You'd be completely wrong. In my case.
Mildly Infuriating
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This is a bad faith take that only reflect the experiencs of the wealthiest boomers. There are elderly people struggling with Medicare and social security being cut. Remember, there's not an age war, there is a class war.
It's a class war, but many boomers are scabs.
Remember when there was a worker shortage and retired boomers went and volunteered at chain restaurants so they wouldn't have to raise wages to attract workers? Remember all the "millennials are so entitled, they want to be PAID FOR WORK" style posts by boomers, back when some non-boomers still used Facebook so we had access to their posts?
It's not their fault they've been brainwashed by right-wing propaganda, but they for sure are fighting against anything resembling economic justice.
And obviously much like any generation, you can't make sweeping statements about them. There are right-wing nutters in their 20s and even their teens out there right now and there are obviously boomers who aren't selfish assholes.
It is a class war but boomers provide political cover the the ruling class to destroy the country
Damn, I wish my parents had an inheritance to waste.
My boomer dad: you probably won't get anything because I'm paying [i.e. using my retirement] to take care of my [100 year old] mother
Me: that's understandable
What's infuriating about this? Why the heck should I inherit something I haven't worked for? I've always told my parents and grandparents that dying with an empty bank balance is the ideal way to go. Hell, preferably be in debt.
It comes from a time where your whole family lived in the same house and the kids eventually take care of their parents. In todays system where people usually dont live with their parents for very long, it doesnt really make sense anymore. People need money long before they get to the age where their parents die. Getting a bunch of money at 30, to establish a life/family, is much more useful and long term impactful than getting it at 50-60. So inheritance is a flawed idea from the start.
There's nothing wrong with wanting to pass the product of your entire life to your offspring, surely. We can't be so atomised. Where do you think it should go? Inheriting an empire is one thing, but why shouldn't you be able to give your own house to your child? I say this as somebody disowned by their father.
Exactly my thoughts too. Life’s meant to be lived. Hoarding assets to save for an uncertain future is counterproductive even in terms of economy at large, if one’s inclined to think that way.
It creates expectations that don’t seem natural, and then leads to disappointments and bitterness when life does not go as planned, as it never will.
But then again, I get wanting to make things better for your children. But at least for me, it seems less prone to pure chance and circumstance if the efforts went into building a more sustainable, inclusive and supportive country to live in. And enjoy the ride while it lasts, since your pain and suffering will reflect on your children, want it or not. If things are tight and you get stressed from that, it’s always going to affect everyone around you, often negatively. If, instead, you could relieve that stress by not saving more than you need as a buffer here and now, or for something like a house (I.e not for some abstract future that might never come, for your children who might not live that far, but are here now, with you), that’s probably going to be much better for everyone. Smiles generate smiles and it’s not a zero-sum game. Life well lived is one with smiles, not one with fragile, ephemeral value of some sort stored away with sweat and blood.
But of course if there’s already too much to use realistically, why not do that then. But that’s an entirely different discussion altogether, if we ever should have something like that.
Edit: there’s a distinction I failed to emphasis enough, between a realistic and very worthwhile buffer of saved value for unexpected situations, which everyone should of course have, and saving for no reason at all, other than just having excess that isn’t needed for anything, to maybe if one’s very lucky pass on down the line.
Saving assets and value isn’t bad. But saving it for no practical reason other than inheritance, takes that value out of circulation and makes everyone in your economy worse off. If that’s important to you. But more importantly, it often means a life less well lived, and often one full of stress, tiredness and one with less time actually spend with your family and close ones in general. Which is enormously more negative in impact than any amount of money in excess, or lack thereof, could ever have when you finally die.
Watched my mom work her ass off to raise me and save everything she could for retirement. She got to do some fun things, but not enough. I'm glad she had good insurance and a little money saved for when she got sick. I inherited a house with a mortgage, taxes, insurance, and repairs that are bleeding me dry and I'm pulling money out of my retirement to cover it. I'm thankful that it's given my son a decent place to live for the last year and i hope to break even when we sell it. I'm fine with that. I didn't earn it. I didn't take care of her for money. If you're only helping your family because you want money, you suck and they're probably better off without you.
First of all, my parents have never had much if ever at all in the way of savings. Tbh not sure what's going to happen when they aren't going to be able to work anymore.
But I'm with you. I absolutely never understood why people ever feel like they are entitled to their parents money. Your parents earned that, not you. If my parents were never able to leave me a dime, I wouldn't give a shit. Even if they had a million dollars. I didn't earn that. I have no right to someone else's money.
I would feel different in scenarios where we are talking about a minor. If a 12 year old becomes orphaned, then yes, they should 100% be entitled to their parents' funds.
But why in the everliving fuck do people as adults feel entitled to money that is not theirs and they didn't earn? Incredibly bizarre concept to me.
