The Baby Boomers’ crystal ball has shattered – splintering their dreams for future financial security.
Here’s the WSJ’s preview of the “new financial normal” for age-ing Baby Boomers:
…for a growing number of boomers, things aren’t going according to plan. [Their parents are] living longer—and many are spending their savings along the way. And, of course, many of them also took a hit in 2008.
The result is that, as a group, boomers likely won’t be getting as much of an inheritance as they hoped. Even worse, far from receiving a bequest, a growing number are tapping some of their own savings to help their cash-strapped parents make ends meet.
Boomers have had a reputation for being spenders, for counting on government benefits as they age, and for expecting a little something (inheritance) from the folks.
Check out what really awaits many Baby Boomers.