The Boomers Are Headed For Trouble (I Don't Feel Bad About It)

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About this episode:
The youngest baby boomers are facing a retirement crisis. In today’s video, find out how their problem could actually become yours and how to make sure you don’t end up in the same situation.
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[@micheal_mills]

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.

[@donna_martins]

Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.

[@robert-1miller]

Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.

[@ilyaveysman.]

Mind if I ask you to recommend this particular coach you using their service?

[@robert-1miller]

vivian jean wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@ilyaveysman.]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@privatewino]

social security is not funded by "our tax dollars"... it is funded by a payroll tax that people and employers pay into throughout their careers.

[@oldscratch3535]

Otherwise known as a tax... I call it theft but whatever.

[@johnkessler9878]

Not correct. SS is part of the General Fund. No Trustfund exists. Payroll taxes fall short, so taxpayers pay the shortfall. But more precisely, money is borrowed to pay the shortfall.

[@BusArch42]

@@johnkessler9878no it’s separate.

[@BusArch42]

It’s actually a pay as you go system and it started using more than revenue a few years ago. It will have no reserves left in 2033 and then it will be strictly money in equals money out if nothing is down

[@rathelmmc3194]

@@johnkessler9878 that’s not true. In the 80s the federal government basically bought treasuries with the excess funds that SS was taking in. Now they’re depleting that trust fund and it’s due to be gone by 2035. When gone SS will be unable to pay 100% if promised benefits. Who knows what’ll happen, but we’ll find out pretty soon.

[@Emily-le2op]

I am a 54-year old Burnt-out doctor with $400K in declining investments, planning retirement soon. Seeking best stock strategies for market downturns and hyperinflations

[@waltzwalter]

At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.

[@SlParkerlee]

Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.

[@biankabrodeur-yf3yl]

This is definitely considerable! think you could suggest any professional/advisors I can connect with? I'm in dire need of proper portfolio allocation

[@SlParkerlee]

Melissa Jean Talingdan is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@biankabrodeur-yf3yl]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@maryfields1382]

The two greatest gifts you can give your children: 1) Teaching them how to live without you by they time they are adults. 2) Not being a financial burden to them in your later years.

[@Jersderakerguoe]

We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

[@jones9-]

Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.

[@KarenLavia]

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst

[@ScottKindle-bk3hx]

Could you possibly recommend a CFA you've consulted with?

[@KarenLavia]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@Hectorkante]

Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.

[@Lewyn298]

Baby boomers are retiring or on the verge to, so how do we deal with such recession-influenced market conditions? Typically my $250k worth of holdings go up 8% then lose 20% right after and the cycle continues, I’m confused and truly sick of the system

[@84gaynor]

Inflation gives the illusion of growth. Investors should exercise caution with their exposure and exercise caution these period. See a market strategist with experience if you are unable to manage these market conditions

[@sommersalt88]

Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. During the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my portfolio has grown by 25% every quarter since Q3 2020.

[@gagnepaingilly]

I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

[@sommersalt88]

*Jennifer Leigh Hickman* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend her if you want excellent collaboration.

[@blaquopaque]

@gagnepaingilly Make sure they are certified eg in UK a program recognised by FCA or in the US they should have a qualification such as CFP.

[@SherryEllesson]

George, I understand that your intention is to help people who need it, but the tone of this toward older boomers is mean-spirited. We don't all eat "congealed salads" or scream at people to get off our lawns. I put in my time (50+ years in the workforce) and paid my taxes including Medicare, and I live carefully on a modest retirement budget. We're not all old doddering idiots and "karens".

[@rg8162]

Did the trolling go over my head or is this not legit a Karen comment?

[@nancyphipps5996]

@@rg8162 you are the troll

[@rg8162]

@@nancyphipps5996 your father is the troll.

[@carlariggs525]

wait until George reaches retirement age. He will be changing his tune

[@nananinanana656]

We don't care that you're offended, lady. Grow a thicker skin. Can't take a joke huh?

[@RyGuyDCL]

Helping my parents already. They are in their 70s and 80s on a very fixed income so I have to help cover some of their expenses. It is an honor to do it though. They did so much for me to help me get where I am and can help them.

[@LyndaWilliams]

They are fortunate parents ❤

[@rivkaclifford427]

❤

[@mylesgray3470]

In Asian culture, the kids are the parents retirement. The kids pay their way and I’ve married into this culture, so my home is also the home of my in laws. When parents help the kids financially through college, it seems reasonably fair.

[@jamesof7seven]

@@mylesgray3470 That used to be normal American life. Somewhere we were sold the bill of goods that it's every man for himself, we don't wanna pay pensions anymore, no more home ownership society, and if you don't jump through the right hoops at the right time sucks to be you. I'm glad my grandfather didn't live in a time when you needed to have 2 million to retire. No way that's Christian or dignified.

[@scottowensbyable]

I'm a boomer. I had both parents live with me at different times. I have no regrets.

[@TheBeagle1956]

I’m a mid boomer (1956). I was broke and divorced at age 40 when I decided to take action. Got myself out of debt, got a better paying job, married a girl with the same financial goals and started learning to invest. Today we have $165k in annual dividends, $50k in interest, a small pension, my social security, and in two years my wife will start social security at age 70. I think we’ll be okay. Cash flow is what you need.

[@MariahRamsey-ts3uz]

That’s when my grandparents were born they say boomers are mean but my grandparents are pretty nice

[@user-yb5bg8im5g]

u will be more than ok. i hate the nanny state. it's not every man for himself, it's take care of yourself before you expect help. the problem is , central planning wants us to be subservient to their, '' higher and more benevolent authority''...

[@TheBeagle1956]

@@user-yb5bg8im5g I know we are more than okay. My last comment was facetious. My point was to create cash flow streams of income. Buying stocks in solid companies that increase their dividends each year is the way to go.

[@TheBeagle1956]

@@MariahRamsey-ts3uz Mean? No, as a group we’re not mean. Maybe a small percentage as in any generation. We are very generous to charities as a group.

[@jasjordan1]

​@@MariahRamsey-ts3uzI once took my wife to this little Korean cafeteria run by an old woman. I am a boomer but she was old enough to my mom. She was very stern looking and seemed impatient with everyone and here we were, the only black people in the place. My wife thought she was a little mean to us when she took our order. I explain to her that she was just being herself. When I went to pick up our order, I said "thank you mother" in Korean. She snatch my order back, loaded it up with twice as much food and gave it back to me. Then she gave me the smallest of smiles and a nod before motion to me to get lost 🤣 Never think you know people and who they truly are until you take a moment to know them.

