How Will The Post COVID-19 Environment Affect The Baby Boomers Financially?
Everyone is hoping that the economy will be back on track, and COVID-19 will be curbed soon. 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 in getting retired but will also leave a real imprint on people who are not serious about their retirement yet. To learn more about how the current scenario will change the retirement prospects for baby boomers, keep on reading.
The younger baby boomers will be the most affected
Research had shown that although the market was good until 2016, late boomers acquired less wealth than their older counterparts when they were of the same age. Fewer late boomers are covered by traditional benefit plans, and they need to make more wealth to have the same amount of benefits that the early boomers will enjoy.
The late boomers were right on 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, while others acquired lower-paying jobs with no 401(k) security.
Sixty is the new forty for the baby boomers
It’s now circulating that 60 is the new 40. However, one should regard the fact that, however young some baby boomers might look, they can still be affected by the coronavirus due to their weaker immune system. Their bodies aren’t as capable of fighting against the disease, and that is without taking into account the possibility of other diseases that they might already be carrying.
The market will most likely hire younger folks
The post corona environment will most likely be looking forward to employing younger people since the market will be in a recession. This prospect will make it harder for the elderly to find jobs after the coronavirus pandemic has subsided. For these older folks, there will be a constant fear that that working longer will not only affect their health, but they will also be paid lesser than the younger generations.
Once the market opens, the panic will eat their funds as the stock prices will dash to the ground. The only positive thing that can come out of the whole situation is that they will give due importance to their families and will surely live like there is no tomorrow.
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