Baby-Boomers Generation

Finding A Suitable Replacement Income For The Mass Amounts Of Baby Boomers Who Are Reaching Retirement Age Without A Reasonable Level Of Retirement Income.

According to the U.S. Census Bureau, there are over 78 million Baby Boomers that consist of a group of people born between 1946 and 1964. That currently makes Baby Boomers the largest generation in today’s workforce, and as they start to retire over the next decade, they will be faced with the daunting task of maintaining their pre-retirement lifestyle.

Compared with what previous generations faced as they closed in on retirement age, Baby Boomers typically have higher income, and have accumulated more wealth to help with their retirement. Overall, a percentage of Baby Boomers will have a higher income in retirement than their parents had, and they are much less likely to live in poverty after they retire.

While this is true for some, there are many who still enjoy this higher income, but have not prepared well in terms of savings for the years to come. This group continues to live a nice lifestyle while taking advantage of life’s luxuries, but has not saved anything that will allow them to continue this life and lifestyle into retirement.

There is a whole group of others who have worked hard all their lives, but lack of job security and other circumstances have forced them to live from paycheck to paycheck, not having the means to retire at all.

The evidence is clearly showing that Baby-boomers will not be able to count on what was previously considered retirement security. Private-sector pensions and personal savings are no longer adequate to ensure that most Americans will have enough to live on when then retire.

In addition, people live much longer today than they did in the past, and as a result, they need more money to secure their retirement years. Spending thirty years in retirement is not out of the question anymore, and with that longevity, retirees are faced with the very real risk of actually outliving their retirement assets.

The importance of building a true residual income has never been more important than it is today.

Like this post? Subscribe to my RSS feed and get loads more!