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What’s In A Name? Not Nearly Enough, Evidently
Two-thirds of Baby Boomers unprepared for retirement
Maybe it’ll end up that our generation has been sabotaged by its very name.
The Baby Boom, of course, refers to the idea that post-World War II, there was a whole lot of baby making going on. If our parents are known for their greatness, we are known for our…large quantity. Yeah, there are a lot of us, all right. And it looks as if the majority misunderstood the moniker.
The name was never meant to encourage a gazillion people to act as if they expected their entire lives to be Boom Times. Nancy Trejos with The Washington Post says:
Most of us have probably painted a rosy financial picture of Boomers. We think of them as the wealthiest generation. But it is only a top tier of Boomers that holds much of the generation’s overall wealth. And while it is true that boomers make more money, they also tend to spend more.
According to a study just released by the McKinsey Global Institute, it looks like a whole bunch of boomers are about to go bust.
In fact, more than two-thirds of early Baby Boomer households, meaning those between the ages of 50 and 63, are financially unprepared for retirement…The fall in home values and stock prices is not helping matters. For the past few years, especially, Boomers have been relying on the wealth in their homes and on stocks and they haven’t thought much about saving, said Diana Farrell, director of McKinsey Global Institute. “There was a sense of I don’t need to save. I have assets.”
It’s a shame, really. We’ve never complained about the fantastic name “The Greatest Generation” ended up with. And as much as some of them turned out to be scoundrels, I’ve never heard a single one admit that maybe he wasn’t exactly the greatest. But whoever the powers-that-be are who sit around making up this stuff over skinny lattes at Starbucks need to, for the sake of every as-yet unnamed generation, get a grip.
Next time the Generation Namers name a generation, I really think they ought to be more considerate, don’t you?
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Are You a Late Boomer?
If looming retirement is catching you off-guard between an aging parent and a revolving-door kid, you might be. If you've delayed travel only to discover they've changed the names of all the countries, you are. And if you're a member of the Baby Boomer Generation who's ready to give back but you've forgotten where you put it, stay tuned. From healthcare to personal finance, from career changes to volunteerism, it's time to boom where you are planted.