According to the Census Bureau, many baby boomers born between 1946-1964 have the lowest poverty rate among all age groups.
This group was born during the years of post-war prosperity. They were also the generation of fighters trying to survive and thrive.
The characteristics of the baby boomers tell us they are fighters and self-reliant. And hard-working
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It is suggested by Business Insider online magazine that there could be trouble up ahead for retirees.
It sets out three reasons why they think serious trouble awaits retirees.
They state :
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Are you in a retirement crisis? Are you ready to retire but find yourself woefully short in savings and income to live a comfortable lifestyle for the rest of your life?
Not only do boomers in today’s world have to think about their retirement plans,
But in most cases, they also have to care for their elderly parents, which can have added emotional and financial costs to their crisis.
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A Cooperative Credit Union Association survey has found that as millions of Americans retire over the next decade, financial crimes and abuse against the elderly are occurring at an ever-increasing alarming rate.
And as all Americans encounter scams with increasing regularity, studies show that few financial consumers are taking steps to improve their financial literacy in the digital age.
More than half of caretakers for older adults have reported an elder being targeted with fraud; more than a quarter of elders have fallen prey to at least one financial scam. And the problem is likely to get worse before it gets better.
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