[@A_francis]

The current economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.

[@Debbie.Burton]

Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.

[@benitabussell5053]

Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.

[@EverlyndPerez]

I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance

[@benitabussell5053]

Finding financial advisors like “Sharon Lynne Hart* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@benitabussell5053]

*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@javaskull88]

I’m a late Boomer (also known as Generation Jones), the generation that saw traditional pensions disappear, saw the social contract with employers disappear, had to learn about the stock market and mutual funds, watched salaries not keep up with inflation, learned that many “financial advisors” are really slick salesmen trying to eat our nest eggs. It has made us cynical and mistrusting. I learned as fast as I could and did ok with mutual funds, I should be able to retire by age 67 to 70, but still worry about the future of Social Security, Medicare, and rapacious inflation. I’m not angry at older Boomers for having it better, but I am angry that we won’t have it as well.

[@TShirtAndReeboks]

If you are a late boomer, social security will still be there for you in some capacity. No one will be able to phase it out that quickly.

[@thundersnow93]

​@@TShirtAndReeboks: That sounds like government claptrap. A quick bankruptcy of the US social security ponzi scheme could end the trickle of income for seniors instantly, esp. since there are fewer and fewer earners to keep the scheme going.

[@beckypetersen2680]

@@thundersnow93 I don't believe it. The same fund gives all those on disability money. Do you believe they will suddenly cut off those on SSDI? I can't see it.

[@BusArch42]

I am old gen x and I have a pension. Zero excuse for you not having one.

[@clarekramer411]

Yeah I really resent being 61 and being called a Boomer. Boomers are much older than me. When I graduated from high school, my only options were McDonald's or waitressing. I had none of those advantages!

[@chiplangowski3298]

I was born 52 days before the end of the Baby Boomer Generation. I have absolutely nothing in common with someone about to turn 80 years old. People my age entered the job market during a deep recession and faced some of the highest interest rates in history. We then had to navigate every economic downturn after that like the one after 9/11, in 2008, the pandemic, etc. Not all "Boomers" had it easy.

[@scottyshields9876]

Military retiree. Living off my retirement pay. Next job went to 401k and IRA and some traveling. Retired for good and still living off retirement pay. No mortgage, have an emergency fund for home repairs.. Grandkids will get college paid for.

[@bluefrog12345]

That's great to hear. A lot of people say military doesn't get paid enough, but I'm in the same boat as you and didn't have the newest cars and spend money on things all the time like everyone else. Now that I'm getting out I'm good to go and my peers are scrambling to get another job that pays well to keep up with their lifestyle.

[@bigdaddy4197]

Thank you for your service

[@rathelmmc3194]

@@bluefrog12345 working for the federal government in any capacity pays quite well considering the guaranteed retirement pay. Nobody else is guaranteed a specific pay at a specific date.

[@CB-pi5hc]

​@@rathelmmc3194govt jobs are the cushiest because they are funded by taxes, and the govt wants its cogs loyal. Cops get paid a ton too, inspectors, pencil pushers of all kinds......

[@xlerb2286]

My wife and I are late boomers. We're ok though. We never had troubles with jobs, we kept investing except for a couple years when I took a flyer on a startup. Two of the secret weapons we used are 1. Live below your means, and 2. Avoid high cost of living regions of the country. Salaries may be a bit lower than on the coasts but at the end of the month you've still got more money left in your pocket. Economies also aren't so boom and bust so there are always jobs available.

[@runningfromabear8354]

My parents are late boomers. They struggled through immigration, language barriers etc... you can't accuse them of living beyond their means, all things considered, they did well. Luckiest decision they made was buying the cheapest house in a cheap neighborhood in an expensive city. The whole place got gentrified and they managed to hang onto it. They sold last year for millions and worked with a fiduciary to figure out their retirement. They're doing well about to head into retirement they'll have more than they ever lived on. And they'll still be working because they enjoy working. Hopefully they're like their parents and grandparents living into 90s and 100s. Coastal cities can be beneficial for retirement as long as you don't plan to stay there.

[@lindak1768]

You need to preach this to the young ones. I’m one of the Jones and I did not freak out on my 401k. Let it ride, buy cheap. Keep saving. Keep working and save, save, save.

[@jimerin3533]

Work hard, save, and they’ll take it and give it to those who didn’t

[@10speed4]

Facts. We're giving $1.5 billion a day to our new friends that's coming over here to stay, and the numbers are growing.

[@linhaton4957]

Don’t vote Democrats in.

[@SK-kh2rs]

@@10speed4you aint giving shit 😂

[@10speed4]

@@SK-kh2rs only a teenager thinks that. You’ll grow up - maybe.

[@Threedog1963]

@@SK-kh2rs WTF are you talking about? US tax payers are forceably giving our money to illegal immigrants.

[@davidlewis2995]

I am a late boomer but so what I ain’t worried it is what it is was never raised with a silver spoon in my mouth. But one thing I learned in my glorious days is you can be here today and gone tomorrow so money is not my priority in life. We could even be facing world war 3 next. My advice to whatever generation you are live your life and enjoy it the best you can because nobody knows what’s around the corner……

[@Myr25636]

First, I was forced to sell my very nice house in 2008 for $20,000 less than what it was worth. Second, I have spent thousands helping my kids and grandkids. They would not be where they are now if I had not floated them.

[@tabithan2978]

Your mistake was helping kids and grandkids. Your best gift to them is being able to take care of yourself, and not running out of money.

[@mylesgray3470]

Your generosity will be rewarded. My parents didn’t help me in college or early in my career in my times of greatest need, and as a result my generosity to them will be severely tempered now that I’ve finally gotten into a good position in my 40’s.

[@warrennordyke7718]

@@mylesgray3470 : My parents helped me, but they did not have much and I needed to work side jobs while in college. They did not push or encourage me to finish college, but college is what I wanted and they helped. After college I found a high paying job, and I then supported my brother and sister with $money that they needed. Kinda stinks that your parents didn't help you when you needed help. I assume your parents had money and could help, and your major was something useful for you to make money (not political science, or other stupid major).

