Baby Boomers are Less Prepared for Retirement than Previous Generations

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Baby boomers should be on the cusp of their golden years. Instead, they are reaching retirement in worse financial shape than their parents.

We sat down with a financial advisor today, who explained the decline of pensions and the increase in self-directed financial plans.

Which has given people more freedom and options, but when given the choice, most choose to pocket their entire check, rather than set aside some for later.

He also mentioned, for these baby boomers, there are more expenses involved with retirement than in the previous generation.

The Edward Jones Financial Advisor, Cody Kilgore explains, “The biggest thing is, you just need a plan. You know, it’s like going to the gym and working out and eating, but you’re not sure if you’re doing the right things or eating the right food. If that’s Person A, and Person B has a defined workout plan and defined diet, Person B is going to be a lot better off in ten years than A. It’s the same thing with financial planning.”

Kilgore says the most common issue is when people don’t have a plan, and don’t ask for help.

He says it can be complicated, and it’s good to have an advisor or someone who can view your financial situation objectively. 

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