Most baby boomers that I know tried to do a good job of saving money for the future. However, the last few years have been rough on a lot of well meaning older workers. The well laid plans, that many baby boomers had for retirement, seemed to stutter or fail.
What Are Some Financial Problems That Baby Boomers Have Today?
The economy bled jobs, and unemployment was particularly hard on older workers who planned to keep their current position until they retirement. This meant that many older folks had to dig into their retirement accounts to pay bills, and they certainly were not adding any more money to their accounts.
Homes lost value. Many middle class people consider their house to be their largest asset. This disrupted plans to leverage a home's value for retirement income.
Market accounts also lost value, so the value of many retirement accounts have declined. Regular savings accounts and bank CDs are not paying a lot of interest. In fact, the interest that many of these traditional savings products offer will not keep up with inflation. It is hard for many baby boomers to figure out where they should put their money.
The cost of health care kept rising. Recent studies have demonstrated that this increase is mostly due to rising prices too. Baby boomers are very concerned about securing affordable access to good health care during their retirement years.
Solutions To Today's Retirement Woes
Many clever people from the baby boomer generation have begun to sort out their problems and look for answers. Many of these people had to drop their old visions of life after full time work. Some people replaced these old, and out dated ideas, with new goals and plans for the future. It is much easier to make effective retirement plans when you start early. But a lot of boomers are finding out that it is not too late to re-think their retirement plans.
There is good news. Today's older workers can expect to live longer and more productive lives than past generations. This may give them more time to act.
Some may just count on working a few more years in order to make up the gaps. Others still plan to retire from their current job, on time, but pursue some sort of semi-retirement. In fact, a lot of older folks look forward to starting a new chapter in their lives by entering a new field or starting a business.
What Are Some Financial Problems That Baby Boomers Have Today?
The economy bled jobs, and unemployment was particularly hard on older workers who planned to keep their current position until they retirement. This meant that many older folks had to dig into their retirement accounts to pay bills, and they certainly were not adding any more money to their accounts.
Homes lost value. Many middle class people consider their house to be their largest asset. This disrupted plans to leverage a home's value for retirement income.
Market accounts also lost value, so the value of many retirement accounts have declined. Regular savings accounts and bank CDs are not paying a lot of interest. In fact, the interest that many of these traditional savings products offer will not keep up with inflation. It is hard for many baby boomers to figure out where they should put their money.
The cost of health care kept rising. Recent studies have demonstrated that this increase is mostly due to rising prices too. Baby boomers are very concerned about securing affordable access to good health care during their retirement years.
Solutions To Today's Retirement Woes
Many clever people from the baby boomer generation have begun to sort out their problems and look for answers. Many of these people had to drop their old visions of life after full time work. Some people replaced these old, and out dated ideas, with new goals and plans for the future. It is much easier to make effective retirement plans when you start early. But a lot of boomers are finding out that it is not too late to re-think their retirement plans.
There is good news. Today's older workers can expect to live longer and more productive lives than past generations. This may give them more time to act.
Some may just count on working a few more years in order to make up the gaps. Others still plan to retire from their current job, on time, but pursue some sort of semi-retirement. In fact, a lot of older folks look forward to starting a new chapter in their lives by entering a new field or starting a business.
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