Gen Xers and millennials aren’t ready for the long-term care crisis their boomer parents are facing
https://www.businessinsider.com/millennials-gen-xers-burdened-long-term-care-costs-for-boomers-2025-1?utm_source=reddit&utm_medium=social&utm_campaign=insider-futurology-sub-post
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Who said we planned on helping our boomer parents in the first place?
I’m perfectly ready.
Not. My. Problem.
I’m perfectly fine not having an inheritance because assisted living took everything. My life is complex enough with my own immediate family without having to juggle people halfway across the country. Not putting myself in a position to resent them the same way they resented their parents in turn.
I’m ready.
Parents were smart with their money and have lots of savings. I’m lucky that they’re nice people and so we have an Inlaw suite in the basement.
We’ll be fine. Also I’m in Canada so I’m not going to get destroyed by the us healthcare system.
Mom worked as a VA nurse her whole career.. pension and lifetime good healthcare insurance for her and my dad. Happy for them and that I don’t have to worry.. also sad for myself because I am also a nurse and will never see benefits like that in my career.
My parents took care of a friend for years that was dying of cancer because his parents and siblings refused to. So he left my folks everything. His family didn’t realize he had millions in savings due to savvy investments and were super mad. Luckily my folks will be ok in long term care.
I laughed at the headline knowing exactly what the comment section would contain.
I know we’re broke, but I think most of us can afford a single pillow.
My mom bought her own small farm a few years ago and is in incredible shape. She gets fresh eggs daily, spends at least an hour every day moving around and feeding animals, and at least another hour walking her dogs around the property, and she can move a 50lb bale of hay with more ease than the vast majority of people her age. When she used to live in the city, I was worried. Now, I’m more worried about her straining her shoulder.
Lol baby boomers about to realize that fucking the economy up after them isn’t going to work out so well.
Not my problem. They didn’t take care of me when I was a kid and they voted their whole lives for the policies that have been hurting me and are hurting them now. I’m sure they’ve got some bootstraps to pull themselves up by.
My parents divorced and both married younger people. My father has already passed away. My step-father still skis while my mom hit 80 and is slowing down big time. I see my friends dealing with a lot more than I had to and I know I got lucky. I think in a way it’s the time more than the money. So many end of life care decisions, so many forms, so much paperwork. So much legal work. It’s a full time job.
GenX has been surviving in the wild for a long time, we will weather this too. Not sure about everyone else though
My dad died unexpectedly last year. I moved back in with my mom (58) partially to help with my brother (26 & on the spectrum). I’m already gearing up.
As everyone is chiming in with how good or bad their parents are, we’re forgetting the extraction mindset that got us here. Get every penny out of everyone so they die with nothing. Or they can put the next generations on the hook for it. Soon we’ll be indebted for several generations that don’t yet exist.
When I’m too old to take care of myself, I don’t want to burden anyone unless it’s a nurse or a robot. And if no one takes care of me, that’s fine too. At that point I would be ready to leave this world behind
There is a known exponential curve of expenses to cover the last two to three months for anyone who enters a hospital. Even with Medicare, it can cost upwards of $50k to $75k, and Medicare does not cover long-term care.
The boomers are not done leaving us all a giant bill on their way out. We’ll collectively spend over $50 TRILLION to pay for their retirement benefits and medical expenses.
Good. Fuck em I say. They ruined everything they didn’t take. I hope they get everything they deserve coming for them.
I’m in the middle of it right now. Seeing the long term care system up close my only goal for the rest of my life is trying to ensure I have my own exit strategy. Legal or otherwise.
That large transfer of wealth from the boomers will end up in the hands of the long term care industry.
This is the real transfer of wealth. It’s not going to GenX or GenY.
I’m 38 years old with a 79 year old stroke victim mom.
She fell and broke her shoulder 3 years ago, the family decided for her to live closer to her daughter (me), she does not have a good relationship with her son, he helps out when he can but he lives 300 miles away.
She has told me my ENTIRE LIFE that when it’s time to put her in a home, to take her to the VA (she’s a veteran). Lo and behold, she does not qualify. She is 50% service connected, but apparently there is a “hard line” to get into the VA’s assisted living…you have to be 70% service connected. Guess how much she saved for retirement when she was banking on this…
Before that, I wanted her in assisted living, we compromised on independent living. Six months later she falls again, and now has to go into assisted living. Her care was $5,200 a month, not including her diapers and spending money. She then had a stroke. Her care ballooned to $11,300 a month.
I could write a book about her abysmal care. She was never bathed, sat in a puddle of her urine most days, did not have good food, and the activities were barely there.
She now lives with me. She cannot even wipe her own ass because of the stroke. She can barely walk. This is going to happen to SO many people in my cohort it hurts my heart. I’m in a position where I can look after her. I know way to many people who are not as fortunate as me…I have a coworker who is 21 who is trying to take care of her 60 year old father who also just had a stroke…SHE’S 21!! FFS!! And he did it to himself with all the drugs and alcohol he abused.
The kicker? There are not going to be enough assisted livings or caregivers when the majority of boomers finally need the care. My mom is the oldest of all the boomers…get ready, y’all.
Thanks for coming to my TedTalk. If anyone needs any advice, just ask, let’s be here for each other. 🙂
No shit, many of us are still raising our own kids and the younger millennials have gotten screwed.
My in-laws moved in with us 2 years ago, had to spend a boatload of money building an addition. My mom died earlier this year and if SS gets reduced my dad will have to sell his house and move in too.
I’m thankful that we have a very solid income but its stressful having to help out boomers while trying to raise and support your own children.
America needs a better social welfare system. People need access to health care, homes, and food. The ‘fuck you, I got mine’ mentality is destroying us as a culture and killing us as a people.
Boomsday is coming. im already there with one parent. It will strain everything in your life. if your home, marriage or work isn’t secure you will probably loose it.
Yes we are. A large number of us don’t have a relationship with our parents. That’s that sorted.