Hippie Generation – Rotten to the end?

Bill and Hillary with pal

Drash: Each generation has its own sins…  Everyone has a share in the mess. And it really doesn’t do a lot of good to indulge in exercises of finger pointing. But what a blight the “hippie generation” has been to America!  Since the 1960’s they have led this country to ruin and depravity…. Bill Clinton is the poster boy of that seminal generation…   As this article shows, the ethos of their phoniness continues into their retirement years — and even unto the grave.  The hippie “me-generation” is nearing the end of their “day in the sun.”  Tragically they never learned to be free from that form of solipsistic narcissism that would trade the needs of their own children and grandchildren for their own hypocritically professed ideals.

Of course there were problems before the first round of baby boomers arrived.  It could easily be argued, for example, that the generation of WWII and the implementation of governmental socialism was behind the decadence of American culture….  Still, the hippies were the generation that entirely embraced the postmodern world of despair; they were responsible for outing prayer from public schools, for clamoring for abortion on demand, for advocating unbridled licentiousness and “free love,” for indulging in drugs and other forms of escapism, and for generally abandoning all their ideals by becoming cynical, jaded, and the phony elitists for the last 40 years….  The fact remains that they have been the generation in power during the utter degradation of the United States…

NEW YORK — The greatest transfer of wealth in history may end up leaving heirs disappointed.  As “mass-affluent” boomer millionaires, or baby boomers worth around a few million dollars, edge toward retirement, 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.For those clients who do want to leave a sizable inheritance, financial advisers may need to lay out for them the difficulty of both living an active and exciting retirement and also leaving wealth to their children. “Invariably, their reach exceeds their grasp,” said Milo Benningfield, founding principal of Benningfield Financial Advisors.Simply having enough money to make it through retirement can be a challenge.Joe Montgomery, a managing director of investments at Wachovia Securities, a unit of Wachovia Corp., recently had to tell a client that his assets didn’t match his dreams of an imminent retirement; as Montgomery phrased it: “I don’t think this dog hunts.”The first members of America’s enormous postwar population boom, set to turn 62 next year, are starting to retire.”We’re just hitting the tip of the baby boomer” retirement iceberg, said Dave Liebrock, executive vice president of Fidelity Investments.

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,” said Montgomery.

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