How will the Post COVID-19 Environment Affect the Baby Boomers Financially?
Everyone is hoping that soon the economy will be back on track, and COVID-19 will be curbed. Although the hope is strong, the current market scenario will alter the retirement prospects for baby boomers as they will face serious economic challenges once all of this is over.
This will not only change the plans that the elderly have of getting retired but will also leave a real imprint on people who are not serious about the retirement yet as the situation is personal health 9/11 of the country. Here’s how the current scenario will change the retirement prospects for baby boomers.
The younger baby boomers will be the most affected
Research had shown that although the market was good till 2016, late boomers acquired less wealth than older people when they were of the same age. Fewer late boomers are covered by traditional benefit plans and are needed to make more wealth to have the same amount of benefits that the early boomers will enjoy.
The late boomers were right on the track to make more wealth for their retirement, but the Great Recession dashed all of their plans on the ground. Some people quit their jobs; others acquired lower-paying jobs with no 401 k security.
Sixty is the new forty for the baby boomers
The news clamored a lot of previous days that 60 is the new 40, but one should regard the fact that however young might a baby boomer looks, he still can be affected a whole lot because of the coronavirus due to the weaker immune system and not enough capability in fighting against the disease, and that is without taking into account the possibility of other diseases that he might be carrying. The post corona environment will also look forward to employing people who are younger as the market will be in a recession, which will make it harder for the elderly to find jobs.
Although there are a couple of other things that will directly affect the boomers when the COVID-19 is contained, there is a constant fear that will stress the boomers that working longer will not only affect their health, but they will be paid lesser than the youngers.
The panic will eat their funds as the stock prices will dash to the ground once the market opens. The only positive thing that can come out of the whole situation that they will give due importance to their families and will surely live like there is no tomorrow.
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