I told you it wasn’t just Gen X’s imagination that the preceding generation is, when viewed in the collective, a selfish, worthless, generation of grasshoppers:
“Paws off, Junior, this cash is mine.”
Don’t expect a big inheritance from your boomer parents — even if they are rich. Less than half of millionaire boomers say that leaving money for their kids is a priority for them, according to a 2011 U.S. Trust study. But 64% of boomers say they plan to use their money to travel and more than one in three say they want to use it to “have fun.”…
“Make room kids, we’ll be living with you when we’re old.”
Boomers are expected to live longer than any other generation. At the same time, it’s no secret they haven’t saved nearly enough for retirement. Overall, the average retirement savings shortfall for married baby boomers is about $30,000, according to the Employee Benefit Research Institute. Nearly half of early boomers, born between 1948 and 1954, and 44% of late boomers, born between 1955 and 1964, may not be able to afford even basic living expenses in retirement, according to EBRI. The result? Kids could be supporting mom and dad well into their eighties and nineties.
Yeah, I don’t see that happening on a grand scale. My generation is going to turf the Boomers into government housing faster than we saw them put our grandparents into nursing homes and we’ll do it with the same lack of remorse that they left us alone in the afternoons with a bowl of cereal and the television.
What the Boomers have forgotten is that they broke the generational contract. So they have no claim on the younger generations.