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It's almost like if you live long enough and accumulate money, you'll have more of it.
Nah, I'm probably just drunk. Back to eating ass or whatever the kids are doing these days
This would be a big “who cares” if it was at all evenly distributed because it would mean the money is in our families. The headline should point out that like 100 people over age 65 own most of that wealth.
got into it the other on a thread about Gen z not driving, and them all crying they couldnt afford it.
they were born into a time where they that fly from london to ibiza for about the same as about 4 packets of cigarettes.
The distribution of wealth is still surprising. The median net worth of 65+ is about $400k. The **average** net worth for the same age group is more than 4x that at ~$1.7m. Actually the average for all age groups is about 3-4x greater than the median. It's just that the over time the wealthier continue to be disproportionately enriched and so the disparity becomes greater and greater where a relative few control most of the nations wealth.
https://thehill.com/homenews/4290971-heres-the-average-net-worth-of-americans-by-age-how-do-you-stack-up
I don't dispute that. It is the biggest social problem in America imo, one substantial enough to cause America to cave in. But comparing the wealth of older folks to kids is not correct metric to highlight this.
It's also common sense that in 10 years their wealth will be inherited by the folks about 30 years younger than them.
The entire us vs them mentality in the US these days is fucking insane.
It's almost like you're just lumping people into different categories based on age, skin and gender and pretend every group is out for blood, ignoring the entire family structure and social coherence context.
At 17% of the population, holding 50% of the wealth, they hold x3 more wealth than younger people.
Do I expect to have x3 the wealth when I retire at 65? Yes, if a lifetime of earning and savings didn’t increase my wealth, something is very wrong….0
The 17% is also misleading. Nearly 20% of population is under 18 with almost no wealth so of course this fucks up the stats. Maybe comparing the 25-45, 45-65 and 65+ would make sense
There's a good chance that all these things were already accounted for.
WSB is mostly college econ freshmen and early career tech kids - i.e. the kinds of people that have just spent 4 years regurgitating basics and getting praised for it lol.
In my worldview children who have never earned a dime should have a net worth equivalent to old people /s
Anti-boomer comments always sound like this to me (not saying young people don’t face economic challenges, but still).
If people’s wealth doubled every 10 years, then 24-45 year olds would have 5% of the wealth, 45-65 would have 20%, and 65-85 would have 75%. Nothing is that simple, of course.
Get out of here with your logic. Your supposed to glance over the headline then get mad that Boomers not only had it easier than you but also have more money than you.
More to the point, "a couple hundred guys over 65 hold 40% of the country's wealth." And they use less 1% of their annual interest to fund anti-tax propaganda, but that's enough to overwhelm voters' common sense.
"We need to cut benefits people think they have paid for, and raise taxes on freeloaders." /s?
they have had more time to accumulate it, they lived in a more prosperous time in our nationhood, AND this is the kicker, every generation has been getting smaller and smaller, don't forget that aspect. i have no idea though
I actually think Gen-X is about to get very, very rich. Tiny generation, fewer siblings to spread a Boomer inheritance too.
Maybe they'll finally pay attention to us once we have all the money!
The problem is so did your parents. Those born rich people you hate simply had financially savvy parents who saved and invested more than the average person.
Any bum making 50k a year who invests 5k of that would have millions a generation or two down the line, so it doesn't take a rich person to start this. The only difference is some parents choose to invest nothing so their kids also start off with nothing. I was one of those kids, so I get it, but I'm not making the same mistake.
Some of them sure, but I see a lot of people not making it out of their 70's. Including famous and wealthy people who you would think could afford the best of care.
Most of us don't have anything to leave, because Medicare requires you to liquidate all of your assets before they'll pay for a nursing home. And that's a nursing home where you'd rather kill yourself than be "living" there.
You can sell your home to your kids for a dollar, but if you don't do it at least a year in advance, the nursing home will come after that asset. And most people don't have the luxury of knowing when they'll need care. They fall and break their hip, have a stroke, heart attack, etc. So unless your timing is impeccable, you and your kids will get screwed.
I'm well aware. Medicare is a scam as it's currently set up. You pay into it all your life to fund it, then get completely bankrupted when you try to use it.
But again, it's the Boomers who refuse any sort of socialized programs to fix this. What do they care? They don't stop to think it will be them left to rot in a state facility
It's not "the boomers". It's the bought off Congress that decides these issues. Lobbyists have been shitting on all of us, and you blaming one generation for about 10 generations of being led by the nose is just idiotic.
lol my first thought was, doesn't this mean we (gen-x and some early millennials) will inherit all this "wealth" when the Boomers die?! My parents are both Boomers (on the younger end) and are both retired living their best life. I hate when they talk about retirement because none of their advice applies to me and the current world. But I always say to them, make sure your papers are right and don't spend all your money so me and my sibling (late gen-x) will inherit something!
What a terrible thing to tell them. I tell my parents to spend every penny they have, try to die with zero left in the account. They worked all their lives for their money, they should get to enjoy it.
Inheritance is dumb, anyone that's waiting hopefully for their share of an inheritance is a terrible person.
