Why Boomers Will Retire More Comfortably Than Their Parents

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Well, I guess my ex-husband has a hidden pile of money somewhere because he never spent much while we were married and being a Patent, litigation Atty. makes a healthy living. We lived with 20 yr old carpet, etc. After reading this article I get it. To bad he never communicated his plan or communicated anything for that matter.

Carol Darrow of CA 1:08PM August 18, 2010

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lakeweirliving of FL 11:37PM August 01, 2010

I found it enlightening, and I guess I am fortunate that I can still work as I enjoy it and have a nice RRSP put aside. I think it is so important for all women to be financially independent and have a career. The 60's are good for us baby boomers we can have choices in what we want to do. Good luck to all the baby boomers of my generation, MG

MARIANA GRINBLAT 9:16PM April 01, 2010

"We 'boomers' all got duped into spending everything all the time to keep up the Jones, or just to fuel our insecurities."
Speak for yourself, dude!
When my friends were vacationing in Hawaii, I put the money in my 401K. When my friends were upgrading to a McMansion, I stayed in my little 1950s ranch starter home. When my friends wore all the latest clothes, I bought in resale shops. When my friends had enormous credit card debt, I had none.
So, I have never gotten used to an extravagant lifestyle, and in approximately six years, me and my (decimated) savings are going off into the retirement sunset at age 63. I won't be livin' it up, but I'll be comfortable.

Catparent of FL 6:13PM March 16, 2010

I think most Baby Boomers will always feel insecure, worry about financial matters. There is more to life than financial considerations and the sense of security does not always translate to monetary matters. Security seems nebulous to me. There are so many aspects to it, financial, national, health. Do the best you can with what you have. I do see many boomers starting new careers after retirement. Bobby Jones the golfer was quoted as saying "play it as it lies" when asked how he dealt with his health issues. Right now I am worried about whether to retire now or continue to seek work, am currently unemployed

Paul R Skidmore of MD 11:12AM September 22, 2009

Wow...Semiretirement? don't you mean putting on an orange apron at Home Depot or becoming a Walmart employee, or getting involved in some sort of multilevel Marketing system???
Get real. Your article misses the point. Cris from Colorado seems to have nailed it though. What we are all concerned about down here in the trenches is 'Security'. Our parents had it in retirement, but by all indications '90% of the 'me generation' boomers won't. Why? There's no 'next big thing' to fuel our economy, that's why. First it was WWII, then the boom after when N. America had the only functioning infrastructure left and could dominate world commerce. Guess what? After 50-60 years, everybody caught up and we let our manufacturing base erode. Now the credit crunch and decline in asset values due to less income across the board. We won't be as secure as our parents generation and that sercurity and peace of mind is important to enjoying life. With no 'next big thing to fuel our economy I'm afraid we'll lose our hold on the ability to pay ourselves the many multiples about the 'world' wage level that we have been doing ot fuel our standard of living for the last 50-60 years. I hope I'm wrong, and there is a new "next big thing' right around the corner. But if not, most of us boomers will be 'insecure' until we pass from this planet.

Bruce of CA 11:04AM September 16, 2009

Let's face it. We 'boomers' all got duped into spending everything all the time to keep up the Jones, or just to fuel our insecurities. We didn’t save (our mistake…) We needed the latest and the greatest 'everything', now. Madison Ave. played to our pride all our lives and we were brainwashed into believing that we could 'buy' our way to happiness. WRONG! Cheap credit offered with no real emphasis on saving. Now, the levels of income for those coming up behind us aren't enough to cash us out of our overvalued homes where a substantial amount of our real 'asset value' used to be. What are we supposed to do now? With our portfolios decimated, our houses worth minimum 20% less that 3-4 years ago and real incomes dropping how are we going to find ‘security’ in a the age of consumerism? ? 'refinance' again? Oh, yeah, that boat left the dock for the last time, along with the majority of our manufacturing base. Party's over for 90% of us boomers and we know it. We WILL NOT have a more comfortable ‘retirement experience’ than out parents because we won’t feel ‘secure’. We are big boys and big girls and we know the score. It sucks, but it is, what it is. Simple as that.

Chris of CO 10:50AM September 16, 2009

It's better to set a target date for retirement instead of a target monetary figure.
Financial Samurai
http://www.financialsamurai.com

Financial Samurai of CA 10:35AM September 16, 2009

It feels pretty bleak to us, , getting fired from a job of 4 months for making two mistakes. $8 and $3, in retail, which paid him 1/3 of his salary . Previous company 31 years, downsized and pushed a lot of employees into early retirement. . This company he worked for for 4 months, fired him, he was fired in his life.. A wonderful work ethic that should be enough, not absents , no lates, worked hard, stays late when asked for the no shows. They also did I mention have denied his unemployment. Because they the UEO are so busy they haven't gotten to our appeal yet, and I pray that we get it? He is denied for conduct, for crying out loud, so horrible that a company can even do that to a person. But I hear they can fire you for whatever thing they want to fire you for. They really had to stretch it to even find something against him. How far do we have to get ruined before we get help? Thank god we aren't in debt up to our ears. So we did it right, worked hard, and it feels like blow after blow. He applies and gets denied. He can't even get a job cleaning toilets? Every night I go to bed and wonder what is going to become of us. A man that worked hard all his life. I am making what I can but its not ,much.

Diane of KY 7:39PM September 15, 2009

This author has hit the nail on the head for me. As a 56 year old woman, I have lived a tremendously full life thusfar. I have attained more corporate success than I ever dreamed possible for a woman and a young girl of the '50s. I have traveled extensively and met people from every walk in life. I have worked hard to provide for my family emotionally and financially the majority of my adult years. Yes, I had those days "in the sun" as a "flower child" in the 70's, but that lifestyle was quickly replaced by a much more demanding one. The equality women fought so hard for in the 60's and 70's, resulted in unbelievable responsibility for me, and probably many other women, who eventually found themselves single parents and heads of household in the ensuing 80's and 90's. Today, I am no longer involved in the large corporate rat race and am fortunate to have created my own version of full-time, meaningful work. It is paying me just above charity level but it is extremenly rewarding. My work now is in harmony with my ideals for human success. I am very grateful for the broad expanse of opportunities I have had so far but I have a strong sense that the rest of my life will focus more on giving and less on getting, no matter how many times I re-invent myself. I trust that quality will continue to outweigh quantity for me and that the road will go on forever...even if some of the party has finally ended.

Georgia Landry of TX 6:39PM September 15, 2009