So in this blitz podcast, which means just me ranting and raving about something, I ask, can the boomer generation pay for their own care?
This is something that concerns me greatly. The reason being is that I regularly read articles about how American’s as a whole do not save their money. I understand that there are very poor families and very rich ones, and everyone in between.
Some don’t save by choice, so have no choice but to live pay-check to pay-check, but this doesn’t change the fact that people are not saving their money.
My concern is that the WW2 generation that we are caring for now often saved religiously. They are sitting on large assets like houses, pensions, retirement accounts and cash that can pay for their care.
While the baby boomer generation didn’t have any great war or great depression that caused them to need to save. Actually, the opposite seemed to occur, credit was developed so you didn’t have to pay for anything.
Instead of paying for your house or car with cash, it was through a loan because the prices had gone up so dramatically. We also became more concerned with our image, buying large houses that needed to be filled up with furniture. Those houses came with large garages that needed to be filled with luxury cars, and it just seemed like we spend without thought of how that will affect us in the later years.
Now I know this is kind of preach-ey but it is a concern as I see so many articles on this topic, so I thought I would rant a little about the question I have, can the baby boomer generation pay for their own care when they eventually need it?