Baby Boomers Will Never Retire
Yet another depressing story about the state of our economy. The average baby boomer has about 1/3 of the savings necessary to retire at the age of 65. Regardless of the reasons why, this is a sobering statistic and a reality check for many people.
Fortunately for these people, they have social security to assist them. I firmly believe when I reach the age of 65 social security will either no longer exist, or the benefits will be reduced greatly. It will be interesting to see what happens the next decade.
Hardly surprising. It makes you wonder what all these old people are going to do for work. I can see millenials employing them as gardeners, house keepers, cleaners etc.
I see a lot of baby boomers at places like wal mart and even fast food places. It is kind of sad and depressing seeing it. I bet they work very hard, though.
I kind of wonder if there are social advantages of younger people employing older people. They might for example learn some wisdom, although if a baby boomer didn't save anything for retirement they probably have limited wisdom to offer!
Interesting post.
This reinforces the idea that we need to aggressively prepare ourselves for retirement. No pensions and/or social security is likely to be around in 30+ years, and if it is it'll be much less (as you mention).
We have to make smart investment decisions now ourselves, 30+ years before our retirement, to make sure we'll be fine.
Thanks for sharing!
Thanks for the reply. I don't think most pension plans or social security will be around either 30 years from now. This will be a rude awakening for a lot of people.
Thats a big problem. I see quite a few work-ed kids through the repair shop where I work and I tell all of them to start saving as soon as possible. Even 20 a month. Some of them just roll their eyes at me.
Unfortunately many young people don't realize the importance of saving. Not until later in life will they understand this.