No. of Recommendations: 2
http://finance.yahoo.com/news/why-can-t-baby-boomers-save-en...
... identified the top three areas in which boomers are spending more than the prior generation of Americans aged 45 to 54 and 55 to 64:

• Spending on education has increased by 80 percent for 45-to-54-year-olds and by 22 percent for 55-to-64-year-olds.

• Boomers are spending more on their adult children. According to one survey, more than half of all people in those age groups are providing some form of financial support to their adult children.

• Expenditures on all types of housing have increased by 25 percent for both age groups. One cause is house size: The median house increased in size from 2,080 square feet in 1990 to 2,392 square feet in 2010.

• A close fourth was money spent on health care, including premiums, which increased 30 percent for 45-to-54-year-olds and by 21 percent for those ages 55 to 64.


PF
Print the post Back To Top
No. of Recommendations: 0
From your link....

Forget blaming too many lattes, eating out too often, and buying expensive cars and clothes as the culprits for why baby boomers haven't saved enough for retirement.

I realize saving amounts are down, however, I often wondered if in the numbers for 'savings' is the amount put into retirement or stock accounts.

Is the reason for lower 'savings' because people are putting that money into other types of accounts?

Granted it's just the people I know, but many of the older folks (older than boomers) I knew (most have died) lived on just SS. They didn't save for retirement. Most of the people I know, boomers, have something saved for retirement. It's probably not enough for them to live without SS, but more than their parents had saved/invested.

Jean
Print the post Back To Top
No. of Recommendations: 1
Jean: "Granted it's just the people I know, but many of the older folks (older than boomers) I knew (most have died) lived on just SS. They didn't save for retirement. Most of the people I know, boomers, have something saved for retirement. It's probably not enough for them to live without SS, but more than their parents had saved/invested."

I lot of parents of boomers had company pensions. My dad worked 44 years for Ma Bell...retired with 44% of last few years salary.....

Then he got SS and my mom got some too......

they had maybe 250K in 'savings'.......plus owned a small mobile home in FL and a year round house up in NY state.

Had company paid health insurance.

When my dad died, my mom got the pension for another 10 years..and the health care....and her 'survivor' SS......

She had adequate means to live a decent life, travel around, have a nice car, etc.

Most of the folks she knew were in the same situation.

Probably the parents of the majority of boomers had some company pension.....

Remember, back then, there wasn't all that expensive cable TV, cellphone plans, internet, electronic gizmos out the kazzoo....

My parents ate out maybe once a week when retired.....and when we were growing up, we ate out once a year!...or maybe once or twice on vacation - which was usually trips with camping every night.....all over the country...tent camping.... no RVs ...


In retirement, my parents took a cruise a year....and did other trips to foreign countries.....

t.
Print the post Back To Top
No. of Recommendations: 5
"In retirement, my parents took a cruise a year....and did other trips to foreign countries." - tele


Is it just me or am I the only one who doesn't think going on a cruise is/was all that fun? The TV commercials you see make it look like so much fun but the one cruise I took to Cancun/Cozumel -> Key West, and then back to Tampa, Florida was sort of boring. Especially when the ship was out at Sea. I guess I was expecting something more but the endless hours of being stuck at sea just weren't all that great. I was sort of bored.

"My parents ate out maybe once a week when retired.....and when we were growing up, we ate out once a year!" tele

And while I'm complaining.... What is the allure of going out to eat so often? Doesn't that get old too? I like to cook and actually prefer food I've cooked myself. Most of the time when I'm eating out I'm thinking to myself "I could do better." Especially Italian and Mexican food. I make tacos at home all the time. Easiest thing in the world. I put a whole lot more stuff on them too than most Mexican restaurants do. All kinds of onions, tomatoes, shredded lettuce, cilantro, etc.

My Spanish Rice is way better than their Spanish Rice too. I made some last night and it was delicious. I sauteed onions, peppers, finely diced carrot, and garlic, salt, in extra virgin olive oil and then added a big tablespoon of chili powder, paprika, and two tablespoons of tomato paste and then stirred in cooked long grain rice. It came out beautiful.