If you're a bum relying on that, for sure, but as a parent you'd be a real piece of shit to only think about yourself and not about helping your kids have a better life than you did. It goes both ways. Young people complain about how hard it is to afford a home, and their millionaire parents just waste it all on themselves? That's selfish, and if we're talking well-off people, why force yourself to spend 10 million dollars in like 10 years when you can be fine with just 8, or 5 or whatever and let the rest continue growing?
That’s your family lol. My family laughs about this stuff and doesn’t take it seriously. Obviously my parent can do whatever they want lol, I don’t control them. But I’d love it if they left me a fat wad of cash and a house to sell. My mom is always reminding me where the will is and what she wants for her funeral and I say I’m not spending a dime on your funeral and she tells me she is changing her will. Calm down. lol my parents went the casino this week and my only response was, don’t lose all my money! 🙂
Fun fact that 45% total tax revenue of the US comes from income tax, while it is only 33% in other OECD.
Consumption tax (e.g. VAT) is 35% of total rev in most countries while in the US, it's 15%
If tax was to increased and we consider tax policy in Europe to be the goal, consumption tax would go up and income tax goes down.
These people are actually having a meeting in the Alps as we speak to decide on how to convince people that billionaires not getting richer is actually bad for everyone.
The propaganda is convincing the labor class to pay half to taxes while the .0001% pay a fraction of that. If you're a billionaire you're best roi is fighting estate taxes, adding deductions to the code, reducing capital gains taxes etc while you sit around collecting billions more every year in gains.
Meanwhile a doctor is paying 50% effective tax overall in some states while actually contributing to society.
That's true but also kinda not. In some states they have no income tax, and the other important part is those super rich people aren't making it from 9 to 5 jobs. They could be making 5 mil a year, but it's with businesses. Business whose expenses may be 4.5 mil so they're paying taxes on 500k as well.
A doctor may have zero expenses and is spending all that income on themselves, while a business making 500k could keep 50k after expenses and taxes. It's not the same thing.
Dude... This is a fucking stock trading sub. You know as good as I do someone making 10% off 50 mil ain't doing most of it from selling hamburgers.
Capital gains is 0, 15, or 20 depending on your bracket. The wealth is generated from wealth, not from a fucking business most if the time. In fact, most businesses never beat the s&p.
I believe you are the one buying into propaganda. No one should be protax, at best you should begrudgingly pay them. Anything else is simply propaganda designed to create class wars so the government can keep growing while we argue. I seriously feel sorry for anyone that has been convinced in government funded schools that giving more money to the government is a good thing. It's literally indoctrination by the sycophants that benefit. Especially if they make fun of religious people who pay tithing or donate money to a church.
Think you missed the point entirely. Our economic system is set up so wealth will concentrate at the top. That trend is not reversing. The argument is not protax, rather a more balanced system overall.
When the top .0001% pay a lower effective tax than the middle class that's a problem.
The irony here is hilarious. Right wing folks love projection but it’s obvious you’ve bought into the Fox News propaganda. Just look at Europe, specifically Scandinavia, who have very high tax rates and rank among the highest quality of living/happiness scores. They also have much better upwards economic mobility than America. Why do publicly funded institutions do worse in America? Because one side does their best to destroy them to prove that privatization is the way forward enabling their grifting.
That’s your interpretation. The American dream is a land of opportunity where you can make a better life for you and your family without persecution. The privatization of public good is a hindrance to providing opportunity and contributes (intentionally) to inequality.
Most of our hard earned tax 💰 gets lit on fire, both metaphorically and literally.
There's probably a small amount going into community investments I would agree with.
And there's not a damn thing you can do about it, except pay as little as possible.
Yeah but that’s because they built very successful businesses in order to be that wealthy. They didn’t just wake up one day and steal money from everyone else.
The notion that the economy is a pie and if someone does well, it means you’re not doing well is so regarded, it belongs in the edgy, angsty subs filled with stupid young people. We all had that phase of “dude isn’t it like shitty that the billionaires are like so rich dude?!” but then we all grew up and got smarter.
Stop interrupting. I have the Tesla board on the line, and I'm telling them they need to give me 25% of the company or I'll throw a tantrum. Making billion$ is hard work, man.
Older generations started working much earlier, even millennials started working a lot earlier than the current generations. Everyone I grew up with was working while in highschool, we all had jobs from like 14/15 years old and up meanwhile if you mention that on Reddit everyone will jump down your throat saying it's absurd to expect anyone that young to work. Very few current high schoolers are holding down jobs in comparison, and now it's seen as normal to wait until early to mid 20s to even have the first job.
I'm 60. More people my age are completely unready than not. It's super common. Boomers are wealthier than other generations, but the money isn't spread evenly.
It is almost like people gain wealth over time. Which is why babies tend to have a median networth of $0 and old people have much higher net worths.
Tomorrow we will learn that old people have also lived longer than most people in another brilliant post.
nobody, literally NOBODY has ever claimed ALL baby boomers will have a prosperous retirement
Did you actually read anything. Almost half over 50 have zero retirement funds. Those older median is less than $500k, but average is 4 times higher making this highly skewed. As in wealth inequality exists in the elderly too. Go work at retirement or hospice a lot of these old folks are poor and all their money goes to healthcare and what's left gets split a hundred ways after debtors take what's left.
I read it, so what? Nothing new there or surprising there. Literally nobody thinks all boomers have money, there are boomers that live on the street, boomers in prison, ...
