Baby boomers might be the luckiest generation we had ever known. They were born at a proper time and had green lights all their lives. They are the generation after World War II, and they were raised during the best and the most sustained economic boom in human history.
By the time they went to college, higher education was free, or very cheap. When they matured and got initiated in the field of work, they were able to gain stocks, bonds, and real estate at a time where the prices were reaching their higher peak. Now is the time for them to retire, so our question comes naturally. How are they dealing with that?
Unfortunately, the stats are not very good. Only 1 in 10 baby boomers saved for retirement. About 11% have a minimum of $500,000 saved for retirement. The numbers are pretty bad, and even though it’s discouraging, we can extract a positive aspect out of this. We made a list of 11 mistakes baby boomers did and how we can learn from them.