Artie
Print the post Back To Top
No. of Recommendations: 1
"Is it just me or am I the only one who doesn't think going on a cruise is/was all that fun? The TV commercials you see make it look like so much fun but the one cruise I took to Cancun/Cozumel -> Key West, and then back to Tampa, Florida was sort of boring. Especially when the ship was out at Sea. I guess I was expecting something more but the endless hours of being stuck at sea just weren't all that great. I was sort of bored."


WEll....depends......my parents usually went with a group of friends, so they had activities they did together. They went up the Alaska inland waterway......nice scenery and glaciers and all that.....

And they went through the Panama canal.....

they were in their 60s........so my mom really enjoyed all the meals...she didn't have to cook or make any meal for a week......that was a big plus for her.....

and that made my dad happy to have my mom happy...

You have to go with someone...otherwise, it is just like a big hotel......

I've never been on a cruise...seen the ships come in to ports in the CAribbean and Anchorage....hundreds or thousands get off and get suckered into the 'duty free' shops and tourist traps.....herded around.....

It was a break in the routine for my parents...and they went with others in the 'travel club'.....and went on guided vacations where all they had to do is show up....the bags were carried and delivered to your hotel door....and you got tours everywhere....with a few afternoons off to explore on your own.

They liked to travel.

I've never been on a cruise..other than day trips.....like in AK to see the sea life and glaciers in the Prince William sound.... and whales off Newfoundland....and off Padre Island, TX.....

On my bucket list is a trip through the Panama Canal.....


t
Print the post Back To Top
No. of Recommendations: 1
Artie: "What is the allure of going out to eat so often? Doesn't that get old too? I like to cook and actually prefer food I've cooked myself. Most of the time when I'm eating out I'm thinking to myself "I could do better." Especially Italian and Mexican food. I make tacos at home all the time. Easiest thing in the world. I put a whole lot more stuff on them too than most Mexican restaurants do. All kinds of onions, tomatoes, shredded lettuce, cilantro, etc."


I eat out almost every day for dinner, except Sunday when I eat breakfast out.

Monday night is senior night at the Chinese buffet.

Tues is club meeting night 2 days a month....

Wed is turkey day at Chubby's

THurs is Lasagna night...

THere are tons of places around here......and for one person....it's not that much more to eat out and I like to get out of the house once a day.

I make breakfast and lunch......and maybe 1 or 2 dinners a week.


Now....20-30 years ago..I ate home 6 days a week......while I was saving away.

I guess I really got into eating out once I retired. Before that, it was a few times a week....and for six months when my mom was here.....she cooked dinner almost every night. Even pizza night...but we ate out on trips.....a couple times a month....on the weekends when I was working.....or maybe once a week for 'cooks night out'.


t.
Print the post Back To Top
No. of Recommendations: 0
PF,

Don't be so quick to draw generalizations on all boomers!

Some of us are over 64. We take advantage of programs, such as Oasis (http://www.oasisnet.org/), to keep active and intellectually involved.

The amount we're spending on our kids involves providing the older boy w/ housing and an occasional meal. His grandparents are financing his grad school, posthumously. (They sold their small business and gave each of our two boys 25% of their estate when they went to their reward.)

Health insurance, after Medicare kicked in, is paying family rates on my retiree family health plan, while the guys are still in school. After that, they are on their own!

Geriatric parent,
PM
Print the post Back To Top
No. of Recommendations: 3
This is one of the results of tea-baggers being so bad at math. They rape education budgets from the government then pay 80% more for their childrens' education . . . and then they blame Obama for not having enough money to save anything.
Print the post Back To Top
No. of Recommendations: 0
"What is the allure of going out to eat so often?"

When I was working, I was often too tired to cook. Now sometimes I play so hard I'm still too tired.

But usually, I get some kind of food I don't normally fix: Eritrean or Cuban or Fancy.

Vickifool
Print the post Back To Top