The baby boomers’ savings plans are coming up woefully short and are not offsetting the disappearance of pensions. A recent Fidelity survey reported that 48 percent of baby boomers lack the ability to pay for day to day retirement living expenses.
Are we surprised at the discovery that the baby boomers are not financially prepared for their senior years? Not really, this generation never imagined getting old let alone socking away significant amounts of money for old age. The boomers grew up in an American culture that told them the ‘company’ would be taking care of their health care and provide living expenses through pensions. This belief enabled many to put off retirement planning.
Now we have a shaky economy, with a generation weaving together the threads of their 401Ks, dwindling pensions, assets and second career incomes. Mary Ann Doucette is President of Doucette Medical Supply, Ltd. aka Doucette Medical Supply, LLC