Lucky for me my parents were both "I didn't save anything for retirement, my kids will take care of me when I'm older", so I don't have to suffer through this.
millennials may miss out
Love how that title makes it sound millennials are somehow to blame
I don't think what's talked about enough is kids having the talk with their parents about not being able to take care of them when they get old because you can't afford to take of yourself and didn't save anything for retirement. So you hope SSN will be enough for them. I know my mother always asked me if I would take care of her when she got old.
She would say that's why she had kids. But I had to sit her down and run the math and I said it's not about if I have the will or not it's is it possible and the math just doesn't workout and I have an okay job. I can only imagine what people lower down on the ladder are going through.
There are a lot of boomers that about to get a horrible wake up call and a lot of heartbreak watching our parents suffer at hands of their own making.
They will be drowning and some kids are going to jump in and get pulled under when trying to rescue them and the ones who know they don't have to proper equipment. Stay out of the water and mourn the loss.
My father was extremely open about his plans to spend it all. My in laws as well. I did get a small inheritance once, a few thousand dollars from a great grandpa that went to me because the legal battle for it outlived my mom. I hope I get sentimental things from my grandparents because that's the remainder of my incoming inheritance
"This memorable reminds me of the cash I inherited from my grandpa"
Most people need to sell their estate to pay for end of life care, just tell your boomer parents they can spend their last days in whatever dumpster their meagre estate can afford and they might rethink their next cruise.
I get the anti Boomer sentiment, but the reality is many of them are very decent people.
My dad passed this year and now it's just my mom left. She has a net with of about 2M. I'm doing just fine myself, And she gets by on about 70k a year (half of that goes to rent). I keep telling her she should spend more money on things that make her happy, but she's good with what she has and doesn't feel she needs more. She doesn't want to travel and she has everything she needs.
Just because the boomer generation has left us with a dumpster fire, doesn't mean that there isn't a wide distribution of people within that age group. The truth is only a handful of us have the power to change anything and the rest of us are just trying to get by and get the most out of life that we can.
What doesn't get spent on enjoying a retirement we will never get, will be claimed by medical bills from failing health. Generational wealth doesn't apply to us, and no one is coming to save you.
Damn, I wish my parents had an inheritance to waste.
I'm pretty sure all of us have given up on any boomer giving us anything anyway
That should work out since most boomers didn't get anything from their parents either.
*will
I eat far too much avocado toast to save for retirement or college. I'm happy to spend my twighlight years drinking myself to death under a highway overpass.
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