Interesting Read (for KIDS): Baby Boomers and Retirement

I read this yesterday:

For Boomers, It’s a New Era of ‘Work ‘Til You Drop’

This part of the article in particular really stood out to me (bold mine):

For more than 30 years, Stewart ran his own photography business, doing everything from studio portraits to illustrating annual reports for hospitals and other large corporations to freelancing for national magazines and newspapers.

As the news media began to struggle, the magazine and newspaper work dried up. As the economy tanked, his large corporate clients began to use cheaper stock photos purchased online rather than hire him to take new ones. Eventually he took his current job, producing videos of pastors’ sermons and photos for church publications. He says he is glad to be one boomer to make a late career change and keep working.

“There were times when the money was really rolling in,” he says of his old business. “But somehow retirement wasn’t really in the forefront of my thinking then, so saving for it wasn’t an automatic thing.”

Yep. That’s how time goes. Days turn into months. Months turn into years. Years turn into decades. You get the idea. Before you know it, you’re forty years down the road and you have nothing.

No, there are no guarantees. You can save all your life and still end up with less than you thought you would have due to the whims of the market (or a major catastrophe like sickness). Regardless, it’s still prudent to save for the future.

3 thoughts on “Interesting Read (for KIDS): Baby Boomers and Retirement”

  1. Tired of lying in the sunshine staying home to watch the rain.
    You are young and life is long and there is time to kill today.
    And then one day you find ten years have got behind you.
    No one told you when to run, you missed the starting gun.

  2. For some reason I was prone to quoting Pink Floyd as a teenager (that was some 30 years ago)….

    More to the topic though, I have long debated the conventional wisdom that there would be huge waves of Boomers retiring over the next few years (and the disastrous effects on r.e. and stock mkts). All nonsense. Most Boomers can’t afford to retire. There are few pensioners in the cohort, and saving has been a virtually non-exisitent part of their me-first, instant-gratification lifestyle.

    I am a distant tail-boomer myself (late 40-something). All my life I have been following directly behind the boomer bulge. It’s like following a band of furious Vikings… by the time I get anywhere, they’ve already come and gone and looted and pilaged everything. And they’ve always crowded out the career levels above me, refusing to move on, retire, and get out of the way.

    I’m being a bit tongue in cheek, but there is some truth to all this. Boomers are probably the least prepared for retirement of any generation before or after. They were raised in relative security, taught to value the now over the future, and have come to find that the future has snuck up on them in the middle of the night.

    Sigh…. I know too many people in this situation.

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