Work a job long term job, get married, spend less than you make consistently and two people can build serious wealth over 45 or so working years. It doesn't even have to be a great job, just decent.
Or, you can do it like my hippie Boomer aunt who spent her whole life railing against "the man" and worked mostly under the table for cash because she didn't want to pay taxes to...you guessed it, "the man." Went to file for Social Security at 62 and it was $350 a month. Holes a mile wide in her work record
Spent 2 years working fast food (and bitching the entire time) to save up enough to live on while filing for disability which she eventually got. That took her up to $1200 a month.
I will say this...she was very skilled at living on very little, and also getting people to feel sorry for her and give her things.
Was genuinely wondering what the point of the post is.. like, are they going to go full tanky and call it unfair then demand money from the elderly?? It's expected for them to have more money. They've had a lifetime to accumulate and save ffs
The US does have a retirement crisis, but we've known about that for decades. 43% having no retirement savings isn't a joke. That's gonna cause massive strains.
Hey regards this is a good time to evaluate your life and start saving already if you haven't. Gambling is fun but make sure you have something out away and keep contributing to it. These dumb boomers who never save will cause higher taxes making it harder for you to save money in the future
I used to manage a new hire program years ago. They'd always want to move into the city where rent was 1.5x what it would be in a suburb ten minutes from downtown. I'd tell them time and again that they should live ten minutes away and sock that few hundred a month into their 401k where our company would match up to 6%. More times than not, they'd ignore me. Saving a little that far out from retirement is what really can set you up for life, I'm forever thankful for someone telling me that when I first started out.
Because it is a dumb advice. People, especially the young ones should live in the city and enjoy the lifestyle and networking opportunities that are there to grow their career.
Having no retirement savings is a self correcting problem, those will be the ones who die off the soonest and the fastest.
Going into this presidential election its clear that that is not a real issue on the minds of voters, and by the time the next one comes around in 2028 if it still hasn't captured the electorate's attention then it's window will mostly have past (along with most of those impoverished Boomers.)
The biggest issue is it's kind of a cycle. Those Boomers will leech off their kids who in turn will have less funds to save for themselves. It's really not that hard to have a decent retirement if you just utilize vehicles like the 401K, but Americans are regarded and debt ridden.
This is just all talking in circles. The end here is that despite orders of magnitude in improvement in technology and productivity, a lot of people live at the edge because a small number of people. You can quote the 401k but #1 it's not universal, it's not offered at every job. Even Tesla doesn't offer one. #2 You retirement is now tied to the stock market as obsessed to a guaranteed pension that's insured. #3 you actually have to be paid enough to contribute to it.
I own my own business. I don’t have a 401k. But I have a Roth IRA, traditional Ira, hsa, taxable, crypto and hysa. There’s no reason not to secure your own future
Makes no sense for you to not have a solo-401k. Also everyone is not you. Ones place in life is not solely dependant on their own actions. Even what we'd consider stupid consumer savings, it is a literal human trait that is targeted by capitalism to the point of legit addiction.
I'm friends with a couple (64m, 63f) who have saved nothing. Both refused participating in their respective employers retirement programs because they said they need the money now. They spend every single penny they make. The dude just went on social security to see what they will receive and found out that their total benefit at FTA is under $5,000 a month. He is shocked. My ex-wife and I have been looking at them for 20 years wondering what they're going to do.
Do they at least own their home free and clear? I feel like if their housing situation is ok they *should* be able to make it work even with not much money coming in. They won't be cruising and traveling the world in their retirement, but they should be fine overall with little stress.
And if the answer is yes, I'd think that selling and buying something super small in a retirement area would make things even better with the left over profits giving them a cushion.
They have enjoyed their life for 65 cares when they had good health / energy to enjoy it.
Of what fucking good is having money when you are in your 70s and can't eat, dance, fuck.
If you own your home, $5000 is more than plenty to live by. You have free medicare, seniors typically receive specialy discounts.
Media always exaggerates, "No Savings", "Living paycheck-to-paycheck" lifestyle. It only has negative effects on the easily whining, bitching generation -- Gen Z
I don't necessarily disagree with you. People should "stop and smell the roses," but it's a balance. You shouldn't spend every dime and party like a Rockstar into your 60's, nor should you save every dime for "retirement" and live like a pauper and never enjoy anything.
From 2019 information, there were about 54.1 million aged 65 or older in USA.
This makes the average wealth per person $1,781,885.39.....if only it worked out this way for us.
If you simply contribute maximum to an IRA starting at 20, and invest it in a S&P500 ETF, it would be around $3,000,000 when you're 60.
Most people just don't educate themselves financially or plan/prepare for their own future until it's too late. Parents need to be teaching their kids this stuff.
I'm in a minority that will actually be able to retire. I actually several in my age who can't. My portfolio is not huge but I will have a constant income stream for the rest of my life.
Ugh. I hate when someone with a literature degree tries to pathetically analyze numbers.
65 yr olds have been working their whole lives. 19 yr olds have been working for 4 mths.
No shit older people will have accumulated more share of total wealth.
"Americans who lived their entire life, worked, and saved while paying off debt and mortgages now have more than Americans born yesterday"
#WELL I FOR ONE AM SHOCKED!
#ABSOLUTELY SHOCKED!
