Baby Boomers getting a bad deal for retirement

Let's do the twist! A failing economy for Baby Boomers is not exactly what the doctor ordered for this time of their lives. This generation has many workers ready to enjoy the fruits of their work, but alas! It is crumbling underneath them. The American dream really was put in place by a generation before them, but this group of people certainly lived the American dream. It is with this generation that the world has been explored with the realization of globalization and far reaching technology visions. These people were born under the nuclear threat instituted by the generation before them, lived most of their lives through the cold war and its related nuclear threat, and worked to secure the world. They experienced fear as fear had never before been experienced. Why should that fear be extended into retirement?

And yes, this and the following generations have comprised what we know as the generations of consumerism, as well as those of "anti-consumerism", counteracting the destruction of the earth. Witness the population explosion. Not only was it here in this country, but worldwide after World War II. Soldiers returned home to start families and catch up with lost time. They were world-savvy, prepared to work and play in other countries as well as in the USA. Like a bulldozer, streets of life were carved out of the earth as fast as possible to return to normality. The birth rate soared! Construction soared! Consumption of materials soared!

There has been a significant concern that these people would leave the employed in recent years. There would not be enough workers to support the economy, nor would there be enough money in Social Security.

I suppose that will all change now. 401K's have greatly diminished value by as much as 50%. So much for the lifestyle of this population. Oh sure, some will retire. Some have plenty. Many many others will see this not only as a loss of wealth and quality of lifestyle, but as a future threat to their financial security as well. Surely the stock market has proven that we cannot depend on it. We cannot depend on commodities either. Oil prices are down. Sure, gold is up, but I have known people who lost their shirts in gold during the 90's. The bottom could fall out on it at any time. It is at a fictitious price level, inflated by a temporary demand.

This generation's financial solution is to continue working as long as it can. That is the only way to secure the future. Putting money under the mattress does not seem a good idea either, nor holding it in a money market account. Face it, retirement money is indexed to the health of business, here and afar. So the flower generation will likely continue to rock and roll for a few more years. Maybe retiring at 70 is better than 66 and certainly better than 62.

I have found a site where this type of thought is shared by several writers - Boomer Cafe.