Baby Boomers in a Good Place
A recent article in The New York Times talked about how many Americans 65 years of age and older are managing just fine in this economy. They are doing better than seniors in prior generations. These are mostly middle class seniors who are beating out the middle aged citizens who are not receiving raises or seeing their money grow and cover the heavy costs of raising their children. Seniors seem to be benefitting from controlled costs in retirement communities. They tend to work part time jobs. Almost 1 in 3 Senior Americans has a job. By delaying full retirement they are receiving higher Social Security payments. Social Security payments make up over half of the total income for a majority of seniors.
To be sure, not all seniors are doing well. Many raise grandchildren and rising medical costs can eat a significant portion of income; but Seniors still spend more on entertainment than prior generations, while middle-age Americans are paying for college and fear for the future of Social Security. Planning for future is still a very important goal.