[@OurNewestMember]

Question is whether you would do it differently if you could

[@carolbradley4845]

I’m seeing the results of two parents who gave their children EVERYTHING. (Land, built homes for them, gave them lump sum money, a thriving business, college education, etc.). Now these parents have health problems and dementia. Their two kids are asking family members to help stay with them 24/7 because, get this, the parents don’t have any money to pay someone. I’m a late boomer and I will NEVER put myself in this situation!

[@thfield2417]

Not late boomer but first Gen Xers. Parents were first to divorce. We were first latchkey kids. 2008 recession hurt bad. Now we’re in the sandwich generation, and it’s not us moving in with the kids; it’s the millennial/Gen Z kids moving back home with us while we work at least one job to pay all our bills and also care for Boomer/Silent Gen parents.

[@jasmines.6325]

Boomers are supporting their grown kids

[@KO-lw4lo]

Exactly

[@SomeUserNameBlahBlah]

Don't forget the grown kids supporting their boomer parents.

[@MistaTofMaine]

​@@SomeUserNameBlahBlahI'm part of gen Y and have taken care of my boomer mother to a large degree for years mostly with provining most of her heat and i do diy enough most repairs cost her just material. She still at times seems spoiled and ungrateful it is kind of wild.

[@margaretking2969]

As a Boomer I take exception to the generalization that we don't understand technology. It's true we missed growing up with the Internet. We missed it so much that we invented it!

[@oldmaninthemirror]

And landed men on the moon 55 years ago something the current generations haven’t been able to duplicate or even come close.

[@todddunn945]

Yes indeed. I am an early boomer. I admit to only have been using computers since 1968. True I never adopted the cell phone lifestyle. I do have a smart phone, but it is off most (99%) of the time. I only use it to make calls when I am away from home since there are no longer pay phones. I last made a call back in March.

[@happycactus]

Being a late Boomer myself 1962, I can tell you a problem we have always had and I can attest to it. When I entered workforce age I was competing against a larger populace for jobs. There trades were saturated and they were always getting laid off, I was laid off so many damn times. Some went to college, I did not. The only jobs left were crappy customer service. This was the norm for years. Basically late boomers were left with crumbs. The amount of good paying jobs, competitive jobs, were saturated by the earlier boomers. All my damn life I have had to live like this, still am in many ways.

[@joeshmoe7768]

Remember when your teacher told you school was important?

[@nationalzero269]

The boomers born between 60 and 64, the tail end of the boomers, had a very different experience than those born in the 40s and 50s.

[@TheBeagle1956]

Yeah, no Vietnam to worry about!

[@July.4.1776]

@@TheBeagle1956 …. I think they were talking finically.

[@rebeccaross1715]

Yep, my idiot in-laws were stupid with their money, and now my mother-in-law lives with us. Of course, I married the responsible son, and the other two sons that were coddled and spoiled, don’t help out at all.

[@regdesousa9763]

I got the same ones lol . But one passed away .Fortunately she has different places to live because of her mistreating me over the years she isn’t welcomed at my house to live . They didn’t save one dollar .

[@lolaadesina5362]

Aren't you a peach ? Does your husband know you refer to his parents as 'idiots'?

[@user-zl4rr1ic7w]

If your mil can care for herself , try to get her into a PROC 202 apartment. She will only pay 1/3 of her income for rent and that is after Medicare and other medical deduction s.

[@TMPS93]

Sadly that's a real conversation that needs to happen before marriage. My girlfriend's mom and sister are both irresponsible. We've already established once we marry under absolutely zero circumstances will they ever be allowed to live under our roof. As Dave would say we have zero obligation to enable irresponsible behavior.

[@cutehumor]

@@TMPS93tell the future in laws upfront before marriage

[@jeffwombold9167]

One issue I point to is people nowadays don't realize that a lot of the information about doing better things for yourself wasn't nearly as easy to find as it is now. We didn't have the internet, and if you were in the lower class, most people had very little knowledge about it all. Information wasn't as readily available as it is now, and people were a lot more suspicious of its inner workings.

[@acf3727]

I’m in this demographic. A couple of other factors that did not get factored in, 1- this was the group who had to learn how to pivot to 401ks from a pension mentality previous generations relied on, meaning the significance of saving into a 401k wasn’t as well understood like it is now, 2- the cost associated with re-education after said layoff; I went back to school to become an RN, but the expense took away money available to invest in my husband’s 401k, and then the loss of income for the 3.5 years it took me to get my RN degree and license, 3- the cost associated with planning for our children’s college education, competed for our dollars, 4- the cost associated with caring for our aging parents. We lived a frugal lifestyle but still struggled. I appreciate your perspective but feel it’s important to acknowledge the environment at the time and use it as wisdom for the younger generation to learn from, which I think was your point, but wanted to express the circumstances many of those decisions were made within. With that said, keep up the good work. Your videos are providing education I wish I had been privy to in my 20’s and 30’s.

[@debbiefried3533]

I'm also a late boomer. In my early 20's I didn't sign up for my pension because I didn't understand the need. Then I got a job with a 401K, but I left after 3 years to have a baby and when my investment was returned to me, my (ex-)husband snatched it to get a table saw. Then after divorce I went back into the work force unsuccessfully. After my 2nd husband passed away I went back to school like you to become an RN. Now I work for NYC and have a pension, but a very small one as I didn't even go back to school until age 40 and started working for the City at age 45 and since I'm on a school schedule I don't clock into the pension year over year, but by the number of hours I work (so after 17 years of work I have 10 years clocked in) so my pension won't even add up to 1500/month if I stay till age 70.

[@whyme7996]

do not expect understanding nor depth from George. He's typical.

[@LisaSimplified]

Thank you for adding this balanced perspective. I lost respect for George today.

[@denisescally7090]

Yep, me too, totally.

[@July.4.1776]

@@LisaSimplified …. He has no real world experience. That’s the problem with trying to give advice when you haven’t lived it. 🤔

[@sammyday3341]

Every generation feels like it’s living through the worst times.

[@lorrainedurinzi3868]

Every generation has their own unique share of problems to solve- we need to step in their shoes a moment before we judge

[@luannkelly5071]

Late boomer here. You are spot on about us! We are in a totally different set of circumstances compared to the earlier boomers! We are mostly planning to work for many more years. I'm divorced, not my plan, and it's expensive going it alone. Swiping left and right to start over again. 😅

[@dee4435]

Yep. Born in the last 3 years of the Boomer generation. The party was over by the time we came around.

[@rathelmmc3194]

Late boomer experience is closer to Gen X which is the most indebted generation.

