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Baby Boom or Baby Bust: What Will Your Retirement Look Like?

Updated on June 16, 2012

Recent Headlines Read

Households lose Over 40% of their Wealth !


This is no surprise for many Americans struggling to make ends meet during times of economic uncertainty.

The Federal Reserve's Survey of Consumer Finances documents steep declines in Americans financial status between 2007 and 2010 Including:

  • 7.7 % decline in Median Income
  • 38.9% decline in Net Worth, Assets minus Liabilities
  • The Median value of direct and inderect stock holdings fell 18.3%
  • The Median value of non-financial assets fell 16.8%
  • The Median value of homes declined by 18.9%

What Are We To Do?


What Will Baby Boomers Do?

Overcoming the past economic down turn will be difficult for most baby boomers, especially those on the front end of the wave who began turning 65 in 2011. Time, is the best antidote for recovery in the financial realm, unfortunately older boomers have less time. Younger boomer stand a better chance having more time before retirement.

Some investment strategists say it is time for boomers to double down, increasing contributions to 401K and IRA accounts. Howerver, in this choppy market it is hard for many boomers believe that is the answer for them. Beyond that it difficult to contribute more when many boomers have experienced loss of earnings.

Working longer is almost mandatory for many boomers, but the good news is we are all healthier and expected to live longer than previous generations.

regardless of our individual circumstances baby boomers must now take some time to rethink what their golden years will look like.

Baby Boomers What Is Your Plan?

What do your retirement plans look like?

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    • Nell Rose profile image

      Nell Rose 5 years ago from England

      This sounds exactly the same as over here in England, pensions are being dropped, people are having to work longer and retirement is looking really bleak, savings are fine if you can save but otherwise its best to just cut down on your expenses and just hope you will cope, cheers nell

    • mjboomer profile image

      Mike Elzner 5 years ago from Oregon

      You are absolutely right novascotiamiss, I often ask myself how all these people I know can afford the lifestyle they lead. However, I have found the simpler life much more rewarding.

    • novascotiamiss profile image

      novascotiamiss 5 years ago from Nova Scotia, Canada

      One thing nobody ever mentions is the benefit of living more frugally. If people didn't waste so much money on things they don't need, nobody would have to work longer.