The great baby-boomer retirement wave is upon us. According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. By 2030, the largest generation to enter retirement will all be older than 65.

The general assumption is that boomers will have a comfortable retirement. Coasting on their accumulated wealth from three decades as America’s dominant economic force, boomers will sail off into their golden years to sip on margaritas on cruises and luxuriate in their well-appointed homes. After all, Federal Reserve data shows that while the 56 million Americans over 65 make up just 17% of the population, they hold more than half of America’s wealth — $96.4 trillion.

But there’s a flaw in the narrative of a sunny boomer retirement: A lot of older Americans are not set up for their later years. Yes, many members of the generation are loaded, but many more are not. Like every age cohort, there’s significant wealth inequality among retirees — and it’s gotten worse in the past decade. Despite holding more than half of the nation’s wealth, many boomers don’t have enough money to cover the costs of long-term care, and 43% of 55- to 64-year-olds had no retirement savings at all in 2022. That year, 30% of people over 65 were economically insecure, meaning they made less than $27,180 for a single person. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse.

As boomers continue to age out of the workforce, it’s going to put strain on the healthcare system, government programs, and the economy. That means more young people are going to be financially responsible for their parents, more government spending will be allocated to older folks, and economic growth could slow.

  • preppietechie@midwest.social
    link
    fedilink
    English
    arrow-up
    116
    arrow-down
    2
    ·
    1 year ago

    The real villains here are the absurdly rich. Especially those who find ways to pay less in taxes.

    The top 1% are the problem.

    Tax the rich.

    • Facebones@reddthat.com
      link
      fedilink
      arrow-up
      10
      arrow-down
      2
      ·
      1 year ago

      Even as people starve, they’ll defend those absurdly rich folk because one day it’ll be them starving people out!

      • CeruleanRuin@lemmings.world
        link
        fedilink
        English
        arrow-up
        3
        ·
        11 months ago

        I hate this “I got mine”/“I’ll get mine” attitude. If I were wealthy, I’d gladly pay higher taxes to support social programs. Shouldn’t that be the whole point of accumulating wealth - to be able to give back? It should be hard-coded into the very structure of society.

    • Kosmokomeno@infosec.pub
      link
      fedilink
      arrow-up
      2
      arrow-down
      4
      ·
      1 year ago

      And it was a certain generation who decided to do teaching the rich. The ones who want to take digital security for themselves and scrap it for the rest of us