Boomers Going Homeless...

[5fish]

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.

Younger baby boomers are facing a homelessness crisis as rents skyrocket and outpace Social Security

More baby boomers are facing homelessness as rent prices outpace Social Security payments. A subsidized housing shortage compounds the problem.

www.google.com

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]

The great wealth transfer will be limited to a few...

 

[5fish]

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

‘High-status’ millennials are richer than boomers were at the same age. The rest aren’t so lucky

"Concerns about the millennials' economic well-being are generally well founded."

fortune.com

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]

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]

More bad news for Boomers like me... have been forgotten... the link has a video...

Youngest baby boomers risk becoming a ‘forgotten generation’ with inequality skyrocketing and financial pressures worsening

Our new report finds that people in their 50s and 60s today face worse circumstances than the cohort before them, with 1 in 5 people in this age group likely to face multiple, long-term problems.

ageing-better.org.uk

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]

Here is one article with more details on why later boomers have little money... it has charts and graphs...

What Happened to Late Boomers’ Retirement Wealth?

crr.bc.edu

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.

 

[5fish]

Boomers more why I will be homeless by 70...

 

[5fish]

Here is a podcast video and 401k a revolutionary mistake... Is it failing?

 

[5fish]

The Great 401K experiment is a failure... It was supposed to be in retirement... If you were to get a pension from work, you would get Social Security and 401K was supposed to be Icing on the cake... It becomes the cake with no icing... for the high-income workers...

https://www.pbs.org/wgbh/frontline/article/teresa-ghilarducci-why-the-401k-is-a-failed-experiment/

ERISA, the Employee Retirement Income Security Act of 1974, was passed after many people lost their pensions after many years of work, and they were promised pensions, but the company went bankrupt, and there wasn’t actually any funds to back up the promise.

“The 401(k) … is one of the only products that Americans buy that they don’t know the price of it. It’s also one of the products that Americans buy that they don’t even know its quality or know how to judge its quality. It’s one of the products that Americans buy that they don’t know its danger.”

“It’s not the fault of people that they don’t have enough savings in their individual retirement account or their 401(k)s. It’s the fault of the system, and the whole system needs to be reformed.”

 

[5fish]

Wall Street wants your rent...

Modeling an Asset Class: Why Wall Street May Be in the Single-family Rental Market for Keeps | Toptal®

Big data is helping Wall Street make record investments in the housing market.

www.toptal.com

We will never own our homes in the future...

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www.fastcompany.com

Democrats want to change this...

Democrats Unveil Bill to Ban Hedge Funds From Owning Single-Family Homes Amid Housing Crisis

The bill would force hedge funds to sell all of their single-family home stock over the next 10 years.

truthout.org

 

[5fish]

Our kids will live in the land of renters... Hedge Fund, Billionaires like Bezos( he owns 500 million in single-family homes), and Musk is not far behind...

Wall Street Is Buying Up Entire Neighborhoods

Policymakers in states across the country are finally pushing back on Wall Street firms buying up swathes of single-family homes to rent out at high prices. But they’re facing the might of a powerful new single-family rental lobby.

jacobin.com

The American Dream will be to be a renter...