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Money and Finances
Reply to "Honestly the complete disregard for GenX financial strain is getting old"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Counterpoint [twitter]https://x.com/marian_l_tupy/status/2045459134829433096?s=46&t=kf1qYlCXQnKgUhJWEIu2vg[/twitter][/quote] That’s just reflecting the shift from pension to 401k. [/quote] A Boomer in 1995 might have had a $0 401(k) but a pension worth $500,000 in lifetime payments. On a chart, they look "poor." A Gen X-er today might have $300,000 in a 401(k) but $0 in pension. On the chart, the Gen X-er looks "richer," even though the Boomer actually has more total financial security. The Bottom Line: If you added the "Present Value" of Boomer pensions to those historical charts, Gen X would look significantly poorer than the previous generation. The article says they "had it rough" because they are the first generation to have to buy their own retirement out of their paycheck while prices for everything else were doubling.[/quote]
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