I realize that many boomers are in trouble but many are not. Showing how well some boomers are doing doesn’t make for good videos. There have been people that are less well off than others since the beginning of time and that will never change. There will ALWAYS be poorer people. That is a historical and financial fact.
If the figures presented are accurate, the poverty rate for seniors is about to skyrocket. So, more significant than "some". I do think there are likely cases where middle income Boomers have prioritized the wrong thing. For example, your kid can get student loans but you can't get a retirement loan! Buying too much house to " look" successful because rates were low.
Useful video. I would like to add I believe there is a huge discrepancy between the boomers that prepared for a career, worked hard, bought a home and paid it off, and saved their incomes diligently over their working lives vs the "lost" members of this generation. As a consequence, I believe that the number of boomers with no savings is even higher- as a member of this generation, I saw many of my generation waste their lives and time pursuing the 60's mantra of "alcohol abuse, sex, drugs and rock n' roll" instead of working steadily. For them, spending what little they had on expensive concerts, extensive vacations and sports betting as opposed to saving money was the preferred lifestyle. Together with criminal convictions that shortchanged their job prospects, they dug themselves into a big hole, and are now among the many uncounted low income or homeless population, or who have left the country. Very sad, but I don't feel like paying for their mistakes.
I never counted on SS. I started 401K early and kept it up with my employers. Lost all of my GM profit sharing. Worked for startup companies where I wasn't able to save much. Now, back on track with a 457 and 2 pensions. By the way, pensions aren't free. One requires about 9% of my earnings and the other is part of my incentive to work for the employer as "complete" package. I learn the basics of investments/strategy. I live modestly, no fancy houses, no fancy vacations. I drive used cars (wife drives the new). Now eyeing at retirement. Look to be doable.
I'm one of them. I'm not even paying for any house insurance. I have large funds to pay for any damages, hell even to replace my home. To much red tape with insurance. No need to wait for insurance adjusters or claim approvals. No hands tied up to choose how things get repaired or replaced. Can't see me wasting money on insurance. When the next day, just clean things up and start repairing. I'm 60 and very financially stable. I made all the right decisions while I was young.
Boomers who don't have a paid off house spent their lives aiming at nothing. They got the cheapest housing, the highest wages and the lowest interest rates. What's their excuse now ???
Savings rates and money markets paid practically nothing for ten years. Only recently with higher interest rates have CDs and money markets been helpful. Baby boomers lost money in 1987, 2000, 2008, in stocks and stock funds. My husband's company went bankrupt and we lost healthcare and life insurance of $160,000. Another problem with longevity is when you live to 95 years old, your adult kids are seniors too, with their own health problems and financial burdens.
ERISA became law in 1974 mandating companies be responsible for their employees pensions. Companies said, heck with that and ended most defined benefit pensions. Thus, 401Ks and other replacements were born. Now we are finding out that 401Ks were a poor replacement for pensions.
The 1978 Revenue Act legalized the 401k. They didn't really get started until the 1980s. Even when they became widely known and available the majority of people I worked with would not participate. You can't make people save. It is unfortunate.
On a brighter note, every recession comes with an equal chance in the fin-mrkt if you're early informed and equipped, I've read folks amass up to 7 figures during these times, and even pull it off easily in a favorable economy. Truthfully, I’d need guide please for a boomer like me to attain such amount for retirement, we definitely need to benefit from this situation somehow.
stocks are pretty volatile now, but if you do the right math, you should be just fine, where as you can save yourself the hassle as well time by seeking professional guidance
Well agreed, investing is plain sailing if you have good conviction indeed. I remember early 2020 during the lockdown, got laid off and needed to stay afloat, hence I researched for advisors and immediately found someone remarkable. As of today, my reserve of $500k has yielded into a comfortable 7-figure which we intend reallocating into gold, recalling the 1929 crash.
I see no other way to maneuver steady profit and steer off losses in this current market except by advisory management, mind if I look up the person guiding you please? I'm in dire need of portfolio reallocation ?
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I am often surprised how foreign to my circumstances and those of my son (and his friends) are to UA-cam videos about retirement, job search, cost of living, etc.
@@tvnkgirl382 boomers are in trouble. The ones I know are doing fine. No one can get a job. Son and his HS/college friends are doing well and employed. No one can afford to live. One friend of son did recent move back home. I know four Gen Z who have purchased houses in past two years. I do know some folks are having a hard time. Especially in certain local economies. But not everyone. Best to you and all.
