December 10, 2007, - 12:03 pm

Baby Boomer Generation: As Selfish in Near-Death as They Were in Life

By Debbie Schlussel
They were the first “Me” generation.
The more privileged members of the Baby Boomer generation protested against the Vietnam War on our shores, while their contemporaries gave their lives and limbs to the Viet Cong over there.
They supported illegal drug use, free love/rampant sex, and bra burning. They paved the way for the decline of the nuclear family–today, over 80% of children born to families in Detroit are to single-mother households (and the same goes for other major cities).
They were the most selfish generation. Their parents sacrificed during World War II, but then spoiled them rotten.

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And now these spoilees are as selfish in near-death as they were throughout their lives. Dow Jones reports that, even though many Boomers are multi-millionaires, they are leaving little of it to their kids and spending it all on themselves before they die.
But on the bright side, this will hopefully end–with the Boomer generation–the cycle of spoiled counter-cultural senses of entitlement that they had:

The greatest transfer of wealth in history may end up leaving heirs disappointed — and could mean big changes for financial advisers.
As “mass-affluent” boomer millionaires, or baby boomers worth around a few million dollars, start to turn 65, forecasts and patterns in their retirement planning suggest that many may leave little or no substantial wealth to their children.
The affluent boomer crowd typically has plans for a fully funded dream retirement that lasts two decades or more. Having bankrolled kids through years of education and early adulthood, these boomers feel less than obligated to pass along to their children much of their hard-earned wealth. . . .
One recent study by Harrison Group and American Express Publishing, a division of American Express Co., sketches the profile of mass-affluent boomers.
The study describes a group of approximately 2.1 million Americans that has annual discretionary income between $125,000 and $249,000 — that is, income after taxes, mortgage and standard bills — and an average net worth of $1.9 million.
While holding $1.9 million in assets at retirement would seem to assure very comfortable leisure years, paying for that leisure could mean little wealth is left at the end. In fact, more than half (52 percent) of the study’s respondents reported worrying about running out of money before death.
As a result, say economists and financial advisers, when rank-and-file millionaire boomers are pushed to decide between living a full retirement or scaling back post-career spending to preserve capital for their children or grandchildren, a fully funded lifestyle is typically the victor.
“They’re a lot more worried about maintaining their lifestyle than about leaving everybody else wealthy,” says Montgomery.
Academics also see a decline. In October of 2000, Dr. Jagadeesh Gokhale, then a senior economic adviser to the Federal Reserve Bank of Cleveland, and Laurence Kotlikoff, a professor of economics at Boston University, identified what they called a “declining bequest ethic.” They found fewer than half (48.4 percent) of those interviewed for the Federal Reserve’s Survey of Consumer Finance believed it was “important to leave an estate to heirs.” The steepest decline in sentiment during the 1990s — almost ten percentage points — came from Americans age 65 and older.

ME ME ME ME ME ME ME ME ME ME ME ME ME ME.

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79 Responses

I was born during WW2. The kids of that era are put in to the Baby Boomer class. If the first one to make a remark about them and the others were doing this blog for good grades in school in my time at school would flunk because the remarks on the paper will say “You made a broad sweeping statement” by putting every baby boomer in the same classification. I am not rich, I admit my mother did help me in college for a couple of years (No way to get loans and other help for getting in to college. I got the rest of my education while I was working full time. oh, when you are playing your video games and using your computer, remember what generation invented them. When I was a kid we would get a little metal car and play in the dirt. Maybe the boomers were tired of doing that so they invented those lovely plastic tracks with motorized cars. Who played with them?? By that time the alot of the boomers were grown up. I was a latch key kid because both parents worked. The reason I will not share with you, I had disfunctional parents. If I t hadn’t been for the help people get (I’ve seen it on TV) Alot of the xers are living on welfare type deals and not working while they are going through school. If someone loans them money they don’t pay it back leaving the person in a bad situation. Then they say that it is a gift. Also, they don’t know how to take the blame for something they did wrong. Who do you think fixed that? There wasn’t that kind of thing for me. A lot of people in my generation worked, sometimes two jobs, while they were attending school. I worked while I was taking 15 credit hours at college. Alot of parents. especially mother’s realized that they didn’t have to be abused by their husbands. You have to look at all the things they went through and can’t judge just by a few things. I could tell you lots of other things but I don’t want it to be too long.

R Harper on February 4, 2013 at 10:35 pm

I grew up right after WW11in the UK as kids we had nothing , ive worked from the time I was 15yrs old full time , until I retired at 66yrs old ive worked for everything that I have , and if you think that just because you have children, that you have to leave your hard earnt cash to them , then think again , my plan is ??? to liquidate everything , spend it on myself , then leave the rest to charity , as for my kids ..? well I had nothing when I were their age , I leave them the same ,,

dave on June 2, 2013 at 9:00 pm

    You boomers are selfish fuckers! Selfish selfish fuckers!