[@_Coffee4Closers]

Well then you are a rare exception... the rest of us are just fine. You guys crying about how hard it was on you is so cringe, when people like me lived the exact same era and are just fine. The reality is YOU spent your money frivolously and now you want to pretend it is not your fault if you are struggling.

[@_Coffee4Closers]

@@dee4435 Yeah because the guys that fought WWII and Korea and Vietnam had is so easy.... I was born in 1961 and the rest of us in that generation are just fine. There is no "retirement crisis" other then you few cry babies that spent money on shiny cars and crap you could not afford, now you wish to cope by pretending it is not your own fault if you struggle now. Claiming "the party was over" while living in the most free, fair, and prosperous nation in history is so silly.

[@rathelmmc3194]

@@_Coffee4Closers you do realize the fastest growing demographic of homeless people are Baby Boomers right? I'm all for the Boomer bashing, but just because they have most the wealth doesn't mean that its spread equally. Boomers have the same problem as everyone else, where 80% of the wealth is held by 20% of them.

[@miketracy9256]

We Boomers who were born between 1945 and 1955 were the luckiest generation. Our first homes cost under 40K, college costs were less than $500/year, and many of us waited until age 70 to start our Social Security. Some of us are still working at the age of 77, so 60 years of frugal living and consistent investing have given us financial security.

[@Threedog1963]

Eh... houses were cheaper and wages were lower. I'm a late boomer. When I started work at my job, I earned less than $10/hr in 1986. 36 years later, I retired making nearly $40/hr, same job. Houses in my area are quadruple the price they were back then, but my wages went up the same.

[@KatieLibby1315]

Around age 50, had an ESOP go bankrupt (yes that happens) at the same time as the crash, lost about $450,000. Because we kept a budget and lived frugally we got back on track. I was retired at 59 1/2.

[@suen5006]

These are not really Boomers. The person who created the generational names says they are really GenXers. But yes, the people born in those years came of age when the older Boomers had already filled a lot of professional jobs. They graduated from college during a recession, further delaying their professional development. More of these folks became lower income as adults than older Boomers.

[@cjhoward409]

Yes exactly

[@joyparker3116]

What about when we support our adult children and they bring their new families in?? Support all! They’re worried about their parents? Don’t think so!

[@arh1234]

I suggest "Boundaries" by Henry Cloud

[@sallyprzybil2404]

Makes me want to scream when I hear it suggested people/families should “move back home” as a measure to save money. Don’t they realize, someone, the parents, have to pay the expenses for all those “extra” people “moving back home”. And there goes their ability to save for their own retirement.

[@joeshmoe7768]

@@sallyprzybil2404 Maybe they could rent a room out of their McMansions to a stranger and just send them some money from the checks?

[@MariahRamsey-ts3uz]

My boomer grandparents are fine with it

[@VitalBigras]

Social security will be 70% higher than my income 😅 My wife and I have always lived a simple life and find joy in activities that we can afford.

[@Joepacker]

I'm one of those late boomers, and I made sure I always maxed out my 401k, plus had a Roth IRA and I make sure my kids do as well at their jobs. If you are smart with your money, which most people are not, you can retire well. Which I will be doing in 2 years at 65 with 7 figures in the bank so don't worry about me George.

[@lindadorman2869]

Stop scaring people into thinking Social Security is going to run out of money in a decade. Most of Congress and the government are older and they're not going to let their generation stop getting full earned benefits. The last thing politicians want is the highest voting block (seniors) to be marching on DC in protest and we've got all the time in the world to make our case. That said, if you're under 50, you should be worried because your current income and future benefits might be affected.

[@TeKnoVKNG23]

Yeah, I mean I'm not planning on SS being there just for my own financial planning, but people have been saying this for decades now. George has to toe the company line though and isn't allowed to have his own free thoughts.

[@janelleg597]

it will not look like what it is today. that's for sure

[@aero9493]

Millennials are the larger than boomers at this point and will likely be larger than Gen z and Gen alpha.

[@robedmund9948]

I can visualize the "marching" mass complete with their walkers. Boomers would never march on D.C.

[@macpduff2119]

THANK YOU THANK YOU THANK YOU!! for recognizing War Babies. We are different from Boomers. Boomers were born into a booming American economy. We War babies had our early childhoods shaped by ration books, air raid sirens and search lights over NYC, victory gardens (to provide enough family food), oleo margarine packs that our mothers colored with yellow food dye, etc. The sugar shelves were still empty 1949 in NY. We were raised by adults nervous about possible sea and air invasions. . America had still not recovered from The Great Depression until about the 1950's. As children we worried if our soldier uncles would return alive. The men didn't return home until 1946. We wore dog tags around our necks and ducked and covered. We helped our mothers pack CARE packages to deprived European relatives newly freed from German occupation. The suburbs and Levittown's weren't built when we were pre-school age, no TV, my mother prepared meals listening to the radio soap operas. The music world of the 1960's was created by War Babies - not Boomers. The impressions made on our young psyche's made us more serious than Boomers

[@cheeseman9967]

I'm a late Boomer. It seems like everyone has a problem with us. At least I paid my student loans and didn't get a bailout from the government. Now when it is time to pay your obligations, everyone boo-hoos that they can't. I don't feel bad about it!

[@VulcanLogic]

Yeah, your student loans were like $4k. /golfclap.

[@cheeseman9967]

@@VulcanLogic Yep. In 1984 Dollars.

[@FINAL-B0SS]

Gen X seems best positioned as far as skills. Many have the skills of the pre-internet world but can navigate all of the modern tech.

[@lot2196]

Agree. I started out as a factory laborer and now I am a Oracle Engineering Analyst. Basically fell into it and taught myself. There are quite a few like me in these fields. I never went to college. Plus they don't teach Oracle engineering in college anyway.

[@rosesrred3049]

I agree. Gen x here. Most clump us together with Boomers. Our generation has had multiple economic rug pulls. So please I don’t feel bad for them.

[@caliopeknows844]

Thank you ❤

[@vickieclark5931]

I agree. I'm a Gen X. We are the only generation that was old enough to be working BEFORE the internet took off, and yet we were still young enough to learn the internet during our working time. Most boomers were already set in their ways cause they had worked 30 years already without the internet unless they were working in a computer field. The millennials don't know what it's like without a computer to work on. So the Gen Xers have the best of both worlds.

[@dawnt5587]

That’s how I feel. Gen X and I can use technology.

