Let's get Generational!

[adelaster]

Late Baby Boomer here.

Besides everything else, Millennials are ruining even DIS polls!!!!

I'll be sure to add it to the list!

 

[Marchand63]

Wow, did not know this. Guess I assumed they were more random with assignments. *sigh*

They are now. Pre 2011 your first 3 digits tell where your card was issued. It will identify the state or if it was issued as a emigre.

 

[Marchand63]

I know there's a lot of baby boomers because of the war, but what's the reason behind all the millenials?

Well for me it was drugs & alcohol & the dance clubs in the 80's

 

[tvguy]

Never thought about it. But the liberal spending habits frequently posted do fit in with Gen X.
Most baby boomers are either retired or less than a decade from retiring, so they are MUCH MUCH closer with their money.

 

[morgan98]

Never thought about it. But the liberal spending habits frequently posted do fit in with Gen X.
Most baby boomers are either retired or less than a decade from retiring, so they are MUCH MUCH closer with their money.

Generalize much? There are spenders and savers in every generation.

 

[tvguy]

Generalize much? There are spenders and savers in every generation.

Statistics. The credit bubble burst of 2008-10 impacted Gen X more than any other group.

 

[morgan98]

Statistics. The credit bubble burst of 2008-10 impacted Gen X more than any other group.

Yes, probably because of their age and where they were is their careers, young families, etc. when it all went down too.

 

[tvguy]

Yes, probably because of their age and where they were is their careers, young families, etc. when it all went down too.

Certainly a factor. But as a group, they outspend any other age group on discretionary items, without regard to whether they can afford them.

 

[phamton]

Totally off subject, but identity thieves can get very close to your SSN with your time of birth and place of birth because numbers were assigned based on your region, zip code, and birth time up until June 2011.
Since SSNs become public at death your info can be compared against recently deceased people with similar birthdates and birth locations to determine your SSN. Carnegie Melon researchers were able to determine people’s SSNs with freakish accuracy.

I found this a little hard to believe. My twins were born one minute apart in 1980 and their SS numbers aren't even close, even though I applied at the same time for their social security cards. I did find this link that shows that each state was assigned a number (not each zipcode) but that only impacted the first 3 numbers http://www.snopes.com/business/taxes/blackssn.asp

 

[CynBeth]

Gen X - born in 1977.
I turned 40 last week

I just turned 40 a few days ago. Happy Belated Birthday! Unfortunately we were not blessed with kids but we love Disney. We have a dog we adopted from our local shelter.

 

[Kathryn Merteuil]

Gen X for me

 

[22Tink]

Gen-Xer here!!

 

[wenrob]

Never thought about it. But the liberal spending habits frequently posted do fit in with Gen X.
Most baby boomers are either retired or less than a decade from retiring, so they are MUCH MUCH closer with their money.

Ha! Those generalizations are completely flipped in my experience.

I found this a little hard to believe. My twins were born one minute apart in 1980 and their SS numbers aren't even close, even though I applied at the same time for their social security cards. I did find this link that shows that each state was assigned a number (not each zipcode) but that only impacted the first 3 numbers http://www.snopes.com/business/taxes/blackssn.asp

Yeah, I find it hard to believe as well. My sister, step brother and I all got our social security numbers at the same time and they’re pretty close numerically. They’re both two years younger than I am and he was born in CA. My twins numbers aren’t, also issued at the same time.

 

[Marchand63]

Her's how it used to go:

https://www.ssa.gov/history/ssn/geocard.html

And the myth:

https://www.ssa.gov/history/ssnmyth.html

 

[ronandannette]

Yes, probably because of their age and where they were is their careers, young families, etc. when it all went down too.

We didn't experience the "Great Recession" here in Canada in quite the same way; no sub-prime mortgage crisis or banking collapse - because our system is slightly different. But it's certainly true that anyone (think Gen X here) that hadn't amassed the bulk of their wealth or achieved their peak earning status prior to that time were at a great disadvantage. Things have never quite rebounded completely and due to economic uncertainty opportunities just haven't existed for us over the past decade the way they did for the Boomers.

Couple that with the fact that many Boomers are staying at their (relatively) senior level jobs longer than any generation in history. For example, the regional VP of my company plans to retire at 70, by which time I'll be in my early 60's myself. It's almost certain a Millenial will be groomed for promotion in the meantime and I believe this is a VERY common situation today, not something specific to my company. I think this lack of opportunity for Gen X has fuelled our drive for work-life balance and a lack if interest in deferring "the good life" until retirement. An affluent retirement may not be in the cards for many of us and we have decided to acquire goods and have experiences now, while the cash-flow makes it possible.

 

[Tattylou]

I just turned 40 a few days ago. Happy Belated Birthday! Unfortunately we were not blessed with kids but we love Disney. We have a dog we adopted from our local shelter.

Happy birthday to you too!!

I have actually read a thing about the Xennial micro-generation that is supposed to be 1977 to 1983. I feel like it fits me better bc I never quite felt I was Gen-X being that I am the very end of it and I'm definitely not millenial.

 

[Gumbo4x4]

Certainly a factor. But as a group, they outspend any other age group on discretionary items, without regard to whether they can afford them.

I was under the impression Boomers saved less for retirement than any of the more modern generations are doing.

 

[tvguy]

I was under the impression Boomers saved less for retirement than any of the more modern generations are doing.

These are the only stats I could find and they don't seem to support that.
https://www.cnbc.com/2017/04/07/how...ly-has-saved-for-retirement-at-every-age.html

 

[morgan98]

We didn't experience the "Great Recession" here in Canada in quite the same way; no sub-prime mortgage crisis or banking collapse - because our system is slightly different. But it's certainly true that anyone (think Gen X here) that hadn't amassed the bulk of their wealth or achieved their peak earning status prior to that time were at a great disadvantage. Things have never quite rebounded completely and due to economic uncertainty opportunities just haven't existed for us over the past decade the way they did for the Boomers.

Couple that with the fact that many Boomers are staying at their (relatively) senior level jobs longer than any generation in history. For example, the regional VP of my company plans to retire at 70, by which time I'll be in my early 60's myself. It's almost certain a Millenial will be groomed for promotion in the meantime and I believe this is a VERY common situation today, not something specific to my company. I think this lack of opportunity for Gen X has fuelled our drive for work-life balance and a lack if interest in deferring "the good life" until retirement. An affluent retirement may not be in the cards for many of us and we have decided to acquire goods and have experiences now, while the cash-flow makes it possible.

Thank you for taking the time to type out a more detailed explanation of what I was trying to say. In addition, Gen X (at least in the US) are not getting pensions at the rate of the Boomers either, so we are trying to save for retirement at the same time. Money is finite and it is a balancing act.

It isn't as simple as saying Gen Xers are extravagant overspenders...

 

[tvguy]

Ha! Those generalizations are completely flipped in my experience.
.

My wife and I both work for large corporations. Our employers (and the financial institutions that run their 401k plans) have really stepped up "education efforts" on those age 35 to 50...Gen Xers.....to either increase their contributions, or START contributions because they are so far behind where they "should" be.
As a baby boomer, I would only comment that an AMAZING number of people in our age group have been able to retire long before full retirement age. 55 to 60 seems to be a popular age. I'm 60, and I hope to retire at 63, which is still nearly 4 years early, but not as young as many of my high school and college classmates.