People who are retired don’t need to live in the “manner they were accustomed to” in the height of their careers. Their expenses are much less by then and almost everyone I know who is 65 or older has a paid off house. Example: most “retirees” around me use one tank of gas per month (max), like I do (unless I’m on a road trip). I don’t understand what all the discussion akin to “boomers are going to be living on the street,” is about. Nothing could be further from the truth. Retirees are not big “consumers,” especially in SD County. Most of them don’t travel much because they don’t feel they need to and never even traveled much when they were working. Their families are here and this is the best place in the country to live.
None of them are going anywhere except to relative’s homes to visit, the grocery store, church, the Lion’s club, their volunteer gig at the library/hospital and out to putter in their gardens.
Financially, this group can outlast all of us and will likely die in their homes, at which time their “heirs” will swoop in and clean the place out and rent it or occupy it. Very few of these homes will ever hit the market.
All this “hoopla” about boomers (esp CA boomers who have greatly benefited from Prop 13 and its progeny) becoming destitute and dependent on public aid is a crock of sh!t. It’s never going to happen.
