StandUpforAmerica said:

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dermdoc said:

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yell_on_6th st said:

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The simple answer is, keep working.

It's better for you anyway

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Amen. 70 years old and going strong. And I am a responsible boomer. Could retire but don't want to.

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What is it with Dermatologists? Mine in Houston didn't retire until around 80. He probably should have retired about 5 years before that though.

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Well, the job is only skin deep

Logos Stick said:

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B-1 83 said:

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F16……where "Boomers" are second only to the Israelis at causing problems for people in the US.

Boomers - born 1946-64. That makes them 79-61……a goodly chunk have already retired.

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Based on labor force participation rate stats, about 65% of boomers are currently retired.

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In 2016 Boomers were just 1/3 of the voting population, and fading fast…..
https://www.pewresearch.org/short-reads/2018/04/03/millennials-approach-baby-boomers-as-largest-generation-in-u-s-electorate/

Hoyt Ag said:

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Im 42, set to semi retire by 52 and I can only think of a few people I know that will ever retire, let alone early like I am working towards. Even if they got a windfall from their parents, they would blow it and have little to show for it. Gonna be interesting to see how many are working forever.

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I have a friend who is about 63 years old. He's been retired for several years....maybe 10. He told me when he was 6 years old, a group of old men asked him what he wanted to be when he grew up. He told them "retired".

$400k in retirement funds earning 8%, being drawn down by average spending in retirement of $52k/yr and inflating at 3% will last roughly a decade, or from 67 (SS retirement age) to 77 (average life expectancy). The near average boomer retiree and above average group is not a national concern.

The bottom third of boomers 20 MM or so is the group that will have to continue working longer, and will likely do so until accident or illness puts them into a hospital, they won't be able to care for themselves upon discharge, and if/when family cant continue to care for them they will move to a nursing home on medicaid until celestial discharge.

I think the "issue" is that the government programs and the private sector companies set up to take advantage of the boomers are realizing the growth bulge is over or at least the peak now in their planning windows or rear view mirrors and realizing it's time for contraction, and they don't want to make those changes.

It is not a disaster, but it runs against the mantra of growth to infinity and deficits don't matter.

Vote out incumbents, and replace them with folks with common sense and responsible behavoirs.

What has gotten tail end boomers like me is how the retirement game switched from pensions to save for yourself midgame. The rules changed on us at halftime.

I stayed with my employer in order to maximize my pension when retirement came. And then about a decade ago, good old employer I was dedicated to said "ah heck you know we're gonna cap what you can earn based on salary and years of service as of January 1, 2016."

So that little change is gonna cost me about $2000 a month in pension.

I had been saving, but not as much as I should have since - when I started in 1984 - 401k savings plans were just coming out and Roth IRAs didn't exist. The real juice in your 401k comes from what you were putting in in your 20s and 30s.

Furlock Bones said:

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Its Texas Aggies, dammit said:

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Aggie95 said:

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which one is it?

this article says retirement accounts will be drained below acceptable levels

other articles say we are in a period of massive wealth transfer from baby boomers to Gen X

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I don't think most boomers will have anything left to pass down. Median of $400k in retirement accounts won't go far especially if the money printer keeps running. I don't expect any social security to be left when it's time for the bulk of Gen X to retire. If there is, it might buy a happy meal.

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This. I think the great wealth transfer will be a myth. Business (mostly healthcare) will find a way to suck out all of that money.

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for the vast majority of American's, 95% of there healthcare spending occurs in the last 5 years of their life.

the boomers make up 20% of the population but have 50% of the wealth. They'll go thru a lot of it in the next 10-years between inflation and health care spending. I'm seeing it now with my dad and his brothers/sisters along with my wife's parents. In the last 5 years between my dad and wife's parents there have been, double bypass, hip replacement, stints (on all 3), and a host of other health issues + medications. I'll be Medicare has dole'd out 4-500K in hospital stays for the 3 of them since 2020 + their supplemental insurance + anything out of pocket for them.

Now that I think about it Medicare spending is going to go thru the roof in the next 10 years....

There isn't going to be a recession while Trump is in office.

LMCane said:

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Muy said:

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And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

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I have been stating for like 2 years on here that I'm taking Social Security the FIRST DAY I QUALIFY in 2032

for that exact reason.

I want to be in the system before the politicos raise the retirement age and go to "means testing" to deprive me of what I paid in.

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If it's still available for me, I'm taking it at 62. For this same reason.

And because the break even point is when I'm 78 or something like that.

BUT, it's not being factored into my retirement plans. It's going to be my "Hookers and Blow" money. It goes in an account and every January I check the account to see how much H&B money I have for the year. If there's none, well then I wasn't expecting it anyways...

which short term USG Treasury Bond are you all using?

