Although the baby boomer generation may have the largest number of people, it does not dominate the blog world. At a recent blog conference I was trading elevator pitches about our blogs with another attendee. Then she asked a question that stopped me cold.
Do you think younger generations are more prepared for retirement?
After a moment of reflection I answered: Yes.
Baby Boomers were brought up in the post-World War II Eisenhower and Kennedy years. This was a time of great prosperity and technological advances in America and we thought it would never end.
Our biggest worry was the threat of communism so the ultimate in home perks was a bomb shelter. Spending was plentiful after the lean years of the war and most kids of my generation didn’t lack necessities (plus we had the wonders of television and TV dinners).
There were more than enough jobs to go around as most women had left the job force and became stay at home moms. Some of us thought American life would always be so rich and plentiful.
Younger generations know more about hardship and economic decline. They know there won’t always be unlimited growth and understood at an earlier age that there is a global economy.
The Decline of Pensions
401Ks and 403Bs didn’t exist until well into adulthood for baby boomers. Our parents stayed at the same job for most of their lives and retired with an employer-sponsored pension.
There was no education at home or school on how to prepare for retirement. We’re the retirement planning sandwich generation.
We grew up with expectations of pensions. Today, rare is the person that stays at one job and just as rare is a pension.
I didn’t realize it was up to me until I was in my mid-30’s (slow learner). My young co-workers know they need to start stashing it away now and understand the power of compounding and time.
The oldest of my generation are turning 65 next year and the youngest are approaching 50. We are living the reality of retirement preparation every day. In our roles as parents, educators, mentors and bosses we’ve taught the younger generations. They have the benefit of our experience and that’s a good thing.
Do you think your generation is better prepared for retirement planning?
Content © Bucksomeboomer 2009-2010. All Rights Reserved.