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Author: ziggy29 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Re: No Inheritance for BabyBoomers' Children Date: 9/8/2011 10:44 AM
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>> Some boomers got caught in the recession, too, another reason they might not be leaving anyone anything. <<

That's what I think. I think many Boomers probably were raised into believing in "The Deal" -- work hard and you'll get a decent, secure job that keeps up with inflation, has secure benefits and will provide for a secure retirement at the end of the road. Many of them grew up seeing their parents get that deal.

So if these Boomers spent the first 2-3 decades of their careers trusting in this belief and they didn't plan a contingency for providing for themselves into their retirement age, a lot of them are really screwed once they hit their late 40s and 50s and became victims of the "new normal". They saw their employers freezing their pensions, canceling retiree health insurance programs, throwing masses of pink slips around and engaging in rampant age discrimination. Suddenly they had not many years left to work before "retirement age" (assuming retirement happens at all any more), and nothing saved for retirement. Even many who intended to leave an estate to their kids a couple decades ago are probably thinking they might need every penny just to scrape by.

Ain't "the new normal" a blast?

#29
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