boomers were not 'socking away' 100 a month at 18. they were in fact not 'socking away' much at all, ever. they are currently in a severe 'retirement crisis' for having not saved nearly enough. 45% have no retirement savings and the median savings among those who do is around 100-150k.
they were in college, earning a distribution of degrees that was heavier on liberal arts than millenials' are studying today for about $4000 (total, room and board combined cost, in today's money)
at 21 they left college and started jobs that rewarded them for their degrees, in an economy that drastically favored americans. they purchased homes straight away that cost about half what they do now, in real dollars (most of the price change from this period was inflation) and made tiny/near-zero down payments.
they saved nothing because their employers promised them real pensions and their employers saved for them. they spent 30 years at those same employers, generally having been rewarded quite a lot early on, and not noticing their pay flattening as they aged.
they retired as such a massive burden on those employers that many are still struggling today to stay afloat because the pension burden of their boomers is so great.
they taught their children three things that are total bullshit:
1) just go to college, you don't need a plan. just go. 2) be loyal to your employer! loyalty is rewarded! 3) buy a home, it's the best way to build wealth!
millennials who grew up and generally trusted their parents followed this advice and instead wound up in massive debt. they were not creating NEW debt, they had OLD debt they are paying off, which is much closer to 'socking $100' away than anything boomers were ever doing.
they then entered the workforce just as the bottom fell out of the US economy and their negotiating power hit an all time low. they were employees working jobs for employers who deliberately underpaid them and even as the economy improved, their employers knew that changing jobs was so stressful they often wouldn't. these employers, still burdened by expensive boomer pension plans not at all available to their millennial employees (in place: 401k matching that was trimmed to the bone in 2008 and is only now starting to limp back), opted instead to only reward new hires, while attempting to shame those who realized what was happening and learned to jump ship regularly and play the same game.
millenials following their parents' advice were buying homes in a hyperinflated market that crashed soon after they bought. some were lucky enough to not be ready until after 2008, but remember that the cohort starts in
Sackgurl posted...
you made this up
boomers were not 'socking away' 100 a month at 18. they were in fact not 'socking away' much at all, ever. they are currently in a severe 'retirement crisis' for having not saved nearly enough. 45% have no retirement savings and the median savings among those who do is around 100-150k.
they were in college, earning a distribution of degrees that was heavier on liberal arts than millenials' are studying today for about $4000 (total, room and board combined cost, in today's money)
at 21 they left college and started jobs that rewarded them for their degrees, in an economy that drastically favored americans. they purchased homes straight away that cost about half what they do now, in real dollars (most of the price change from this period was inflation) and made tiny/near-zero down payments.
they saved nothing because their employers promised them real pensions and their employers saved for them. they spent 30 years at those same employers, generally having been rewarded quite a lot early on, and not noticing their pay flattening as they aged.
they retired as such a massive burden on those employers that many are still struggling today to stay afloat because the pension burden of their boomers is so great.
they taught their children three things that are total bullshit:
1) just go to college, you don't need a plan. just go. 2) be loyal to your employer! loyalty is rewarded! 3) buy a home, it's the best way to build wealth!
millennials who grew up and generally trusted their parents followed this advice and ins