Rich Dad Poor Dad author Robert Kiyosaki has been warning of an impending market crash, which will be the worst to date. In that downturn, he warns that millions of Baby Boomers will face a wave of homelessness.
Baby Boomers were born from 1946 to 1964 and are the generation that witnessed economic prosperity and technological advancements during their peak working years. As they near retirement, Kiyosaki said they are headed for a disaster.
While warning of a 'rough global economy' ahead, Kiyosaki urged his readers again to accumulate gold, silver, bitcoin, and ethereum to build a solid foundation for financial stability.
Kiyosaki had warned in April that Boomers are facing a difficult period in their lives and could be forced to live in RVs as elevated oil prices continue to increase the price of food and fuel. He also believes Social Security and Medicare won't save you because the programmes are 'broke'.
Social Security benefits could drop considerably within six years amid solvency concerns of the primary trust funds. Congress must intervene to avoid that gloomy future. Kiyosaki also believes inflation is eating into the purchasing power of Social Security income, which combined with a lack of financial foundation to survive a currency collapse, could take Boomers by surprise.
'The Boomers don't have enough money to get through inflation. The Boomers are going to be homeless all over the place,' he had cautioned. 'So mark my words, I'm the first of the Boomers. Your mommy and daddy may be on the street because inflation is going to wipe out their Social Security,' Kiyosaki stated in an early April post.
Kiyosaki had mentioned earlier that the future created in 1974 has arrived, referring to the 1974 Employee Retirement Income Security Act, which led employees to transition to 401(k)s and individual retirement accounts. 'Up until 1974 most employees had guaranteed retirement income for life... Millions of Baby Boomers will soon find out they have no income once they stop working,' Kiyosaki had noted.
Elon Musk Says Retirement Planning Is Irrelevant
While financial experts are worried about what happens to US retirees in such volatile time, Elon Musk said in a recent episode of the 'Moonshots with Peter Diamandis' podcast that retirement saving could become obsolete as the rapid advancements in AI, robotics, and energy would lead to an era of abundance of resources and services that would create a 'universal high income' and make long-term financial planning irrelevant.
Musk expects this future to offer people access to 'better medical care than anyone has today, available for everyone within five years,' and a world with 'no scarcity of goods and services.'
While he acknowledged there may be a 'bumpy' transition period of social unrest and a loss of purpose, he asked: if you get everything you want, is that the future you seek?
'One side recommendation I have is: Don't worry about squirreling money away for retirement in 10 or 20 years. It won't matter,' he concluded.
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