I just got through reading through this thread. Kudos to those that can separate the issues instead of being snotty. I sometimes wonder just how much people really think about "there but for the grace of God".
I'm one of those early boomers. My father, 8th grade education, had a good pension because he was able to get a job with a major oil company doing manual labor. He had a pension because he was just at the right age to take an early out offer when that oil company closed in his home town. My family had a policy of not talking finance with their children thinking that children didn't need to worry about adult matters. However there was never a question that his children (girls) would attend college and train in a career that insured against dependence on marriage as a career. I suppose the increase in divorce over their lifetime caused this thinking.
So to the boomer daughters. My sister married a very successful man, stayed married, and had her own career. My husband married a successful woman, stayed married and had his own career (chuckle). My sister is the richest but both families have two pensions and lots of savings. My BIL planned his rise to riches. My husband and I just muddled along without questioning or planning the future.
What could have happened? Well, I could have had a head-on collision that killed me or left me unable to continue to work.
What did happen? Well, I had a head-on collision that only crippled me. I took over a year to get repaired enough to go back to the office every day. I worked in a profession that did not need to be in the office every day and didn't require someone who could walk. I worked for an employer who understood my situation and let me work from home until I could return to my office.
Another thing happened. After the event, I took a serious look at what would have happened to my husband financially had I died. The answer was dismal. I spent the next ten years fixing this problem and will soon retire. Now if I were to die, my husband should have a secure future if he continues the lifestyle we have adopted.
So, what's my point?
This story is not complete but, with the snippets, people should be able to identify the difference between choice and luck. Take my father. He dropped out of school for no good reason - bad choice. He recognized the responsibility of providing for his family - his good choice, my good luck. He chose a job with a good employer - good choice. A good employer was available in a small town - good luck. His employer closed down before he retired - bad luck. His age was appropriate to early retire and get that pension - good luck. Keeping that good job no matter how hard it got - good choice.
This is the life of more real people than some want to see. Even if people try to prepare for bad luck, no one expects a perfect storm of bad luck. It is this "in between" perfect and irresponsible that I imagine most boomers prepared for, not the series of really bad storms that occurred. I could be wrong about that but I grew up with ordinary people and ordinary people try to meet the definition of responsible that they know. Back then, in the 40-60's, the parents of the boomers understood saving, as in bank accounts, for the water heater busting, and if that didn't happen ended up with the savings. Most retired and were not rich but were OK, even though a great percent were one worker households.
Myself, it took a major life event to wake me up but, luck again, I wasn't too old to fix the problem. It was the knowledge of living without that I gained from my childhood that made the transition from spender to saver totally painless since I grew up with a sense of "not wanting" instead of "not getting" or "giving up" things. So I consider it more good luck than good choice.
I am old now and my observation is that life isn't alway a choice. More than one wants to admit to oneself, each day of life places a bit of luck into the mix. Overall, I have been lucky but not so much so that I don't know that tomorrow can only be secured by my choices to the extent that bad luck can be overcome.
