Fewer than half of all boomers have saved enough for retirement. They'll be forced to rely on their millennial and Gen Z kids.
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.
None of the young people wanna work. If they do, they just spend the companies time on their phone browsing tiktok and Instagram.
I went into a gas station, for a chili cheese dog. When I went to inform the lady the machine was outta chili. She didn't lose eye contact with her phone while telling me, it's been out for a while and they haven't gotten any in.
I left the hotdog on the counter and never went back to that location. Managers should really watch the cameras more often to see how much company time is wasted.
My favorite part about your anecdote is that they literally didn't have any chili, so phone or no phone you're not getting a chili cheese dog and it's the manager's fault not this has station clerk. Even if the woman didn't own a phone your experience would have been identical in practice, unless you think eye contact with a woman is included in the price of the chili cheese dog you didn't buy.
Your only complaint is that she was on her phone. Not that she could have done something if she wasn't on her phone. Just "phone bad". Classic boomer entitlement.
We could have easily replaced the phone with a magazine, newspaper, or book and chili cheese dog with some other item, and then this story could have been anywhere in the last 200 years.
I'm mad because I didn't get a chili cheese dog at a gas station. I'm also mad because I saw someone using a phone and they didn't look at me when I (likely rudely) complained at them. These two things both made me mad so they must be directly related and I'm willing to ignore and excuse all evidence that tells me otherwise.
No bitch, the only thing that links the two events is that you're easily upset.
People like you are the reason we're overrun with conspiracy theories. They should teach critical thinking in schools. Smh.
No it's because nobody gives a shit about their job, but that's also why people are easily replaceable. I'm 37 and just don't understand why people are so addicted to their phones.
This is the worst anecdote I have heard in a while. If corporate invested in people and infrastructure, it would be different. You don't blame people when the company has shit outcome. You blame management and culture.