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“Baby Boomers” Facing Financial Reality of Retirement
The “Baby Boomer” generation has been reaching retirement eligibility since 2008. This population cohort is uncharacteristically large—76 million—and is expected to result in roughly doubling the population of Americans over age 65 by 2031. While that projection could potentially put a tremendous burden on Social Security’s precarious financial situation, it’s interesting to note that only a small percentage of the “boomers” are fully retired. A recent survey by Indeed Flex reports that “only 10% of this generation are fully retired,” indicating that the retirement landscape is changing from what was typically expected as a result of the 1946-1964 age group reaching retirement age.
So, why is this happening? An Investopedia post by Elizabeth Guevara explores this evolving trend, suggesting that the “rising costs of living” are likely the driving force. This coupled with a general lack of accumulated wealth–savings–and the steady disappearance of defined benefit retirement plans–pensions–has led to may “boomers” either unretiring or taking temporary jobs to fill the gaps. Read Ms. Guevara’s post in its entirety here…