[@ruthclark8680]

George,....I want you to know not all late boomers are in trouble,.....been following Dave for years!!!!! Smart Living

[@mayfair10]

I'm a "late boomer" - so grateful I found Ramsey. Following the baby steps for almost two years now and am on track to turn this Titanic around and thrive in retirement. It will take diligence until then, but so worth it.

[@crismcdonough2804]

I'm a late boomer. Not asking you to "feel bad" for me. And, I, in turn don't give a shit about you. We had to figure it out. You can do the same.

[@FairBeautyEssentials]

Thank you for this George. I have $1k emergency funds saved. Now I’m following the baby steps to get out of $30k debt, which includes: credit cards, student loans, and 1 personal loan. (My $30k combined debt is not including my mortgage balance). I use DR apps

[@bernadofelix]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[@jones9-]

Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

[@KarenLavia]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@ScottKindle-bk3hx]

Mind if I ask you to recommend this particular coach you using their service?

[@KarenLavia]

Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@EddyAgnes-vy4kp]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@clwest3538]

I would also like to add that 'late boomers' also were at peak earnings when 9-11 hit (I lost my job then - thank you, bush & co) and was further impacted by ageism - yep, you young punks were too afraid/intimidated to hire intelligent, hard working 45+ y/o's .... then the 08 recession hit (thank you, obummer & co) .. so I opened my own 'shop' and have done better than I ever did working for 'someone else' ..... And how many of you children of 'late boomers' expected livings from their parents - that failure to launch thing - living in your parent's basement or needing all types of financial help while you were in your 20s and 30s that 'late boomers' didn't receive from their 'better off' parents? How about you pay that back with interest - then maybe many of the 'late boomers' would be better off. George, we were taught family mattered more than a large bank account. I, as a late boomer, moved to the town of my parents to care for them because my other 5 siblings were too busy with their careers and lives to give i cr@p - until divorce hit them .... then 2 moved back in with my parents - 1 with 3 kids in tow!! This is NOT a simple topic and simplistic answers not only do not work but are insulting and condescending to people who have spent their lives 'caring' for others. But, you do you ..... I'm starting to think you guys are so wealthy you forgot what its like to not have so much disposable income. Edit: btw - I'm Baby Step 7 so .....

[@jonathanfoster2263]

I was born in late 1964 but was fortunate to not have missed work in my life and have been contributing to a 401K my entire working life. I'll have around 12X my current gross income in retirement which is mostly in dividend paying stocks and funds. I'm retiring at the end of this year.

[@fredholley6248]

Ditto, already out and retired.

[@arh1234]

Congratulations!

[@Ryan-jx4vh]

No hate, but I would have some money in CD's and money market. We are likely closing in a market crash. Will need some cash to weather the storm. Congrats on your savings and retirement.

[@shakerboi6992]

I don't know whether I am watching this for the information or the comedy. Dude gets funnier every video.

[@DiscipleSteven]

I basically watch for the comedy. lol

[@whyme7996]

only his looks.

[@gardenpatzz3306]

I appreciate the insight- I’m an older boomer. However, to me, a good portion of this broadcast was like an infomercial with referral codes. JMO.

[@rodeowerewolf3004]

Not a boomer but also not a fan of ageist slurs especially when unnecessary.

[@JasonSchreiber-]

Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.

[@Haurazaib]

You're right

[@Haurazaib]

That is why I had to start forex trading 2months ago and l now am making benefits from it.

[@AntonSommer-]

YES!!! That's exactly his name (Eugene Murphy) so many people have recommended highly about him and am just starting with him from Brisbane Australia ​@@Haurazaib

[@Henry_y665]

Mr Eugene Murphy is obviously the best,

[@Henry_y665]

After I raised up to 325k trading with him I bought a new House and a car here in the states also paid for my son's surgery (Oscar). Glory to God.

[@amossnowdaharleyman9179]

When GM went bankrupt one of my neighbors had his entire retirement in GM. Lost it all. He died 9 months later (depression is a killer btw) and his wife was forced to sell their house at a loss. He thought he had planned well.

[@japaley4459]

Why is everyone so mad at boomers? My age is 58 so I fall into gen x. The boomers worked hard and worked a lot of overtime. I saw it myself and I also don't recall them taking all the fancy vacations that we seem to think is our due today. I didn't get all the benefits that the boomers had (I'm still working and will be for another 6 years). Having said that, I certainly don't have resentment.

[@elizabetha.9808]

Don’t you dare call this old Gen-X’er a late boomer! 😅 Proud to say we are debt free, no mortgage, and on our way to 2 million in retirement. Priorities!

[@AndrewLoukidis-jr2bp]

This is what happens when all the wealth goes to the top 1% and .1% Inequality will destroy this nation

[@maryellendoran8806]

As a late boomer, house prices were high compared to early boomers. The early boomers got the sweet deal of low prices. This has a long term effect on what you can save.

[@joeshmoe7768]

I have been dealing with high interest rates my whole life, bought first house in 87 and rented it out to pay the bills, second house in 92 and my retirement house in 2014, All is well!

[@jayholiday256]

Don’t do the Ramsey 8% withdrawal plan, you’ll go broke. George is with me on this one

[@jasonleatherwood2172]

Agrees i been in the market 20 year i been averaging 6

[@jayholiday256]

@@jasonleatherwood2172 yeah the ‘00’s were a lost decade with the tech bubble and the Great Recession.

[@WendyOWilbury]

Separating people into age groups is SUCH a freakin' YAWN. You'll be sorry you started this sh!t when you're older. 😎

[@karenjensen2345]

I am a late boomer!!!!! Born in 1963. We have 4 Millennial children. We are doing great, debt free, no mortgage and 750k in assets and 10k a month in income, we are doing fine. Husband is retired, I will work 5 more years.

[@markamark123]

very nice

[@accordio321]

I’m glad for you, I’m 42 and in reasonable shape. But I work with two late boomers that will likely never be able to retire until their health fails and forces them. They still have mortgages and consumer debt. Unlikely they will ever have that paid off… It’s very sad 😢

[@_Coffee4Closers]

Exactly this guy is a clueless clown that has no idea what he is yammering about.

[@DawnRace-bh6tp]

Right, if you didn’t plan properly, you can’t retire. All the Boomers that I know are doing just fine.

[@TK-055]

No offense but $750k between 2 people at 61 is not actually great. Better than most, but should be double that in retirement investments alone (per the 4% rule).

