The younger generation

Today, the CareTALK gals were discussing with each other the attitude of the younger generation nowadays and how a change is drastically needed if they are going to survive the aging of the Boomers. There have been numerous articles written indicating that there will be little, if any, government (or corporate) aid for the younger generation. For example, the NYTimes article If Boomers Have It All, What’s Left? by Floyd Norris, explains how Dupont is changing its pension regulations so that those who begin working in 2007 or later so not receive pensions or health insurance after retirement. Unfortunately, according to the article, Dupont is not the only company lowering pension benefits or eliminating it completely.

What does this mean for the Gen X and especially for the younger (MTV) generation that seem more interested in spending their money frivolously (they just helped Madden NFL 2007 have the best opening-week performance for Electronic Arts) than thinking about their future? Being an Xer myself, I see how some in my generation--- but especially the MTV generation-- don’t seem to realize what is on the horizon—that there won’t be any aid left for them after the Boomers are gone.

Imagine this… in 15 years, the youngest Xer will be approx 40, possibly with the responsibility of a family, and the responsibility of helping their (Baby Boomer) parents. The Boomers are experiencing the same phenomenon now with their parents and children, but the difference is…some have pensions and government aid (ie. Medicare/Medicaid and Social Security) still exists for themselves. Xers won’t have this luxury.

It is time the younger generation take a very close look at what is happening and start planning for their future--- and their parents’ futures. For example, by paying premiums on long term care insurance for the parents now, Xers can receive some comfort from the fact that a devastating illness to their parents will not bankrupt them.