SGOV
VBIL
XBIL

trying to figure out the best way to move cash into the Bank of America account that allows for purchasing TBills

fc2112 said:

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What has gotten tail end boomers like me is how the retirement game switched from pensions to save for yourself midgame. The rules changed on us at halftime.

I stayed with my employer in order to maximize my pension when retirement came. And then about a decade ago, good old employer I was dedicated to said "ah heck you know we're gonna cap what you can earn based on salary and years of service as of January 1, 2016."

So that little change is gonna cost me about $2000 a month in pension.

I had been saving, but not as much as I should have since - when I started in 1984 - 401k savings plans were just coming out and Roth IRAs didn't exist. The real juice in your 401k comes from what you were putting in in your 20s and 30s.

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Amen. I try to preach to those young guys that work for me to not rely on their pension alone and certainly not on SS. I have maxed my Roth and 401K since I was 19 years old. Best decision I could have made and allowed my future to be as bright as I want it to be.

Dirt 05 said:

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$400k in retirement funds ...

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The median is a lot lower than that. I think the mean is heavily skewed by the top 10%.

Flavius Agximus said:

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I'm a tail end boomer, early Gen X depending what cutoff date you use (there's a range). My siblings were all Gen X so I felt culturally closer to that generation. One thing I found aggravating throughout my career is there were so many boomers occupying positions above me in corporate hierarchy that weren't a lot older it made advancement more difficult. So I have mixed feelings about those that say they're still working. Part of me says retire already and make room for the younger generations. You're being selfish. Part of me says if you can keep working, it's the most responsible thing to do for yourself and your family.

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You see this play out in politics with the Boomers desperately clinging to power. It's particularly notable in the Democrats party where Pelosi, Biden, Bernie, et. al. have really stifled development of the next group of leaders. Is the DNC really going to bypass Gen X (Beto and Gavin) and go straight to millennials like AOC?

Burpelson said:

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Even if you retire with 2 or 3 million half will be wiped out by medical bills, the system is rigged, brace yourself.

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Will it though?

https://www.ncoa.org/article/what-you-will-pay-in-out-of-pocket-medicare-costs-in-2025/

Quote:

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What do average Medicare out-of-pocket expenses look like?
Below are some basic Medicare out-of-pocket costs you can expect to pay with various plans. Additional OOP expenses depend on your plan's coverage and other factors.

• Medicare Part A (Hospital Insurance): Most people don't have to pay a premium for Part A because they have worked 10+ years and had Social Security taxes withheld. If you don't get premium-free Part A, you may pay up to $518 monthly in premiums. For a hospital stay in 2025, you'll also pay a $1,676 deductible per benefit period.
• Medicare Part B (Medical Insurance): The standard Part B monthly premium in 2025 is $185. Most beneficiaries pay this amount. The Part B deductible is $257 per year. Part B coinsurancethe share you're expected to pay after reaching your deductibleis 20% of the cost for each Medicare-approved service or item. This can make up a significant part of your total out-of-pocket costs.
• Medicare Advantage (Part C): Part C plans cover everything original Medicare covers, and most provide extra benefits such as dental, hearing, and vision care. In 2025, the average Medicare Advantage/Part C premiums are projected to range between $0 and $240+, with the estimated average plan this year costing $17 per month. Most Medicare Advantage plans have cost sharing as well. Typically, this is in the form of a fixed co-payment for doctor's visits (rather than the 20% coinsurance you pay with Part B).
• Medicare Part D (Prescription Drug Coverage): Annual premiums vary across Part D plans, estimated to average around $46.50 per month in 2025 for standard coverage. The Part D deductible can be no more than $590 per year. In 2025, the coverage gap will be eliminated, and annual out-of-pocket Part D costs are capped at $2,000. This means if you take high-cost medications covered by Part D, you could see major savings. After meeting the out-of-pocket limit, you pay $0 for covered drugs for the rest of the year. Eligibility for the full Medicare Part D Low-Income Subsidy (LIS, or "Extra Help") has been expanded to beneficiaries with incomes up to 150% of the federal poverty level (FPL). LIS lowers premiums and out-of-pocket costs for prescription drugs.
• Medigap (Supplemental Insurance): Medigap policies are sold by private carriers to provide wraparound coverage for Medicare Parts A and B costs. Each insurance carrier sets its own premium for its Medigap policies. The way they set the price determines how much you'll pay in out-of-pocket costs, now and for the rest of your coverage period.

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MooreTrucker said:

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Vepp said:

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Defund Social Security now and let's have a future!

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F that. Payment back what I put in PLUS INTEREST. THEN you can defund it, whatever.