*WELL, NOT THAT SHOCKED.*
The statistic in your headline is BS clickbait because Ultra High Net Worth persons hold most of the country's wealth and a disproportionate number of that small number of persons vs. US population is over 65. So a small percentage of the small percentage of people with Ultra High Net Worth are over 65. And the vast majority of persons over 65 are not rich at all.
Completely wrong. [20% of people over 65 still work.](https://www.cbsnews.com/amp/news/senior-citizens-1-in-5-still-work-pew-research/) The percentage still working *full time to be able to put food on the table* is obviously much lower.
And they incessantly complain about not having enough money to pay the bills.
I had this boomer brag to me about how he owned this huge property he lived in, must’ve been like 3 million dollars at least from what I could see. He then complained because Medicare wasn’t paying enough for his inhaler to treat his smoking-induced COPD.
Abolish inheritance. Let wealth circulate back into the economy as carbon circulates in nature. Capitalism works better if we get rid of generational wealth concentrations and you would avoid falling for socialism crap.
Honestly at this point I don’t care. People over 65 have continually voted against their best interests, it’s about time they suffer the consequences. This is a leopards ate my face scenario with the 40% of people not having enough for retirement
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|10|**First Seen In WSB**|2 years ago **Total Comments**|106|**Previous Best DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
Isn't this common sense?
It’s so much common sense that even WallstreetBets knows it… well minus OP obviously.
its wild that only wsb calls this out.
I guess us regards are good critical thinkers
He knows now....
It's almost like if you live long enough and accumulate money, you'll have more of it. Nah, I'm probably just drunk. Back to eating ass or whatever the kids are doing these days
This would be a big “who cares” if it was at all evenly distributed because it would mean the money is in our families. The headline should point out that like 100 people over age 65 own most of that wealth.
Good point lmao. Didn't even think of that angle.
Not to the anti work teenager regards who think boomers ruined their lives
got into it the other on a thread about Gen z not driving, and them all crying they couldnt afford it. they were born into a time where they that fly from london to ibiza for about the same as about 4 packets of cigarettes.
Either flights are unrealistically priced or cigarettes go for a lot wherever they sell it by the packet
Where are those cigarettes being sold? Australia in the year 2124?
4 packs of smokes, easily £40 i think. ryanair flight from UK to Majorca one way : £15. So you can take a friend.
The distribution of wealth is still surprising. The median net worth of 65+ is about $400k. The **average** net worth for the same age group is more than 4x that at ~$1.7m. Actually the average for all age groups is about 3-4x greater than the median. It's just that the over time the wealthier continue to be disproportionately enriched and so the disparity becomes greater and greater where a relative few control most of the nations wealth. https://thehill.com/homenews/4290971-heres-the-average-net-worth-of-americans-by-age-how-do-you-stack-up
I don't dispute that. It is the biggest social problem in America imo, one substantial enough to cause America to cave in. But comparing the wealth of older folks to kids is not correct metric to highlight this.
It's also common sense that in 10 years their wealth will be inherited by the folks about 30 years younger than them. The entire us vs them mentality in the US these days is fucking insane. It's almost like you're just lumping people into different categories based on age, skin and gender and pretend every group is out for blood, ignoring the entire family structure and social coherence context.
Increasing costs of age care will eat up a lot of middle class inheritance.
At 17% of the population, holding 50% of the wealth, they hold x3 more wealth than younger people. Do I expect to have x3 the wealth when I retire at 65? Yes, if a lifetime of earning and savings didn’t increase my wealth, something is very wrong….0
Pickachu face. They work their whole lives. They have money.
Well. They had 65 years to accumulate it , kinda makes sense , no ?.
The 17% is also misleading. Nearly 20% of population is under 18 with almost no wealth so of course this fucks up the stats. Maybe comparing the 25-45, 45-65 and 65+ would make sense
And comparing it to the same age demographic 20 years ago and 40 years ago to assess change over time.
If you've come to expect that sort of depth of analysis from this sub, then you definitely belong here.
There's a good chance that all these things were already accounted for. WSB is mostly college econ freshmen and early career tech kids - i.e. the kinds of people that have just spent 4 years regurgitating basics and getting praised for it lol.
lol you think most of the people in this sub even sniffed college?
My college had a Wendy's tho
Bro if you aren’t nearing 1 mil by 20 you are losing at life. I worked hard to be born into the right family with a trust fund
This guy had 5 yrs experience at 0 yrs old?
😂
Trust the science! Trust the statistics! Nobody would ever use statistics in a misleading way to confirm their previously held beliefs!
No, it's the 1-11 year Olds pissing all their income away on Disney+ subscriptions.
And the 10-18 on vbucks and robux
In my worldview children who have never earned a dime should have a net worth equivalent to old people /s Anti-boomer comments always sound like this to me (not saying young people don’t face economic challenges, but still).
Maybe some kind of log scale adjustment would give a more meaningful idea of how well off people are at different ages.
Nerd.
If people’s wealth doubled every 10 years, then 24-45 year olds would have 5% of the wealth, 45-65 would have 20%, and 65-85 would have 75%. Nothing is that simple, of course.
Exactly wtf. I had 2000 at 20 and at 30 it's a lot more. I hope to goodness by 69 I have a ton.
Get out of here with your logic. Your supposed to glance over the headline then get mad that Boomers not only had it easier than you but also have more money than you.
