As the Baby Boomer generation ages, their key worries have turned to their health, finances, and retirement. The days of casually pondering where they should go on their next vacation and if their bonus check would be as large as they deserve are quietly fading. Today, Baby Boomer worries mostly revolve about preserving their diminishing health and having enough money to live comfortably in their golden years.
Baby Boomers’ Health Concerns
People’s health often deteriorates as they become older. Their bodies become more brittle and vulnerable to illnesses and germs. Furthermore, many individuals aged 50 and higher are experiencing health issues that were not previously reported by anyone in their age bracket.
Rising health-care expenses worsen the dilemma. As the Baby Boomer generation starts to demand more medical care, the expense of such treatment rises. Baby Boomers are concerned about their health and their capacity to deal with them and receive appropriate medical help.
Baby Boomers’ Financial and Retirement Concerns
In addition to increased health-care expenses, Baby Boomers are concerned about money and retirement. People often earn higher wages and bonuses at the end of their employment than at any other time in their careers. As a consequence, money is seldom an issue.
Many individuals, however, fail to save that money. Instead, they spend it on trips, family, and the pursuit of a happy and meaningful life. When they retire, they may be in for a nasty shock. Many people discover that they do not have enough money to live comfortably during their retirement years because they did not save much money during their career.
They no longer get a paycheck after they retire. They are no longer eligible for bonus payments. Instead, they are forced to rely on the income generated by the investments they have made over the course of their lives. Unfortunately, many people have not put money aside to generate this income.
Other Baby Boomer issues exacerbate the money issue. People are living longer lives nowadays. When a Baby Boomer retires, he may expect to live for many years. Previously, a 65-year-old man could expect to live for about 10 years in retirement before dying. Most people could meet their financial obligations while living comfortably for ten years.
Financial planners nowadays use a life expectancy of 90 to 95 years. That is, if a person retires at 65, he can expect to live for up to 30 years in retirement. Many people are unable to meet the financial requirements of living 30 years in retirement due to deteriorating health, rising health-care costs, and a lack of savings to generate a fixed income.
These concerns about health, money, and retirement will grow as more Baby Boomers enter retirement. Some people will choose to work part-time jobs to stay active, healthy, and to supplement their income. Others will need the assistance of family and friends. Others may require more assistance than is available. As Baby Boomer issues emerge, the Boomers will face issues that have been quietly gaining traction for years; their health, money, and retirement concerns will continue to grow.