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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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 [b]receive the largest intergenerational transfer of wealth in history[/b].[/quote]

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. [/quote]

+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.[/quote]

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. [/quote]

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.[/quote][/quote]

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.[/quote]

+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.[/quote]

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. [/quote]

Why do the parents get a pass for being selfish AF?[/quote]

Why can’t the PP make it on their own? [/quote]

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.[/quote]

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