Many young people shouldn’t save for retirement, says research based on a Nobel Prize–winning theory

Can't agree more. Time and health are my most precious commodities. Not money. Though it does not mean that wise decisions to manage and save money can't be made at the same time. I hear a lot of folks on this site overemphasizing money. While it's great to cover one's expenses and save up its absolutely not the most important in life. I sometimes get the impression that quite a few would stab their grandma in the back if they were promised 100k or 500k without repercussions. Such attitude to life is apparently burnt into some DNAs.

 

The most recent All In podcast had an interesting take on the subject, noting that around 71 million baby boomers are sitting on over $71B in wealth, wealth that is and will continue to be transferred to children and grand children in the next few years. It's apparently the greatest transfer of wealth in human history.

 

71 billion sounds like a lot, but isn't a billion 1000 million? Then the 71 million boomers each has a grand. That doesn't sound like a lot.

 

Yes, sorry, they were talking about over $1M per so it's 71 trillion or 7.1 million boomers... I'd have to watch the episode again.

 

Well it's nice to know we are all millionaires.

 

But savings is a habit(.....bad English. I should get an F for starting a sentence with But). In another word, it's hard to teach old old new trick. It's common sense over theory.

 

You assume it wrong. Young people notoriously vote much less than old people.

 

LOL you give your time .... and your meaningless platitudes of how much money you would give if only you were blessed with it hint hint big guy upstairs.

Carry on oh not jelly one.

 

Baby boomers are so full of shit. I am sure they love this story, as if they have done some great job when the reality is they are leaving us with the biggest bill in human history and have totally fucked their own grand children. Basically, free rolled their kids and grand kids and just laugh about it now.

The CBO using rates of 3.8% project that the interest on the national debt eats all discretionary spending by 2047 and eats all social security in 2049.

Baby boomers will never have to worry about the concept of fiscal dominance. Fiscal dominance will become the main concern for Gen X and younger right as this boomers are all taking dirt naps.