Pensions ended thanks to George Bush senior! Job loss at 50 and divorce ended my nest egg for retirement! I now live in an rv and count my blessings for what I do have!
ERISA became law in 1974 mandating companies be responsible for their employees pensions. Companies said, heck with that and ended most defined benefit pensions. Thus, 401Ks and other replacements were born. Now we are finding out that 401Ks were a poor replacement for pensions.
Companies cannot afford to pay lifetime free ride pensions. It's not George Bushs fault. You write some retired worker a check every month for the next 30 years. Who's gonna pay for it?? I sure don't want to pay in for a free ride for someone else
@@FreakyLynx The market has winners and losers. However the main reason is that funds have management fees that are hidden and charge more than most people realize.
No. Here's what happened. 9-11 and the 2008 housing bubble. Many people had their money in risky funds which saw huge profits. However, 9-11 and 2008 wiped out a good deal of their portfolios. If they had put their money in safe and stable accounts like I did they would have made money or not lost as much. Slow and steady wins the race.
The increase in home values over the last decade should provide significant reserves in case boomers give out of savings. So they have to go from home ownership to renting, and using their equity for living purposes. Things could be worse. And maybe they move from an expensive city to a smaller town. They don't need the job opportunities, and small towns are more peaceful. If my wife precedes me, I will probably move to Mexico (near Guadalajara).
The trouble is, is that some of these boomers do not have much equity in their house because they still have a mortgage due to either upsizing themselves later in life or multiple refinancings to fund something that was not really needed. I am a boomer myself but a lot of boomers lived above their means for years and figured I live in America and what could go wrong. These statements do not apply to all boomers. Some worked very hard and unplannable events occurred in their lives. And I agree with you that things could be much worse. In life one cannot assume anything.
I'm new to trading, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
Trading is difficult, I'd spend the five grand on education for trading. It's not easy. Investing is different, that's easier. Short term or long term gain is the question.
You did not mention the elimination of defined benefit plans (pensions). This is probably the biggest reason for boomers having problems in retirement.
It all depends on where you’re going to retire. I retired on just $2000 Social Security and about $20,000 in my savings and that’s it but I moved to Asia where you could live very good and very comfortable on $2000 a month in the United States, you can never do that, but certain parts of Asia definitely can for $2000. You could live like a king in some of these places over here it just most people are creatures of habit. They don’t want to make a move because of family and friends, but you would be amazed, and how far a simple Social Security check, which will get cost-of-living increases each year, but it will go pretty far in other countries
I agree it does matter where one retires. I live part of the year in southeast asia and will one day be there for good. If one wants a western life style then it will not be cheap. Good health care is available and it is much cheaper than in a western country, however one needs to have a rainy day fund for the inevitable illness.
Had a boomer coworker who was as relaxed as one could be, claimed he was set for retirement from his 401k. As the conversation went on I realized he believed that he had $401,000 ready and waiting. When I explained that that's not how it worked he scoffed at me since I barely turned 20 at the time, and it took an older coworker backing me up for him to realize how heavy of predicament he was in. The rest of the shift and week his composure was broken with worry, and only calmed himself down when he remembered that he still has social security. I don't know how he's doing right now but I don't have much hope for him
If baby boomers are in dire straits, it’s just reflective of a society overall getting poorer. It’s obvious families are much poorer than families in the early sixties, when a single income would support a high standard of living, with public schools that functioned as educational institutions. Wealth in a society is not measured by GDP, but rather, the value a society can provide at moderate cost. We have become poverty stricken in most parts of the world, including the west.
The democrats forgot the idea of Camelot TEMPORARY help to get back on your feet. These days it is hand it out to anybody that is not American. The taxes to pay for it are what is killing us all, not just us Boomers.
@@joeme That has always been the case.Today people are paying less federal tax than they ever had the last 40 years Ten years ago as an example the bottom tax taxes were 15%,25%,28%. Early 2000 tax rates were 15%,27%,30% today until the TCA expires the rates are 10%,12%,22% for joint filers.As far as boomers are concerned today you could have a 65 year old couple receiving $60,000 in SS and another $20,000 from a IRA,401K etc and pay $0 Federal tax.
