We all thought the baby boomer generation had it financially easy. Well-paying jobs, stable jobs. The type of jobs you keep for 25 years and upon resigning, cash out a nice big pension to kick-start your retirement. We also thought the boomers were especially lucky when it came to the affordability of homes...heck, even a vacation home, too.
Not so fast
According to The Exchange on Yahoo! Finance, baby boomers are not as "set up" as we imagined. With retirement looming, most are now worried about how they can actually make retirement a reality. It appears this dilemma is becoming an all-too-common scenario for parents of the millennial generation.
Where did the good times go?
Interest rates have dropped - which we all thought was great for buying a home. Well, not so much because now everyone can “afford” one. Plus, low interest rates on mortgages also mean a low rate of return on investments - and it’s expected that they will continue to stay low.
What’s the solution?
There is no easy answer to this financial crunch. Baby boomers (millennials too) need to tighten up their spending and realize (unfortunately) that the financial return on their assets and property may be limited.
8 common financial regrets baby boomers are struggling with...
1. Why didn’t I save for retirement?
2. I squandered my intellectual capital
3. I should have never taken that early withdrawal from my pension fund
4. Credit card debt nearly ruined my retirement
5. We should have never sold our dream home
6. I should have paid more attention to health and first impressions
7. I regret our fixer-upper home purchase
8. It seemed like the rise of the stock market was never going to end