Sell all their homes to corporation in a reverse mortgage, so they get the cash now and the homes stay off the market for young people.
Jesus fuck your right
A lot of the cash will go on healthcare. But a bunch will go on trips in retirement and other stuff…of course no wealth transfer any more except for the uber wealthy.
It’s a case of the young no longer having a large sun of money at once to buy a house while also taking housing off the market. This reduces supply and demand keeping prices somewhat affordable for corps but out of reach for people. Renting is the new serfdom.
I mean, young people can’t afford their houses, at some point something’s gotta give, or yeah they’ll sell them to corporations.
Tom Selleck, do your mustache magic
Fuck Tom Selleck
Corporate nursing homes milking them of all their remaining inheritable money.
Exactly this. I’ve seen it with two of my family members.
And casinos.
My boomer relatives floated the idea of donating their estates to the mormon church upon their deaths, fucking their apostate kids out of any inheritance
You oughta see their gilded temples. They’re really hurting for money.
Isn’t it the richest church in the world
Wall Street is the richest church in the world.
Good observation 🤔
No one is owed an inheritance.
Yeah certainly not the fucking Mormon church though. Literally would rather it go to a crackhead at peak addiction so they can throw a $450,000 crack party then those fucks.
Bro 😔 I am so sorry. Assuming you are not a drug addict or something you didn’t deserve that.
Assuming you are not a drug addict or something you didn’t deserve that.
What a weird second sentence.
They’ve already done it. The environment is fucked for future generations.
they didn’t stop
It’s been happening for a while. Aged care is very expensive, and is often secured with assets. These places will take all the hoarded wealth before it can transfer to anyone who needs it.
Some would say the answer is to not outsource care of our loved ones, but how do we do that without housing or job security, in an economy where nobody has the time for it?
There is also the faintest possible possibility that some sort of home health care robot will become available in the next 20 years or so, but it’ll probably be very expensive.
20 years?
You know boomers are already 70+ right? In 20 years they’ll all mostly be dead anyway and their wealth sucked up by medical debt and end of life care services.
Well then maybe Gen X will get them.
Dying and leaving us holding the bag.
Rather, dying and leaving it all to the few sycophantic offspring they’ve managed to brainwash to continue their legacy.
this… this is absolutely my exact life situation right now.
like we don’t agree about ANYTHING even though i am literally watching them suffer from the consequences of how they’ve been voting since they came of age (fuck Reagan)
why do i keep hanging out with them? because they have a boat? i don’t think it’s worth it anymore
ugh
The Me generation has already pulled the ladder so high, that most of Gen X never made it onto even the bottom rung.
Their parents named them The Me Generation. They tried to stick that label on Gen X, not realizing that they didn’t have enough of us for us to ever be relevant.
The Greediest Generation will be taught about, as the people who were so shortsighted they sold out themselves and their next 5 generations of offspring.
The easy answer is by spending all their money before they die so that their kids/grandkids don’t really have an inheritance.
This works for me. My dad died when I was 19 and I got a little insurance money, but he left his significant estate to his 2nd family. Fucking pos, burn in hell.
Wife’s dad died a few years later. Left her a little, but when you’re 20-something, you have no idea how to manage it. Had a relative help manage it, she did a great job of picking losers so it slowly dwindled down to very little in about 10 years.
Wife’s mom was an invalid ward of the state, we had to pay for a bunch of her expenses. No insurance or assets to speak of, all her shit went into a dumpster as most was garbage.
My mom is left and shes never met a dollar she couldn’t spend. My brothers and I are giving her money and food so she can stay in her house, but its in a shitty neighborhood and has many stairs. She has already said she won’t go into a home, I guess that means one of us has to take her in. She has lots of ugly old Ethan Allen furniture that she thinks is worth a fortune, but its just ugly old furniture.
All we got from this was a little money when we were too young to manage it and expenses from anyone left.
I am so envious of friends who have parents that put something aside for them. They will have an actual retirement. I will be working until I’m old as shit.
yup irresponsible spending too, and then at least on some subs there are stories of them that want the children to be thier retirement plans. some of thier adult children were willing to do it, some wont.
To spite the libs, they’ll inflate the US dollar till its worthless.
Nope. Till, though an older form of the word, would be the acceptable term, with 'til being an informal shortening of until that’s used mainly in poetry for cadence (source).
My grammar allies have arrived!
Although frankly the spongebob guy with a board nailed to his head is also pretty much me.
I may not be perfect at it (at all, considering English is not my mother tongue), but I love grammar. It’s linguistic artwork.
Also, I love this alot lol
Gravesites. There will be no room to bury Gen X and down.
Jokes on them, we will never be able to stop working long enough to have a proper funeral. They’ll just bury us where we drop.
Not like most of us care anyway. Just throw my rotten corpse in a dumpster, ain’t nobody wanna smell it anyway.
Eh, here in Sweden it is normal to reuse grave sites, you normally get a grave site for 25 years, but it can be extended.
The relatives of the person buried can extend the time that the gravesite is yours, but it costs money.
Sooner or later the gravesite is returned to the church to be reused.
That’s the way it is in a lot of European countries. Every single acre of land would be a gravesite if not for this system.
Is everything broken down in 25 years or do they do something with the remains?
