If you were born between the years 1946 and 1964 ideally one should currently be basking in the joy of retirement or at least inching closer and closer towards the career finish line.
But according to a new report from USA Today, between the meltdown on Wall Street evaporating their 401ks, rising health care costs, and owning homes no longer holding the value that they once had, not many Baby Boomers seem to have enough dollars left to make sense of their retirement plants.
As a result of the financial crisis many would be retiring Baby Boomers will be working well into the next decade.
A new survey released by the AARP suggests many have already accepted this.
According to AARP:
35% of those ages 45 to 54 have stopped putting money into their 401(k), IRA or other retirement accounts.
25% said they have prematurely withdrawn funds from their retirement accounts.
24% have postponed plans to retire.
But for those who have found themselves laid off from their jobs, the prospects of landing new ones to supplement lost wages become grimmer with time.
The Bureau of Labor Statistics reports that last year Baby Boomers were out of work 22 weeks on average, compared with 15 weeks for the 20- to 24-year-old age group.
And with employers looking to slash budgets at all cost, it becomes increasingly harder for older workers to land positions with pay they’re accustomed to as many companies opt instead to hire overseas or recent college graduates that will accept lower wages.
This isn’t pleasing news to a group already often referred to as the “sandwich generation” due to their plights providing for both their aging parents and college-age children.
So where does that leave Baby Boomers? In a state of crisis in cash management and a new definition of what’s typically called the “Golden Years” of one’s life.
For Baby Boomer readers out there now marred in fear that you may never retire, how have you adjusted to your new realities?
Do you still hope to retire, and if so, what have you done differently to prepare?
I'm sure you're well aware that stripping and scamming the government are not viable options as each scenario has ended in someone either being socked with a shoe or held up in handcuffs. But, I'd love to hear what other ideas you have in mind.
To young people, have you started thinking about your retirement options considering it's not that far fetched to say we have a better chance of greeting Big Foot in our lifetimes than a social security check?
Leave your comments below or email me at therecessiondiaries@gmail.com.
Michael Arceneaux hails from Houston, lives in Harlem and praises Beyoncé’s name wherever he goes. Follow him on Twitter.