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Originally Posted by thenewsavman
Yea this is correct afaik.
I think I read only one-third of Americans had any retirement savings whatsoever.
And you are correct that many Boomers have a large percentage of their net worth tied up in their homes whist Millennial home-ownership rate and income is substantially lower than their parents generation. Which begs the question, who is going to cash the Boomers out?
I see this as one of the bigger upcoming disasters for our country, we essentially have a huge chunk of people who are at or near the point where they should be retiring, but they just can't for one reason or another. It is, in my opinion, inevitably going to cause a lot of pain to not just the boomers themselves, but their children as well. And like, the current solution is just social security/medicare, which isn't bad, but it doesn't at all cover living expenses for a significant chunk of people.