By the time they reached our age (mid-50s), our parents (the Greatest Generation) had paid their dues and made their sacrifices.
They fought the war. They built the suburbs. They socked away money to put the kids through college and provide for themselves in retirement — and many of them left large nest eggs for their kids and grandchildren.
The Greatest Generation were the savers; we are the spenders — spending money we don't have and racking up trillions of dollars in public and personal debt. Boomers grew up in the era of nuclear terror, fought the Vietnam War, fought for civil rights, and learned to adapt to economic insecurity and a life of multiple careers.
But while our parents faced their most difficult challenges (the Depression and the war) early in life, perhaps our greatest challenges lie ahead. Challenges that will shrink the boomers' paychecks today and benefits later.
Source: Mike Hare, Rochester Democrat and Chronicle, July 2, 2006