An average of $355k is scary, when these folks are approaching the age when more and more will need tons of healthcare AND long term care.
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It is low but not scary. Once on Medicare with a decent earnings history that’s enough to make it to the end with life expectancy around 78.
And who is paying for Medicare/Medicaid?
That’s my point. I am looking at this from a “macro” view. Individually, people might be able to limp across the finish line. But the “value” of their net worth is going to be sucked up into healthcare costs as if with a large vacuum.
In the end, Gen X and the Millenials are going to be stuck with a bankrupt “system” and infrastructure that is just worn out from the demographic bubble that is working its way through the system.
I came along at the end of the boomer generation. Our schools were literally threadbare because of the shear number of people who preceded me during the 50’s and early 60’s. The same thing has happened to every stage of their lives. the job market was tight as we all entered the system and worked our way through. Now we are seeing in things like primary care docs and decent “re hab” facilities (re-hab for broken hips...not drugs.)
I am not a “boomer hater.” That stuff is stupid. However, I am very aware of the demographic process we are seeing. After we pass through it, things will eventually get better for our kids and grandkids. But it is going to suck for the next ten years or so.
On a “micro” level, I have a net worth that should last me quite a while. On a “macro” level, I would hate to be our kids.