“By three methods we may learn wisdom: first, by reflection, which is the noblest; second, by imitation, which is the easiest; and third, by experience, which is the most bitter.” – Confucius
The greatest wisdom that can be learned from the baby boom generation is indeed the most bitter; the consequences of poor planning and procrastination regarding retirement. Studies, polls and articles continually report and reinforce that the vast majority of baby-boomers are woefully unprepared for their retirement years.
A recent poll conducted by the Employee Benefit Research Institute (EBRI) found ONLY 13% of baby-boomers are “very confident” about their ability to finance comfortable retirements.
A survey conducted by Country Financial indicated approximately 50% of Baby Boomers had NO confidence in their retirement plans.
In yesterday’s Columbus Dispatch there was an article titled, “Single Female Boomers: Retired and Broke” that specifically focused on this one segment of Baby Boomers.
There is infinite wisdom the Gen-Y and Gen-X population can and must draw from these studies, articles, surveys and polls…to ensure they do not experience the same painful and bitter consequences and realities the majority of baby-boomers have to face.
My passion and purpose is to inform and educate these younger generations how they can avoid a similar fate.
In Part 2 tomorrow, we’ll discuss why and how this happened to the Baby Boom generation and the unfortunate consequences they are facing as they enter their ‘golden-years’.
Let me know your thoughts below. If you find this of value, share this with all your friends, colleagues and family members, and encourage them to read this and also to share it. Time is still on their side but they must be informed as to their choices.