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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Is this a DCUM bubble thing where they are under the impression that all the boomers are rich?  Nationwide, the average retirement savings is pretty poor, something like $200k.  Which I guess is fine for a while if you have a paid off house and get SSI but sooner or later the bottom falls out because getting old is expensive.[/quote]

Are you looking at average retirement savings for all people? Of course it's lower -- if you include 30 and 40 years old, they haven't been working as long and it brings the average way down. But they aren't Boomers and they aren't about to retire.

The average retirement savings among people 55-64 years old is around 540k. For people 65 to 74, it's 609k. And that's average. Many people have much more. And it doesn't include wealth tied up in paid off houses that have appreciated considerably in the last 30 years.

Of course there is a spectrum for every generation, but the idea that Boomers are, as a group, struggling financially, is false. It's not a "DCUM bubble" thing. Boomers are pretty well off across the country, in part due to structural factors that benefitted them greatly in terms of building wealth.

And the fact that getting old is expensive is also why a lot of people don't expect to see this wealth transfer to younger generations. Boomers are living longer but also spending a lot more on old age, more money on medical interventions to improve quality of life, more money on homes and travel, more money on hobbies. My grandmother lived in a small assisted living apartment, paid for by her modest savings, social security, and Medicare, for the last 20 years of her life. She had no care the last 10 years. My parents and their siblings live in large homes, have multiple cars, are living much more expansive lives.

Again, not just a DMV thing. Boomers as a group are doing very well.[/quote]

Nope.

https://thehill.com/business/personal-finance/3991136-nearly-half-of-baby-boomers-have-no-retirement-savings/[/quote]

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