While looking for employment I came across some articles that point out some of the tribulations of BOOMERS. I felt some were so right on that I needed to repeat them and I have given tribute to the writers.
"...EBRI found that 47 percent of the early boomers, now 56 to 62 and nearing retirement age, are likely to exhaust their retirement savings."
There are many reasons for this, and not just this account, but also other savings and asset accounts.
Priscilla Clements, Dec 17, 2009 http://www.associatedcontent.com/article/2501401/babyboomers_were_broke_we_lost_our.html?cat=9
HITS IT!! I NEEDED TO REPRINT THIS I made some notes in ( );
"Thirty pounds ( I did give some of this back [blogger]), ten years, one decent job, and one wife ago, you were at the top of your game. You were aging nicely, distinctive and refined, so they said. Just enough wisdom to be admired and still enough sex appeal...( then the cancer operation[blogger]).
While you were putting your kids through college, life came crashing down around your comfortable shoes (in my case boots). Just as you made your last tuition payment, .... It was time to rethink your retirement plans. That little log cabin on the lake (for summer living), began to look like a rented mobile home in a retirement park in FL, year 'round.
It all happened so fast. Someone, somewhere, decided to down-size by cutting your job. You're broke. Your better-half decided you couldn't afford her and left for higher ground. The rest came tumbling down like snow off a pitched roof on a sunny day. It was all so cold, impersonal, frightening, and dangerous.
The bank foreclosed on your mortgage (I am trying a SHORT SALE [blogger]). You found yourself homeless. ........"
She is so close on this I had to repeat it here!!
"Job hunting comes with a secret new pain, age discrimination. They say it doesn't exist, don't believe them. With an economy causing many younger men and women to search for jobs, you aren't exactly the pick of the litter.
You planned to work until age 65, so to maximize your Social Security income amount. Now you're wishing you were, at least, 62 in order to get any amount of Social Security a.s.a.p. and before it runs out. There was no way to plan for this. This isn't your parents' USA anymore."
"While going to dine at a drive-thru (no I can not afford going out[blogger]), You see yourself in the rear view mirror. The wrinkles, no longer a sign of wisdom with age, are now just sagging skin. The graying temples highlight the hairless dome where locks once lived. You are certain nobody's out there looking for you. ..."
Then we have this;http://www.taipanpublishinggroup.com/tpg/taipan-daily/taipan-daily-033110.html
Editorial Question: Boomers' Bust
written by J, April 01, 2010
"How many of those Boomers have just given up and said "Aw, eff it."? After saving since childhood, putting kids through school while caring for aging parents, following endless advice to max the pension, buy a house, etc, Boomers have:
- watched jobs evaporate for anyone over 40,
- seen their 401k's, etc, tank,
- watched the remortgaged (to pay for the kids' school) house sink underwater,
- and many have seen every hard-earned cent vaporize in a major illness, injury, or extended disability - despite the hefty health insurance premiums."
And on this same site
written by David, April 03, 2010