Boomers reaching the end of their financial lines

[Gretch]

/\/\ That is a goal I have zero intention of holding myself to............ /\/\

[cstreit]

Originally Posted by stevej37

At my age...I worry more about leaving this life with too much money.
I'm hoping to break even.

My name is Chris and I'm here to help you with that.

First we hire a C-130 with a sketchy russian pilot, then....

[stevej37]

^^^ Will I 'break even' when it finishes?

[Por_sha911]

Originally Posted by 1990C4S

Nothing wrong with paying cash for a car that appreciates in value.

Yup.
The problem is there are folks who "own stuff" but have zero equity. They are just a fake front. They usually end up in divorce, drug or alcohol dependence in order to cope with stress, ulcers, bankruptcy, and mental breakdowns.

Better to live within your means in peace than to crash and burn because you tried to appear to be something you aren't.

[Por_sha911]

Originally Posted by Hugh R

Putting socialized medicine aside, which I think sort of works in Canada, due to the taxes, you think I
should pay for your generation's healthcare because of you not being ants, but grasshoppers?

There in lies the problem. The unwise want the rest of society to bail them out.

[fintstone]

Originally Posted by cockerpunk

its not a hypothetical, my generation is going to pay for your generations health care costs. we already are lol. thats not a question of should or should not, thats just what is going to happen, and is currently happening. thats how health insurance works, thats how medicare works. the boomers (and genX) will run out of money, and we are going to pay for them at that point.

amazing you think trying to turn that question around on me would be some kind of argument lol.

we already are paying for your healthcare, that will only increase as we all age. you are welcome. you deserve quality healthcare.

You or your generation will not be paying anything for me or my family. Do me a favor and worry about your own self/generation (many which seemingly do not feel the need to work).

No, that is not how health insurance works.

[Crowbob]

Originally Posted by Por_sha911

There in lies the problem. The unwise want the rest of society to bail them out.

That’s the goal. The left wants so many people in dire straights there will be little resistance to the government taking complete control of everybody’s lives, especially and including their money.

It’s working, too.

[Crowbob]

Originally Posted by cockerpunk

its not a hypothetical, my generation is going to pay for your generations health care costs. we already are lol. thats not a question of should or should not, thats just what is going to happen, and is currently happening. thats how health insurance works, thats how medicare works. the boomers (and genX) will run out of money, and we are going to pay for them at that point.

amazing you think trying to turn that question around on me would be some kind of argument lol.

we already are paying for your healthcare, that will only increase as we all age. you are welcome. you deserve quality healthcare.

I would think you would be getting tired of being wrong.

Boomers right now are probably the most financially stable demographic in history. World history. No generation before and certainly none after, if we continue on the trajectory we are on, will surpass the collective wealth of the boomers. Like it or not economically, the nation is on a severe downward trend of real personal wealth.

https://nypost.com/2020/08/08/why-millennials-distaste-for-baby-boomers-is-justified/

[cockerpunk]

Originally Posted by Crowbob

I would think you would be getting tired of being wrong.

Boomers right now are probably the most financially stable demographic in history. World history. No generation before and certainly none after, if we continue on the trajectory we are on, will surpass the collective wealth of the boomers. Like it or not economically, the nation is on a severe downward trend of real personal wealth.

https://nypost.com/2020/08/08/why-millennials-distaste-for-baby-boomers-is-justified/

and yet healthcare costs are rising faster than even boomer wealth can. and your reliance on medicare is already happening. there is a reason basically all retirement planning hinges on medicare regulations.

and im not angry about this. you are welcome. you deserve quality healthcare.

just to deny that it isnt socialized healthcare, and its saving your butt, is ... well ... a lie.

[GH85Carrera]

Boomers have had Medicare payments TAKEN from their paychecks since the very beginning. Same for social security. I sure would have preferred to keep all that money and invest it in my own plans and medical insurance, but I never had that option. Now I still pay for medicare, but SS just deducts that payment right from my SS deposit.

Then as only the US government can do in THE state of the art money wasting, Medicare sends me 6 page reports on paper, in several languages, like Chinese (really!) and after all that it says my part B insurance paid the remainder and that I owe nothing more. And they sent those wastes of paper printouts constantly. I just wear our my shredder and make more compost out of them.

I have no choice, but use Medicare. It is the LAW. I have to pay for my own Part B coverage to have much of anything covered. Basic Medicare is just a giant bureaucrat full employment program wasting money as fast as possible, with massive corruption and waste mandated by laws.

https://www.cnbc.com/2023/03/09/how-medicare-and-medicaid-fraud-became-a-100b-problem-for-the-us.html


Estimated annual fraud tops $100 billion, but investigators say it’s likely much higher. 100 Billion or more is pure fraud! And they can't figure out how to stop it. Yea right. It goes right back to kickbacks.

