The ME Generation

Posted by: Gene M. | Dec 11,2007

Where did we go wrong?  On the one hand, I hate seeing criticism of the Boomer generation as being overly-materialistic because I think it’s a grave oversimplification.  On the other hand, part of me knows they’re right.  Take this article, out of Canada, which begins, “Baby Boomers -- those pampered souls who have ridden the consumer gravy train for much of their lives…” as if we’re all money grubbers, comfortably leaning back in our easy chairs living the good life.  

The Boomers started idealistic enough – the sixties were a grand rejection of material wealth and what was defined as the American Dream.  Once the hippie revolution fizzled out, those Boomers said to themselves, enough with the revolution, give me a wine spritzer and a luxury car.  For the most part – there are still some who hold on to those old ideals.  I’m somewhere in the middle: not quite a revolutionary, but I can make due without a lavish lifestyle. 

But because Boomers have gotten a little soft and complacent, they are now proving to be bad retirement planners.  A problem with materialism is that it’s often about living in the moment without considering the long-term implications. Of course, there are those Boomers who made a killing, who are able to afford a mansion and save for the future, but many Boomers played it a little riskier.  It’s as if that old hippie irresponsibility still came into play.  They may have been making more money, but they planned for the future like they’re still in their twenties.

So a lot of things are now coming to a head.  Boomers are fairly high in debt and don’t have the savings to offset those debt problems.  Just raiding a savings account to pay off debts will take too much out of the savings account all at once, so the debt is forced to remain.  Well, it’s time for Boomers to wake up and realize they’ve got to get aggressive about retirement planning.  “I hope I die before I get old” just isn’t going to cut it anymore.  You are now senior citizens, grandparents – like it or not, you’ve become your parents.  So you need to be aggressive about both debt payment and savings.  If this means working longer – as it does for a growing number of people of this generation – then so be it.  Just don’t spend like you have in the past.  The Me generation is becoming the Retirement generation and should be acting as such.  

Sponsored Resources Ads by Google