Many baby boomers, that group referring to post World War II born approximately between the years 1946-1964, has the lowest rate of poverty among all age groups according to the Census Bureau. For an entire generation born during a time of post-war national prosperity, this generation was the promise to help build the country. They were also the generation of fighters trying to survive and thrive despite the competition of getting accepted into a good college, landing a job and buying a home. Now, as they enter the glorious retirement age, they have to battle a new set of worries as revealed in this article.
Ability to pay bills
With inflation rising against the cost of living, it's becoming harder for those living on a fixed income to pay their bills. This is why many people between ages 50 and 64 are coming to terms with the prospect of delayed retirement in order to maintain their current standard of living. There are also those who are already retired are now taking second and even third jobs to help make ends meet. For those who own a home, there's also the added concern to be able to use one's home's equity as supplemental income to social security, but with more scams and risks, older people are having a difficult time figuring out how to protect themselves.
Being Able to Afford Retirement
Surprise, surprise! According to this survey conducted by the AARP, boomers can't afford to retire. In fact, nearly half of Americans 50 and over have $25,000 or less saved for retirement. This article also suggests that many baby boomers don't have a realistic view of retirement, and as a result, are not putting in enough effort preparing for it. Working past age 65 has now become an economic necessity. To prepare for this financially stressful decision, many are already thinking ahead by cutting back on expenses or downsizing their homes in order to raise much needed funds for retirement.
Who's gonna look out for me?
Social security may not be around for the next generation. In the meantime, baby boomers strive to live more simply considering that they do not have enough savings to support the standard of living they've enjoyed throughout their adult life.
Caring for their elderly parents
It's hard enough trying to survive on a modest pension, but what about baby boomers being forced to use all their savings and retirement to care for their elderly parents? That emotional and financial strain will put many baby boomers on the edge. Taking into account the unpredictable future of social security, do baby boomers have enough to live on?
According to this article, many boomers are left incapacitated even though they are living longer as "increases in longevity have instead been accompanied by increases in disability." So while health issues can potentially eat away at savings and one's ability to work in retirement, the underlying question is how to treat this generation with dignity?
These woes and problems are definitely not going away especially since many boomers are still relatively young and healthy. We can only hope that Medicare and social security will continue to be available for them and for the younger generations as well.