Baby boomer philosophy

What you can expect older baby boomers to say: "Paws off, Junior, this cash is mine." Or IRA...

They are getting some sense at last

The LA Times takes a look at the aging baby boomers. They began as hippies and Democrats but in recent years they've become more conservative and, gasp, Republican.

No boomer inheritance

Many baby boomers are not planning on leaving their children an inheritance. OK, I'm not a boomer, but I agree entirely.

Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter's medical school tuition. But Willison's generosity has reached its limits.

Not only doesn't the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she's trying to spend every last dime on herself before she goes.

"My goal is when they carry me away in that box that my bank account is going to say zero," Willison said. "I'm going to spoil myself now."

I like this quote:  “Unlike previous generations, some baby boomers believe they’ve already given their children enough, and they plan to spend the money they’ve saved on themselves.”

The retirement of the first of the baby boomers may signal the beginning of the end of Medicare.

AP: Baby boomers, who will be qualified for Medicare on January 1, worry that they will outlive Medicare. It is a very real worry. From the AP report:

"Here's the math: when the last of the boomers reaches age 65 in about two decades, Medicare will be covering more than 80 million people. At the same time, the ratio of workers paying taxes to support the program will have plunged from 3.5 for each person receiving benefits currently, to 2.3."

At that point in 2028, there is no way that Medicare can be like it is today. 

More bad news for baby boomers: They haven't saved for their retirement. And starting in January more than 10,000 a day will turn 65, and that will continue for the next 19 years.

Robert Samuelson ponders the dilemma between the baby boomer generation, whose leading edge is now reaching retirement age, and the costs of Social Security, Medicare, etc.