This is a financial study just released by Merril Lynch about Baby boomers and their financial standing and comprehension. Baby boomers, mind you, being the generation that should be retiring now en masse. There should be a HUGE transition of wealth they’ve accumulated and saved being moved, withdrawn, spend, gifted, etc… But the reality is that many are still working, many are trying to just find work, and many can’t even get a job, so they’ve found a way to live off taxpayers until…
When you have over 80% of them who don’t even know how much they need to retire, and they’re AT retirement age, that’s pretty bad news. America herself is $21 trillion in debt, largely because of political promises, kicking cans, unforeseen consequences, foreseen and ignored consequences, voter ignorance, and utter irresponsibility. If you look at who grew that amount the most over history it would have been…you guessed it, the baby boomers.
It will be interesting to see how, if any of it, is solved. The government has no money to bail them out. Their kids are the most likely targets, but one look at them and their parent’s financial acumen being hereditary is apparent. I work with no small number of men who are past retirement age, who not only have their grown children living with them, but their family and their grandchildren. And they’re having to work to support them all until… My next door neighbors still have their grown adult child living with them in the basement. It’s not uncommon. It’s a new paradigm in American culture. It’s not a healthy one either. It goes along with the decline of marriage, the steep increase in single parent homes, especially among blacks, and strange multigenerational arrangements that don’t exactly form a strong triangular foundation or mother/father/child.