Why 20% of Baby Boomers Are Retiring With Massive Mortgage Debt?
Baby Boomers, the golden generation born between 1946 – 1964, is in big trouble. Regardless of how hard they worked through their lives, at least 20 percent of them will not be able to enjoy their retirement. Several studies have found that the retirement scenarios for one out of every five Baby Boomers will not be able to retire without mortgage debt, which likewise means they will likely not have enough money to fully and happily retire.
This dire mortgage news coincides with the retirement worries many Baby Boomers admit to be feeling. A recently conducted study found that more than 50 percent of this generation said one of their top retirement fears included unplanned or sudden financial demands. Unexpected expenses such as a sudden need to support family members and health issues scare a lot of Baby Boomers. This is a real shame since thousands of Baby Boomers are currently retiring each and every day.
Where Baby Boomers Went Wrong
When such facts and research findings are published, the first question that strikes the mind of readers is why won’t Baby Boomers be able to retire peacefully and where did they go wrong?
While there are several reasons behind Baby Boomers going wrong with their retirement planning, the most common and largest mistake is the lack of awareness about importance of proper retirement planning. There were very few retirement plans available a few decades back, and most of the working population at that time was not aware of the benefits of investing in retirement funds.
This lack of knowledge led to a lack of proper retirement preparation which has stood Baby Boomers on the verge of their retirement without apt planning nor funds. Their social security and superannuation funds are not enough to support them throughout their retirement years. Consequently, they might have to make some compromises in their life in order to make both ends meet.
If you want to get acquainted with some of the common facts related to the retirement of the Baby Boomer generation, here’s a great infographic tells the tale well, very well.
What Can Baby Boomers Do Now?
While Baby Boomers don’t have a lot of time to improve their retirement condition now, they still they can improve their situation by moving in the right direction from this point forward. There are many retirement investment consultants and retirement planning experts who can guide Baby Boomers to maximize the benefit of their assets in the short period of time they still have to prepare for retirement.
Baby Boomers seeking the right retirement advice need to visit this URL: https://www.masonfinance.com/blog/baby-boomer-retirement-infographic/.
If Baby Boomers plan smartly and make the right moves, they can greatly improve their situation and improve their financial position.However, they cannot make random decisions and each of their decisions must be backed by proper research, planning and market analysis. Also, those Baby Boomers who still have some years to go before their retirement can leverage this time to augment their savings while strengthening their retirement position.
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