[@bgsoundscape]

I paid my debt off and lived modestly my whole life. I am a late boomer I took the social security early and it is the bulk of my income. I don't care what this guy says. Happiness does not equate to having a lot of money. Never did for me.

[@MilaN-lt2mq]

Our kids taking care of us? Is that a joke? My college-educated kids (the education my husband and I paid for, buy the way, so they wouldn't have debt) are barely making enough to feed themselves.

[@sallyprzybil2404]

Isn’t that the truth! My daughter, age mid 40’s, just got divorced and is now a single mom of 2 kids. She’s squeaking by to make ends meet! The younger daughter, and her fiancée, can’t make ends meet, so they recently “moved back home”! With me! I’m 70 and on SS.

[@arh1234]

Some kids complain that their parents placed high expectations for achievement and for educational ROI. Some kids don't.

[@MilaN-lt2mq]

@@jowill76 I am very sorry your parents did not help. I try to help my kids as much as I can because both of them have chosen professions that, unfortunately, do not pay much.

[@SausalitoVicki]

George, as a late boomer, I really didn’t like the way you made fun of us. You’ll get there too, you know.

[@Threedog1963]

That's true. A while ago at a retirement party for a coworker, he told me, "I used to make fun of old people, now I am one"

[@carlariggs525]

not everyone is as lucky as us to make it this far. We made it with determination, sacrifice, common sense, and a little luck. we didn't whine when times got tough; we got a second job, or even a third. and if Boomers are doing so badly, they should take a look at our assets and standard of living (like the Villages in Florida).

[@pamdanner3274]

This hit a sore spot! I’m really tired of being blamed for everything wrong in the world. Every day someone is blaming “late bloomers”. Geez, we are just here doing our best! We had to play with the hand we were dealt as does every generation since! We didn’t have control of the “world” just our own little part of it! We will be retiring soon and happy about it!!

[@KimberFarms]

He thinks he will never get old. LOL

[@SicilyJo]

Yeah, I have just unsubscribed. Immature…

[@user-wz3ex7of5x]

On the flip side .How many were stuck helping out their homeless children.And helping them in their failed finances?

[@geraldinegranger9186]

Many late boomers are stuck caring for elderly parents and young adult children. Pensions mostly disappeared. I get kind of tired of the personal responsibility rants. This was more balanced, but still, while there will always be irresponsible deadbeats, most are doing the best they can and way too many things are out of our control.

[@stevemcdonald6001]

My boomer tale: Born in 1950, college dropout in 1972, lived 4 more years with parents while working. They left a small inheritance, which I put into the stock market in 1990 and kept adding to it. I had crappy jobs, no wives, no kids, never bought a home, lived very frugally, retired at 66 in 2017. Got maybe a half-mil in the market. Will have to dip into it eventually. Will I outlive the money? Who knows?

[@TromboneLoki]

Well let's get them off the avocado toast and have them pull themselves up by their bootstraps. That's what they always tell us

[@10speed4]

We're laughing at you millennials. A guy on youtube tells you boomers are in trouble and you believe him, lol.

[@MKF1205]

I do agree the point that “you may have enough now, might not in the future “. You see so many KZbin about retirement with only $500k in their 50s. You have enough now if you control your expenses. What will be in 20 years? Best of luck.

[@brassj67]

I am a 2 years too late late boomer otherwise known as early Gen X. Always worked full time since I was 16 and earned good money. Those market crashes never bothered me. Just continue to invest and don't get into debt and you should be fine

[@dennistyler9852]

People panic because they don’t have the “great” retirement. We survived 40+ years working. We’ll make it through our golden years. All the best

[@macoeur1122]

Hey! I'm a "late boomer"! Who knew there was such a thing! I've always felt kind of left out, not being quite old enough to be a boomer and not quite young enough for Gen X. I've found a home! Yaaaay! (and I'm a total wheel watcher too). I think I'm gonna be ok and won't have to rely on my disabled son to take care of me. Thank goodness I've always I've always gotten going when the going got tough.

[@TShirtAndReeboks]

My dad luckily has a pension, but a lot of boomers didn't grow up investing. Investing wasn't really stressed until all the pensions started ending maybe 20 years ago. Imagine only starting investing when you are already in your 40s. You miss out on a exponential growth!!

[@emilyfeagin2673]

And it was difficult to invest enough when wages didn’t keep up with inflation

[@WinstonWolfe73]

That is the situation for a lot of GenXers. Their parents were on pensions so saving for retirement was never taught. The only financial advice was to buy a house. Many of them started saving way too late, plus they got smacked by the '08 recession mid-career.

[@lindawilson795]

Please develop some compassion. For many people illness both physical and mental change their lives completely. Also veterans deal with challenges that we should assist them with. Life is complex not simple.

[@July.4.1776]

Social Security is not going anywhere it will still be around 100 years from now.

[@rayzerot]

Yeah people seem to miss this point. One thing you can count on in this democracy is politicians continuing popular programs for seniors. The people who vote

no debt. metal roof, new furnace, plumbing, cars all paid off. 700 sqft house. small taxes, small utility bills. didnt listen to the paper chasers.

[@TomatoesforBrains]

My parents are late boomers and don't have a pot to piss in. Basically, my dad doesn't know how to handle money, always burning a hole in his pocket. My mom is the opposite. Thankfully as a late gen x, I save, save, save

[@Chelle-kd1po]

Same! My parents are Silent Gen but still terrible with money.

[@gimcrack555]

No retirement crisis for me. I did the opposite. I did mini semi-retirement plan. When I quit or loose a job. I'm not job hunting the next day. I'm taking a long vacation between jobs. I planned them, so I'll have the funds to take a break from "real life". My breaks can be consist of 3,6,9 months or even 1-3 years. My longest between jobs has been 2 years and 9 months. Will be able reach that 3 years down the road some. I never saved up a nest egg. I save what I been calling a golden goose egg. The funds to survive during my unemployment breaks. Now I do hustle between jobs and during employment. So I have other sources of income. I was a masonry during my younger years. So moving from town to town, city to city and state to state was easy pie. As I got older I quit my masonry career and did easier jobs. Been a forklift driver, clerical work in a warehouse, supervisor for 2nd shift, and many other jobs where I can carry that skill any place I chose to be at. Now I'm a caretaker since I'm 60 now. But I settle down to be closer to my parents. I bought my first home at age 56 and paid my home in cash. Been debt free since I was 36. Never married had kids and now don't do any kind of substance abuse. So my money I earn goes to me and easy for me to save money. I'm a bargain hunter, I rarely paid retail for anything. And still paid cash for all my used vehicles. Currently employed as a caretaker. When I reach 67, I'll take it much easier as not working much. I will continue my side hustles for sure. Since I enjoy doing them and it's easy cash. My semi-retirement planned worked great. Finish my bucket list and enjoying my new home and garden with my new greenhouse. Life is great with long breaks from the "real world". No regrets how I done things in life. Saw everything I wanted to see and keeping a smile on my face.

