T make it on her own, but is wondering why her parents are so selfish and greedy.

PP is typical in that it is all about her. Anyone else’s joy or gain is bad if it is more than she has. Why should anyone have more than she does? She sounds like someone who has lived her life expecting a windfall. If they hadn’t sold the house she’d be in the same spot except she’d have a beach house to go to I guess. We will likely come into some money when our parents die but in our calculations, that’s gravy. I don’t count on that money at all. If we get it, super, if not, also fine.

[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.

Makes me thankful for my inlaws who are worth $15M+ yet happily live on about $50k/year. No amount of encouragement from us can get them to spend more. As we will have enough for our own retirement, we will use our inheritance from them to set up education funds for our future grandchildren, fund multi-generational travel, and still leave plenty to our own kids to pay it forward to their grandkids.

Brag, brag, brag.

[Anonymous]

Anonymous wrote:There is something about millennials that went so wrong. Gen Z is better.

+1

[Anonymous]

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

Haaaaaaaa. Sorry, kiddo. Reality Bites.

[Anonymous]

Anonymous wrote:

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

Haaaaaaaa. Sorry, kiddo. Reality Bites.

34 is not middle aged. Just stop it. Not all of us were born as 60 year old women like you were.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Why do you think you're entitled to any of that money? If your grandparents had wanted you to have the money, they'd have left it to you.

Why do the parents get a pass for being selfish AF?

Why can’t the PP make it on their own?

Because it's incredibly difficult, esp if you come from poor beginnings, to "make it" on your own. And it is even moreso now given how much it costs just to get a basic eduction. People delay wealth accumulation (to include home ownership, retirement savings, etc.) trying to a) get an education and b) get a job that pays well.
Who wouldn't want a little help? THere's nothing wrong with that. ESPECIALLY if the parent had the benefit of an inheritance. But couldn't think enough of their children's futures to leave them even a little?

Families of generational wealth have that b/c the older generations think about the futures of their kids, grandkids, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There is something about millennials that went so wrong. Gen Z is better.

+1

+2. I actually think its fair to say many millennials got a bad deal in terms of the economy timing-wise, but the last posts crying about not getting more $$ out of their grandparents' beach house are just so distasteful. It definitely feels like some sort of generational divide in terms of entitlement. (Also, complete ignorance about how awful, long and costly end-of-life care can be...)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is something about millennials that went so wrong. Gen Z is better.

+1

+2. I actually think its fair to say many millennials got a bad deal in terms of the economy timing-wise, but the last posts crying about not getting more $$ out of their grandparents' beach house are just so distasteful. It definitely feels like some sort of generational divide in terms of entitlement. (Also, complete ignorance about how awful, long and costly end-of-life care can be...)

PP is talking about a situation where their Boomer parents are proudly frittering away inter-generational family money on loud over-the-top luxuries like trashy lottery winners. Most rich families understand that you are a steward of the family wealth before passing it on to the next generation. Also, if somehow the inheritance had gone directly to the PP, you can bet the penniless Boomer parents would be nagging and guilt tripping PP every day for a handout.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Why do you think you're entitled to any of that money? If your grandparents had wanted you to have the money, they'd have left it to you.

Why do the parents get a pass for being selfish AF?

Why can’t the PP make it on their own?

Because it's incredibly difficult, esp if you come from poor beginnings, to "make it" on your own. And it is even moreso now given how much it costs just to get a basic eduction. People delay wealth accumulation (to include home ownership, retirement savings, etc.) trying to a) get an education and b) get a job that pays well.
Who wouldn't want a little help? THere's nothing wrong with that. ESPECIALLY if the parent had the benefit of an inheritance. But couldn't think enough of their children's futures to leave them even a little?

Families of generational wealth have that b/c the older generations think about the futures of their kids, grandkids, etc.

It all gets diluted. Look at the Kennedys and half of England who can't afford their castles.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

If you go by the median age of death in US you most certainly are

Middle age starts at 36. The average lifespan in the United States is 72 years old. 36 + 36 = 72

You are almost middle aged right now. Wake up.

No, the average life expectancy of an American woman is 80. Add to it the fact that I’m white (it’s unfortunate that race makes a difference but it does), financially secure, and in good health with a good family history, then it’s probably higher. Of course sh happens and I could die tomorrow. Middle age mathematically is at least 40.
But biologically and culturally, middle age is associated with things like menopause and other physical changes. Which is generally not in your 30s. And I have perky breasts and a flat stomach and firm legs so…. Nope, not middle aged.

This is not true for anyone of any race.

the average life expectancy is 76 and it’s declining post covid.

