Retirement: Baby Boomers
Sleeping in until noon, spending days as wished, retirement; baby boomers used to think of this as their light at the end of the tunnel. Many of retirement baby boomers enjoyed well paid jobs and exceptional education. They were able to buy homes and made the majority of all private wealth, while many young people today cannot imagine owning a house and will probably need to wait for benefits and pensions where their grandparents and parents were able to participate.
When the economic crash occurred in 2008, retirement for baby boomers was no longer considered being the luxurious part of the their life. If they keep spending their savings funds as they are forced to, the generation of baby boomers will be at risk for poor medical benefits in their retirement days, said experts. A survey shows that 47.2% of retired baby boomers, will not get enough money in their retirement days to cover their health care and basic costs. Wong Ulrich pointed out that 73% of the baby boomers expect to work in their retirement days. She also stated that baby boomers are experiencing significant losses such as 29% of their real estate, 41% of their Non-Ira personal plans and 42% of their workplace retirement.
Another report states that ethnic minority groups like Latino and African American seniors experience far more challenges in their retirement than their white counterparts, because of their different backgrounds. It looks that the retirement baby boomers generation has bagged too many benefits for which their grandchildren will end up paying.