- Baby boomers were born in the prosperous years following World War II.
- As they age, they are now facing financial, health, and economic challenges.
- Some of their most pressing problems are saving enough for retirement and caring for elderly parents.
Baby Boomers are facing a slew of challenges.
Boomers, or those born from the 1940s to the 1960s, grew up during the prosperous post-WWII years. But as they inch closer to retirement, a slew of financial, health, and economic challenges are starting to plague many in the generation.
Business Insider outlined some of the bigger problems baby boomers are dealing with today.
Baby boomers are expected to live longer than previous generations, and it’s giving them anxiety about retirement.
Though people say they’re happiest when they get older, many baby boomers feel pressured to work longer to support themselves or, if unable to work, are worried about outliving their savings.
Many boomers have to care for their aging parents.
Not only do boomers have to think about their own retirement plans, they also have to care for their elderly parents — which can have an emotional cost in addition to the financial cost.
Boomers might be thinking about or currently paying their parents’ medical bills, nursing homes, or live-in nurses, or even considering having their parents live with them as they get older.
Boomers also need to plan for their own care when they get older.
Just like boomers need to make plans for their parents, they will also need to figure out who will be taking care of them as they get older.
This might involve figuring out plans with their children, or saving enough money for medical bills or even a nurse.