The “golden years” may lose some luster for many baby boomers worried about the financial pressures that come with age.
Many of the nation’s 77 million boomers are worried about being able to pay their medical bills as they get older, a new poll finds. The concern is so deep that it outpaces worries about facing a major illness or disease, dying, or losing the ability to do favorite activities. Another major concern among the boomers: losing their financial independence. Years after the end of the baby boom, black Americans born between 1946 and 1964 “are no better off relative to whites than their parents and grandparents” were in terms of income. Black baby boomers did not close the income gap, even though they were the first generation to come of age after the civil rights era, the researchers said.
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The struggling economy, a longer life expectancy, ever-increasing health care costs and challenges facing Social Security are putting added pressure on the boomers, those born between 1946 and 1964.
According to the Associated Press-LifeGoesStrong.com poll, 43 percent of boomers polled said they were “very” or “extremely” worried about being able to pay for their medical costs, including long-term care. Almost the same number, 41 percent, said losing their financial independence was a big concern.
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