Spanked on Retirement, Gen X Still Doesn't Get It

[Nova78]

Spanked on Retirement, Gen X Still Doesn't Get It

"I'm a Gen Xer. None of my siblings or friends save a dime."
As PwC's report points out, those who came to parenthood in the past two decades are not only putting their kids through college but supporting them afterward, as the recession has left many of them unemployed. Meanwhile, their own parents are living longer but needing more care.

They are, in a word, strapped. Half of Gen Xers have difficulty meeting their expenses each month, compared to less than a third of Boomers and Millennials. Some 58 percent carry balances on their credit cards, 16 percentage points higher than Boomers.

As PwC's report points out, those who came to parenthood in the past two decades are not only putting their kids through college but supporting them afterward, as the recession has left many of them unemployed. Meanwhile, their own parents are living longer but needing more care.

They are, in a word, strapped. Half of Gen Xers have difficulty meeting their expenses each month, compared to less than a third of Boomers and Millennials. Some 58 percent carry balances on their credit cards, 16 percentage points higher than Boomers.

Don't worry Obama will make it all better............

 

[Freewill]

The problems as I see it is that the genx have it too easy. They CAN live with their parents so they do.

When the boomers, like myself, start retiring there will be many good jobs open. The problem is that for my job you need some education. Not exactly a 4 year degree but a 2 year degree would get you in the door. When I am asked to get youngins a job I tell them they need a skill, at least an associate degree. Do they do the work even though I offered to help them? No.

 

[American Legacy]

I am a GenXer. My wife falls just short.

Each of us has children from a previous marriage, putting the total at five.

We have told all of them the same thing: if you want to go to college, either YOU have to pay for it or you'd better be a straight A student so the college will pay for it. Mom and I will not be paying for it.

We are going to have to work until we're in our 70's, health permitting, in order to eliminate all of our debt (mortgage and school loans) and ensure sufficient income for retirement. We are not going to impoverish ourselves in our most vulnerable years to spoil our children who are capable of supporting themselves with either an education or a job. We've made that abundantly clear.

We don't love our children any less. Our oldest is a senior in high school and we've also made it clear to her that she's welcome to stay with us to save money/finish college, but not for the purpose of giving her cheap rent so she can fart around in life. If she's not making tangible progress towards a goal that will help her become self-sufficient, then she's going to be asked to leave and will be forced to enter the real world faster than she would otherwise be prepared for.

We raise our children with good morals and values and if it doesn't take, if they decide to learn some things the hard way, we will listen to them, encourage them, remind them, but we will NOT allow them to take us down the path to destruction if that's the road they choose.

 

[Rozman]

I am a GenXer. My wife falls just short.

Each of us has children from a previous marriage, putting the total at five.

We have told all of them the same thing: if you want to go to college, either YOU have to pay for it or you'd better be a straight A student so the college will pay for it. Mom and I will not be paying for it.

We are going to have to work until we're in our 70's, health permitting, in order to eliminate all of our debt (mortgage and school loans) and ensure sufficient income for retirement. We are not going to impoverish ourselves in our most vulnerable years to spoil our children who are capable of supporting themselves with either an education or a job. We've made that abundantly clear.

We don't love our children any less. Our oldest is a senior in high school and we've also made it clear to her that she's welcome to stay with us to save money/finish college, but not for the purpose of giving her cheap rent so she can fart around in life. If she's not making tangible progress towards a goal that will help her become self-sufficient, then she's going to be asked to leave and will be forced to enter the real world faster than she would otherwise be prepared for.

We raise our children with good morals and values and if it doesn't take, if they decide to learn some things the hard way, we will listen to them, encourage them, remind them, but we will NOT allow them to take us down the path to destruction if that's the road they choose.

Good luck....

Young people today are lock step with their Liberal educators.
They are Democrats....

 

[American Legacy]

I am a GenXer. My wife falls just short.

Each of us has children from a previous marriage, putting the total at five.

We have told all of them the same thing: if you want to go to college, either YOU have to pay for it or you'd better be a straight A student so the college will pay for it. Mom and I will not be paying for it.

We are going to have to work until we're in our 70's, health permitting, in order to eliminate all of our debt (mortgage and school loans) and ensure sufficient income for retirement. We are not going to impoverish ourselves in our most vulnerable years to spoil our children who are capable of supporting themselves with either an education or a job. We've made that abundantly clear.

We don't love our children any less. Our oldest is a senior in high school and we've also made it clear to her that she's welcome to stay with us to save money/finish college, but not for the purpose of giving her cheap rent so she can fart around in life. If she's not making tangible progress towards a goal that will help her become self-sufficient, then she's going to be asked to leave and will be forced to enter the real world faster than she would otherwise be prepared for.

We raise our children with good morals and values and if it doesn't take, if they decide to learn some things the hard way, we will listen to them, encourage them, remind them, but we will NOT allow them to take us down the path to destruction if that's the road they choose.

Good luck....

Young people today are lock step with their Liberal educators.
They are Democrats....

Their choices are their choices. I hope and pray they make wise ones. But if they don't, their mother and I are not going to jeopardize our financial situation to bail them out of the consequences.

 

[Missourian]

I can never keep track of who is who, Gen X, Gen Y, Gen Me...