Younger boomers may face rocky road to retirement
March 10, 2011
The Great Recession hit a lot of investments hard, but one of the groups most affected was the generation of junior baby boomers, or those who were born between 1955 and 1964, according to BankRate.com.
Their average net worth dropped from $172,400 to $94,200 during the economic downturn, and many are still struggling to recover. Senior vice president of wealth for Bay Colony Partners Paul Escobar told the news provider that "aggressively investing" before retiring may help alleviate some younger baby boomers' financial woes.
One should start this process by reviewing each of their bank accounts and calculating the savings. Hiring a financial adviser may also be a step in the right direction, because these professionals can help one get started on the right path.
There are also many baby boomers who are caring for parents, which can take a toll on their career. In this case, families may want to invest in an elderly alert system. This device allows users to instantly send a medical alert if they need assistance, so one can stay in the office without checking on a senior's health.
A Caring.com survey has found that 74 percent of caregivers have either had to stop working or make a new schedule due to their responsibilities.