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The-Shoveler.
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February 13, 2014 at 3:12 PM #20963February 13, 2014 at 3:39 PM #770905
flyer
ParticipantBaby Boomer here.
I know much of the research shows many BB’s are no more prepared for retirement than any other age group, but the retirement stats in every age group across the board are far from impressive, especially when you realize only 5% of the entire population in the US have a million or more in assets.
I can’t speak for all BB’s but, personally, we’re well positioned for retirement, and most people we know in our age group are as well. We don’t plan to unload our assets, but plan to pass everything along to our kids–rental properties, etc.
IMO, it will affect various geographical areas of the country in different ways, but, again from the people we know, I don’t see anything on the radar that would indicate Baby Boomer retirements will result in mass foreclosures, or other dire circumstances in the San Diego area, but only time will tell.
February 13, 2014 at 3:40 PM #770906The-Shoveler
ParticipantAll of the above, some of the above and none of the above.
I am probably the exception
Most of the boomers I grew up with have stayed in very stable relationships (one marriage)
Most own their own homes in Socal outright and they are planning to age in place, but that is most likely very unusual.
I know some exceptions to the above though (maybe 10% or so of the boomers I know) who are not doing so well.February 13, 2014 at 3:54 PM #770907ParticipantOne other thing I hear from my colleagues in the bay/silicon valley area is one of the biggest complains is people don’t move out of the bay area once they retire.
You would think they would want to cash out and move someplace (like say SD).
But they just stay where they are. Weird.February 13, 2014 at 4:07 PM #770910ParticipantI can understand that, TS. Most, probably have the funds to stay, and their kids, grandchildren, and extended family are there, so they have no reason to relocate. Like us, they’re probably planning to pass their assets along to the next generation, rather than cash out.
February 13, 2014 at 4:12 PM #770911sdgrrl
ParticipantI know many Boomers who plan to stay in their homes until they die or are forced to move. The whole generation is interesting to me as they had a lot going for them and against them.
They had low home prices in their younger years, education was cheaper and some are part of a pension system.
On the flip side, they went through the 90s recession, the dot com burst and then the 2008 crash.
The Great Generation endured the Depression, but those who made it through witnessed the post War boom and could prosper with hard work.
The Boomers…not sure what to think.
X, Y and Millennials…we will see as well.
February 13, 2014 at 4:21 PM #770913ParticipantPersonally, we love what life has brought us as BB’s. No complaints here. Since we’re still in our 50’s, our kids (who are doing well on their own) might have to wait awhile before cashing in on our assets:)
February 13, 2014 at 4:23 PM #770914(former)FormerSanDiegan
ParticipantThe first boomers (born in 1946) turned 65 in ~2011.
We should be seeing a start of some sort of trend if these folks are unloading their assets.
BTW, my father-in-law is one of those leading edge boomers. He retired in place at 65 in a house he bought 10-12 years before retiring. He’s living off social security and a part-time gig. He’s not pulling from his retirement account, not moving, so I have seen no immediate unloading of assets.
Plus, if they were unloading assets, it might even be stimulative to the economy, as they would be unloading for the purpose of consuming. Rather than saving for retirement.
My gut says that the impact of boomers unloading assets is greatly overexaggerated.
February 13, 2014 at 4:35 PM #770915ParticipantOne Thing I think I must say, coming from L.A. homes were “NEVER CHEAP”
It was always a big event if you bought your first home and it was all you could do to make the payments.
(the possible exception was mid-90’s crash which I only know one boomer who bought then) and the 2008-2011 crash.They only look like they were cheap when you see today’s prices (and most have grown used to almost no inflation so it distorts their view of things).
Trust me it was a Struggle.
February 13, 2014 at 4:37 PM #770917ParticipantI am way to used to FB. I was looking for the “like” option. Haha
February 13, 2014 at 4:38 PM #770916
CoronitaParticipant[quote]
Long time in posting and hope all are well. Curious what the piggies think of what is going to occur as the Baby Boomers begin to retire and start unloading assets.
Will they have a great retirement due to their home value? Will the market be inundated with a flood of homes? Did our Baby Boomers en masse not prepare accordingly for their future and we will possibly see foreclosures for the elderly increase?
[/quote]The ones that managed their money well will live a wonderful life..And afterwards figure out a way to pass on their assets to their heirs..
The ones that didn’t well, they are screwed…
Just like in every part of life.. there will be winners and there will be people who lose.
February 13, 2014 at 4:39 PM #770918CoronitaParticipant[quote=sdgrrl]I am way to used to FB. I was looking for the “like” option. Haha[/quote]
people like you are the reason why FB stock is $65/share instead of $18/share.
(serious remorse of not buying any shares back when things were $18… Thanks for nothing…)
🙂
February 13, 2014 at 4:40 PM #770919Participant[quote=flu][quote=sdgrrl]I am way to used to FB. I was looking for the “like” option. Haha[/quote]
people like you are the reason why FB stock is $65/share instead of $18/share.
(serious remorse of not buying any shares back when things were $18… Thanks for nothing…)
:)[/quote]
You aren’t alone in that 😉
February 13, 2014 at 4:47 PM #770922CoronitaParticipant[quote=sdgrrl][quote=flu][quote=sdgrrl]I am way to used to FB. I was looking for the “like” option. Haha[/quote]
people like you are the reason why FB stock is $65/share instead of $18/share.
(serious remorse of not buying any shares back when things were $18… Thanks for nothing…)
:)[/quote]
You aren’t alone in that ;)[/quote]
I’m trying to work on not being in the loser category in generation X….
….However, the punchline someone should say is “so how’s that workin out for you, FLU? Try harder…loser….”
February 13, 2014 at 4:48 PM #770923Participant[quote=flu][quote=sdgrrl][quote=flu][quote=sdgrrl]I am way to used to FB. I was looking for the “like” option. Haha[/quote]
people like you are the reason why FB stock is $65/share instead of $18/share.
(serious remorse of not buying any shares back when things were $18… Thanks for nothing…)
:)[/quote]
You aren’t alone in that ;)[/quote]
I’m trying to work on not being in the loser category in generation X….
….However, the punchline someone should say is “so how’s that workin out for you? Try harder…loser….”[/quote]
I’m dyin’ over here!
Again, from one X to another- you are not alone
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