Feel like you’re a baby boomer with a target on your back? It’s real. The blame game is alive and well and boomers are once again (or should I say still) a target for the critics. The knives have come out along with the OpEds that declare we’ve effed the whole thing up…again.
The current argument is that boomers hold all the wealth in the U.S. and we won’t give it up yet. Forget for a moment the accusation that we won’t part with our spondulicks, and let’s explore the accusation that we’re rich.
If you’re a baby boomer, the question is simple but uncomfortable: are you “rich,” or are you just average? The answer depends on how you stack up against your peers—and the numbers show there’s a massive gap between the middle class and the elite.
In the aptly named Wealth Ladder, what rung are we on? According to an analysis of Federal Reserve data, the top 10% of boomers has a net worth just under $3 million. Experts say that’s the line between comfortable and rich. Meanwhile, the median net worth for boomers is far lower. Think somewhere between $364k and $410k. Or what you could call not rich. Also known as middle class.
Are we holding on to homes as our primary asset. Guilty. But can average baby boomers really be called rich? Don’t think so. You need at least $3 million to be in that class, and retiring with assets like that is far different than retiring when you’re worth $350k.
Don’t forget there’s a fairly large number of boomers who for a variety of reasons/setbacks have not managed to save more than $30,000 towards retirement, and are falsely hoping that social security will rescue if not sustain them.
To summarize, younger generations shouldn’t picture the vast majority of baby boomers pulling up the ladder to shortchange younger gens. We’ve got our own retirement issues to deal with and will eventually be passing along whatever assets remain.
When it comes to the battle of the gens, I wish everyone would appreciate my favorite fortune cookie saying: It’s nice to be important, but it’s important to be nice.
Jay Harrison is a writer and creative consultant for DesignConcept. His newest mystery novel, Rio Puerco Demise is available on Amazon. His first mystery novel, Head Above Water, is also available on Amazon. But that’s not all. You can also purchase the Best of BoomSpeak on Amazon.
