vc318

An article I pulled from MSN:

Will youngest boomers go broke? - MSN Money

I see it happening more and more - people in their late years still working feverishly at these endless jobs when they should be preparing for retirement. It's just not happening anymore (well, at least as of this moment).

Please post your thoughts on this.

mh67511

I definitely think many are going to struggle, at the same time I've read statistics that say baby boomers are the wealthiest generation and remember this is the probably the last generation that will get full SS benefits (unless the program is changed which is highly unlikely given Congress has done nothing).

I think a lot of people in that age category are in for a harsh reality and need to start downsizing and making drastic lifestyole changes to prepare. I also think that a lot of them will do just fine once they get their pensions, SS checks, and other investments. I don't think people in their 40's have to worry too much, 15-20 years is still a lot of time to make changes and recover from poor investment choices.

I like to see some wellness programs started...there are an awful lot of unhealthy boomers out there who are just going to end up costing us taxpayers when they go on Medicare. Maybe a SS "bonus" if they meet certain health guildelines??

All I can say is the next two decades are going to be very interesting when it comes to SS and Medicare! I can't say I have a good feeling, although this is a good wake up call for young people to start putting away money into a 401K or IRA!

sm_love_dc

There has to be changes to the social systems to accomidate the later baby boomers. People are living longer, working longer ect and sometimes I wonder for what. There is no social security for the baby boomers as they get older. They will be in retirement longer, using the health care system longer, and draining the social system. I have not read one solution out their that is able to effectively solve this problem.

Jerry D

I'm a baby boomer, and I have a real fear of not having enough to retire on. I have a 401K and an insurance/investment plan, and my wife and I try not to live above our means, but I honestly don't know if I'll have enough saved by the time I retire.

vc318

Very good point. Social Security just isn't enough anymore.

It's such a shame to see older people still working past retirement but what other options are there, right?

sm_love_dc

I see this man in the mall where I work as I pass by everyday. I can tell he does not want to be there. He works in the Food court, the late shift until 12:00 am. It makes me sad to think that he has to do this to live and he has to be in his late 70's early 80's. It is only going to get worse.

vc318

I know. And to think that all that money they saved up is probably dried up from healthcare costs, housing, and other life expenses.

sunnykerr

I haven't posted here yet. Not because I don't think it's an important subject, but because I understand less than nothing about retirement plans. I understand nothing about the Canadian system, so the American one leaves me all the more awash in a sea of confusion.

I'm not saying that with pride. We had the meeting at work when I had officially been there for 6 months and it was painful. I'm pretty smart. Not saying that to boast, but I do okay, you know? I didn't understand a single word. I don't understand economics and I don't understand finance. It's a flaw. And I'm kinda mad at myself for putting it that way because you become what you think you are and all of that, so I don't want to make myself not understand it. If that makes any sense.

The point of all of this is to say, I think you guys are having a nice conversation here and carry on!

sm_love_dc

There is also another reason that the baby boomers are having problems. It's my generation, their kids. It is hard to buy a house, car and save any money without going into debt any more. Parents are taking out morgages on houses that have been paid for 10 or 20 years ago to save their kids. So many young people are making good money but with job cuts and inflation it is impossible to know where you will be in 10 years. I think that that there may be alot of kids taking care of the parents as they get older. And the parents will be helping to pay of the morgage.