Reply to Millenials are ruining their parents retirement plans?

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[quote=Anonymous][quote=Anonymous]I know plenty of genxers who mooch off their parents. I also know boomers who mooched off their parents (and are now in a comfortable place in retirement because of inheritances, not their own financial acumen or frugality).

Everybody on this board complains about how rich boomers are etc. I think it is because most people who frequent this board have well-off parents. A very high percentage of Boomers do not have retirement savings and the idea that all boomers have a pension to tap is also false. I think the range is like 25% of boomers have some sort of pension.[/quote]

Yes to both.  I'm an Xer, and my mother's best friend is one of those parents who is in debt up to her eyeballs because she can't say no to her loser of a son.  Son has a six-figure job in a low cost-of-living area and defaulted on his student loans, so parent co-signers are paying off that $200K debt for an education across three universities that he never even finished.   He hasn't spoken to them for months because they wouldn't pay his bail and lawyers fees for his latest (stupid) run-in with the law.  They did this to themselves by not setting boundaries much, much sooner.

And, yeah, I have a boomer parent who is still working full-time (in a call center) in their 70s.  And it's not because they're sending all their cash to their ungrateful children - my sibling is still paying student loans off, and none of us get a monthly stipend or any other financial support from the parent.  This is really an upper-middle class problem - both my spouse's blue-collar parents are still working, too.  My grandparents (retired in the 1970s) had a pension that funded retirement, but none of the rest of us, Boomers/Xers/Millennials do.[/quote]

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