[cockerpunk]

Originally Posted by GH85Carrera

Boomers have had Medicare payments TAKEN from their paychecks since the very beginning.

yes, to pay for your parents and elders healthcare and SS.

thats how it works. you are not alone in this happening.

you can spout whatever opinion you want to, i certainly have my own opinion. but its not a matter of opinion what will happen. its factual. the young will, eventually, pay for most if not all of your healthcare. thats what happened when you were young, and its happening again.

thats not an opinion, and you feel however you want to about it.

but it is reality.

[monoflo]

OK

I'm a boomer -
My wife and I are on medicare and have supplemental insurance.

She is undergoing cancer treatments. The bills are worse than insane.
With out the coverage from the above ---we are toast.

OK the system is a mess ---but ..................

[john70t]

Originally Posted by GH85Carrera

https://www.cnbc.com/2023/03/09/how-medicare-and-medicaid-fraud-became-a-100b-problem-for-the-us.html


Estimated annual fraud tops $100 billion, but investigators say it’s likely much higher. 100 Billion or more is pure fraud! And they can't figure out how to stop it. Yea right. It goes right back to kickbacks.

This needs it's own thread.

[Por_sha911]

Originally Posted by fintstone

You or your generation will not be paying anything for me or my family. Do me a favor and worry about your own self/generation (many which seemingly do not feel the need to work).

No, that is not how health insurance works.

Not only do they not need to pay for our generation, they don't want to pay for their own debts. Remember this?

[cstreit]

Originally Posted by stevej37

^^^ Will I 'break even' when it finishes?

Something will be broken.

[Bob Kontak]

Originally Posted by fintstone

You or your generation will not be paying anything for me or my family.

Funding for Medicare, which totaled $888 billion in 2021, comes primarily from general revenues (46%), payroll tax revenues (34%), and premiums paid by beneficiaries (15%).

Yes they will, Fint. Just like you helped pay for your elders receiving medicare.

Payroll medicare tax is taken from all people who have earned income. Cockerpunk's generation is maybe paying 1/3 (just a guess) of that 34% above.

So they are paying around what you are getting taken out of SS, which I think is $160-ish a month. His generation is a long, long way away from carrying us - as he purports - but they are contributing.

The Boomer/Gen X running out of money statements he made are baffling.

Quote above is in the "Key Facts" box in the link

https://www.kff.org/medicare/issue-brief/what-to-know-about-medicare-spending-and-financing/

[Por_sha911]

"not paying anything for me..."
Technically, he is correct that he paid in enough to cover what he gets in benefits. The problem is that instead of investing that money the boomers paid (the way it was setup to work), the politicians STOLE it to fund their pet agendas and left a bunch of IOU's where the money was supposed to be kept. As such, instead of having the money and it earning interest to cover inflation, our "fund" became a loan that cost us finance charges and interest. Social Security and Medicare would have worked if it was handled correctly.

[fintstone]

I am not drawing social security or using Medicare. By choice. At least not yet. But paid into both for almost 50 years. I pay my own way…but I paid far more into both systems than I could ever get out.

Sadly, both are just income-based social welfare where folks that work hard and smart have to pay more than their share because of people who did not work as hard or smart. Systems that redistribute wealth and call themselves safety nets…systems that self-professed socialists like CP adore.

[Bob Kontak]

Originally Posted by fintstone

I am not drawing social security or using Medicare. By choice. At least not yet. But paid into both for almost 50 years. I pay my own way…but I paid far more into both systems than I could ever get out.

A bit off topic but......Worked with a guy that was severed by the company in his late 50's. He had a plan in place. Brand new Corvette picture on his cubicle wall.

Took the severance money and turned down taking unemployment which he could have milked for almost two years given it was 2008. Pretty abmirable. (He bought the Corvette once separated, FWIW.)

And then there's the close family member that makes CP look like Andrew Carnagie. She received about $80k worth of work done to her house on a grant from the city for lower income folks. She complained that when they replaced the sewer pipe from house to street they excavated dirt onto her perennials. Complained enough they cut a check for a few hundred bucks to ease her distress.

[wdfifteen]

Originally Posted by Hugh R

Putting socialized medicine aside, which I think sort of works in Canada, due to the taxes, you think I
should pay for your generation's healthcare because of you not being ants, but grasshoppers?

If you worked since 1965 and paid FICA taxes you paid for a good chunk of the previous generation's health care.

I got my first W2 job in 1965, the first year of Medicare tax, and I immediately started paying for the health care of the retired "greatest generation" who didn't pay a dime into it.

As a Baby Boomer I paid for the health care of our parent's generation while paying for my own health care and raising my kid. Now, after 50 years of paying FICA taxes it's my turn. I held up my part of the social contract and our kids damn well better hold up their end.

If you worked to earn something I don't see how it's admirable not to accept it.