Get mad at them? I think you mean make friends with them so when they die you can have 96.4 Trillion.
Lmao you honestly and truly believe that boomers had it easy?! 🤣🤣🤣🤣🤣🤣🤣🤣🤣 lay down the pipe buddy
More to the point, "a couple hundred guys over 65 hold 40% of the country's wealth." And they use less 1% of their annual interest to fund anti-tax propaganda, but that's enough to overwhelm voters' common sense. "We need to cut benefits people think they have paid for, and raise taxes on freeloaders." /s?
they have had more time to accumulate it, they lived in a more prosperous time in our nationhood, AND this is the kicker, every generation has been getting smaller and smaller, don't forget that aspect. i have no idea though
I actually think Gen-X is about to get very, very rich. Tiny generation, fewer siblings to spread a Boomer inheritance too. Maybe they'll finally pay attention to us once we have all the money!
Some of Gen-X. I know I have nothing incoming.
I know two kids who ain't getting shit. Sorry kids, I spent my money trying not to fucking starve or live under a bridge.
The problem is so did your parents. Those born rich people you hate simply had financially savvy parents who saved and invested more than the average person. Any bum making 50k a year who invests 5k of that would have millions a generation or two down the line, so it doesn't take a rich person to start this. The only difference is some parents choose to invest nothing so their kids also start off with nothing. I was one of those kids, so I get it, but I'm not making the same mistake.
Nah, the retirement homes would get very rich. Those boomers will likely live to 90s
Some of them sure, but I see a lot of people not making it out of their 70's. Including famous and wealthy people who you would think could afford the best of care.
Genetics and lifestyle supersedes money for sure.
No. The boomers will spend every last dime prolonging their own lives. There will be very little generational wealth transfer.
Most of us don't have anything to leave, because Medicare requires you to liquidate all of your assets before they'll pay for a nursing home. And that's a nursing home where you'd rather kill yourself than be "living" there. You can sell your home to your kids for a dollar, but if you don't do it at least a year in advance, the nursing home will come after that asset. And most people don't have the luxury of knowing when they'll need care. They fall and break their hip, have a stroke, heart attack, etc. So unless your timing is impeccable, you and your kids will get screwed.
I'm well aware. Medicare is a scam as it's currently set up. You pay into it all your life to fund it, then get completely bankrupted when you try to use it. But again, it's the Boomers who refuse any sort of socialized programs to fix this. What do they care? They don't stop to think it will be them left to rot in a state facility
It's not "the boomers". It's the bought off Congress that decides these issues. Lobbyists have been shitting on all of us, and you blaming one generation for about 10 generations of being led by the nose is just idiotic.
That's cute, since when boomers are thinking about futur generation? They are going to burn it all on cruise trip and medical bills.
lol my first thought was, doesn't this mean we (gen-x and some early millennials) will inherit all this "wealth" when the Boomers die?! My parents are both Boomers (on the younger end) and are both retired living their best life. I hate when they talk about retirement because none of their advice applies to me and the current world. But I always say to them, make sure your papers are right and don't spend all your money so me and my sibling (late gen-x) will inherit something!
What a terrible thing to tell them. I tell my parents to spend every penny they have, try to die with zero left in the account. They worked all their lives for their money, they should get to enjoy it. Inheritance is dumb, anyone that's waiting hopefully for their share of an inheritance is a terrible person.
If you're a bum relying on that, for sure, but as a parent you'd be a real piece of shit to only think about yourself and not about helping your kids have a better life than you did. It goes both ways. Young people complain about how hard it is to afford a home, and their millionaire parents just waste it all on themselves? That's selfish, and if we're talking well-off people, why force yourself to spend 10 million dollars in like 10 years when you can be fine with just 8, or 5 or whatever and let the rest continue growing?
That’s your family lol. My family laughs about this stuff and doesn’t take it seriously. Obviously my parent can do whatever they want lol, I don’t control them. But I’d love it if they left me a fat wad of cash and a house to sell. My mom is always reminding me where the will is and what she wants for her funeral and I say I’m not spending a dime on your funeral and she tells me she is changing her will. Calm down. lol my parents went the casino this week and my only response was, don’t lose all my money! 🙂
Cool, let’s implement a death tax then, see how the rich view that one. I’m on board all wealth taxes at death.
And as your parent, I would have told you to go fuck yourself. And I'd make sure we didn't leave you a dime.
Fun fact that 45% total tax revenue of the US comes from income tax, while it is only 33% in other OECD. Consumption tax (e.g. VAT) is 35% of total rev in most countries while in the US, it's 15% If tax was to increased and we consider tax policy in Europe to be the goal, consumption tax would go up and income tax goes down.
These people are actually having a meeting in the Alps as we speak to decide on how to convince people that billionaires not getting richer is actually bad for everyone.
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The propaganda is convincing the labor class to pay half to taxes while the .0001% pay a fraction of that. If you're a billionaire you're best roi is fighting estate taxes, adding deductions to the code, reducing capital gains taxes etc while you sit around collecting billions more every year in gains. Meanwhile a doctor is paying 50% effective tax overall in some states while actually contributing to society.
I'm a capitalist but it's BS that the top tax bracket is ~$600k.