But I’m with you. I absolutely never understood why people ever feel like they are entitled to their parents money. Your parents earned that, not you.
I think the biggest implication here is that they didn't earn it entirely. That they at least inherited something from their parents. Which would have given them a leg up and they refuse to pay it forward.
Obviously that's not the case for everyone. For instance, my entire family was poor as far back as I am aware of. None of them had shit or got shit or were able to have a good retirement. So obviously I don't expect anything from them.
“we set our money on fire and voted for trump. good luck” - boomers
“we love voting for trump despite being poor as fuck because we are complete morons that have been brainwashed by andrew tate and joe rogan clips on tiktok” -gen z men
class issue, not age issue. though i do understand getting frustrated at people who fall for the grift
More like .... "Boomers decide to watch and accelerate the burning of the world because they're going to die soon anyway"
I don't think what's talked about enough is kids having the talk with their parents about not being able to take care of them when they get old because you can't afford to take of yourself and didn't save anything for retirement. So you hope SSN will be enough for them. I know my mother always asked me if I would take care of her when she got old.
She would say that's why she had kids. But I had to sit her down and run the math and I said it's not about if I have the will or not it's is it possible and the math just doesn't workout and I have an okay job. I can only imagine what people lower down on the ladder are going through.
There are a lot of boomers that about to get a horrible wake up call and a lot of heartbreak watching our parents suffer at hands of their own making.
They will be drowning and some kids are going to jump in and get pulled under when trying to rescue them and the ones who know they don't have to proper equipment. Stay out of the water and mourn the loss.
I'm sure there is more to it but telling you she had kids so you can take care of her sounds pretty bad - even though I know it's not uncommon.
I have had to have this talk with my parents as well since I moved to a different country at 19. I've told them to prepare for me not to be able to be around all the time, and luckily they have done that. It still feels selfish after so many years and they have been great about it, so I can understand this conversation being extremely difficult when the parents expect to be taken care of.
I know poor and wealthy people in every generation. Why aren't we blaming the banks for the 08 crash, the politicians for taking away almost every social service and trying to take away more, and the psychopath CEOs who care about their dick measuring contests every quarter? This generational divide obscures the real issues.
My thought is that if you’re going to give money, don’t wait until you die. The earlier you help someone, the more of their life it can improve. Help your kid buy their first house or something. Then spend everything before you die.
not eveyone get inheritances. what we need is social safety nets and to collect taxes on wealth.
"I got mine."
I’m all for the average retiree spending freely and enjoying what they earned. They spent a lifetime working; it’s their money. Inheritance issues create way too many family disputes.
This is fucking dumb. I told my parents to spend it up. I'm not entitled to it
Yeah I find it a little funny that people complain about generational wealth and then complain about not getting an inheritance.
Inheritance is weird. My partner and I stand to inherit a good bit when the parents on either side pass. Both sides of the family had successful middle class careers saved and invested well. Even considering the siblings on both sides, we could inherit an amount around $1M from either side.
But it's weird in two ways. First, it's not something that can be counted on. On either side it could be completely eaten up by nursing home care and medical costs for our parents. So we're not planning our own retirement assuming a windfall from inheritance. Second, on either side, unless they're unlucky, at least one of the parents is likely to live into their late 80s or 90s. So we'll already be in our 60s or 70s.
In other words, while we stand to likely inherit a good chunk of change, it will come so late in life that we won't really need it. Unless our parents die younger than expected, we will already be well into a fully funded retirement by the time they pass.
I feel inheritance made a lot more sense in the past. A farmer or a craftsman would will their farm or business to their children. And that child would take over that business while the parent was still alive, but too old to work it anymore. The child got the business or farm, but in turn had to support the parent in their later years.
But now? You're basically just inheriting your parent's house and whatever is left over of their retirement accounts. And you're doing so at an age where it really doesn't necessarily help you. Sure, if you yourself are unable to retire, then that windfall will be a godsend. But considering how wealth reproduces through generations, if you're in a position to inherit substantial funds from your parents, odds are you probably have a pretty big nest egg yourself built up by then. The people who could really use an inheritance to fund their retirement are unlikely to have parents wealthy enough to give them one.
But yeah, this is why I support strong inheritance taxes. For most people who inherit anything substantial, by the time you actually inherit something, you don't really need it anymore.
In my family the house was sold so that we could pay for the funeral. (Funerals are super expensive and the house was rotting)
However, if you do get some money later in life you could always invest and grow it so that it can be passed down. By the time you die hopefully your kids will be responsible enough to manage it (I am assuming you have kids)
What doesn't get spent on enjoying a retirement we will never get, will be claimed by medical bills from failing health. Generational wealth doesn't apply to us, and no one is coming to save you.
Oh this is me. Their house is packed and they keep buying more shit and going on international cruises. We’ll get nothing.