A recent documentary just aired on PBS called the “Retirement Revolution”. It addressed the many issues,worries, and concerns for those in the Baby Boomer generation. Some of us are already at the age when our parents were beginning to retire or,at least, slow down a little. Many of us wonder if we will ever be able to quit working.
Aside from the fact that the Baby Boomer generation has been the worst generation at the practice of saving money, I am always reading of couples who have saved & managed their money meticulously, only to be wiped out by an emergency or a turn of the economy. Of coarse, when we put some dedication, effort, and sacrifice into a savings/emergency fund, this will get us through the majority of smaller emergencies or crisis that may come our way. Most of us, including me, certainly will consistently fall back on credit sources or borrowing when we hit those bumps in the road. Since our daily cost of living keeps creeping upward (Yikes, just look at gasoline ) and many of our incomes are not, most of us are setting ourselves up for a disaster.
I think that the majority of our parents managed their money very well and used credit sparingly. They learned many financial lessons very well from their parents of which many had gone through the Great Depression. I definitely can remember my parents trying to teach me lessons or principles of money management (especially by example) But, it’s amazing how little of that I retained or put into practice in my individual life as I’ve grown older.
I’m think that many of us Baby Boomers are very much the opposite of our parents in the way we manage our money. Most of us were raised in relatively affluent times and have been accustomed to getting what we want and getting it now.
Personally, I have always struggled to manage my money, or finances, effectively. Savings has never been the proper priority it should be. As a consequence, I will be one of the many who will need to work in some capacity as long as I am capable. Since we were a generation that was largely pampered and spoiled as we grew up, it caused many of us to become the “I want it Now” generation. While some of us are able to support that lifestyle, I fear many of us are not.