Posted on 06/24/2006 11:14:12 AM PDT by Incorrigible
We're doomed!
[cue Mark Knopfler singing "Walk of Life"]
Wow! is that the truth!
One thing that is rarely mentioned in these stories is the transfer of wealth that will happen when the parents of these baby boomers die and leave their estates to the baby boomers.
At 60, I'm on the very leading edge of the boomers. I hope my parents live to be 100, but that's not likely. Eventually, they will leave a good-sized estate. My wife is 50, and is on the tail end of the boomers. Her parents are also alive and have a substantial estate.
This should be factored into all calculations of the upcoming baby boomer retirement picture. At 60, I'm not nearly ready to retire.
Already, the majority of voters in many areas of the country are senior citizens. Soon, the number of senior citizens will be much greater due to the Baby Boom and the life-extending advances of medical science.
Not only will the government raise taxes by an alarming amount to cover its "promises", but as the Senior Boomers gain political power, they will demand many additional "promises".
Politicians of either party will be very happy to accommodate them.
More Boomer bashing. It's so fashionable to do, after all.
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
Out of curiosity, how many siblings do you have?
And fun!
check it out later
Money For Nothing, Rx For Free
The government is going to get a very decent slice of those estates, Mineral ...
My wife and I are both Boomers. WE prepared for the future . Those that didn't ,can be turned into Soylent Green as far as were concerned .
Alas, I'm on only child. Part of the "Baby Bust" generation.
My wife's only sister died of cancer.
And now that my parents require as much care as my children, I WISH I had a sister!
Sorry Boomers, but this promise was made to be broken.
Though it's fun to give the Boomers a poke in the ribs, I know the vast majority of Boomer FReepers are ahead of the game.
However, I'm concerned that my savings will come under attack when push comes to shove. I think you should be too.
"[Baby Boomers to force following generations to suffer]"
Since the original headline didn't contain this clause, I'm assuming that you're one of the trouble, trouble, run and shout, wave your hands and run about folks.
By the way, it was the Baby Boomers who set up their own retirement funds to enable financial planning and estate planning companies to make profits to help them set up the products and services you purchased to fund your own retirement.
And without any proof that the government could or will grab the earnings you are setting aside, then I must assume your concerns are merely selfish and self-serving. Are you a libertarian by chance?
"At 60, I'm not nearly ready to retire"...You ain't one of those dbl dippers, let alone triple dippers, Huh?
We need to reform SS by establishing private accounts. They will reduce the USG's future liability and given individuals ownership of their retirement assets. Eventually, SS needs to be privatized except for the disability and survivor's insurance.
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