5 Big Problems Baby Boomers Will Face in the Next Decade

Baby boomers are retiring. But they’re still running up against some unique challenges. So here are five major problems facing the baby boomer generation in the near future…

Problem No. 1: Retirement Woes

The big problem with retirement is actually having enough money to last the rest of your life. Sadly, many baby boomers are unprepared for the next stage. According to a study by the Insured Retirement Institute, only 54% of boomers have even begun putting away money for retirement.

Unpreparedness

Even those boomers who have begun saving for retirement are behind. According to the same study from the Insured Retirement Institute, only 40% of Baby Boomers have calculated the full amount of money they need to save for retirement, and only 24% are satisfied they’re saved enough.

Longer Lives

Baby Boomers are expected to live many years longer than their parents’ generation. But with this comes a greater financial burden, as they need to save enough money to live for two decades longer than earlier generations.

And that’s to say nothing of the increase in the cost of living…

Surging Cost of Living

The cost of living has increased rapidly over the past decade, and it will increase further in the years to come. Many retirement savings funds likely won’t stretch as far as they would have in previous years.

Plus, these savings accounts are severely hampered by a related challenge…