    Mike on June 8, 2014 at 7:25 pm

You berate the Baby Boomers for being selfish and spending their own money as they choose, rather than leaving it to their children? As a Boomer who was raised to believe that an inheritance is a GIFT, not some kind of right, I find your (no doubt unintended) irony vastly amusing.

My Business on June 12, 2013 at 10:06 pm

Let me tell you a little something you know-it-all spoiled fucking brats. WHO were the ones that abused borrowed money? WHO were the ones that bought what they could not afford just simply to stroke their egos? WHO were the ones that left those of us born in the late 70’s and 80’s with a nation piled a mile in debt? WHO were the ones that purchased all this so-called “pansy” technology for us instead of actually taking the time to raise us right? WHO were the ones that actually had a fucking chance with a great economy, and then fucked it all up with all of their greed? WHO are the ones that are now making us millenials pay for all of your bullshit? Yeah you might have raised us up on all of your borrowed money. But what you fail to realize is that all that borrowed money came at a price called interest. WHO is leaving that debt burden on the shoulders of those that YOU claimed to have raised?? Yeah so you raised us and bought us things, but being that it was all borrowed money, WE, the millenials, WILL have to pay all that shit back, plus interest! So in the end, WE will foot the bill for not only our childhoods, but all of YOUR lavish lifestyles, plus the selfish retirements that you all think you’re entitled to! I never expected the boomers to do anything for me, nor do I expect a hand-me-down. It’s your money to do as you please, but just remember WHO came here first and made the shit sandwich for US to eat! Respect goes both ways you hard-headed mother fuckers! Just remember WHO’s ass will be rotting to death under a fucking street bench when all of your precious borrowed money collapses out from underneath your fake house of cards! Your stiff upper lips and steadfast stubborn arrogance won’t help you then! Keep your inheritances, because you didn’t deserve them from the WW2 generation anymore than we do from you! You fail to realize that it was NOT the boomers who stormed the beaches of Normandy, nor ate fucking ditch weed to stay alive during the great depression! You mother fuckers were provided many opportunities, and by your selfish arrogance left US, your children and grandchildren, with NOTHING. Thanks to you assholes, I will now have to struggle to survive without the availability of work, nor an ability to borrow my ass out of trouble because YOU’VE already scraped that barrel clean! I want to punch all of you in your collective, spoiled faces! Just remember when you’re all rotting to death in your homes, you can only thank yourselves for fucking your kids and grand kids! WE millenials never wanted your garbage money, or your trash credit ratings, or your bullshit borrowed incomes. In the reality of it all, YOU were the ones that sucked off of your parents, and are now sucking off of the kids that you call spoiled! Take a look in the mirror boomers! That WHO is YOU! You truly are the biggest spoiled fucking twats to ever inherit this country. Remember what opportunities that YOU took and abused from YOUR parents! Millenials now have no opportunity, trillions of dollars of YOUR debt that we will never be able to pay off, and a fucking nation in shambles because of YOUR spoiled, entitlement-minded attitudes. Just by reading the comments on here I can completely see the stiff upper lips of these no-good arrogant, stubborn donkeys that call themselves the Baby Boomers! You are all a fucking joke! In the end WE will pay for what YOU supposedly did for us! So who took care of who you selfish fucking brats?! Rot in fucking hell, all of you! At least we won’t have to pay for that too!

Dan on July 8, 2013 at 9:55 am

    Well said Dan! Well said! I don’t think there’s anymore to add to that except that I’m tired of hearing “What are you doing with all your money?!” From them. WHAT MONEY!!! They’ve had life so easy their ENTIRE life that they think everyone else’s life is as easy as theirs.

    Mich on July 27, 2013 at 5:58 pm

@ R. Harper. You my friend are a Silent Generational, born from the late 1920s till the end of WWII; 1945. My parents were born in your demographic during WWII when births were low due to the war.

The Baby Boomer shits run from 1946 to about 1963.

Us Gen Xers from about 1964 till 1980 or 1981

And the Milleniells, Gen Y from about 1982 till 1999 or 2000.

Gen Z are my kids, born from 2000 onward.

Squincher on May 14, 2014 at 5:18 am

Boomers are the most selfish and hated generation in history. Put that in your pipe and smoke it. Don’t come cryn to us when we aren’t around to take care of you assholes in your old age

Mike on June 8, 2014 at 7:28 pm

Have you heard the new “Baby Boomer” song?
This powerful piece tells it like it is.
http://youtu.be/-vMicdkKlBk

Allison Webster on June 23, 2014 at 1:06 pm

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