In the wake of a stock market and home price collapse, most boomers are not prepared for the future. Let's explore that idea with a look at Is the Future Going Down the Drain? Baby Boomers Going Bust.
“In the last few months we've experienced explosive growth in interest by homeowners age 50-plus to find rooms and roommates,”
The report details how the collapse has left the majority of those around retirement-age almost completely reliant on entitlements. The net worth of median households in the 45 to 54 age bracket has dropped by more than 45 percent since 2004, to just over $80,000. Households headed by those aged 55 to 64, meanwhile, have lost 38 percent of net wealth.
This paper makes projections of wealth for 2009 for the baby boom cohorts (ages 45 to 54 and ages 55-64) using data from the 2004 Survey of Consumer Finance.
Boomers will be competing with their children and grandchildren for jobs that in many cases do not pay living wages.
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