It's all about choices, Sounds like Poor Pior Planning to me. While some lose, others make money. Thank God for Jesus, I'm a so called boomer, and live a blessed life.
Seeing the rotten currency (Dollar) circulating as I (Baby Boomer) worked I never trusted that unreliable unit. I stayed in God's Money precious metals I got laughed at most people put theirs in some bank or some gamble on their units. I sure hope they figured out what is going on. If they didn't it will be a rough ride on into the future.
This video made me laugh. I'm one of the last of the boomers. My daughter is 33. So I've had yrs to save now she has her own life. And my parents died 6 and 7 yrs ago. Again more than enough time to sort out my finances. But I'm sitting pretty. No money worries what so ever........ well, maybe wondering how I will spend it all 😅😅😅😅
Typical Boomer. Sounds just like my mom. "I'm gonna spend everything that I inherited and made and leave nothing for further inheritance". My God you people make me sick. -A Millennial better prepared for retirement than either of his Boomer parents, and one passed last June.
I disagree that s9me parents have to take care of their children financially. If the parents cannot afford it they need to let their children make it on there own. One thing not cover here that I believe is the biggest issue is boomers, and other, living beyond their financial means.
Someone is going to pay for healthcare. Why do I want a boatload of government workers handling the money and treatment approvals? I don't. Imagine how healthcare would work in the U.S. if the Post Office managed the system. Or the IRS. Or your local Department of Motor Vehicles.
@@Singlesix6 ofcourse it'0s payed, but do you pay directly firefighter or policeman? or do you pay their service with taxes? or you prefer that the firefighter when arrive at you burning home ask you to pay uprofront to save your hose? come on. do you really prefer to pay an insurance way more than you could pay with a tax base sytstem and never be covered 100% because most people who pay insurance still have healtcare cost outside the insurance. do you really prefer to go to the further ospital because in the closest you are not covered? having a healtcare for profit instead for people is stupid and indeed is done only in the USA. Why do you pay 5 times each medicinal for corporate greed? if there is a governement (or something with similar power) they will barter for a better price instead of letting the corporate deciding the price
This is an absurd presentation of this subject. Still talking about 2008? The markets have offered a 16 year bull market since. Most boomers are well into retirement at this point and most have pensions and other forms of saving. The "retirement savings" canard is looking at values in specific retirement savings vehicles, not Boomers actual financial position. The number one reason Boomers aren't prepared: divorce.
I stopped paying house insurance about 20+ years ago after my insurance premium double one year without a claim. I called and asked why. He said the state insurance regulation dept. said he could. I started saving the premium.The money I've saved and invested make me easily self-insured. I have about $270K in a brokerage account which grows about 10% year. This year it is up $92K so far. My total house valuation is now $125K.. I don't pull any money from the brokerage as it is only an emergency fund. I have no debt and don't need that money anyway. My neighbors think I'm poor which fine with me.
Very well presented. 👏 I love the visuals. I retired last year at 57 with a Defined Benefit pension...this has made all the difference. Amen 🙏
I realize that many boomers are in trouble but many are not. Showing how well some boomers are doing doesn’t make for good videos. There have been people that are less well off than others since the beginning of time and that will never change. There will ALWAYS be poorer people. That is a historical and financial fact.
If the figures presented are accurate, the poverty rate for seniors is about to skyrocket. So, more significant than "some".
I do think there are likely cases where middle income Boomers have prioritized the wrong thing. For example, your kid can get student loans but you can't get a retirement loan! Buying too much house to " look" successful because rates were low.
Can get a reverse mortgage for either of those @fdm2155
Useful video. I would like to add I believe there is a huge discrepancy between the boomers that prepared for a career, worked hard, bought a home and paid it off, and saved their incomes diligently over their working lives vs the "lost" members of this generation. As a consequence, I believe that the number of boomers with no savings is even higher- as a member of this generation, I saw many of my generation waste their lives and time pursuing the 60's mantra of "alcohol abuse, sex, drugs and rock n' roll" instead of working steadily. For them, spending what little they had on expensive concerts, extensive vacations and sports betting as opposed to saving money was the preferred lifestyle. Together with criminal convictions that shortchanged their job prospects, they dug themselves into a big hole, and are now among the many uncounted low income or homeless population, or who have left the country. Very sad, but I don't feel like paying for their mistakes.
younger childern will steal everything saying you owe them. and they spend like crazy
I never counted on SS. I started 401K early and kept it up with my employers. Lost all of my GM profit sharing. Worked for startup companies where I wasn't able to save much. Now, back on track with a 457 and 2 pensions.
