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If a family of 4 cannot live on 10k/month with no mortgage they are living well above their means.
Classic boomers
James M. – There is no mention that the couple whose sole income comes from social security and pensions had “no mortgage.” Also, the $10k in monthly income was before taxes. Finally, you have no idea about the costs of the health care required by the couple (the wife is 61, not yet covered by Medicare, we are not told how old the husband is) or the grandson who has sickle cell anemia. One day you too will be your generation’s equivalent of a “boomer” and discover the reality of facts.
Brent, sounds like they were not prepared for retirement. Unfortunate circumstances all around for that example, but both those kids will be on medicaid until they are 18 so it is just healthcare for the two adults?
We are constantly told to save more, cut back more, etc.
So they are taking home around 8500/month post taxes? call it 2k in healthcare and 1500 mortgage if they somehow have a mortgage after the age of 60…. If you cant get by on 5k/month you are still living above your means full stop.
The 25-40 age crowd is the most prepared for retirement of any generation thus far, while being the most underpaid generation in a century…
I agree with James here. Quite frankly these people should be rich and even with mortgage (if they have one). They’re either making dumb payments on toys, wasting money, or living well above there means. The one thing I know with people in my generation is we don’t like wasting money on stuff.
This fake news….Millennials don’t want to hire Boomers……