[@ghostmane2643]

Taking care of my 80 yr old mom because she didn't save for retirement sucks but I am fortunate enough to be in the situation that I can help. You really hit the nail on the head there. There's not that many people that ever touch on those nuances. You're a real one George.

[@user-tl7mj2bm4m]

I"m a late boomer and I have more than my parents. During the 2008 crisis...I kept buying and buying and buying and buying and NEVER sold anything. I did get laid off for about a year....but went back. I fully realize it is UP to me and ME alone to fund my retirement...and yeah, I would agree....SS is just possible icing on a possible cake. Looking at retiring in 2.5 years (I'm 59 now)....

[@charlafrederick1245]

After watching a friend whose Dad moved in, give up on the idea that parents get to keep any of their money, are going to leave anything. Before their health declines make it clear they are NOT moving in. As soon as it starts to decline, see an attorney who specializes in elder law. You will have to use up all of their assets, but then they will be able eligible for Medicaid services in a nursing home. Otherwise they will be in your home, so buy accordingly.

[@jeanniestaller797]

As a late boomer, fortunately my husband retired on full civil service. Unfortunately, I was a stay-at-home mom most of my married life. So we didn't have extra money to invest. I've now been working (mostly part time) for about 20 yrs so won't get a lot of SS.

[@atleastmypalmsarewhite9960]

How's that 401lame working out for everyone now.. bet we wish we still had strong labor unions and a $2500+ a month pension coming in.

[@TheNotimprezed]

401 over 7 figures, will be 8 when I retire and pay $30k/month. I've seen too many pensions pay $2500/month and then go belly up and slash 2/3rds of the benefit. Hard pass.

[@July.4.1776]

Our pension went bankrupt we got a small fraction of it.🤬 You’re so much better off with a great match. 👍👍 Speaking from experience.

[@tristan2332]

$2500 a month 😂...I'll have so much more come retirement at 55

[@atleastmypalmsarewhite9960]

@@tristan2332 notice I said 2500+ from a pension.

[@jzmina]

Part of my financial goals is buying a second home (in a different state) for my grandparents to live in. They made several bad financial and personal decisions and now they’re depending on my parents to help them rent houses too big for them to impress their friends. At least this way the house stays in the family after they pass.

[@williammuthee2474]

Whatever happens to the boomers will be 10 times worse for millennial and Gen Z

[@ca9777]

True 😢

[@josephang9927]

Maybe, but boomers had a chance.

[@emoney1231]

Nah, every generation has rich people and poor people. The poor always struggle.

[@jacobawojtowicz]

Whatever happens TO the boomers, yes. But Millenials and Gen Z are better savers, so we can weather a storm

[@williammuthee2474]

@@jacobawojtowicz who told you that?😂😂😂😂😂😂😂😂😂

[@michaelcarter266]

What people do not realize is that in 2008 ALOT of people got either fired or layed off. I feel bad for all of them. The economy was kind of at a stalemate from 2009-2015 it got better from 2016-2020. Saying that they should have all kept investing during that time is not realistic. A time of little to no work is a time to not invest in the name of survival.

[@joeshmoe7768]

Great time to buy a house at that time it was!

[@getinthespace7715]

My dad refuses to downsize from his 30 acres and 5k square ft house.. he's approaching 70 and doing volunteer driving to pay for everything. Brings people to doctors apts all over the state and gets paid by the mile. If he sold it, he could be 100% debt free, build a smaller place with cash, and have almost no bills. In 5 years, he'd have $500k in the bank. I'll never understand it. If he would have sold it 10 years ago he'd probably have a million in the bank.

[@emilyschultheiss2929]

He probably loves living there so it’s worth holding onto for him.

[@voodoodrug]

Yes I took the uncomfortable steps 16 years ago and downsized, then used the new internet to hack my smaller house so have no bills even food. And it’s the nicest house I’ve ever owned to boot…. Saved millions, retired early etc etc

[@getinthespace7715]

@@emilyschultheiss2929, he does but the place is dissolving around him. The lean-to on the garage collapsed this last winter. The deck is rotten and you can't walk on it. Needs to be replaced. He can't afford to fix anything. He's been a slave to this "Dream House" for his entire life. He complains constantly about his situation. He set a very strong example of what not to do for my brother and me. 🫣 We moved away for work as started families. We'll only see him a couple times a year. Everytime I go back to visit him it's terrifying to see how much worse things have gotten.

[@Simon-vo7gi]

Is he living by himself?

[@joeshmoe7768]

@@emilyschultheiss2929 Lots of memories! Don't kill the memories!

[@DrDooph]

If they increase SS tax to make up for this very problem, I’m going to lose it 😤 I’m 25 and will never see SS when I’m old but I’m PAYING now?! Lame

[@mhodge0890]

Wish there was an option to opt out

[@Schwartz421]

You can opt out. Just have to move out of the country.

[@MrIMCP]

The money I pay in SS I could make so much more with it in the market.

[@JeanValjean875]

Social Security isn't going anywhere. The program is paid for by its own tax and is currently running a three trillion dollar *surplus.* While there may need to be adjustments to keep up with changing economics and demographics, it's unlikely the program will disappear altogether.

[@Schwartz421]

@@MrIMCP true, however ss is income is guaranteed buy the USA. You investment returns are not

[@brandonolejnik289]

Fear mongering is a great way to promote change. Social Security has been the center of "its gonna run out" and "if its still there" talk FOREVER. The program may change but it will be there

[@Tsuter1978]

Might be there, but you won’t be able to touch it until your 80

[@thechrononaut1]

Oh boy, tell me you don't understand how that works without telling me. Take your time, maybe you can get to it when you retire at 62. I mean 65. I mean 67. I mean 70. I mean-

[@FreakyLynx]

The problem is that if fixes aren’t put into place you eventually reach the tipping point. Look what’s happening with federal spending, in past fifteen years we have more than tripled our national debt and we’re currently on track to add at least a trillion in new debt every year. Our interest payments on the national debt are more than our military budget currently. So yes… they can always print more money to pay for social security but that doesn’t mean the money will be worth anything.