By the way, pensions aren't free. One requires about 9% of my earnings and the other is part of my incentive to work for the employer as "complete" package. I learn the basics of investments/strategy. I live modestly, no fancy houses, no fancy vacations. I drive used cars (wife drives the new).
Now eyeing at retirement. Look to be doable.
You touched on the key, live below your means and invest wisely with a mixture of conservative and, a much lesser portion in, risky options.
All the boomers I know, including myself, paid off their houses before retirement.
I'm one of them. I'm not even paying for any house insurance. I have large funds to pay for any damages, hell even to replace my home. To much red tape with insurance. No need to wait for insurance adjusters or claim approvals. No hands tied up to choose how things get repaired or replaced. Can't see me wasting money on insurance. When the next day, just clean things up and start repairing. I'm 60 and very financially stable. I made all the right decisions while I was young.
@@gimcrack555 Awesome! And you're young to be in that position.
Many are renting.
@@minoozolala Seems that would be pretty stressful--lots of greed out there......
Boomers who don't have a paid off house spent their lives aiming at nothing. They got the cheapest housing, the highest wages and the lowest interest rates. What's their excuse now ???
Savings rates and money markets paid practically nothing for ten years. Only recently with higher interest rates have CDs and money markets
been helpful. Baby boomers lost money in 1987, 2000, 2008, in stocks and stock funds. My husband's company went bankrupt and
we lost healthcare and life insurance of $160,000. Another problem with longevity is when you live to 95 years old, your adult kids are
seniors too, with their own health problems and financial burdens.
If they just left the stocks alone they made quite a bit of money. If they sold at the bottom and missed the rise up then yeah lost a lot.
God blesses for 95
@@scottneusen9601 Yes. Panic selling has killed many retirements. Remember the market is up much more often that it is down.
Good video. It was criminal that nobody went to prison for destroying so many lives in the GFC.
ERISA became law in 1974 mandating companies be responsible for their employees pensions. Companies said, heck with that and ended most defined benefit pensions. Thus, 401Ks and other replacements were born. Now we are finding out that 401Ks were a poor replacement for pensions.
Now? No, most of us have known for a long time, and I am a millennial
Really
The 1978 Revenue Act legalized the 401k. They didn't really get started until the 1980s. Even when they became widely known and available the majority of people I worked with would not participate. You can't make people save. It is unfortunate.
@@terryallan1110
Planning To Retire? I Can't & Won't. Here Is Why
In 1980, Boomers told to save for retirement themselves.
On a brighter note, every recession comes with an equal chance in the fin-mrkt if you're early informed and equipped, I've read folks amass up to 7 figures during these times, and even pull it off easily in a favorable economy. Truthfully, I’d need guide please for a boomer like me to attain such amount for retirement, we definitely need to benefit from this situation somehow.
stocks are pretty volatile now, but if you do the right math, you should be just fine, where as you can save yourself the hassle as well time by seeking professional guidance
Well agreed, investing is plain sailing if you have good conviction indeed. I remember early 2020 during the lockdown, got laid off and needed to stay afloat, hence I researched for advisors and immediately found someone remarkable. As of today, my reserve of $500k has yielded into a comfortable 7-figure which we intend reallocating into gold, recalling the 1929 crash.
I see no other way to maneuver steady profit and steer off losses in this current market except by advisory management, mind if I look up the person guiding you please? I'm in dire need of portfolio reallocation ?
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Ageism is a big one in the workforce.
I am often surprised how foreign to my circumstances and those of my son (and his friends) are to UA-cam videos about retirement, job search, cost of living, etc.
Elaborate?
@@tvnkgirl382 boomers are in trouble. The ones I know are doing fine. No one can get a job. Son and his HS/college friends are doing well and employed. No one can afford to live. One friend of son did recent move back home. I know four Gen Z who have purchased houses in past two years. I do know some folks are having a hard time. Especially in certain local economies. But not everyone. Best to you and all.
Pensions ended thanks to George Bush senior! Job loss at 50 and divorce ended my nest egg for retirement! I now live in an rv and count my blessings for what I do have!
