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jsinger - 7:27 pm on Nov 16, 2007 (gmt 0)
Remember the image of destitute old geezers feeding pigeons from park benches? Remember Senior Citizen discounts that were popular 25 years ago? Nowadays Grandpa owns his appreciated home free and clear and has a neat portfolio of stocks bought 30 years ago. As I get older, I find I own everything I need. I really can get by cheaply. My kids can't. ---
How do people survive? To a surprising degree they inherit money. Generational transfers at death or thru gifts are a major source of wealth for middle aged children.
Stats I've seen indicate children do live with parents much longer now. For one thing, average home size is far bigger than in the 40s and 50s: 2,100 sq feet now vs 1,600 then.