Something Terrible Is Happening To Boomers

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More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.

The sad reality is that the generations AFTER the boomers will have even LESS retirement...

The forest was shrinking but the trees kept voting for the axe, for the axe was clever and convinced the trees that because his handle was made of wood he was one of them

My mother was a boomer. Did everything right. Paid off home. Had retirement planned and saved. Then she was forced to retire 10 years early due to brain cancer and tumor in 2011. Her insurance tried to drop her, obamacare was expensive and a nightmare. We eventually sold her home but it was 2013 by then so the money made from it was minimal. Disability income was horrid even though she had worked since she was 16. By the end we cared for her or she would have been in poverty even though she had done everything right all bc of cancer and being forced to leave work before retirement age. Healthcare in this country can still destroy a person even if they did all the steps right. This has happened to millions. So people please stop acting like its only irresponsible people who end up in extreme poverty when older bc thats some bs when we are talking about a country like USA

Healthcare has become legalized theft. The same angiogram that was $12,000 six years ago became $38,000 three years ago and the last one was $70,000. Same hospital, same techs, same procedure. $20 a month medication is now almost $100. I am already paying just short of $900 a month for health insurance and making monthly payments to the hospital for the 20% of their bill that the insurance does not pay. Something is broken.

“They got money for war, but can’t feed the poor”

It’s a broken system when you get punished for working hard and living long

I think 60% of people don’t even have $1000 in their bank account.

My Boomer parents worked so hard for so many years but lost their 401K savings and their jobs after the 2008 recession. My dad worked his butt off to try to recover the loss. It was hard to find new jobs because of their age. My mom never worked again after that and he ended up doing contractor work. My mom said that after 2008 the 401K never came back because her job stopped matching her contribution which was the only way it grew so there was really no employee benefit at all. Then a few years later she was forced out due to age discrimination. The only thing that saved them was my dad saw the crash coming, so they sold their house in 2005 and got something smaller. Otherwise they would have lost their house. My dad died unexpectedly in his sleep in 2019. My mom is living comfortably with no mortgage and off his social security, but she said all those years of contributing to a 401k and she only gets $200 a month from it. Even though I wish my dad were still here, I am grateful that he went the way he did and that I don't have to worry about elder care or long term illness with him. Sometimes I think he worked himself to death on purpose to protect my mom.

Sad fact ,Only 2% of homeless people are here illegally,The rest are citizens that were born in the U.S..tells something about the U.S government and how they treat there people !

Since corporations are considered ‘individuals’ then tax them like individuals

I’m sure our politicians don’t have these worries, they’re safe and sound in their mansions after screwing us over for decades.

My grandma is a Baby Boomer who saved her money, worked in Corporate America for over twenty years, retired early in her late 40’s, sold their home, got a pension, got social security once she turned 65, and withdrew from her 401k after she retired. She traveled with my grandfather and was living a great retired life. Unfortunately my grandfather passed away a couple of years back and my grandma ended up getting stage 1 cancer in 2022. She said it’s like she is living paycheck to paycheck. She is completely dependent on her social security and pension now. Her savings is now gone due to her hospital bills and her paying for moving expenses to move back in with my uncle. She did everything right and still ended up struggling. I’m a younger Millennial and I would give anything to help her but I’m struggling myself and can’t even afford a house.

Today, while walking down the street, I met a very sweet homeless elderly lady in a wheelchair and I started a conversation with her. I really felt sorry for her. It made me really angry how millions of dollars are spent on all kinds of nonsense and unnecessary expenditures while our veterans, disabled and impoverished elderly are suffering. Makes me sick!

This is the first time I've heard someone publicly vocalize that the relief of those taking care of their aging parents while trying to maintain themselves and their growing family comes at the cost of their parents' lives. As someone who is just starting their professional life and taking care of aging parents who are taking care of their aging parents and neighbours, the struggle has been real. Thank you for acknowledging this issue.

Several crises in the last 5 years, wiped out my savings. I will never retire. Never imagined my life ending up this way. Working for what used to be a good salary, now, it barely covers rent. I'm anxious.

One of the problems is that since the 1980s, pensions have been slashed. Everyone does not have them as our parent's generation had. Aside from the taking from the Social Security fund, there are fewer workers paying into the fund. The question is how much was stolen from the Social Security fund? The records should show what the government is obligated to pay back.

Its sad that people didn't realize they should focus on paying off their mortgage instead of relying on 401k plans. I realized in the 2008 financial crash that my 401k was not a good thing to rely on and thus switched strategy to pay off mortgage. Not paying rent or mortgage every month makes your money go much further, especially now, with housing prices going up exponentially.