ERISA became law in 1974 mandating companies be responsible for their employees pensions. Companies said, heck with that and ended most defined benefit pensions. Thus, 401Ks and other replacements were born. Now we are finding out that 401Ks were a poor replacement for pensions.
Companies cannot afford to pay lifetime free ride pensions. It's not George Bushs fault. You write some retired worker a check every month for the next 30 years. Who's gonna pay for it?? I sure don't want to pay in for a free ride for someone else
@DrDRE4391 but why would that be? Is it because few are contributing even enough to receive a company match?
@@FreakyLynx
The market has winners and losers. However the main reason is that funds have management fees that are hidden and charge more than most people realize.
Pensions are tied to the financial stability of the company. Sometimes this is a bad thing.
No. Here's what happened. 9-11 and the 2008 housing bubble. Many people had their money in risky funds which saw huge profits. However, 9-11 and 2008 wiped out a good deal of their portfolios. If they had put their money in safe and stable accounts like I did they would have made money or not lost as much. Slow and steady wins the race.
The increase in home values over the last decade should provide significant reserves in case boomers give out of savings. So they have to go from home ownership to renting, and using their equity for living purposes. Things could be worse. And maybe they move from an expensive city to a smaller town. They don't need the job opportunities, and small towns are more peaceful. If my wife precedes me, I will probably move to Mexico (near Guadalajara).
The trouble is, is that some of these boomers do not have much equity in their house because they still have a mortgage due to either upsizing themselves later in life or multiple refinancings to fund something that was not really needed. I am a boomer myself but a lot of boomers lived above their means for years and figured I live in America and what could go wrong. These statements do not apply to all boomers. Some worked very hard and unplannable events occurred in their lives. And I agree with you that things could be much worse. In life one cannot assume anything.
I'm new to trading, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
As a beginner, it's essential for you to have a pro or a very good trader to keep you accountable.
Someone like expert Nancy Williams Laplace
Omg! Nancy's strategy has made winning trades a regular occurrence for me as well! It's a huge milestone when I think back on how it all started.
Amazing! I'm so surprised to see Ms. Nancy being mentioned here under this comment!
Trading is difficult, I'd spend the five grand on education for trading. It's not easy. Investing is different, that's easier. Short term or long term gain is the question.
You did not mention the elimination of defined benefit plans (pensions). This is probably the biggest reason for boomers having problems in retirement.
It all depends on where you’re going to retire. I retired on just $2000 Social Security and about $20,000 in my savings and that’s it but I moved to Asia where you could live very good and very comfortable on $2000 a month in the United States, you can never do that, but certain parts of Asia definitely can for $2000. You could live like a king in some of these places over here it just most people are creatures of habit. They don’t want to make a move because of family and friends, but you would be amazed, and how far a simple Social Security check, which will get cost-of-living increases each year, but it will go pretty far in other countries
I agree it does matter where one retires. I live part of the year in southeast asia and will one day be there for good. If one wants a western life style then it will not be cheap. Good health care is available and it is much cheaper than in a western country, however one needs to have a rainy day fund for the inevitable illness.
Had a boomer coworker who was as relaxed as one could be, claimed he was set for retirement from his 401k. As the conversation went on I realized he believed that he had $401,000 ready and waiting. When I explained that that's not how it worked he scoffed at me since I barely turned 20 at the time, and it took an older coworker backing me up for him to realize how heavy of predicament he was in. The rest of the shift and week his composure was broken with worry, and only calmed himself down when he remembered that he still has social security. I don't know how he's doing right now but I don't have much hope for him
He will be ok.
LOL. The last laugh is on him. $400 thousand dollars ain't shit to retire on
If baby boomers are in dire straits, it’s just reflective of a society overall getting poorer. It’s obvious families are much poorer than families in the early sixties, when a single income would support a high standard of living, with public schools that functioned as educational institutions. Wealth in a society is not measured by GDP, but rather, the value a society can provide at moderate cost. We have become poverty stricken in most parts of the world, including the west.
The democrats forgot the idea of Camelot TEMPORARY help to get back on your feet.
These days it is hand it out to anybody that is not American.
The taxes to pay for it are what is killing us all, not just us Boomers.
It is called buying votes.
You hardly pay any taxes now.
@@Satjr35031 Wanna bet? Full time employment means full time taxes.