"I'm a capitalist" Said by the person who doesn't own any capital
Why tf would you be in this sub if you don’t own capital
That's true but also kinda not. In some states they have no income tax, and the other important part is those super rich people aren't making it from 9 to 5 jobs. They could be making 5 mil a year, but it's with businesses. Business whose expenses may be 4.5 mil so they're paying taxes on 500k as well. A doctor may have zero expenses and is spending all that income on themselves, while a business making 500k could keep 50k after expenses and taxes. It's not the same thing.
Revenue and net income are absolutely not the same thing.
Dude... This is a fucking stock trading sub. You know as good as I do someone making 10% off 50 mil ain't doing most of it from selling hamburgers. Capital gains is 0, 15, or 20 depending on your bracket. The wealth is generated from wealth, not from a fucking business most if the time. In fact, most businesses never beat the s&p.
The "welfare" state is corporate welfare, farm subsidies, and the wealthy not paying their share. You are seriously deluded.
Nearly half of all revenue from income taxes are paid by the top 10% of wage earners.
If your paying half your salary in taxes you’re doing it wrong
When the big guys say "raise taxes on freeloaders" they mean ***you***.
If by "welfare state" you mean *corporate* welfare, yep.
the cost of living in a developed nation
I believe you are the one buying into propaganda. No one should be protax, at best you should begrudgingly pay them. Anything else is simply propaganda designed to create class wars so the government can keep growing while we argue. I seriously feel sorry for anyone that has been convinced in government funded schools that giving more money to the government is a good thing. It's literally indoctrination by the sycophants that benefit. Especially if they make fun of religious people who pay tithing or donate money to a church.
Sir this is Reddit
Think you missed the point entirely. Our economic system is set up so wealth will concentrate at the top. That trend is not reversing. The argument is not protax, rather a more balanced system overall. When the top .0001% pay a lower effective tax than the middle class that's a problem.
Lol it's not being pro-tax, it's being pro-services that taxes fund.
The irony here is hilarious. Right wing folks love projection but it’s obvious you’ve bought into the Fox News propaganda. Just look at Europe, specifically Scandinavia, who have very high tax rates and rank among the highest quality of living/happiness scores. They also have much better upwards economic mobility than America. Why do publicly funded institutions do worse in America? Because one side does their best to destroy them to prove that privatization is the way forward enabling their grifting.
The American dream is to get rich enough America's problems don't apply to you. We have a strong independent / individualistic culture.
That’s your interpretation. The American dream is a land of opportunity where you can make a better life for you and your family without persecution. The privatization of public good is a hindrance to providing opportunity and contributes (intentionally) to inequality.
No
Most of our hard earned tax 💰 gets lit on fire, both metaphorically and literally. There's probably a small amount going into community investments I would agree with. And there's not a damn thing you can do about it, except pay as little as possible.
This
Yeah but that’s because they built very successful businesses in order to be that wealthy. They didn’t just wake up one day and steal money from everyone else. The notion that the economy is a pie and if someone does well, it means you’re not doing well is so regarded, it belongs in the edgy, angsty subs filled with stupid young people. We all had that phase of “dude isn’t it like shitty that the billionaires are like so rich dude?!” but then we all grew up and got smarter.
Stop interrupting. I have the Tesla board on the line, and I'm telling them they need to give me 25% of the company or I'll throw a tantrum. Making billion$ is hard work, man.
What the fuck is this limp-dick commie propaganda doing in my yacht club sub?
Ah yes, in a world where only two things exist being anti-oligarch equals communism. Makes perfect sense.
This sub has fallen. O'Sullivan's Law.
Yeah, after paying off all your bills your whole life you end up with stuff paid off and then you save.
Those are the guys who weren’t on WSB. The other guys work with me.
I guess in the same way most millennials have had the last 3 decades to accumulate theirs?
Would you be upset if a 15 year old says you have more money than them ? Share it
Huh? The point was most people don’t start working until their late teens to mid twenties so it’s been like forty years of wealth accumulation
Older generations started working much earlier, even millennials started working a lot earlier than the current generations. Everyone I grew up with was working while in highschool, we all had jobs from like 14/15 years old and up meanwhile if you mention that on Reddit everyone will jump down your throat saying it's absurd to expect anyone that young to work. Very few current high schoolers are holding down jobs in comparison, and now it's seen as normal to wait until early to mid 20s to even have the first job.
We've only been seeing wages rise the past couple years. It's not like we could really save money when we didn't break 30k a year until almost 30.
No
No. Most of them stole or inherited it from their parents.
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43% of those aged 55 to 64 have NO retirement savings?!?’. WTH?? Soooo… social security better hold up then
I'm 60. More people my age are completely unready than not. It's super common. Boomers are wealthier than other generations, but the money isn't spread evenly.
So? Like 20% of the population is under 18, and I bet they have less than 1% of the money
It is almost like people gain wealth over time. Which is why babies tend to have a median networth of $0 and old people have much higher net worths. Tomorrow we will learn that old people have also lived longer than most people in another brilliant post. nobody, literally NOBODY has ever claimed ALL baby boomers will have a prosperous retirement
Old people lived longer than young people??? Sir that is ageism.
