Saturday, August 10, 2019

Baby Boomer Myths

Baby boomers were born between 1946 and 1964. Here's some common facts about these guys. 

Baby boomers have lots of money
  • At least 30 percent don't have any retirement savings.
  • Fifty-four percent failed to meet the savings benchmark for a successful retirement.
  • The average savings for this generation is $152,000, according to Money Magazine.
Baby boomers are less in debt than other generations
  • The baby boomers are second only to Gen X in total debt load.
  • The average Baby Boomer has $95,000 in debt, according to Experian.
Baby boomers have pensions and social security to get them through retirement
  • Social security alone is not enough to live on, comfortably
  • Pensions, if someone is lucky enough to have on, added with social security, are only meant to supplement retirement savings
  • The average social security check is $1,413, monthly. 
Baby boomers are heavily invested in the stock market
  • The 2008 financial crisis scared Baby Boomers out of the market after they lost a lot of money.
  • While Baby Boomers have allocated too much of their portfolios to stocks, they don't own enough to affect the market.
Watch the video here. For more information on the Baby Boomer crisis, see Investopedia.

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