The Boomers Are Headed For Trouble (I Don't Feel Bad About It)

About this episode:
The youngest baby boomers are facing a retirement crisis. In today’s video, find out how their problem could actually become yours and how to make sure you don’t end up in the same situation.

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[ChristopherAbelman]

My original retirement plan was to retire at 62, work part-time, and save diligently. However, rising costs have significantly disrupted this plan. I’m concerned about whether those who faced the 2008 financial crisis had an easier time compared to the challenges I'm facing now. With a shrinking income and the stock market's volatility, I'm worried about my future Medicare expenses and whether I’ll have enough savings for retirement, especially since I’m unable to contribute as much as I once did.

[Beatricegove]

The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...

[tatianastarcic]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[Susanhartman.]

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

[SeanTalkoff]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[humanvideosponge]

Whether you believe it's their fault or not, you should always have a fundamental level of empathy for people in bad circumstances.

[maryfields]

The two greatest gifts you can give your children: 1) Teaching them how to live without you by they time they are adults. 2) Not being a financial burden to them in your later years.

[RyGuyDCL]

Helping my parents already. They are in their 70s and 80s on a very fixed income so I have to help cover some of their expenses. It is an honor to do it though. They did so much for me to help me get where I am and can help them.

[privatewino]

social security is not funded by "our tax dollars"... it is funded by a payroll tax that people and employers pay into throughout their careers.

[javaskull]

I’m a late Boomer (also known as Generation Jones), the generation that saw traditional pensions disappear, saw the social contract with employers disappear, had to learn about the stock market and mutual funds, watched salaries not keep up with inflation, learned that many “financial advisors” are really slick salesmen trying to eat our nest eggs. It has made us cynical and mistrusting. I learned as fast as I could and did ok with mutual funds, I should be able to retire by age 67 to 70, but still worry about the future of Social Security, Medicare, and rapacious inflation.

I’m not angry at older Boomers for having it better, but I am angry that we won’t have it as well.

[scottyshields]

Military retiree. Living off my retirement pay. Next job went to 401k and IRA and some traveling. Retired for good and still living off retirement pay. No mortgage, have an emergency fund for home repairs.. Grandkids will get college paid for.

[xlerb]

My wife and I are late boomers. We're ok though. We never had troubles with jobs, we kept investing except for a couple years when I took a flyer on a startup. Two of the secret weapons we used are 1. Live below your means, and 2. Avoid high cost of living regions of the country. Salaries may be a bit lower than on the coasts but at the end of the month you've still got more money left in your pocket. Economies also aren't so boom and bust so there are always jobs available.

[lindak]

You need to preach this to the young ones. I’m one of the Jones and I did not freak out on my 401k. Let it ride, buy cheap. Keep saving. Keep working and save, save, save.

[davidlewis]

I am a late boomer but so what I ain’t worried it is what it is was never raised with a silver spoon in my mouth. But one thing I learned in my glorious days is you can be here today and gone tomorrow so money is not my priority in life. We could even be facing world war 3 next. My advice to whatever generation you are live your life and enjoy it the best you can because nobody knows what’s around the corner……

[micheal_mills]

For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.

[jimerin]

Work hard, save, and they’ll take it and give it to those who didn’t

[nationalzero]

The boomers born between 60 and 64, the tail end of the boomers, had a very different experience than those born in the 40s and 50s.

[TheBeagle]

I’m a mid boomer (1956). I was broke and divorced at age 40 when I decided to take action. Got myself out of debt, got a better paying job, married a girl with the same financial goals and started learning to invest. Today we have $165k in annual dividends, $50k in interest, a small pension, my social security, and in two years my wife will start social security at age 70. I think we’ll be okay. Cash flow is what you need.

[chiplangowski]

I was born 52 days before the end of the Baby Boomer Generation. I have absolutely nothing in common with someone about to turn 80 years old. People my age entered the job market during a deep recession and faced some of the highest interest rates in history. We then had to navigate every economic downturn after that like the one after 9/11, in 2008, the pandemic, etc. Not all "Boomers" had it easy.

[rebeccaross]

Yep, my idiot in-laws were stupid with their money, and now my mother-in-law lives with us. Of course, I married the responsible son, and the other two sons that were coddled and spoiled, don’t help out at all.