Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

Who do you think is going to inherit the houses and 401k balances of boomers?

The elder care industry.

Some, but not all of it. In the next decade or two, we’re going to see an inheritance windfall like never before. It’s not like the past where retirement was tied up in pensions and Social Security. Boomers and GenX are sitting on trillions in retirement savings, living off the interest. They can’t possibly spend the principle in their lifetimes.

The price for in-home elder care is easily going to hit $150-200/hour in the next 15 years. We will have soooooo many Boomers who will need care but will have a shortage of facilities, doctors, nurses, and home health aides. Medicare and Medicaid will likely only cover a small fraction of the actual market-based costs. Lots of practitioners will stop accepting Medicare and Medicaid except absolute bottom-of-the-barrel crap.

The massive “inheritance windfall” will only be among a relatively small cohort of ultra-high net worth white families.

+1. Most boomers I know, yes, have some cash reserve and own their homes, but cash reserves might cover a home repair, a new US made car perhaps even a vacation or two are going to be tanked with a couple years of elder care.

Anonymous wrote:

Anonymous wrote:We need to build more houses to satisfy demand. That’s not happening.

It’s a great point that the article only barely grazed. One commenter pointed out:

The implosion in home building since the financial crash deserves much more than a sentence here.

According to data from the St. Louis Fed, in the 16 years before the crash (1992-2007), an average of 1.26 million single family homes were completed in the US each year.

In the 16 years after the crash (2008-2023), an average of 0.74 million single family homes were completed in the US each year.

That's a reduction of more than 41%.
That might have something to do with housing prices and supply.

We need a President who will commit to building at least 1.5m housing units per year. It needs to be a nationwide effort in urban, suburban, ex-urban, and rural communities. Most importantly we need existing homeowners to get the hell out of the way so we can get these homes built near job centers. It’s going to require upzoning in all areas of the country. Even in rural areas, you have intense opposition to ANY multi family residential development.

Ha yeah your local zoning board and state rep doesn't give a s**t what any president "commits to". See what happened to Kathy Hochul in New York. She pushed for major zoning reform across the state, primarily in the New York City area, and the political blowback was immediate and massive. Dead within a month.

https://www.cityandstateny.com/politics/2023/11/hochul-abandon-required-construction-mandates-ambitious-housing-plan/392350/

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

Who do you think is going to inherit the houses and 401k balances of boomers?

Real answer: private equity and asset management firms that own housing vulture funds, nursing homes, hospital networks, and physician practices.

Yeah, people who discount this don't understand how it works. And the PP who mentioned that many Boomers amassed small fortunes with no or little skill is right, which is one reason Boomers are so susceptible to this-- many have no clue how to protect their money from being gobbled up by elder and end-of-life care.

Also, don't laugh, but scammers are a genuine concern. They are getting more aggressive and clever, there are more of them, and they know Boomers are sitting on piles of cash. I know of two Boomer men who recently got scammed out of thousands this way. It could have been a lot more.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

Who do you think is going to inherit the houses and 401k balances of boomers?

The elder care industry.

Some, but not all of it. In the next decade or two, we’re going to see an inheritance windfall like never before. It’s not like the past where retirement was tied up in pensions and Social Security. Boomers and GenX are sitting on trillions in retirement savings, living off the interest. They can’t possibly spend the principle in their lifetimes.

The price for in-home elder care is easily going to hit $150-200/hour in the next 15 years. We will have soooooo many Boomers who will need care but will have a shortage of facilities, doctors, nurses, and home health aides. Medicare and Medicaid will likely only cover a small fraction of the actual market-based costs. Lots of practitioners will stop accepting Medicare and Medicaid except absolute bottom-of-the-barrel crap.

The massive “inheritance windfall” will only be among a relatively small cohort of ultra-high net worth white families.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

Who do you think is going to inherit the houses and 401k balances of boomers?

Real answer: private equity and asset management firms that own housing vulture funds, nursing homes, hospital networks, and physician practices.

Anonymous wrote:We need to build more houses to satisfy demand. That’s not happening.

It’s a great point that the article only barely grazed. One commenter pointed out:

The implosion in home building since the financial crash deserves much more than a sentence here.

According to data from the St. Louis Fed, in the 16 years before the crash (1992-2007), an average of 1.26 million single family homes were completed in the US each year.

In the 16 years after the crash (2008-2023), an average of 0.74 million single family homes were completed in the US each year.

That's a reduction of more than 41%.
That might have something to do with housing prices and supply.

We need a President who will commit to building at least 1.5m housing units per year. It needs to be a nationwide effort in urban, suburban, ex-urban, and rural communities. Most importantly we need existing homeowners to get the hell out of the way so we can get these homes built near job centers. It’s going to require upzoning in all areas of the country. Even in rural areas, you have intense opposition to ANY multi family residential development.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

Who do you think is going to inherit the houses and 401k balances of boomers?

The elder care industry.

Some, but not all of it. In the next decade or two, we’re going to see an inheritance windfall like never before. It’s not like the past where retirement was tied up in pensions and Social Security. Boomers and GenX are sitting on trillions in retirement savings, living off the interest. They can’t possibly spend the principle in their lifetimes.

Anonymous wrote: So live in a small rented space and build wealth through other vehicles. Study the Silent Generation for pointers.

As a younger Gen X, this is what I did for the last 20 years. I lived below my means, rented a small apartment, and aggressively saved the max in my retirement accounts that now have more than $1M in them.

Boomer here.
I have welcomed both of my children AND spouses temporary living accommodations when they were transitioning to a newly purchased home. This would not have been possible if I lived in a 2 bedroom condo.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

Who do you think is going to inherit the houses and 401k balances of boomers?

The elder care industry.

Zoomers anti-capitalist ideas are going to bite them in the ass.

When you get to be 75 years old and are living on a fixed income, let us know how you feel about giving up a low cost mortgage payment so that some whiny shithead will feel better

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

Who do you think is going to inherit the houses and 401k balances of boomers?

Wow you people are nuts. Boomers actually bought real 3/2 simple starter homes and coped with 18% interest rates in the 1980s. Oh, actual gas SHORTAGES too.

We did have a break and college tuition compared to today, but most of us went to community colleges or state colleges. We didn't feel entitled to go to Yale.

We worked our way up, we worked long hours and paid our dues.

Young people today aren't interested in starting at the bottom.

We need to build more houses to satisfy demand. That’s not happening.