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Baby Boomers Have Problems to Face

I have bad news for baby boomers: you act like your parents. According to a study by the Center for Retirement Research at Boston College, baby boomers are getting richer at the same rate as previous generations. It may not seem like a problem, but their parents often had generous pensions to fall back on. Many baby boomers don’t have a pension at all, and those who do face the possibility of their company cashing in on them in the next few years.

rely on investments

They have another thing in common with their parents…they think their investments can work wonders. In a New York Life poll, people between the ages of 41 and 92 were asked what the “safe” withdrawal rate was for retirement savings. Safe being defined as the rate at which you could withdraw money and not deplete it during retirement.

Of those surveyed, 40% had no idea…not surprising until you realize that half of the group were probably already retired and the other half were nearing retirement. If they were already withdrawing money or were about to, wouldn’t it have been nice if they had some idea of ​​what a sustainable withdrawal rate looked like?

Nearly 30% of respondents thought they could withdraw 10% or more. They’ve probably heard that stocks earn more than 10% a year. Of course, they forgot to take into consideration some minor facts such as, 1) stocks don’t do the 10% thing every year and sometimes have several years of declines in a row, 2) even though stocks were returning 10% , there would be no chance of growth and without growth inflation reduces purchasing power every day, and 3) I know very few 70, 80 and 90 year olds who want to have 100% of their money in stocks, especially now .

Ask a financial adviser (at least one who knows what he or she is doing) and they’ll tell you what only 10% of respondents have done: The “safe” magic number is around 4-5%. Synopsis of the survey: 40% had no idea, 50% were going to spend in poverty and 10% were in the ballpark.

Live long and prosper

To compound all these issues, baby boomers are likely to outlive their parents and potentially their money. According to the American Academy of Actuaries, a 65-year-old woman today has almost a 20% chance of living to age 95. (Sorry guys, your odds are only a little over half).

People think I’m a little off the mark in wanting to make sure their money lasts to 100, but there’s a reason I’m crazy: if my husband and wife reach 65, there’s has a 28% chance that one of them will blow out their 95th birthday candles. If you don’t expect your money to last to age 95 and beyond, you are at more than a 1 in 4 risk that the money will run out before you or your spouse.

Charge it!

Oh, and before you think all I have is good news (yes, that was a sarcastic comment), baby boomers are knee-deep in debt. Not that the country itself is doing better. According to an article by Direxion Funds, 25 years ago the US economy was worth $3.1 trillion and our country had a national debt of $1.0 trillion. Today, the economy is about four times bigger and our national debt is tenfold and still growing.

Conclusion

Baby boomer parents had pensions, spent sparingly, didn’t live too long and had little debt. So baby boomers (and the rest of you), grow up and stop acting like your parents. You can’t afford it.

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