What's going to be the final way that boomers pull up the ladder behind them?
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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?
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All their estates are going to healthcare bills.
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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
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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.
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Blocking all progress on climate change in order to squeeze every last ounce of profit out of the fossil fuel industry...and then watching the world burn from their private orbital habitat.
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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?
wrote on last edited by [email protected] -
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...privatization of social security...
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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.
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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.
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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.
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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?
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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.
I mean, young people can't afford their houses, at some point something's gotta give, or yeah they'll sell them to corporations.
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Mutually Assured Destruction
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Gravesites. There will be no room to bury Gen X and down.
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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
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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.
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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.
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...privatization of social security...
wrote on last edited by [email protected]This is the correct answer. And, they’ll do it so that it kicks in only for people younger than them.
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Corporate nursing homes milking them of all their remaining inheritable money.
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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.
