Flyer, it doesn’t seem like you’re taking into account defined benefit pensions paid monthly to boomer-and-beyond households. The vast majority of the over-55 cohort that I’m acquainted with have at least one DB pension coming into the household. And about 3/4 of those households ALSO paid into Social Security (whether or not they are currently collecting any). With one or more DB pensions combined with SS paid to one or more persons of a household, certainly this is enough money for a 1-2 person household to live relatively comfortably and indefinitely …. especially if their primary residence is paid off.
I realize that most boomers came from families with 3-6 kids and that any inheritance from the last parent who died would likely be split up among the heirs which would account for smaller inheritances in a large portion of families (don’t know the percentage). This is assuming the last remaining parent didn’t use a lot of long term care or avail themselves of LT care on Medi-Cal in their final years (which would cause a MC lien to be placed on any real property they owned).
I just think these “doom and gloom” forecasts for retiring boomers are overhyped …. the writers aren’t really understanding how this massive population exists day to day with a good portion of them never withdrawing invested or saved $$ for monthly bills and necessities … esp those boomers who are still working (FT or PT) and are not yet eligible for SS.
flyer, I’m not sure where you are witnessing a lot of boomers who are unable to retire or unable to pay their bills. The only households I see around me who are “going broke” or “deeply in debt” are the ones who had too many kids who are all still minors and/or have parent(s) of minor children who have been unable to maintain steady employment over the years.
The boomers and seniors around here are doing just fine!
