Quote:
Originally Posted by 1stLand
I think alot of them end up working more instead of opting to retire because of their kids situation. Boomers are famous for supplementing their kids lack of employment opportunities and lack of savings by offering to pay their downpayment on their first home, letting them live in their house longer than usual, buying them vehicles, paying for their vacation etc etc.
That is even trickling down to their grandkids now that there are many 20-something adults that lack responsibility and have two or three kids in tow and never had to means to start a family to begin with.
In many cases (sad as it sounds) baby boomers children are going to be counting on their inheritance when their parents bite the dust to finally be able to own a home that is paid off and have extra money for toys (vacation home, quads, boats).
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I think this is exactly the issue.
It's this weird cycle of no jobs being available since the baby boomers have them, and the boomers being unable to quit their jobs because they have to support the children who can't get the jobs.
Meanwhile you see the disparity between entry level and upper level jobs growing as baby boomers need more and more money to support their retirement and children. Meanwhle the children are willing to accept lower payign jobs because they have to in order to gain the experience.
The people who really get screwed in all of this are young people going on their own without the support of mom/dad.
A forced solution is coming that will bring this cycle to an end in the near future. As boomers transition into their 70s they will be forced to retire. Their minds and hearts (litterally. They are going to have heart attacks) will start to go.
A former employer of mine in his 70s was going senile. Meanwhile he was supporting his children, now in their 30s and heading into their 40s... They were now having grandchildren that he was indirectly supporting as well. The whole thing really is crazy.