Current Events > Boomers the richest generation, are actually in deep trouble

(+) Yeah! (+)

https://www.youtube.com/watch?v=bHgs-1bGhNk

tl;dr
the average boomers doesn't have enough savings to continual to live despite working 46 years of their lives
401K discussed how companies loved them but while one can be up and in the millions, in the bat of an eye it goes down and zip zoop you "broke" and have to return to the workforce

401k wiped out
average 401k fell by 24% in Q3 of 2023

https://gamefaqs.gamespot.com/a/forum/6/65d44cda.jpg

Oh no! ... Anyways

Gurifisu posted...

Oh no! ... Anyways

That means things are going to even more grim for following generations. Try to think a little beyond BOOMER BAD.

Guess they need to stop buying Starbucks and avocado toast.

But seriously not all boomers are ignorant, entitled jackasses so this isn't nice to see. Hopefully those who vote Republican will learn from this though I'm not holding my breath.

On the one hand, they brought this on themselves. But on the other hand, now the rest of us will feel it. Stupid boomers.

So how are these hidden fees incurred and how can you avoid them?

Vyrulisse posted...

That means things are going to even more grim for following generations. Try to think a little beyond BOOMER BAD.

Not everyone lives in America. Not my fault you decided to stay in that shithole.

Just buy a yacht and live in the middle of the ocean.

They can join in our fun!

Gonna have to sell them houses. Hello home ownership!

My parents are sitting pretty. But they both have pension, savings, and a paid off house. If they cant make it through retirement then I dont stand a chance lmao

Doesn't bode well for those of use who are investing into a 401k for retirement as well.

Will_VIIII posted...

Doesn't bode well for those of use who are investing into a 401k for retirement as well.

Just need to retire in a good economy not a bad one KEK

Will_VIIII posted...

Doesn't bode well for those of use who are investing into a 401k for retirement as well.

Keep that in mind when everyone is pushing a 'Cashless' society.

wtf happened that dragged people's 401k's down 24%? I thought you invested in a 401k because it was supposed to be safe?

Proto_Spark posted...

wtf happened that dragged people's 401k's down 24%? I thought you invested in a 401k because it was supposed to be safe?

Idk maybe this guy wrote the video in the middle of October when the market was down 24% from peak? Otherwise I don't know what he's talking about. The market is up literally 3000% since the 80s when most baby boomers started contributing.

The hidden fees issue is more real. If you don't pay attention to what your 401k is invested into, you might end up with some managed fund with a high expense ratio which means someone on Wall Street is paying themselves out of your retirement money to pick stocks even though they will absolutely not beat the stock market.

tl;dr make your 401k is not invested into some kind of special fund with an expense ratio. Allocate it to some basic ass total stock market index like 80% US 20% international. Re-evaluate and consider bonds instead of stocks when you get closer to retirement age when you can't afford to wait 10 years for the stock market to recover if a 2008 happens.

Should retirement kinda stabilize once the generation retiring is not such a high ratio compared to the generations waiting to retire?

We are going to have to embrace the multi-generational housing mindset. The old will need to be taken care of by the middle, who will also be taking care of the youth. The old and youth can use their income from SS and early career income to help out, but the middle generation will need to be the one to truly be the foundational point of the household.