The economy’s booming, but boomers are going bust
Jul 30, 2014, 4:42 PM
Baby boomers are becoming sandwiches.
Allow me to explain.
On the whole, boomers married later in life and had children even later. As a result, “they find themselves taking care of their ailing parents at the same time many are still taking care of their children,” the USA Today reported. Since they are being financially pressed from both sides, the baby boomer generation has also earned the nickname the “sandwich generation.”
On average, the baby boomers are pushing back their retirement age, with 50 percent saying in a recent survey that they don’t expect to retire at 65. Nearly half of those people say they don’t even think retiring at 70 will happen, either. Fidelity Investments also claims that the average baby boomer has a total of $81,000 of retirement funds.
With approximately 42 percent of 18-to 29-year-olds “getting some kind of financial help from their parents,” the financial positions of baby boomers looks bleak.
