this post was submitted on 10 May 2026
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me_irl
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30 years? It's happening right now!
https://thehill.com/business/personal-finance/3991136-nearly-half-of-baby-boomers-have-no-retirement-savings/
no retirement savings, but at least they own the place they live
god help the next generation
While we need* property taxes, but it absolute hammers old people in some places.
Cheaper than renting still, but on a fixed income it hurts, and especially lately there have been very high tax increases due to inflation. But then the social security increases are comparatively small.
I know quite a few old people struggling and it seems like their plan was to own their home. But that turned out more expensive than expected with maintenance and taxes. Which has just led to cyclical reverse mortgages. So the banks win in the end and ensure no transfer of wealth
*It's necessary under the current system to fund services, but if we took it from elsewhere (like the ICE of military budgets) we could greatly reduce that tax.
It's the normalisation process.