False. White women live to over 80 in the US, on average. White men in the top quintile of income. White men in the top 1% of income (like me) live until ~87 on average. If you don't smoke or drink or have serious hereditary diseases in the family then it goes up to like the mid 90s

https://www.nytimes.com/2022/08/31/health/life-expectancy-covid-pandemic.html

YOU'RE WRONG! You are quoting data from 2016. In 2023 that is incorrect.

That statistic is outdated. A simple google search will tell you this.

Plus, we're now living in a post covid world. You fail to acknowledge that SO MUCH progress was destroyed because of covid and the domino effects.

Life expectancy has declining for everyone.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Haaaaaaaa. Sorry, kiddo. Reality Bites.

34 is not middle aged. Just stop it. Not all of us were born as 60 year old women like you were.

There truly are no heroes in this argument. Not the pedantic nut who insists on dividing life expectancy by three and calling the middle third "middle aged." And not the 30-something who viewed being middle-aged as the worst possible state, which speaks to a deep insecurity on her part (especially the early mention of her perky breasts and flat stomach). But I guess when all you have is your looks, you invest your whole self-worth in them. Hard to see how that will turn out well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is something about millennials that went so wrong. Gen Z is better.

+1

+2. I actually think its fair to say many millennials got a bad deal in terms of the economy timing-wise, but the last posts crying about not getting more $$ out of their grandparents' beach house are just so distasteful. It definitely feels like some sort of generational divide in terms of entitlement. (Also, complete ignorance about how awful, long and costly end-of-life care can be...)

PP is talking about a situation where their Boomer parents are proudly frittering away inter-generational family money on loud over-the-top luxuries like trashy lottery winners. Most rich families understand that you are a steward of the family wealth before passing it on to the next generation. Also, if somehow the inheritance had gone directly to the PP, you can bet the penniless Boomer parents would be nagging and guilt tripping PP every day for a handout.

I know opinions vary on this, but I don't consider a beach house and a $1m nest egg to be "intergenerational wealth." It's not like PP's parents are the Rockerfellers. They are taking a long cruise, they didn't buy a yacht.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Haaaaaaaa. Sorry, kiddo. Reality Bites.

34 is not middle aged. Just stop it. Not all of us were born as 60 year old women like you were.

There truly are no heroes in this argument. Not the pedantic nut who insists on dividing life expectancy by three and calling the middle third "middle aged." And not the 30-something who viewed being middle-aged as the worst possible state, which speaks to a deep insecurity on her part (especially the early mention of her perky breasts and flat stomach). But I guess when all you have is your looks, you invest your whole self-worth in them. Hard to see how that will turn out well.

np. Is that not the most logical definition? What would you suggest?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is something about millennials that went so wrong. Gen Z is better.

+1

+2. I actually think its fair to say many millennials got a bad deal in terms of the economy timing-wise, but the last posts crying about not getting more $$ out of their grandparents' beach house are just so distasteful. It definitely feels like some sort of generational divide in terms of entitlement. (Also, complete ignorance about how awful, long and costly end-of-life care can be...)

PP is talking about a situation where their Boomer parents are proudly frittering away inter-generational family money on loud over-the-top luxuries like trashy lottery winners. Most rich families understand that you are a steward of the family wealth before passing it on to the next generation. Also, if somehow the inheritance had gone directly to the PP, you can bet the penniless Boomer parents would be nagging and guilt tripping PP every day for a handout.

One, if their parents were similarly grabby, yes, that would also be distasteful.

But, two, given the beach house/ inheritance, etc., it would appear that the family was fairly well off, and complaining PP likely grew up with the trappings of middle/UMC life--and perhaps even benefited from family paying the costs of higher education. If so, what exactly are they complaining about? That they were born on 3rd but still can't get by without a windfall of "generational wealth"? So what if their parents, horrors!, actually enjoy a long cruise in their golden years? Why can't the whiners earn the $$$ themselves if generational wealth is so important to them?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Haaaaaaaa. Sorry, kiddo. Reality Bites.

34 is not middle aged. Just stop it. Not all of us were born as 60 year old women like you were.

There truly are no heroes in this argument. Not the pedantic nut who insists on dividing life expectancy by three and calling the middle third "middle aged." And not the 30-something who viewed being middle-aged as the worst possible state, which speaks to a deep insecurity on her part (especially the early mention of her perky breasts and flat stomach). But I guess when all you have is your looks, you invest your whole self-worth in them. Hard to see how that will turn out well.

np. Is that not the most logical definition? What would you suggest?

I think middle aged is a social construct, so I'd lean more towards 45-50. But the most important point is that I really, truly, don't give two sh!ts what anyone considers middle-aged. It has no impact on my life, or anyone else's - which is why the people arguing vehemently about it are the true nitwits of this thread.