Sebastiaan Nobs’ Post

#GenXers fall between Baby Boomers and Millennials. They are unique as many care for older parents while raising children. Their needs are complex and may require flexibility. Here are some #benefitstrategies to consider for those born between 1965-1980. https://bit.ly/3im6FAG

Younger boomers face cash crunch The youngest baby boomers are turning 60 this year, but for many, retirement is still a long way away — or not possible at all. Many in this cohort are still hurting from the 2007-2009 recession, when their professional progress and earnings were interrupted mid-career. Plus, they're far less likely to have guaranteed pensions than older boomers are. About a third of younger boomer households had no retirement benefits beyond Social Security in 2022, according to the Federal Reserve. So they'll have to keep working, if they can, or rely on younger family members. Baby boomers, born between 1946 and 1964, are a massive generation, making up about a fifth of the U.S. population. Americans over 55 control almost 70% of U.S. household wealth, making them a crucial economic force, according to Fed data. #oldboomer #70ish #retirementnow

👉 While the aging population, sometimes referred to as the "Silver Tsunami," is a significant demographic shift, its impact won't be as sudden or disruptive as the term might suggest.🌊 Experts predict a gradual rather than an immediate change as Baby Boomers retire and consider relocation. Many seniors are likely to stay in their current communities, and those who do move will probably do so at different times throughout their retirement years. This means the effects will be spread out over a longer period, allowing for better adaptation and planning. #616Realty #WorkWithReal

According to a new survey, Gen Z and millennials are losing more sleep over their finances than older generations. Some 56% of Gen Z and 51% of millennial respondents to a financial services company Empower survey published this week said their finances kept them up at night. That compares with just 37% of GenX and 20% of baby boomers surveyed who said the same. Gen X was born between 1965 and 1979, and Melinails- between 1980 and 2000, with the sub-category of Gen Y born 1982-1994, a.k.a, the Digital Natives. The survey was conducted in August and took responses from 2,000 Americans aged 18 and over. It found a striking generational divide regarding the leading cause of financial stress: Gen Z and millennial respondents are way more stressed about housing.

📈 Unlocking Growth: Seniors Rock! Attention, #CEOs and #BusinessOwners! Seniors are redefining the American economy! The meaning of retirement is evolving.  It is more like just the next phase of life. Today, seniors are a growing proportion of the U.S. population, AND they're also active participants in the labor force, influential consumers, and digital natives with substantial spending power. This demographic is #revolutionizing the concept of #retirement! Seniors by the Numbers - The statistics speak volumes: ⤴  Census Bureau reported increase of 15.5 million people aged 65 and older in the U.S.,with the proportion of seniors leaping from 13% to 16.8%.       ⤴ Labor Department reveals that seniors account for 22% of total spending     ⤴ By 2050, seniors will surpass 22% of the U.S. population, with those over 50 commanding a whopping 60% of global spending         ⤴ By 2032, it’s expected that 25% of US workforce will be 55 or older Technology Levels the Playing Field Seniors are not lagging behind in technology; they're leading the charge. From digital banking to online shopping, seniors are embracing technology like never before. Research shows they're the most competent group when it comes to managing money online! #Lifespan ===> #Healthspan Innovations in AI and telemedicine are empowering seniors to lead fuller, more engaged lives. The concept of #healthspan is on fire, challenging assumptions about aging and life style. Let's hear it for OTC hearing aids! It's about time! Strength training and stretching services are on the rise for seniors. Staying active and productive in life is the goal! The #Takeaway For CEOs and business owners, the message is clear: seniors represent a significant market opportunity: -        As skilled and season mentors in the workforce -        As buyers of your products -        As investors -        As community leaders -        As users of tech & supplements to enrich their lifespan How may this influence your business decisions? Thanks to Barie Carmichael & Blake Cadwell & Fast Company https://lnkd.in/gJVCHDC9

False Evidence Appearing Rear 100 BABY TURNING 65 EVERYDAY. ACCORDING TO THE CENSUS. WHAT ARE YOUR DEEP SEATED $$$ FEARS??? Four common money fears Baby Boomers may experience: Outliving their savings: *This is a prevalent concern. Boomers are living longer than previous generations, and the rising cost of living, particularly healthcare, can create anxiety about whether their retirement funds will last. *This fear is often exacerbated by factors like unexpected medical expenses or supporting family members. Maintaining their lifestyle: *Many Boomers worked hard to achieve a certain standard of living, and the thought of having to downsize or significantly alter their lifestyle in retirement can be unsettling. * This fear can be tied to concerns about inflation eroding their purchasing power and the ability to continue enjoying hobbies and travel. Healthcare costs: *As mentioned above, the increasing cost of healthcare is a major source of anxiety. Unexpected medical expenses can quickly deplete savings, and the prospect of long-term care needs adds another layer of financial concern. *This fear is often compounded by the complexity of navigating the healthcare system and understanding insurance options. Market volatility: *Boomers approaching or in retirement may be more sensitive to market fluctuations. Seeing their retirement nest egg shrink due to market downturns can be particularly stressful, especially if they are relying on those funds for income. *This fear can lead to conservative investment strategies that may not keep pace with inflation. This is a topic that resonates with many. I’d love to hear your perspectives and experiences. Feel free to share your thoughts in the comments or connect with me to discuss further.” hashtag #FinancialPlanning hashtag #RetirementPlanning hashtag #BabyBoomerFinances hashtag #RetirementSecurity hashtag #FinancialWellness

Turns out Baby Boomers and Gen Zers have more in common than they initially thought. A new survey by GOBankingRates finds that both groups are more inclined to retire to the sunshine and warmth in states like Florida and Texas. While retirement is still far-off in the future for the youngest working generation, some are already idealizing their post-career future. All generations surveyed say they would prefer to go south during their golden years, as 41% of Americans ages 18 to 24, 42% of individuals ages 25 to 34, and 43% of Americans ages 35 to 44 list the south as the top U.S. area they would rather live in during retirement. More details here: https://lnkd.in/eRCVwaED @genz #babyboomers #greenville #southcarolina #retirement

Millennials are becoming the new "sandwich generation" (playing the role of caregivers, both for aging parents and young children). A New York Life Wealth Watch survey found Millennials (those born between 1980-2000) are increasingly playing the role of caregivers, both for aging parents and young children. In 2023, 66% of self-reported caregivers were Millennials and 23% were Gen Xers, compared to 2020, when 39% were Millennials and 40% were Gen Xers. “Our data show the demographic balance of the Sandwich Generation has shifted, as our population ages and more Millennials step into caregiving roles,” said Suzanne Schmitt, head of Financial Wellness at New York Life. “ Schmitt adds that this will impact people's financial strategies, especially as they face other challenges like student debt and inflation, and saving for the long-term. Read the full article. The link is in the comments. #financialadvisors #financialservices #financialplanning #evidencebasedinvesting #efficientadvisors

American Millennials are expected to become the richest generation ever as a $90 trillion assets transfer between Boomer parents and their Millennial children takes place over the next two decades. But most noticeably, 81% of surveyed high net worth Gen Z women expect to increase their wealth this year (they are also most optimistic in retirement planning). For more survey results, click below. #generationalwealth #wealth #wealthtransfer

Two-thirds of baby boomers turning 65 by 2030 will not be financially prepared to maintain their pre-retirement lifestyles, according to a recent report from the Alliance for Lifetime Income.   Due to this lack of financial preparedness, more than half of 30.4 million boomers in the “peak” age range will rely primarily on Social Security for income.   Read the report: https://zurl.co/kNpl   #Annexus #RetirementPlanning #FIAs #LifetimeIncome