| It is no secret that the "Great Recession" has had a | | | | are in dire straits. Many operate home businesses, but |
| devastating impact on Baby Boomers, especially | | | | the down economy has impacted that as well. And |
| those among the leading edge of that generation | | | | landing a job when you are in your late fifties or early |
| coming up on retirement. Lifetime savings were | | | | sixties is almost impossible. These are the Boomers |
| impacted as the stock market crash drove down | | | | who are really hurting, many losing their homes and |
| 401k's. Home equities vanished and many Boomers | | | | trying to figure out how to just survive. This is a |
| suddenly found themselves upside-down on their | | | | shell-shocked segment that is suddenly faced with |
| mortgages rather than having an anticipated nest egg | | | | tough decisions after the financial rug has been pulled |
| for retirement. So where does the Boomer | | | | out from under them. |
| generation go from here? | | | | Older Boomers are going through the process of |
| A lot depends on their age. The 78 million strong | | | | accepting their fate and making adjustments. Never a |
| Boomer generation covers a large age span, | | | | generation to wallow in self-pity, these Boomers who |
| comprised of births from1946-1964. So while the | | | | raised families, built our economy and fought in the |
| leading edge is turning sixty-five and may already be | | | | jungles of Vietnam are catching their second breath |
| retired, the other end of the spectrum has 10-15 | | | | and developing "what now" strategies. |
| years of employment left. Younger Boomers have | | | | Most eventually realize that retirement is still possible |
| the time to recover a good portion of their lost | | | | if they downsize or modify their expectations. That |
| assets. Older Boomers, on the other hand, face a | | | | does not mean that they must forego a comfortable |
| darker outlook. | | | | retirement. It is simply a matter of surveying what |
| Boomers in their sixties who have suffered financial | | | | assets are left and determining how those can be |
| setbacks have pretty well reconciled themselves that | | | | optimized to achieve the best possible retirement. For |
| they are never going to fully recover their assets. By | | | | many, this means re-locating to less expensive areas |
| some estimates, the housing market will take ten | | | | or moving to a foreign country where retirement |
| years to fully recover, and even then it is unlikely to | | | | dollars go further. Some will start businesses or work |
| return to pre-implosion levels. The stock market has | | | | part-time, never fully retiring. Others will discover that |
| enjoyed a bumpy recover, but Boomers in their | | | | the pleasure of controlling their own time overrides |
| sixties are reluctant to put the remainder of their | | | | disappointments and preconceived retirement notions, |
| lifetime savings into jeopardy again. At most, a | | | | engaging in new activities and volunteerism during |
| conservative blend of bonds and mutual funds will | | | | their golden years. |
| probably define their diminished portfolios. | | | | One thing is certain, Baby Boomers will enjoy active |
| For those Baby Boomers who do not have the time | | | | lifestyles during retirement regardless of their financial |
| to recoup their losses, this is a time of soul searching: | | | | circumstances. Despite popular misconceptions, this is |
| - Some are attempting to delay retirement if they | | | | not a generation that gives up or focuses on |
| already have a job. Putting off retirement does add | | | | hedonistic pursuits. We are a tough bunch who have |
| more bucks to the retirement cookie jar, and | | | | overcome life's adversities time and again. And we |
| delaying tapping into Social Security means a bigger | | | | are not through yet. Just wait - Baby Boomers are |
| allotment down the road. But hanging in there at an | | | | picking themselves up and healing their wounds. No |
| existing job is not as easy as it sounds. In many | | | | matter the state of our retirement, we are going to |
| instances, older workers are being pressured to retire | | | | make more contributions to our country and younger |
| or are laid off to make way for less-expensive junior | | | | generations than any previous group of senior |
| workers coming up through the ranks. | | | | citizens! |
| - Boomers who had already retired or lost their jobs | | | | |