Boomers Going Homeless...

5fish

Well-Known Member
Joined
Jul 28, 2019
Messages
10,846
Reaction score
4,584
A generation that is about to handoff 84 trillion dollars of wealth to the next generation is goin homeless as well...

From 2007 through 2017, the percentage of people 51 and older in homeless shelters rose from 16.5% to 23%, a rate greater than what would be expected just from the increase in people of that age group.


Data from the Department of Housing and Urban Development obtained by The Wall Street Journal showed that adults 65 and older comprised the fastest-growing portion of homeless Americans.
 

5fish

Well-Known Member
Joined
Jul 28, 2019
Messages
10,846
Reaction score
4,584
The great wealth transfer will be limited to a few...

 

5fish

Well-Known Member
Joined
Jul 28, 2019
Messages
10,846
Reaction score
4,584
Older boomers are wealthier than the younger boomers in their 60s...

Other research has pointed out discrepancies in baby boomer wealth. The oldest members of the generation, now in their mid- to late-seventies, hold far more wealth than their younger counterparts, according to Federal Reserve data


That’s because “late” baby boomers, now in their early 60s, also came of age during “major economic upheaval and adverse labor market conditions,” the researchers write. They were also hit hard during the Great Recession.
 

diane

that gal
Joined
Mar 18, 2020
Messages
2,420
Reaction score
3,055
The fires in California do not help. There is a very large homeless encampment on a hillside in town - it grew up after three fires burned through small communities. These little places have many elders who bought their homes decades ago, many of them trailers with a bit of property - those homes are gone and social security will not pay enough to rent another place. Probably about half of the people in the homeless encampment are elders or late middle age. You don't start over at that stage of life.
 

5fish

Well-Known Member
Joined
Jul 28, 2019
Messages
10,846
Reaction score
4,584
More bad news for Boomers like me... have been forgotten... the link has a video...


The new research, which analyzed national data from almost 14,000 50-70-year-olds and interviews with more than 90 people from this age group, found that financial inequality in this cohort has increased dramatically since the turn of the millennium. The richest people in their 50s and 60s today are twice as wealthy as the richest in this age group were 16 years before, while the poorest are almost a third poorer. One in five say they will be unable to meet their future financial needs in old age – with a decline in homeownership meaning that many will be unable to rely on housing assets in later life. Gender inequality is also significant: by any measure of wealth, women are approximately 10% worse off than men.
 

5fish

Well-Known Member
Joined
Jul 28, 2019
Messages
10,846
Reaction score
4,584
Here is one article with more details on why later boomers have little money... it has charts and graphs...


Late Boomers have less retirement wealth than earlier cohorts, including surprisingly low 401(k) assets.
The results show that part of the drop is due to a decline in the share of Late Boomers who are White, married, and have college degrees.
 
Top