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Missed Fortune – Why Boomers Are Lax About Retirement Planning

Posted on | January 28, 2009

Raised after world war II, Boomers bring to their mature years a different set of experiences than those of their parents.

Whereas many of their parents grew up during the Great Depression where they learned hard lessons about how money could disappear in a flash, Boomers have lived through an era of unprecedented prosperity, easy credit and quick gratification.

Most never really felt they had to put a nest egg away.  They tend to have the attitude:  “If I want something, I buy it.  If I can’t pay cash, I’ll finance it.  I’ll worry about tomorrow when tomorrow comes.”

Unlike their parents, who had to confront joblessness and world turmoil early in life, many Boomers want to live life as it comes-every day, every month, every year.

They don’t worry the way their parents did about putting something aside for the future.  The concept of having “something to fall back on” does not grip them in the same way.

Having witnessed how the government bails out failures such as AIG and the mortgage industry, or the automobile industry, they figure government will always be there to bail them out.

This false sense of security is the reason that it comes as such a shock when entire communities find themselves without jobs because of the shifts in the global economy or the mistakes of big business.

Doug Andrew

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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