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FIFY

Exactly. How if you are insured is it going to cost millions to the individual?

fc2112 said:

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I had been saving, but not as much as I should have since - when I started in 1984 - 401k savings plans were just coming out and Roth IRAs didn't exist. The real juice in your 401k comes from what you were putting in in your 20s and 30s.

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A lot of young people just assume these investment options have always been available.

They don't realize that back in the day, you needed a broker to purchase stock and most brokers didn't want to have anything to do with you unless you had some wealth. Plus, you paid healthy commissions for the privilege of buying.

You couldn't just log on to Schwab or Fidelity or Robinhood and buy shares. And fractional shares weren't even a thing. In many cases you had to have enough cash for a 100-share lot.

EclipseAg said:

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fc2112 said:

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I had been saving, but not as much as I should have since - when I started in 1984 - 401k savings plans were just coming out and Roth IRAs didn't exist. The real juice in your 401k comes from what you were putting in in your 20s and 30s.

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A lot of young people just assume these investment options have always been available.

They don't realize that back in the day, you needed a broker to purchase stock and most brokers didn't want to have anything to do with you unless you had some wealth. Plus, you paid healthy commissions for the privilege of buying.

You couldn't just log on to Schwab or Fidelity or Robinhood and buy shares. And fractional shares weren't even a thing. In many cases you had to have enough cash for a 100-share lot.

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Thank you for reminding me how ****ing old I am.

The video was posted 6 years ago so it would be interesting to take a look at the predictions and things that have happened that could not be predicted such as the plandemic, ridiculous gov't spending increases, Fed increasing interest rates, and rapid increase in home valuations.

His crypto prediction was spot on as Bitcoin was $8k and now $118k.

His comments regarding the reduction of people contributing to the workforce and consumerism are likely magnified by those that continue to exit (7 million young men currently out of the workforce per Mike Rowe) and future reductions due to AI.

Sam Zell's publicly traded ELS (trailer and RV parks) are down 5.83% over the past 5 years so that hasn't turned out to be a good investment as retirees don't appear to be selling their homes and moving to trailer parks and live off their equity - yet.

Fast food industry expected 6.05% CAGR 2021 through 2028.

In general, like many financial market predictors his doom and gloom prediction will eventually come true. The most telling graphic he presented it the duration of our current bull market; now the longest in history I believe.

Ag with kids said:

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LMCane said:

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Muy said:

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And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

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I have been stating for like 2 years on here that I'm taking Social Security the FIRST DAY I QUALIFY in 2032

for that exact reason.

I want to be in the system before the politicos raise the retirement age and go to "means testing" to deprive me of what I paid in.

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If it's still available for me, I'm taking it at 62. For this same reason.

And because the break even point is when I'm 78 or something like that.

BUT, it's not being factored into my retirement plans. It's going to be my "Hookers and Blow" money. It goes in an account and every January I check the account to see how much H&B money I have for the year. If there's none, well then I wasn't expecting it anyways...

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Sounds like I'm a year older and I have the same plan.
No benefit in waiting anymore.

"It's my money and I want it now!"

Call J.G. Wentworth, 877 cash nowwwew!!!!

Science Denier said:

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Thank you for reminding me how ****ing old I am.

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"Brah ... why didn't you start buying tech ETFs on Robinhood and stacking Bitcoin when you were right out of college -- like me?"

Ag with kids said:

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LMCane said:

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Muy said:

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And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

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I have been stating for like 2 years on here that I'm taking Social Security the FIRST DAY I QUALIFY in 2032

for that exact reason.

I want to be in the system before the politicos raise the retirement age and go to "means testing" to deprive me of what I paid in.

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If it's still available for me, I'm taking it at 62. For this same reason.

And because the break even point is when I'm 78 or something like that.

BUT, it's not being factored into my retirement plans. It's going to be my "Hookers and Blow" money. It goes in an account and every January I check the account to see how much H&B money I have for the year. If there's none, well then I wasn't expecting it anyways...

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The other reason to retire as soon as you are able is the mean healthy life expectancy age for men, which is around 66. That's the average years a person is expected to live in full health, without declining health, serious disease or disability.

per CDC: National Center for Health Statistics

Total Life Expectancy ~75 years
Healthy Life Expectancy (HALE) ~66.1 years

Muy said:

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And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

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Younger Generations don't want to work less. They want to do less work that has no meaning.

I think wide spread retirements could be awesome for the work force. Many of the disillusioned younger generations are stuck with no promotion possible behind a dinosaur that still struggles "Googling" his research and couldn't comprehend the value of AI unless you printed out a powerpoint for them.