[@zoraster3749]

Social security will be there; the full check will even be there… what that check will buy you will be the real question. The government underreports CPI so each year you are taxed more and your social security provides less. Additionally, the government is already running massive deficits; anytime the fed increases their balance sheets to buy these bonds versus the private sector is inflationary. So they will print money to fund the deficit plus the social security deficit which will cause more inflation which will cause prices to go up. Then they will turn around and increase social security to offset the price increases but the price increases are underreported. It’s a giant feedback loop and everytime it cycles everyone (who doesn’t own assets) gets progressively poorer.

[@joeshmoe7768]

@@FreakyLynx Well, several trillion dollars were wasted in the Iraq and Afghanistan wars and then another several trillion were given to businesses and people during the pandemic to stay home and Do Nothing, pretty pathetic!

[@DWilliam1]

I was born in 1966 and you couldn’t be more wrong. We just left our money where it was, bought more stock on the cheap, bought drastically reduced property and crushed it when the market went on that bull run(still running). I made more money than I could’ve dreamed of and am retiring in 10 months to go live on a golf course.

[@genxx2724]

Me too. 💯

[@walterlimbacher4264]

Retiring isn't always a choice, most older people i know say they felt pushed out (me included). Late boomers also contributed to Social Security, your not subsidizing anyone. Some wisdoms only come with age if you are lucky enough to arrive at that destination.

[@carieyoung1111]

My moms in trouble. I’m waiting for the call that will inevitably come one day…she literally makes hardly anything with SS- no one can she afford to live on her own. Lucking she has a younger boyfriend but that’s not a retirement plan :/ ugh

[@dennistyler9852]

I’d take a younger wife. Oh ya, already have one. I think people panic because they don’t have the best retirement. IK I can’t continue to work past 62( health dictates) but I’ll work PT as long as I can. 2 six hour days beats 5 eight hour days. There never seems to be enough money. Everything costs more. My Dad is 94, lives in Senior housing and never asked for a dime. Your mum will be fine. All the best.

[@joeshmoe7768]

@@dennistyler9852 Oh, come on! Throw your dad a bone! He will enjoy it!

[@mjones9088]

201k is right, but hung in there and now at 60, my wife and I have a net worth of 2.6 mill. My wife retires this week and I’ll retire at 62 in two years. Looking forward to it.

[@MrDavkoz]

Late boomer here. When I was in my mid 40's I had to leave my job "temporarily I thought" to assist my elderly mother who has stricken with lung cancer and dementia. FMLA can only hold your job for so long, and I lost it while trying to work on finding an ALF that would take her (the dementia had sadly turned her extremely combative, requiring additional care for her). Needless to say, this effected my income for quite some time. I had to find another job at a lower rate of pay and work my way back up the ladder. All this happened around the 2007-2008 financial crisis. She passed away in 2009. Today at 60 I'm back to financial independence. Building a new home on some acreage and plan on going into semi-retirement around 62-65. Yes, it can be done, but it was an experience I wouldn't wish on my worse enemy.

[@sonyastone1445]

You accidentally-or not so accidentally-popped up on my feed, and this is the first time I’ve listened. You are SO funny that this Tennessean decided to subscribe. This bitter pill is easier to swallow with a little comic relief.

[@kimberlylepine5115]

Every single time I go out to buy groceries or incidentals, I see a dozen or more people in this age bracket working. It is possible to work in your 60s. Some of them even look like they are having fun doing it, at least part of the time.

[@7JANEWAY]

Like others have said, you are NOT talking about “late Boomers”, but Gen Xers. “Late Boomers” are actually those born between 1954-1960 (approximately). Gen Xers were born between 1960-1980, while Millennials like yourself were born between 1980-2000. All of these years are approximate, of course, but these are the generally accepted time periods for these generations. (and what generation I am I will keep to myself-but it’s probably not what you think)

[@nleposk1]

Why don't we talk more about Gen x, we're the forgotten middle child

[@ItsMrLee]

Gen who?

[@shanbush4127]

And the most awesome generation 😀😀😀

[@jerrystauffer2351]

They never did talk about us except to tell us off

[@vickieclark5931]

I think the Gen Xers maybe in the best situation when it comes to finances. That might be why we don't hear as much about our generation as we do the boomers and millennials. As a Gen Xer myself, I feel that I'm doing better than people 20 years ahead me and I know for a fact I am doing better than the younger generations since most of them won't be able to buy a house until they are in their 40s. I think Gen Xers were born at the right time.

[@nleposk1]

@@vickieclark5931 we're awesome 😊

[@marioharris3752]

1965 is the first year GenXers

[@happycactus]

Social security can be saved by doing one simple thing. Just one. Raise the FICA cap from $90k a year to $200k cutoff. If you don’t know what the FICA cap is, look it up. The FICA cap needs to be raised to match inflation. However, the elites, AKA legacy media, will not inform you of that.

[@user-lf2lf6wy4z]

So true!

[@lindadorman2869]

When I lost everything during the recession, I really wanted to be able to take part of my future SS benefits to tide me over until I could get back on my feet. But now I'm glad they didn't allow that because I have retired comfortably on my full earned benefits. No, it's not 100% of what I made when I was working but I spend a lot less now so it's enough.

[@joeshmoe7768]

What a bunch of BS! Late Boomer here, living the American Dream and have been retired for TEN years, Own two houses, one on a lake in Florida and one in a beach town on lake Erie! Everything I own is Paid off! Keep up the good work George, my pension Counts on it!

[@CJ-gv6bq]

Really, don't feel bad for seniors. Older people who have worked their whole life in a system that most did not create or influence in any way. People who are old and sick and in many instances unemployable. People who have supported their communities and schools. I feel bad for everyone who is struggling that is older.

[@peterrose5373]

If you've paid off your house and made it to medicare age, you shouldn't NEED more than half your working income.

[@OurNewestMember]

? Because no one has medical or divorce debt or disabled family members? How do you know how much income someone needs?

[@Karen.c.h]

Well well well George today in my news feed is an article that the headline is “it’s a weird dynamic: nearly half American parents financially support their adult children” I believe families should help each other. So if those same boomer parents run out of funds during retirement I’d say turn about is fair play.