Finances & Money

Are Baby Boomers Sufficiently Prepared For Their Retirement?

The time has come for Baby Boomers, the generation born between 1946 and 1964, to finally put their feet up. They are, in fact, retiring by the thousands each and every day. But, although retirement ought to be an amazing time for us as we stop working to enjoy the golden years of our lives, for some of us Boomers, it may not be as pleasant as we would like it to be.

Why Won’t Retirement Be Great Some Baby Boomers?

Many finance experts call current times the  “The Era of the Baby Boomer Retirement Crisis.” They predict that Baby Boomers simply are not sufficiently prepared for retirement. Regardless of  if they worked their whole adult lives or did not have steady employment over the years, Baby Boomers as a whole lack the financial resources they would need to enjoy their later years. The bottom line is that Baby Boomers are facing gloomy futures as retirees.

Why Don’t Baby Boomers Have Sufficient Funds for Retirement?

While the reasons Baby Boomers have insufficient finances for retirement are multi-dimensional, one of the most common reason is the crash of the stock market in 2008-2009. Not only did this decline wipe out the investments of many but it also scared off many Baby Boomers from investing in the stock market even after the economy had mostly recovered.

All this has put Baby Boomers in a state where they have to make hard decisions about the lifestyle that they will be able to afford once they retire. Apart from completely relying on their Social Security, they  are forced to consider other aspects such as downsizing homes, using public transport, and following a tight budget day by day.

How Can Baby Boomers Find More Money for Retirement Now?

While Baby Boomers don’t have a lot of time, wise financial decisions  can still help them significantly. However, they must keep in mind that since they don’t have enough retirement savings nor much time, they cannot afford any wrong decisions.

Baby Boomers need unbiased, research-backed and qualified investment advice. Instead of depending on friends and social media, this is  the time to turn to investment experts who can guide them to make the right financial decisions. Here’s an infographic portraying the challenges Baby Boomers face in retirement and what can be done to improve their situation.

If you are worried about your retirement and not sure about where you stand, you can turn to companies like Mason Finance that help you understand your options. Companies such as Mason Finance will provide you with detailed information that can help you enrich your retirement with dollars and cents.

 

About the author

Susan Paige

Leave a Comment