There’s simply no doubt that baby boomers are better positioned financially than any living generation of Americans.
They hold the majority of the wealth, homes, small businesses, and high-paying jobs across the nation.
But this bombshell study just exposed the dark reality awaiting baby boomers in retirement.
Boomer exodus will leave millions of jobs vacant in coming years
The baby boomer generation is the third-largest living generation in the United States today.
Born following World War II, the generation sparked a massive surge in population growth.
Now, boomers are heading for retirement, and it could mean major economic consequences for the United States.
Over 68 million Americans belong to the baby boomer generation, and the largest portion of them are set to retire within the next six years.
Now, companies are preparing for the exit, and it could have huge impacts on their future.
Estimates show that somewhere between 10 and 15 million jobs will become available before 2030.
The jobs will span multiple industries from construction to professional services.
Experts suggest that the dramatic shift could result in a 7% reduction in GD, and consumer spending could crash by more than 15%.
But under President Joe Biden’s regime, there are now questions surrounding whether the baby boomer generation can even afford to retire.
Boomers don’t have the assets to enjoy a lengthy retirement
A study published by the Alliance for Lifetime Income (ALI) suggests that a major challenge could prevent boomers from leaving the workforce on time.
The study paints a dark image for what’s to come to boomers seeking retirement.
Over 50% of boomers have less than $250,000 in assets to live off during their retirement years and another 14% have less than $500,000.
These figures will come nowhere near the required expenses of living twenty years after retirement.
And it will put a lot of pressure on Social Security.
According to the Social Security Administration, the program is not meant to support all the needs of retirees.
The program normally supports about 40% of the needs of recipients while the majority of people utilizing the benefits need upwards of 70% to get by.
Lucky for boomers there is one thing that might save them.
Silver lining for boomers won’t protect future generations
In previous generations, pension programs were the norm, and this could help many people survive through their retirement.
Approximately one-in-four baby boomers have pensions, and ALI executive director Jason Fichtner says that this could be their “saving grace.”
“Peak boomers. . .can count on the added protected income that a pension provides in retirement,” he noted in the report.
But future generations may not have the same benefit.
Baby boomers created a trend in growing demographic groups in the United States, preceding Gen-X and Millennials.
The two groups also represent a significant percentage of the overall population and Fichtner warns this could be a problem.
“Since only 4 percent of all private sector workers had protected income from a pension as recently as 2020, this economic study of peak boomers should be a cautionary tale to all Americans planning for retirement,” he said.
US Political Daily will keep you updated on any developments to this ongoing story.
