Baby Boomers in the United States are aging with more financial security than previous generations. However, there are some unique challenges that this generation faces that may not have been present for their parents or grandparents. In this blog post, we will explore some of these challenges and discuss strategies to help baby boomers navigate them.
Divorce Rates Among Baby Boomers
One of the most surprising trends among baby boomers is that divorce rates have skyrocketed over the past decade. According to a study conducted by Bowling Green State University, the divorce rate among those aged 50 and older has doubled since 1990. This is due in part to changing social norms around marriage and relationships but also because many couples thought they had reached an “empty nest” stage of life where they could finally spend time on themselves rather than raising children.
Living Away from Children
Another trend among aging baby boomers is that many are living far away from their children, whether it be for work or retirement purposes. This can be especially difficult for those who want to remain close with their family as they age. Fortunately, technology such as video calls and social media make it easier for families to stay connected even when geographically separated. Additionally, there are many government programs available to help seniors who need assistance with travel costs when visiting family members outside of their area code.
Debt & Chronic Conditions
Finally, another challenge facing aging baby boomers is debt and chronic conditions like high blood pressure or diabetes. Although medical bills can be expensive, fortunately there are several government programs designed specifically to help low-income seniors manage their medical costs.
There are other organizations such as AARP which offer discounts on medications and medical services for seniors who meet certain criteria. When it comes to debt management, it is important for baby boomers to speak with a financial advisor or credit counselor about ways they can reduce or eliminate their debt while still maintaining a comfortable lifestyle during their retirement years.
As baby boomers age in the United States, they face unique challenges compared to previous generations such as rising divorce rates and living away from family members.
It is important for this group of individuals to take advantage of all available resources such as government programs and other organizations which can help them manage debt and chronic conditions so that they can enjoy a comfortable retirement period free from worry. With a bit of research and planning, aging baby boomers should have no difficulty navigating these obstacles successfully.