COVID-19 and the Changing Financial Environment for Baby Boomers
Someday soon, the stocks will be back where they belong, the economy will recover from the turmoil, and the outbreak will be contained. However, the current economic conditions and the ongoing pandemic will have the most devastating impact on the retirement of one particular generation: baby boomers.
In fact, the current coronavirus pandemic has already left 38% of baby boomers more worried over financial bankruptcy than their personal health. Let’s dive more into the unique challenges that this generation is facing amidst the worldwide turmoil.
Sixty isn’t the new forty in this scenario.
There has been a lot of talk about 60 being the new 40 since folks are living a longer, healthier, and more enjoyable life. However, that was before Covid-19 came along. Baby boomers have a higher chance of contracting the novel coronavirus as they have much a weaker immune system.
Considering the case of China, those over the age of 80 suffered a 15% death rate, and those aged between 70 to 79 years old had a death rate of 8%.
Boomers are still working.
The baby boomers are the 72 million ethnically diverse living Americans that were born between the years 1946 to 1964. The majority of them are still working in their respective careers and want to stay in the game a little longer while assuming that the already sinking economy is in the position to allow it.
Almost one-fifth of baby boomers are still putting food on the table for their immediate family, either in person or are paying for them remotely. So even if they seem healthy, they are putting themselves at risk by working hard. We can’t blame them, though, because they are only worried about those who they need to provide for.
How the current pandemic is taking its toll on them.
Some boomers have no other option but to worry about their loved ones’ lives from afar. With the recent numbers coming in, there have been hundreds of deaths at nursing homes in the United States. The Trump administration has given orders to evacuate all the medical staff from the nursing homes and visit the faculties only in the case of life or death situation. This decision is making things worse for the boomers as they are witnessing their loved ones die all alone.
There is also a fear that working longer will get harder for them due to stress and their wealth will disappear since most of the stocks will surely go down once the market opens. With all these negatives, the only positive thing that will affect the baby boomer’s lives is that they are now giving more importance to their families and are somehow living like there is no tomorrow.
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