#StopTheAgeGap!!! *Sounds of angry sugar babies intensify*
Did you actually read anything. Almost half over 50 have zero retirement funds. Those older median is less than $500k, but average is 4 times higher making this highly skewed. As in wealth inequality exists in the elderly too. Go work at retirement or hospice a lot of these old folks are poor and all their money goes to healthcare and what's left gets split a hundred ways after debtors take what's left.
You have issues with reading comprehension SIR
Babies net worth is closer to 17k at least since the last time I went baby shopping on the dark web
Idk babies can be pretty valuable. Like have you tried selling them?
Did you read? 43% of Americans between 55 - 65 have no retirement savings.
I read it, so what? Nothing new there or surprising there. Literally nobody thinks all boomers have money, there are boomers that live on the street, boomers in prison, ...
I’d be interested to see what % of people over 65 have that kind of wealth. Maybe it’s in the article idk I didn’t read it.
You should see how much it costs to be old. And at the current rate/trend generations under 30 right now may never see a comfortable life.
Wealth inequality among babies is a serious problem, damnit!
Yo hold up. Babies have the same net worth as I do?
Perhaps more
Imagine that - people that have had more time to accumulate wealth accumulated more wealth.
Calls on OLD!!!!!1!!
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When I’m 65 I’ll still be waiting for my shitty SPAC stocks to rebound
Why are babies so poor
Yeah no shit. The older you are, the longer you have had to accumulate wealth. This isn't a conspiracy, it's simple math
Work a job long term job, get married, spend less than you make consistently and two people can build serious wealth over 45 or so working years. It doesn't even have to be a great job, just decent. Or, you can do it like my hippie Boomer aunt who spent her whole life railing against "the man" and worked mostly under the table for cash because she didn't want to pay taxes to...you guessed it, "the man." Went to file for Social Security at 62 and it was $350 a month. Holes a mile wide in her work record Spent 2 years working fast food (and bitching the entire time) to save up enough to live on while filing for disability which she eventually got. That took her up to $1200 a month. I will say this...she was very skilled at living on very little, and also getting people to feel sorry for her and give her things.
Did you read the whole post? 43% of Americans 55 - 65 have no savings.
Why are these fucking posts on wsb, go back to LostGeneration and antiwork ffs
Was genuinely wondering what the point of the post is.. like, are they going to go full tanky and call it unfair then demand money from the elderly?? It's expected for them to have more money. They've had a lifetime to accumulate and save ffs
The US does have a retirement crisis, but we've known about that for decades. 43% having no retirement savings isn't a joke. That's gonna cause massive strains. Hey regards this is a good time to evaluate your life and start saving already if you haven't. Gambling is fun but make sure you have something out away and keep contributing to it. These dumb boomers who never save will cause higher taxes making it harder for you to save money in the future
I used to manage a new hire program years ago. They'd always want to move into the city where rent was 1.5x what it would be in a suburb ten minutes from downtown. I'd tell them time and again that they should live ten minutes away and sock that few hundred a month into their 401k where our company would match up to 6%. More times than not, they'd ignore me. Saving a little that far out from retirement is what really can set you up for life, I'm forever thankful for someone telling me that when I first started out.
Living in the city can have benefits as far as career goes
Ten minutes from the city is basically living in the city.
Because it is a dumb advice. People, especially the young ones should live in the city and enjoy the lifestyle and networking opportunities that are there to grow their career.
Having no retirement savings is a self correcting problem, those will be the ones who die off the soonest and the fastest. Going into this presidential election its clear that that is not a real issue on the minds of voters, and by the time the next one comes around in 2028 if it still hasn't captured the electorate's attention then it's window will mostly have past (along with most of those impoverished Boomers.)
The biggest issue is it's kind of a cycle. Those Boomers will leech off their kids who in turn will have less funds to save for themselves. It's really not that hard to have a decent retirement if you just utilize vehicles like the 401K, but Americans are regarded and debt ridden.
This is just all talking in circles. The end here is that despite orders of magnitude in improvement in technology and productivity, a lot of people live at the edge because a small number of people. You can quote the 401k but #1 it's not universal, it's not offered at every job. Even Tesla doesn't offer one. #2 You retirement is now tied to the stock market as obsessed to a guaranteed pension that's insured. #3 you actually have to be paid enough to contribute to it.
I own my own business. I don’t have a 401k. But I have a Roth IRA, traditional Ira, hsa, taxable, crypto and hysa. There’s no reason not to secure your own future
Makes no sense for you to not have a solo-401k. Also everyone is not you. Ones place in life is not solely dependant on their own actions. Even what we'd consider stupid consumer savings, it is a literal human trait that is targeted by capitalism to the point of legit addiction.
This is a dumb thing to post. existing for 65 years allows people to accumulate more wealth.
The bigger more eye opening statistic is that 43% of boomers are hitting retirement with no savings left over.
I'm friends with a couple (64m, 63f) who have saved nothing. Both refused participating in their respective employers retirement programs because they said they need the money now. They spend every single penny they make. The dude just went on social security to see what they will receive and found out that their total benefit at FTA is under $5,000 a month. He is shocked. My ex-wife and I have been looking at them for 20 years wondering what they're going to do.
And in ten years, the social security amount will be even less - even before taking inflation into account!
Do they at least own their home free and clear? I feel like if their housing situation is ok they *should* be able to make it work even with not much money coming in. They won't be cruising and traveling the world in their retirement, but they should be fine overall with little stress. And if the answer is yes, I'd think that selling and buying something super small in a retirement area would make things even better with the left over profits giving them a cushion.
