“-——— and are dipping into savings to care for aging parents.”
I don’t believe this.
Of course it happens,but most elderly parents are doing just fine.
We were a lucky generation,and most of us have pensions——and accrued great equity in our homes.
I am a senior,and know many seniors,and we are all doing very well-——not rich but able to care for ourselves.
We were a very fortunate generation.
.
my older brother and sister...bro served in Nam and sister was in college protesting...both hit the jackpot..sister retiring early in life from teaching and brother worked is way up to a regional sales job that made him a millionaire...
they entered the work force at just the right time...
slightly younger people like us, not quite so good..husband "had" a pension already for him but after 27 yrs a corporate raider killed the industry and he lost it all...and I work for a non profit...they do not have defined pensions and there is no medical at retirement...
the people that were 18-20 during WW2 probably had it the best...didn't have to serve...got into union jobs or govt service easily and all got their big fat defined pensions...
Perhaps shifting from paying it forward by passing on the family business to spending it all on yourself an let the kids feed on the scraps was not a good plan after all.
Thanks FDR...