How many times have you read that a large percentage of baby boomers (as in more than 20 per cent) have exactly zero savings for retirement? I know I’ve seen that figure quoted in numerous articles. So, it may come as a surprise that, according to Fortune magazine, the average boomer has a worth of $1.2 million! That means a large chunk, perhaps 80 per cent of boomers, have been socking away the savings for retirement and to pass along to their offspring.

What’s going to happen to most of that dough? Good news for millennials…they are looking at a $68 trillion windfall by the year 2030. Some are calling it the greatest wealth transfer of modern times. Their current worth averages only $100,000. Millennials will end up being five times wealthier than they are today.

Sadly, much of the inherited wealth will end up in the hands of millennials who are relatively well-off. If you’re a struggling millennial, it’s likely that your boomer parents have struggled as well. The parents may run out of savings and be counting on their children for help, in which case there is no wealth transfer, but rather it may become a wealth drain for millennials.

Try to imagine you’re a millennial who has been through two recessions in your lifetime and grappled with trying to save for a home purchase, college expense for your children, and a retirement fund. Then you inherit a piece of that $68 trillion and your fortune(s) literally changes overnight. Experts warn that failure to fix the Social Security Trust fund before 2033 could put a major damper on this wealth transfer, so even millennials with well-off parents might be wise to not rely on a big payday falling into their laps.

What effect will this wealth transfer have on the lucky recipients? Will it change their outlook on life? Alter their ideals? No one knows or can predict the outcome. We boomers may not live long enough to see how it all turns out. Just one more outcome that’s beyond our grasp. Too bad. I just hate not knowing how the movie ends.

Jay Harrison is a writer and creative consultant for DesignConcept. You can also visit his author page here. 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.

Speaking of easygoing, I hate buying new stuff, but I do appreciate tools that make jobs less of a chore. The weather is starting to get really nice, so I took it upon myself to clean up the patio furniture. I used a brush and garden hose to get some of the dirt off, and then it was all over. You see the difference, clean versus dirty, and what can you do but keep going?

I was worried about my back and wrists, which are both sensitive. I called to Dale, who was conveniently absent for the ritual washing of the patio furniture. I asked about a power washer. Would this clean up without a brush if I had such a tool? He said yes, and I said let’s go.

Off we went to Ace, where we killed it with a credit card and dragged it home. It was pretty easy to set up and worked like a champ. I probably saved my back and my wrists and maybe Dale’s life, because you know, cleaning patio furniture – so not his thing.

Then there’s the lawn. We have a small patch of lawn in the backyard. It used to be thin and scraggly, and we I mowed it with a little push mower. Then late last fall, we had a yard makeover and got new sod. This is the real deal. Thick and hearty.

Here’s the agreement I made. I will mow and blow, but that’s it. Nothing else. Nada. Either we throw money at it, or it’s Dale’s job. Mostly that means we threw money at it and have a service that takes care of the rest. Just another marriage-saver tip from Retirement Confidential.

The new grass had time to grow over the winter, but I hadn’t mowed it yet. When the rain finally stopped, I got out the push mower and almost collapsed. I couldn’t get it through the grass. I did do it, but I had to use my whole body and stop several times to catch my breath. I thought, well, the grass is just thicker because of the rain.

A week later it was a bit easier to mow but still awful. I told Dale I thought we should get a small electric mower. He said nah, it would probably get easier. He reminded me of my father, who used to smoke and drop ashes on the floor, suggesting it was good for the carpet.

I said, OK, will you please try it once and see what you think? And that was when we decided to buy an electric lawn mower. It’s small thing, light as a feather and whips through that grass with ease.

Key word. Ease.

Donna Pekar is an aging badass (for real) who lives in California and writes Retirement Confidential.

 

I own a collection of clothing with provenance. Like many Baby Boomers, I believe the ‘60s and ‘70s were peak fashion years, and there’s no reason to fix what isn’t broken. I’ve just returned from a visit to my closet, and this is the report.

Category One: New Clothes. We Baby Boomers believe new clothing is politically incorrect. However, one must maintain a small stable of this attire for occasions like the graduations of people who might otherwise find our appearance mortifying. I have a new dress. I feel about it the way one feels about an irritating neighbor who’s always out watering the lawn. You wave, you smile, you quickly part company.

Category Two: “Found” Clothing. This includes a pair of ancient blue jeans, worn to the texture of satin. I saw them wadded up on the folding table at the laundromat as I sat over my Mu Shu Pork at Happy Noodle restaurant next door. Even from a distance I knew they were divine. I monitored them all through dinner, lingering over tea and fortune cookie, praying their owner wouldn’t return. I claimed them when I left.

Category Three: Vintage. These are my nostalgia pieces, notably a 1920s mink jacket from the flea market, perfect except for some bald patches. Its owner said her dog kept attacking it. For some reason, she decided to sell the jacket and keep the dog. Also, a century-old gauze blouse to wear at friends’ birthday parties, so that something in the room will be older than the celebrant.

Category Four: Donations. This includes a red satin blouse, a gift from a sympathetic friend after I was jilted one Valentine’s Day. Also, high-end items handed down from the mistress of a criminal. I never met her, but she wore my size. When her paramour went to prison for embezzlement, she fled back to Italy and gave her clothing to a mutual friend who passed them along to me. They include a white suede blouse, leather stirrup pants, and a flowing gauze skirt and matching vest with crystal buttons. I never wear them. The dry-cleaning costs would bankrupt me, but I take them out on an occasional Sunday morning and worship them.

That’s one of many advantages of being a Baby Boomer. Our clothing is our history. We wear it proudly. Even stolen blue jeans, dog-abused jackets, and fabulous garments with a shady past.

Rose Marsh lives in Cloverdale, CA. Read more at https://www.marshroseauthor.com.