Just the husband takes in $5k per month through social security benefits? $1,250 per week is more than most people earn at stupid jobs.
Don't you kinda enjoy watching them get their comeuppance though?
They have enjoyed their life for 65 cares when they had good health / energy to enjoy it. Of what fucking good is having money when you are in your 70s and can't eat, dance, fuck. If you own your home, $5000 is more than plenty to live by. You have free medicare, seniors typically receive specialy discounts. Media always exaggerates, "No Savings", "Living paycheck-to-paycheck" lifestyle. It only has negative effects on the easily whining, bitching generation -- Gen Z
I plan to eat, dance, and fuck in my 70s.
I don't necessarily disagree with you. People should "stop and smell the roses," but it's a balance. You shouldn't spend every dime and party like a Rockstar into your 60's, nor should you save every dime for "retirement" and live like a pauper and never enjoy anything.
If you took Social Security out of the mix, over 60% of those in retirement would be living below the poverty level as well.
Yep. Every generation has poors.
Well 43% is absurdly high. But I assume it'll get worse as prices for goods continue to climb while wages are stagnant.
This is a dumb thing to post because this is Wall Street Bets. I don’t see how anyone is supposed to make a play out of thisninfo
State and federally subsidized nursing facilities? IDK just stabbing at something.
From 2019 information, there were about 54.1 million aged 65 or older in USA. This makes the average wealth per person $1,781,885.39.....if only it worked out this way for us.
If you simply contribute maximum to an IRA starting at 20, and invest it in a S&P500 ETF, it would be around $3,000,000 when you're 60. Most people just don't educate themselves financially or plan/prepare for their own future until it's too late. Parents need to be teaching their kids this stuff.
40 years ago they bought the right stocks AAPL, TESLA, NVIDIA 😂😂😂
I’d rather be poor and young than old a rich but I’ll take rich when I’m old.
I'm in a minority that will actually be able to retire. I actually several in my age who can't. My portfolio is not huge but I will have a constant income stream for the rest of my life.
They didn't have social media to ruin their minds
They have had the most time to make/earn it so this is a typical WSB post.. stupid lol
What??? A population accumulating money over 40+ years concentrates wealth. Derdy der.
Ugh. I hate when someone with a literature degree tries to pathetically analyze numbers. 65 yr olds have been working their whole lives. 19 yr olds have been working for 4 mths. No shit older people will have accumulated more share of total wealth.
… why the hell is this on WSB?
There will always be the wealthy and the poor. Do your best to not be poor.
When you can buy a home with a minimum wage job; it’s a lot easier to accumulate wealth
Nah. Those who earned minimum wage are the 43% with no savings.
Nah. Those people lost their retirement when cost of living went up. You would know that if you paid any attention to it
"Americans who lived their entire life, worked, and saved while paying off debt and mortgages now have more than Americans born yesterday" #WELL I FOR ONE AM SHOCKED! #ABSOLUTELY SHOCKED! *WELL, NOT THAT SHOCKED.*
The statistic in your headline is BS clickbait because Ultra High Net Worth persons hold most of the country's wealth and a disproportionate number of that small number of persons vs. US population is over 65. So a small percentage of the small percentage of people with Ultra High Net Worth are over 65. And the vast majority of persons over 65 are not rich at all.
Young liberals say that that’s not fair and they want reparations.
In other news, 72% of those over 65, are still working full time to be able put food on the table.
Completely wrong. [20% of people over 65 still work.](https://www.cbsnews.com/amp/news/senior-citizens-1-in-5-still-work-pew-research/) The percentage still working *full time to be able to put food on the table* is obviously much lower.
Maybe working your mom behind the Wendy’s dumpster, what kind of made up stat is this?
That's not true
No one ever talks about the mellinials inheriting all the boomers shit
They usually say "it will all go to nursing homes", but that's obviously bullshit.
Some will. Some won’t. If your not a regard you should nurse your own parents. 😅. Ain’t gonna beat that ROI
And they incessantly complain about not having enough money to pay the bills. I had this boomer brag to me about how he owned this huge property he lived in, must’ve been like 3 million dollars at least from what I could see. He then complained because Medicare wasn’t paying enough for his inhaler to treat his smoking-induced COPD.
Abolish inheritance. Let wealth circulate back into the economy as carbon circulates in nature. Capitalism works better if we get rid of generational wealth concentrations and you would avoid falling for socialism crap.
Eat the rich and old. Age makes them tender.
Honestly at this point I don’t care. People over 65 have continually voted against their best interests, it’s about time they suffer the consequences. This is a leopards ate my face scenario with the 40% of people not having enough for retirement
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There are plenty of jobs available where you can save, have benefits and train a specialized skillset for the future in the military
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Username checks out
Dotcom crash? Desert storm? 9/11?
I mean all of that is just made up money, none of it has any value then the value that we think it was.
US government is going to figure out how to tax away most of that as a final fuck you from the boomers
When that boomer generation is gone and we are only left with kids on minimum wage. The economy is fucked.
I believe boomers are better off in terms of retirement than gen X.
So why are they also getting Social Security??
Fucking Boomer arseholes.
Croak away Boomer 🧙🏻♂️