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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]As a 50-something, I’m finding the ultimate divide is when you start seeing people announcing retirements in their 50s. They go on to sit on boards or serve as trustees of institutions. Some of it may be requiring different levels of money to feel comfortable retiring, but being able to leave the corporate grind in your 50s is winning.[/quote]

This.  Good friends retiring at 55 and 53, husband and wife.  $2m home paid off, kids out of college and independent, healthy investments of stock and RE, and annual $250k income (guaranteed).  
Very happy for them…they won the race. Hoping we can get out in early 60s.  [/quote]

I am an older millennial. I suspect we won't have this problem the way older generations did. Either you have family wealth or you don't and where we are, you already know who has it. I know very few "self-made" people. [/quote]
DP.. you are still pretty young.

For us, the divide is not only income, but age of kids.  Most of my friends have kids about my kids' ages.  But, I have one friend who had kids much later. Their kids are still in ES. Mine are in HS. In four years, I will be an empty nester, while my friend is still dealing with PTSAs.  We plan on retiring in four years and traveling outside of peak summer time, like we used to pre-kids. My friend is stuck traveling around summer, like we used to be.  We talked about traveling together, but they have a lot longer to go before they can travel like we hope to.

Another friend was a sahm for 15 years, just went back into the workforce as her youngest hit HS.  Because they were single income for 15 years, they haven't been saving for retirement like we have been. So even when they become empty nesters in 2 years, they will have to continue working until 65 to save more now for retirement.

Yes, different life choices lead to a divide later on in life.[/quote]

Late 30s/early 40s means I am NOT pretty young. I have already run into very quiet reminders of my age at work. The point I was trying to make is that we all had our kids later, we all bought houses later (if we were lucky), we all have student debt--the people who made it, made it. My generation isn't going to retire. I don't care what you say about the fact I save over 10 percent of my salary with matching since I was 22 and I have multiple grad degrees. I don't know why the older generations don't get that we live on a different world and not a better one. I even worry about inheritances that millennials are supposed to get because that money will be gone from high health care and elder care expenses. That great transfer of wealth happened already (via trust funds) or it is not going to happen.[/quote]

The "Great Wealth Transfer" isn't even close to happening. The boomer parents are now inheriting their parent's wealth. The millennials won't see that money for 10 - 20 + years. Once that happens it will further exacerbate this divide.

Let's say I stand to inherit 5M+ in 15 - 20 years. That amount will grow because most people with wealth planner for healthcare issues (long term care insurance, HSAs, etc). DW and I have great salaries and are already ahead of the curve by a long shot. If in 15 years I get a $5M+ tax free inheritance, on top of what we've already accumulated, I would be less than 50yrs old and could probably retire.

Another Millennial couple may make way more than us but with no chance of inheritances and the likelihood to need to assist their parents financially will probably need to work well into their 60s.

I agree that it's not fair.

You'll see the gap occur when those who inherit money surprisingly quit their high paying jobs in their early 50s to work in a low stress environment or volunteer. My goal is to do just that!
[/quote]
I'm the ^PP.  We will have zero wealth transfer from our parents. I grew up to L/MC parents who are now living on social security.

IMO, I think a lot of millenials compare themselves too much to Genxers.  I had kids much later in life, and so some of the parents I got to know are a decade younger than me. They see how we live and think they should live the same. Um. no.  When I was in my 30s, I was still building my wealth.[/quote]

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