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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.

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[–] [email protected] 4 points 10 months ago (1 children)

Mostly to me it's just really funny. Like it's also really sad, that's true, but it's also funny, because of almost how incredibly stupid and shortsighted it is. Like, what does everyone think is gonna happen in 50 or 60 years? All the zoomers and millenials perpetuating this shit are just gonna get blamed equally by all of gen alpha and beta for deflecting all the blame onto boomers, and having done nothing to prevent, or even turn back, say, climate change. Or microplastics, or maybe like, if they're really on the level, all of gen alpha will really get on their parents case for being absentee parents that abandoned them to a horrible digital wasteland via ipad.

Like unless we gain empathy, and, beyond that, understanding, as to why each generation acted the way they did, unless we gain that insight and historical context, we're just gonna keep treading water, as every new generation has to figure out everything by themselves, and can never learn from the mistakes of their progenitors. You don't even need to like boomers, or boomer culture, or really even like, morally approve of why they did the things they did, you just need to understand how they justified it, and what they were thinking at the time. But people don't wanna do that, instead it's just easier to blame the olds.

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

I think one of the things you're saying, and which I might rephrase, is the idea that a generational cohort and the political landscape of a nation during a period of time, is the byproduct of a truly incomprehensible number of factors beyond any one person's or any one group's control. Also, no one group of people is a monolith. There are plenty of conservative millennials, and it looks like Gen Z is going to be more conservative than Millennials in a number of ways. As one person online I saw put it "the kids are puritan pilled." And of course even that's not true for all of them. We're all products of the world in which we live and it's easy to judge people harshly who came before you because the world as it is now seems to be worse than the world as you imagine it was. But our perception of time and history is also imperfect, and we selectively forget and remember the past.