@@joeme That has always been the case.Today people are paying less federal tax than they ever had the last 40 years Ten years ago as an example the bottom tax taxes were 15%,25%,28%. Early 2000 tax rates were 15%,27%,30% today until the TCA expires the rates are 10%,12%,22% for joint filers.As far as boomers are concerned today you could have a 65 year old couple receiving $60,000 in SS and another $20,000 from a IRA,401K etc and pay $0 Federal tax.
@@Satjr35031 Taxes have already been paid on SS, IRA or 401K or will be taxed when you withdraw.
This is what happens when you spend all of your money on booze and cigarettes.😛
(and hookers?)
It's all about choices, Sounds like Poor Pior Planning to me. While some lose, others make money. Thank God for Jesus, I'm a so called boomer, and live a blessed life.
How many baby boomers divorced and started second or third families further splitting the generational wealth??
Many of us boomers have gotten together with bad investors. That hasn't helped. But I don't answer for that.......
8 times final salary as a retirement savings standard is a load of dog dung propagated by brokerage houses who benefit from higher customer balances.
Seeing the rotten currency (Dollar) circulating as I (Baby Boomer) worked I never trusted that unreliable unit. I stayed in God's Money precious metals I got laughed at most people put theirs in some bank or some gamble on their units. I sure hope they figured out what is going on. If they didn't it will be a rough ride on into the future.
Oh no! Taking responsibility for yourself. The horror!
This video made me laugh. I'm one of the last of the boomers. My daughter is 33. So I've had yrs to save now she has her own life. And my parents died 6 and 7 yrs ago. Again more than enough time to sort out my finances. But I'm sitting pretty. No money worries what so ever........ well, maybe wondering how I will spend it all 😅😅😅😅
Typical Boomer. Sounds just like my mom. "I'm gonna spend everything that I inherited and made and leave nothing for further inheritance".
My God you people make me sick. -A Millennial better prepared for retirement than either of his Boomer parents, and one passed last June.
Everything is a scam in the U$A, what did you expect
I disagree that s9me parents have to take care of their children financially. If the parents cannot afford it they need to let their children make it on there own.
One thing not cover here that I believe is the biggest issue is boomers, and other, living beyond their financial means.
so funny that americans alway put healthcare as financial burden but then oppose public healthcare preferring to be scammed by insurances
Someone is going to pay for healthcare. Why do I want a boatload of government workers handling the money and treatment approvals? I don't. Imagine how healthcare would work in the U.S. if the Post Office managed the system. Or the IRS. Or your local Department of Motor Vehicles.
@@Singlesix6 ofcourse it'0s payed, but do you pay directly firefighter or policeman? or do you pay their service with taxes? or you prefer that the firefighter when arrive at you burning home ask you to pay uprofront to save your hose? come on. do you really prefer to pay an insurance way more than you could pay with a tax base sytstem and never be covered 100% because most people who pay insurance still have healtcare cost outside the insurance. do you really prefer to go to the further ospital because in the closest you are not covered? having a healtcare for profit instead for people is stupid and indeed is done only in the USA. Why do you pay 5 times each medicinal for corporate greed? if there is a governement (or something with similar power) they will barter for a better price instead of letting the corporate deciding the price
Oh noes not the boomers!
Well they can always go live in prison. Three hots and a cot with so so healthcare.
Do you ever have GOOD news ?
Doesn't sell to the anxiety dormers
@@tuvoca825 I know. But the doom n gloom sure gets old and depressing.. why would anyone continue with this theme. ? Change the channel.
Old newspaper saying: If it bleeds, it leads.
This is an absurd presentation of this subject. Still talking about 2008? The markets have offered a 16 year bull market since.
Most boomers are well into retirement at this point and most have pensions and other forms of saving. The "retirement savings" canard is looking at values in specific retirement savings vehicles, not Boomers actual financial position. The number one reason Boomers aren't prepared: divorce.
Eat less avocado toast. Thoughts and prayers.
I stopped paying house insurance about 20+ years ago after my insurance premium double one year without a claim. I called and asked why. He said the state insurance regulation dept. said he could. I started saving the premium.The money I've saved and invested make me easily self-insured. I have about $270K in a brokerage account which grows about 10% year. This year it is up $92K so far. My total house valuation is now $125K.. I don't pull any money from the brokerage as it is only an emergency fund. I have no debt and don't need that money anyway. My neighbors think I'm poor which fine with me.