Certainly baby boomers have run the gauntlet when it comes to retirement planning. We gone through one of the worst periods in modern history with the market crash in 2008 that saw many Americans retirement plans and portfolios diminish. We seen baby boomers win in the market and lose in the market.
We’ve seen how modern technology and medicine have changed lives for everyone, but it starts with the boomers. A large percentage of the 78 million Americans who are classified as baby boomers are going to live anywhere from 10 to 25 years longer than their parents did. They were planning for retirement income for certain years. Now those years have extended and now they are looking at working longer or saving more. We are seeing them be the guinea pigs for retirement planning in almost every new trend or problem. Watching them overcome the adversity and seeing the problems they face leave the next generation with some really strong starting points.
A large portion of boomers want to move when they retire. So now we are learning what they are going through. They should be looking at places that suit the lifestyle they are looking for. Beaches, small cities, retirement villages , and so on a so forth all have upsides as well as downsides. What states are easier on taxes? Where can I live that my dollar stretches farther? How is the real estate market in the new place to live?
Income has been and will most likely continue to be the hot topic. How much do I need? Is inflation going to go up? What will happen with Social Security? All these issues are happening right now to baby boomers.
All of these factors are giving the next generation a lot of new insight to what they are most likely going to be dealing with. We are most likely going to live longer with these new advances in technology and advances in medicine, so we will go through a lot of the same issues as boomers face. The upside is that we the boomers are forging the way for us to learn. Look into your retirement plans and take these things into consideration now, and don’t make the mistakes that we commonly see with savings plans and retirement plans.