After Two Of The Greatest Bull Markets In U.S. History, Why Are Boomers So Broke?
Since 1980, the U.S. stock market had 2 major bull runs. This would mean that the Baby Boomers should be in a great position for retirement. After all, the mainstream media speaks of how easy it is to make money over long periods of time.
The truth is the buy and hold strategy, when adjusted for inflation, offers little to negative growth. It is hard to save for retirement with that return.
We also see that many start to save later in life. The 30s are spent with homes, kids, and the like. It is only after all that is out of the way that people start to save for retirement.
Which brings up another situation. It is a myth to believe that the majority are saving. Only 51% have access to a 401K program and a smaller percentage take advantage of it.
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Because the big boys scared them out at the lows and they have been scared every since, either the first one or the second one did it.
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Not speaking for all boomers, but I know my parents absolutely hate the stocks and the stock market. I think that's a biased they carry from there parents and how they suffered during the great depressing though if you like at the S&P 500 since it's creation has earned 8% on average per year.
Yet stocks are too risky to invest in and it's better to let your money sit in the bank and lose value. I love my parents, but the definitely did a terrible job teaching me about investing and risk.
Another reason I think most of them don't have a lot of retirement money squared away because they saw these big companies take care of there parents in retirement with pensions so why wouldn't companies do the same thing for them. Just thoughts as I have no proof for what I've said.
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