Mary Furlong, a professor of entrepreneurship at Santa Clara University, is widely regarded for her extensive knowledge of the baby boomer generation and the challenges that the demographic faces today. She recently sat down with Houma Today to discuss will be facing in the years ahead.
She noted that many boomers are in a position where they have to do whatever it takes with budgets, since 69 percent are financially supporting adult children, while also caring for older parents.
Furlong also touched upon other financial difficulties that baby boomers are confronting, citing recent surveys that have found that 40 percent of older adults have $25,000 or less for retirement savings.
However, she predicted that baby boomers wouldn't give up. Instead, there would be a wave of older entrepreneurs who would be doing what they love, and working independently to fund their retirement.
"A friend gave me a GPS, and I was driving somewhere and I missed the turn and the little voice came on and said, 'recalculating.' And I thought, what a perfect word for today's world," she told the news provider.
Boomers who find that they are trying to plan for their future while taking care of an older parent may want to invest in a senior alert system. This device allows elderly parents to immediately contact caretakers or doctors in the case of an emergency.