Most people here are cremated, I also remember the urn my grandfather was buried in was biodegradable so after 25 years there is nothing really left.
I don’t know if everything is broken into 25 years, or so, that is just what I read on the Chruch of Sweden’s website.
Have you heard about Paris catacombs?
What happens to the bodies already buried within?
They are first cremated, and at leat when my grandad died, the ash was placed in a biodegradable urn, so I’ll assume it just biodegrade when the next guy is going in.
Good thing more and more people are choosing cremation these days.
they already did, decades ago. consistently voting with the republicans. like 1-2 generations ago, when they went with reagen, and then again with BUSH as the final act.
…privatization of social security…
This is the correct answer. And, they’ll do it so that it kicks in only for people younger than them.
In a way, this has already happened with 401(k) plans. In general, making each person’s retirement income more easily measured is likely a good thing, since it will probably encourage people to behave in a more prosocial way. https://www.heritage.org/social-security/report/pension-reform-sweden-lessons-american-policymakers https://www.youtube.com/watch?v=sKjHvpiHk3s
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It seems that there is at least one system that is intended to keep people alive even if they didn’t work much.
Because of low wages and interrupted work history, some workers earn modest incomes during their careers. Many of these workers will reach retirement with small private retirement accounts and notional accounts. To ensure that pension reform does not adversely affect these people, the new pension system guarantees an adequate old-age income for all Swedes.
For a single retiree, the guaranteed pension is about $9,000 per year. A married couple, meanwhile, receives about $16,000. This means-tested benefit is phased out according to the income available from the notional account and the private account. The means-testing rules that govern the guaranteed pension are relatively generous, to the extent that about 40 percent of workers are projected to receive at least some income from the safety net program.
My recollection is that the comment I replied to was “You’d be lucky to keep a job for 30 years to manage to save enough and not die in poverty!” or something similar.
Climate change, although the younger generations aren’t doing much to help with that either.
Firing the FED chairman and putting a political appointee in his place. It’s kicking the ladder out from underneath you while you hang yourself with Epstein’s rope.
I think crashing the dollar is more likely to screw the boomers than the young. They have the wealth which will devalue. The super wealthy with generational wealth will be fine as inflation will help their assets. the boomers transitioning from assets to cash for stability in retirement will be screwed.
I disagree. Inflation affects property (which probably refers to every tangible thing you will interact with other than the currency that is inflating). If the amount of money you need to give up in order to acquire an object increased due to time passing, that is “inflation”. That means that when inflation happens, every person who has at least 1 dollar bill suffers (since they won’t be able to trade it for as much stuff as they could before). A person who is significantly wealthier than someone else probably won’t have a significantly larger amount of money. Elon Musk surely doesn’t have 1 billion $1 bills stored in a basement: they probably have a large amount of money in their wallet and in a bank account, but I would be surprised if less than 90% of their net worth was derived from owning property. A “billionaire” might have 100 times as much “money” as the typical person, but they probably don’t have 10,000 or 100,000 times as much: https://breznikar.com/articles/how-much-cash-on-hand-do-billionaires-have/1781 https://www.fidelity.com/learning-center/smart-money/average-net-worth-by-age This means that when there is inflation, a poor person’s net worth will likely decline more than that of a rich person, since it’s likely that a large amount of a poor person’s net worth will be in the form of cash when compared to a rich person (and the net worth of a rich person will probably increase, since it’s likely that the value of their property will increase more than the amount they lose from the value of their money going down). People who are older are usually wealthier than young people, and people who are wealthier probably derive a larger percentage of their net worth from owning property than someone who is less wealthy, so when inflation happens, the net worth of young people probably decreases more when compared to older people.
Some things that can offset the impact of inflation are having debt and/or income that increases when inflation happens. I intentionally mentioned that property is tangible, but income and an obligation to pay someone using money seem less tangible. If you only own a $100 bill in your pocket, but you have a debt of $100 and your household income is $80,610 each year, if prices double but your income doubles too, that means that your net worth would not really change (you still have $100 and owe $100), but it would be easier to pay your debt (since it would become a smaller proportion of your income). If your income increases faster than inflation does (which is technically a typical situation), that means that you are in a better position as time passes! Moreover, old people typically have less (earned) income and debt than younger people, so in some ways young people have an advantage over old people.
In general, getting more (earned) income and debt is probably the way to overtake someone older than you. Getting a job providing something that old people pay for (like gambling or medical services) is probably an even better way.
Yes, I agree. The ultra rich won’t be affected as their assets price will rise. The boomers who have reverse mortgages their house have cash, or a perpetuity. The asset will rise. Their money will not.
The poor will certainly be worse off, as they always are. The young will be worse off. However, their wages will rise to catch up. Maybe not enough, but a rose nonetheless. The boomers depending on the reverse mortgage income or the cash pile from the agreement will just have devaluation.
Boomers will be more worse off in dollar terms and percent of wealth lost. At least, that’s my guess.
Leave their houses to their pets when they die.
Nah, pets are too mortal. They’ll be donated to the historical association and be considered landmarks we can neither destroy or live in.
Pet tortoise?
still mortal, could have an untimely deathYes, tortoises, let’s tell them to leave it all to tortoises.
