As Of Now
Based on the document written by Stephen F. Barnes, Ph.D., Part 1: Baby Boomers- Just Another Generation?, depicts that even though Baby Boomers equal 27% of the U.S. society and 48% of
the U.S. households, over half of the Baby Boomers across America live in only nine states:
1. California
2. Texas
3. New York
4. Florida
5. Pennsylvania
6. Illinois
7. Ohio
8. Michigan
9. New Jersey
California, Florida and Texas are the main places that Baby Boomers live.
Most Baby Boomers attain to be in the middle-income range which is around $58 thousand a year. Few Baby Boomers appear to be wealthy, whereas 7.3% of all Baby Boomers live in poverty.
According to the General Accounting Office, the top 25% of Baby Boomer households take up
86% of a considered $7 trillion in stocks.
13% of Baby Boomers never married; and they have the highest divorce rates than previous generations. Baby Boomers health, energy and productivity level are not considered normal, for most Baby Boomer’s usual dynamic is considerably higher than their parents.
At the age of 55 to the age of 65, which are the normal ages citizens should retire, Baby Boomers aren’t and because of their high health rates, they are forced to maintain a job in order to uphold themselves through the rest of their life. A portion of Baby Boomers are in a crisis in sustaining their children, known as ‘Boomerang Children’, when at the same time, they are helping their older relatives with life issues such as transportation and health care. Baby Boomers are educated better than other generations.
Because of the Baby Boomers beginning to retire, retirement money is being pulled out of the banks so Baby Boomers could live the rest of their lives. The problem is, is that too much money is being taken and the banks won't have enough. Based on a video posted by RethinkRetirement, they state many facts about today.
Men who are presently 50, have a life expectancy of 28.5 years; and women, 32.5 years. More than 60% of Baby Boomers considered being unprepared for retirement and about 31%, those over the age of 40 haven’t put money towards their retirement. At the end of the financial dilemma, only around 23% of employed citizens predict to receive a pension for retirement.
Across the nation today, 100 of the top private and corporate pensions are underfunded by 125% and all states are enduring $5.17 trillion in pension responsibilities, but have only limited $1.94 trillion in state pension funds; that is shortage of $3.2 trillion. 401,000 Baby Boomers were affected by the financial crisis and went down by 24.3%. It would take 33% after taxes to attain to be even.
In the past, the house equity was the main source for retirement funds, but for the citizens from the ages for 45 to 54 of 2009, 30% of homeowners were upside down from their mortgage being more than the home value itself.
the U.S. households, over half of the Baby Boomers across America live in only nine states:
1. California
2. Texas
3. New York
4. Florida
5. Pennsylvania
6. Illinois
7. Ohio
8. Michigan
9. New Jersey
California, Florida and Texas are the main places that Baby Boomers live.
Most Baby Boomers attain to be in the middle-income range which is around $58 thousand a year. Few Baby Boomers appear to be wealthy, whereas 7.3% of all Baby Boomers live in poverty.
According to the General Accounting Office, the top 25% of Baby Boomer households take up
86% of a considered $7 trillion in stocks.
13% of Baby Boomers never married; and they have the highest divorce rates than previous generations. Baby Boomers health, energy and productivity level are not considered normal, for most Baby Boomer’s usual dynamic is considerably higher than their parents.
At the age of 55 to the age of 65, which are the normal ages citizens should retire, Baby Boomers aren’t and because of their high health rates, they are forced to maintain a job in order to uphold themselves through the rest of their life. A portion of Baby Boomers are in a crisis in sustaining their children, known as ‘Boomerang Children’, when at the same time, they are helping their older relatives with life issues such as transportation and health care. Baby Boomers are educated better than other generations.
Because of the Baby Boomers beginning to retire, retirement money is being pulled out of the banks so Baby Boomers could live the rest of their lives. The problem is, is that too much money is being taken and the banks won't have enough. Based on a video posted by RethinkRetirement, they state many facts about today.
Men who are presently 50, have a life expectancy of 28.5 years; and women, 32.5 years. More than 60% of Baby Boomers considered being unprepared for retirement and about 31%, those over the age of 40 haven’t put money towards their retirement. At the end of the financial dilemma, only around 23% of employed citizens predict to receive a pension for retirement.
Across the nation today, 100 of the top private and corporate pensions are underfunded by 125% and all states are enduring $5.17 trillion in pension responsibilities, but have only limited $1.94 trillion in state pension funds; that is shortage of $3.2 trillion. 401,000 Baby Boomers were affected by the financial crisis and went down by 24.3%. It would take 33% after taxes to attain to be even.
In the past, the house equity was the main source for retirement funds, but for the citizens from the ages for 45 to 54 of 2009, 30% of homeowners were upside down from their mortgage being more than the home value itself.