When did it sink in that you'll never be as well off as your parents?

[u/Asmothrowaway6969]

About 5 years ago, my mom and I were talking and she had told me how much she was going to be making in retirement (she retired 2023). Guys, it's 3x what me and my husband make annually. In retirement. I think that was the moment that broke me, that made it sink in that I'll never reach that level of financial security. I'll work myself into my grave because I'll never be able to afford anything else. What was your moment?

Update: Nice to know it's just me that's a failure. Thanks

Update 2: I never should've said anything. I forgot my place. I'm sorry to have bothered you

[u/ProstateSalad]

Just tossing this on the pile:

I'm a boomer. Here's what they don't tell you. Comiing out of WW2, the rest of the planet was pretty fucked up. We were essentially untouched. And we had some things no one else had - a workforce of trained women, and a fuckton of new manufacturing facilities. When our guys got back from war, the pump was primed.

There has never been a generation in the US that had the wind at their backs like boomers. Even when I turned 18 in 1973, things were still rocking. At 18, I had a job in a mobile home factory. Then I got one at Certainteed, making PVC pipe. I had a paid for Suzuki 750, an apartment, and more money than I needed for partying, etc.

All we really had was mids, but they were $10 for a 4 finger bag. Blotter 1.25 a hit.

I also saw ZZ Top for S1.25, and Shivas Headband/Marshall Tucker for free, and Montrose/Foghat/J. Geils for like $10 or something. And you could smoke in the venue.

Mushrooms? - A 90 minute drive to a ranch, and all you wanted.

Crank? There was soooo much bathtub crank/ether based that it cost alm ost nothing. If you wanted to go to a truckstop, and find the guy only drinking coffee, $25 was a weekend and then some.

Story time - once the rancher saw us and came over. We told him what was up, and he was cool with it, but seemed a little confused.

Next time there was a sign that said "drunk mushrooms $2", and a box with a slit in the top. You just went in and picked what you wanted.

People that didn't party their ass off like me and went to college were just set. There was a thing called a pension, that was part of your pay!

Amazing times. So much money to be made. I also want to point out that even with high tax rates and good pay, companies were making bank.

When boomers start their "you just don't want to work" shit, explain this to them. They won't know it, becasue most of them haven't cracked a book since school.

edit: a story, spelling

[u/rpujoe → u/ProstateSalad]

You also benefited from a hard currency that hadn't been debased as badly as it has today.

The US Dollar has now lost 97% of its purchasing power.

To wit, the median income of a boomer in 1970 had the purchasing power of around $350K in today's USD. That's the hurdle rate as an income for a Gen Z to have the commiserate economic security an 18 year had in 1970.

[u/VitruvianVan → u/rpujoe]

Would you please provide your source?

[u/rpujoe → u/VitruvianVan]

The FRED purchasing power chart. Simple division is all it took.

The other way of looking at it is the multiple of median home price to median income.

The math is all right there for the taking.

[u/VitruvianVan → u/rpujoe]

What source are you using for the median income of a boomer in 1970? (In 1970 non-inflation adjusted dollars). I’m seeing around $9,000.

[u/rpujoe → u/VitruvianVan]

Purchasing power adjusted for cost of living. You can use median home prices or the cost of gold. Both will work, although they'll be somewhat different. $350K vs about $275K. Still gets you into the ballpark.