Boomers had a really good run early in their working and saving careers from the early 80’s up to 2000 when the leading age of the cohort began turning 54. Since then a series of asset bubbles and busts, falling income, falling interest rates and crippling debt burdens have made financial stability more challenging for all age groups. Boomers are having to work longer, while delaying and downsizing their previous retirement expectations. But, now age 51-69, Boomers still hold most of the real estate, financial assets, highest paying jobs and positions of influence in governments and corporations today.
The workers coming directly behind the Boomers are not so fortuitous. Life spans are finite, and solid earning and savings years must happen early enough in one’s life time to gain a foothold that can then support future consumption. For Gen Xers the timing of current headwinds, is not good.
Gen Xers are learning that reality really does bite. Now aged 35 to 49, Gen Xers are less confident about their current and future finances and their ability to ever retire than either older baby boomers or younger millennials. Here is a direct video link.