Where Baby Boomers are Putting Their Money

Who are the baby boomers of today? According to statistics, they are people 40 to 59-years-old. Where are baby boomers putting their money today? This is not an easy question to answer. Retirement funds, which seemed well-stocked last quarter, lost 50 percent in value due to poor stock market performance. People are retiring at 62 when they should wait until the full retirement age of 65. This would put more value in the Social Security coffers. By the time the baby boomers retire, it is suggested that there will not be enough workers putting money into Social Security to pay them all. This is a conundrum, since you are supposed to be receiving money that you put in yourself.

Although our life expectancy has increased, many people become disabled, needing to collect from Social Security at an early age. A lot of disabled people turn to the Internet for additional income. Many people get ripped off by get rich schemes on the Internet. Many people rely on the equity in their homes for security. This is also proving to be less than secure, as the housing market is in a downturn. The sale of safes is increasing rapidly, since people cannot get good interest on money market accounts. They are investing in gold and silver, and keeping it in home safes.

According to one report, 50 percent of baby boomers are spending their money allocated for daily household use to help support their adult children. Reportedly, six percent of baby boomers have taken money out of their retirement savings to support their adult children. According to the report, one in six baby boomers take out a loan to help their adult children.