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Younger members of the baby boomer generation face increasing financial dangers and uncertainty about retirement
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Some of the youngest baby boomer generationborn closer to the presidency of John F. Kennedy than World War II are facing increasing financial uncertainty, especially after the 2008 recession, according to a new report.
Baby boomers, one of America’s most recognizable and influential generations, include people born between 1946 and 1964, according to the U.S. Census Bureau. However, younger boomers are the ones facing the most financial hardship as they enter retirement age.
“The most important things for me right now are a place to live indoors, water and food,” said Shauna Sharpes, 60. The Wall Street Journal.
Some of the youngest baby boomers, born closer to John F. Kennedy’s presidency than World War II, are facing increasing financial uncertainty, especially after the 2008 recession, according to a new report. (iStock/iStock)
“And thinking about how I’m going to take care of this for myself, from now until I die,” Sharpes said.
The youngest members of the baby boomer generation, according to the report, were also some of the hardest hit by the 2008 financial crisis and recession.
Some, like Barbara Tarallo, were forced to continue working into old age after losing their jobs at a software company during the financial crisis, the report said.
“I think I’ve resigned myself to the fact that I can do this as long as I can, and when I can’t anymore, I’ll cross that bridge when I get there,” Tarallo told The Journal.
MOST BABY BOOMERS APPROACHING RETIREMENT HAVE LITTLE MONEY SAVED, STUDY SAYS
Some baby boomers have a hard time accepting the idea of asking their children to help them financially. (iStock / iStock)
Some baby boomers have a hard time accepting the idea of asking their children for financial help.
“I always felt like I was the one who had to be the provider, I never thought about the years ahead how they would have to do something for me,” said Keith Seawell, 60, who has four children.
Ramsey Alwin, executive chairman of the National Council on Aging, said that Social Security can only provide some support to baby boomers.
“Social Security was never intended to be the sole source of income later in life,” Alwin said.
Other experts have also warned of a looming crisis for baby boomers approaching retirement age.
“The United States has never seen so many people reach retirement age in such a short period of time, and well over half of them will find it difficult to meet their needs in retirement, much less maintain their current standard of living,” said former Under Secretary of Commerce for Economic Affairs Robert J. Shapiro.
“They don’t have the protected income that many older baby boomers have through solid pensions or larger savings,” Shapiro said.
Many of this generation are already of retirement age, but have little saved for retirement, which Alliance for Lifetime Income Study found.
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Fox Business’s Christopher Murray contributed to this report.