Just wait until the 2022/23 when Boomer poverty rates are revealed! UGH!!!
Baby Boomers are getting crushed by inflation.
Many Millennials and Gen Z seem to think that Boomers have all the wealth, that we have destroyed the planet, and that our educations were achieved sans debt… “We are the scum of the earth!”
NOPE! We played the “game” as we understood it. Our desires, goals, and contributions are no different from those of the generations before us.
We experienced the ups and downs of recessions, wars, generational attacks, and our politician overlords… just as every generation before us and those that follow us.
Meanwhile, we continue to “play the game” as best we can.
Depending on who funds the study, we estimate that 44% of millennials and a third of baby boomers have no retirement savings at all.
That’s 31,000,000 Boomers!
It’s no secret MANY Boomers will enter a nursing home eventually. 2020 dollars for this service was $54,000 per year!
SCARY!
What to do? Move in with your kids? Your grand kids? Be the burden they certainly don’t need?
Gen Z and Millennials have THEIR OWN PROBLEMS!
So Boomer, make some MONEY! Monetize the decades of knowledge and skills you’ve acquired!
When? IMMEDIATELY!
Team ExpertBoomer.com can help you. Or, if you’re the DIY type, check out all the “Boomer monetizing tools” we’ve listed here: ExpertBoomer.com/tools.
Meanwhile, per the U.S. Census Bureau, here are the SAD FACTS about the poverty surrounding 31,000,000 baby boomers [Click the link to discover how severe poverty is for the children in the USA! It’s worse!]
Poverty Rate for People Ages 65 and Over
In 2021, the national poverty rate for people ages 65 and over was 10.3%, significantly lower than the poverty rate for all people and the child poverty rate.
There were geographic variations in these poverty rates though not as pronounced as for the child poverty rate. The poverty rates for the older population ranged from 6.7% to 14.1% (Figure 3).
The South had eight states and the District of Columbia with poverty rates of 11.0% or more. No other region had more than three states with such high poverty rates for the 65-plus population.
Ages 65 and over poverty rates by state:
- Among the lowest: Wyoming (6.7%), New Hampshire (6.9%), Delaware (6.9%), Utah (7.7%), and Colorado (7.7%). (These estimates are not significantly different from one another.)
- Among the highest: Louisiana (14.1%), the District of Columbia (13.8%), Mississippi (13.8%) and New Mexico (12.8%). (These estimates are not significantly different from one another.)
There were even greater variations in the poverty of the older populations between metro areas – from 3.1% to 31.6% (Figure 4).
The majority (276 or 71.9%) of the nation’s 384 metro areas had poverty rates for people ages 65 and over that fell into two categories on the map: 7.0%-8.9% and 9.0%-11.9%.
Of the 61 metro areas with poverty rates at 12.0% or higher for people ages 65 and over, 53 were in the South (39) or the West (14). The South had 25% of all its metro areas in the two highest poverty categories compared to just 5.4% of those in the Midwest.
Additional poverty data from the 2021 release and links to poverty estimates from other surveys such as the Current Population Survey Annual Social and Economic Supplement (CPS ASEC) and the Survey of Income and Program Participation (SIPP) are available on this topics page.
We teach baby boomers how to package and monetize their decades of acquiring their skills and knowledge