News

23387 readers

3241 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago

MODERATORS

[email protected]

486

A boomer retirement bomb is about to blow up America's economy (www.businessinsider.com)

submitted 10 months ago by [email protected] to c/[email protected]

212 comments fedilink hide all child comments

The great baby-boomer retirement wave is upon us. According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. By 2030, the largest generation to enter retirement will all be older than 65.

The general assumption is that boomers will have a comfortable retirement. Coasting on their accumulated wealth from three decades as America's dominant economic force, boomers will sail off into their golden years to sip on margaritas on cruises and luxuriate in their well-appointed homes. After all, Federal Reserve data shows that while the 56 million Americans over 65 make up just 17% of the population, they hold more than half of America's wealth — $96.4 trillion.

But there's a flaw in the narrative of a sunny boomer retirement: A lot of older Americans are not set up for their later years. Yes, many members of the generation are loaded, but many more are not. Like every age cohort, there's significant wealth inequality among retirees — and it's gotten worse in the past decade. Despite holding more than half of the nation's wealth, many boomers don't have enough money to cover the costs of long-term care, and 43% of 55- to 64-year-olds had no retirement savings at all in 2022. That year, 30% of people over 65 were economically insecure, meaning they made less than $27,180 for a single person. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse.

As boomers continue to age out of the workforce, it's going to put strain on the healthcare system, government programs, and the economy. That means more young people are going to be financially responsible for their parents, more government spending will be allocated to older folks, and economic growth could slow.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 31 points 10 months ago (3 children)

Yeah it's easy to get mad at boomers. It's also easy to forget that medicare and social security are under attack. The divisionthat matters isn't between generations, it's between the rich and the poor.

[–] [email protected] 2 points 10 months ago

Nailed it.

[–] [email protected] 2 points 10 months ago (1 children)

This is occurring specifically because of the choices they collectively made.

It's hard to be sympathetic.

[+] [email protected] 9 points 10 months ago* (last edited 4 months ago) (1 children)

[deleted]

[–] [email protected] 2 points 10 months ago (1 children)

Since I agree with you, I'm interested in your opinion of where a potential cut-off point would be. Say X% of people between the ages 18 and 25 get into a car crash yearly, when is it okay to assume that because you are between 18 and 25 you shouldn't be allowed to drive? Is it when X = 75, lower/higher or is there never a point for you and you'd still prefer to judge an individual?

[–] [email protected] 2 points 10 months ago* (last edited 10 months ago)

Not that it has any relevance to the rest of this thread, but that’s exactly why some states require people over a certain age (say 75) to retest for their drivers license. So you assess the individual while looking at data on the whole group.

Same could be said about this broader topic. It’s unfair to lump an entire group together like this. It would be like saying that since most young people don’t vote in elections, we should just disregard that entire block of voters.