Hoyt Ag said:

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Amen. I try to preach to those young guys that work for me to not rely on their pension alone and certainly not on SS. I have maxed my Roth and 401K since I was 19 years old. Best decision I could have made and allowed my future to be as bright as I want it to be.

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This is one of my bigger regrets. I chose a poor career path and didn't really start earning until around 31. Have made up for it since but I would love to have those years back between 22-30. Sitting at 49 now and hope to be semi retired by 62 or 63. Will prob work in a part time or consultancy gig as long as I'm healthy and enjoy it.

mm98 said:

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Hoyt Ag said:

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Amen. I try to preach to those young guys that work for me to not rely on their pension alone and certainly not on SS. I have maxed my Roth and 401K since I was 19 years old. Best decision I could have made and allowed my future to be as bright as I want it to be.

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This is one of my bigger regrets. I chose a poor career path and didn't really start earning until around 31. Have made up for it since but I would love to have those years back between 22-30. Sitting at 49 now and hope to be semi retired by 62 or 63. Will prob work in a part time or consultancy gig as long as I'm healthy and enjoy it.

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I didn't start making money until 44 and am way behind and being hampered by high progressive taxation.

In the early 2000s, the year when the equity market would crash because Boomers would start cashing in larger portions of their holdings, downsizing their homes, cashing the equity, going to cash. Mostly that was part of people trying to sell annuities.

So excuse me if I am not on the ledge about this.

the year? Forget something or am I just missing things, as usual?

aggiehawg said:

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In the early 2000s, the year when the equity market would crash because Boomers would start cashing in larger portions of their holdings, downsizing their homes, cashing the equity, going to cash. Mostly that was part of people trying to sell annuities.

So excuse me if I am not on the ledge about this.

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I've never worried about the market. My guiding premise is as follows:

1. As long as 401k's exist and employers match, market will go up. Too much money continually being pumped into the market to stop it.
2. When dips happen, buy more.
3. If in doubt, see 1

When crypto starting becoming a real investment tool, I was a bit worried. My son started investing in crypto before he even went to A&M, and now he doesn't bother putting into 401k's. So, I'm thinking this younger generation is not going to continue pumping money into 401k's. Wrong.

My next fear is that when boomers retire, they will stop pumping money into stocks. I'm not concerned about the little they will take out. It's that the huge influx will stop. Now, we are a ways from that happening, but I do think it will cause a pretty severe correction.

Just tell me when it will happen. Thanks in advance.

Tom Fox said:

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Just tell me when it will happen. Thanks in advance.

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LMAO. Yea, that's the trick, right?

We just saw the market plunge over "reeee tariffs", and then, bam. Right back at new highs in a few months. Obviously, the market is flooded with so much money, it won't stay down long now.

One thing I learned a long time ago. I suck at market timing. So, the just keep buying strategy has worked well.

infinity ag said:

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Boomers really were the most irresponsible generation.

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One of the biggest mistakes some of the boomers made was having children

Tom Fox said:

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Exactly. How if you are insured is it going to cost millions to the individual?

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i posted again and asked the same question for those with Medicare + supplemental ins.

but the costs will be very high and it's going to hit Medicare even harder than it is right now.

Rocky Rider said:

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In general, like many financial market predictors his doom and gloom prediction will eventually come true. The most telling graphic he presented it the duration of our current bull market; now the longest in history I believe.

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Video is from pre-2020. There were pullbacks in 2020 and 2022.

Rattler12 said:

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infinity ag said:

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Boomers really were the most irresponsible generation.

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One of the biggest mistakes some of the boomers made was having children

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Wasn't that the entire premise of the WWII generation was to grow the population? I don't think they expected people to live this long in such masses, or that America would stop producing.

Science Denier said:

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My next fear is that when boomers retire, they will stop pumping money into stocks. I'm not concerned about the little they will take out. It's that the huge influx will stop. Now, we are a ways from that happening, but I do think it will cause a pretty severe correction.

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65% of boomers are no longer in the workforce.

Muy said:

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Rattler12 said:

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infinity ag said:

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Boomers really were the most irresponsible generation.

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One of the biggest mistakes some of the boomers made was having children

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Wasn't that the entire premise of the WWII generation was to grow the population? I don't think they expected people to live this long in such masses, or that America would stop producing.

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That comment was directive in nature.towards the "boomer bashers".....

but I will say this.....a larger problem for the boomer children and their children is the past and current trend amongst the 2 groups to have less children and at a later age. A couple waiting to have children until they're in their mid 30's and then having only one will have effectively eliminated an entire generation and as us "old's" die off in numbers there will be no replacements. This phenomena appears to be happening more frequently in a particular race and if continued said race will eventually become extinct. I believe China has figured that out and is paying the consequences of years of the one child only rule That was finally eliminated'