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Some of the youngest baby boomers, born closer to the presidency of John F. Kennedy than to World War II, are facing increasing financial uncertainty, especially after the 2008 recession, per a new report.
Baby boomers, one of America's most recognizable and influential generations, include people born between 1946 and 1964, according to the U.S. Census Bureau. However, the youngest boomers are the ones who are facing the most financial difficulties as they enter retirement age.
"The most important things for me right now are a place to live indoors, water and food," 60-year-old Shauna Sharpes told The Wall Street Journal.
Some of the youngest baby boomers, born closer to the presidency of John F. Kennedy than to World War II, are facing increasing financial uncertainty, especially after the 2008 recession, per a new report. (iStock / iStock)
"And thinking about how I’m going to provide that for myself from now until I drop dead," Sharpes said.
The youngest members of the baby boomer generation, according to the report, were also some of the hardest hit by the 2008 financial crisis and recession.
Some, like Barbara Tarallo, have been forced to continue working to an older age after initially losing her job with a software company during the financial crisis, per the report.
"I think I’ve just resigned myself to the fact that I can do this as long as I can do it and when I can’t do it anymore, I’ll cross that bridge when I get there," Tarallo told The Journal.
MOST BABY BOOMERS HEADING TOWARD RETIREMENT HAVE LITTLE SAVED: STUDY
Some boomers struggle with the thought of asking their children to help support them financially. (iStock / iStock)
Some boomers struggle with the thought of asking their children to help support them financially.
"I always felt I was the one that would have to be the provider, never looked at years down the road where they would have to do for me," 60-year-old Keith Seawell, who has four children, said.
Ramsey Alwin, chief executive at the National Council on Aging, said that Social Security can only provide so much support for boomers.
"Social Security was never intended to be the sole source of income later in life," Alwin said.
Other experts have also warned about the looming crisis for boomers reaching retirement age.
"America has never seen so many people reaching retirement age over a short period, and well over half of them will find it challenging to meet their needs through their retirements, let alone maintain their current standard of living," former Under Secretary of Commerce for Economic Affairs Robert J. Shapiro, said.
"They lack the protected income that many older Boomers have from solid pensions or higher savings," Shapiro said.
Many within the generation are already at retirement age, but have little saved for their retirement, an Alliance for Lifetime Income study found.
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Fox Business' Christopher Murray contributed to this report.
