There has been much sensationalism (include me in that) about the Gen Y workforce and how they are coming to our businesses and into positions of authority and how all things are going are to completely change. I still agree that businesses will need to spend time to understand how to ‘work’ with this generation but I’ve been considering another scenario as of late. Boomers aren’t done yet.
We are at the point today where the oldest Boomers are retiring and should start enjoying their time off but considering the financial crisis we’re in (and will be in for a while) they don’t have the funds to retire. People are losing massive amounts of their retirement funds whether it be 401K’s or investments. I heard the American public has lost $1 Trillion (with a T) in the markets over the last month. So Boomers have no choice but to stick around until they are able to build up their reserves again.
With a little researching I came across this article from the WSJ talking about this very topic. This story says it all:
John Dougherty is among them. “Two weeks ago, it was frustrating; last week it was scary,” says Mr. Dougherty, a mortgage broker in Raleigh, N.C. who estimates that his nest egg has lost 20% of its value in the past 18 months. He had planned to retire at age 62 — but now, like Ms. Davis, he says 70 might be a more realistic target.
There is even talk in this article about people that were IN retirement having to come back OUT of retirement to get back on track with their finances.
Gen Y’s? Listen up! Yes, we’ve grown up in a world with 24/7 access to anything but we HAVE NOT ever gone through a financial crisis and especially one of this global magnitude. We would be smart to watch how our more mature brethren handle this crisis and learn something from them. My Boomer audience, what are your strategies to protect you and your family from this mess?
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Regenesis
October 10th, 2008
My dad always said if you don't rise too high, you won't have far to fall. I've led a very consistent, frugal lifestyle. My major financial weakness was developing my children - their education and activities I thought would develop skills or character. They are pretty much launched so while my savings may disappear, there are a wide variety of skills amongst family and friends that will help all of us get through this.
Janine
October 13th, 2008
Well said. Whole new worlds can open up with generations look for the opportunities to work together and learn from each other. Each one brings different perspectives and opportunities to help businesses navigate the challenges that lie ahead.
Ron Shevlin
October 31st, 2008
Kinda reminds me of that scene in Monty Python and the Holy Grail, where the guy is walking thru the town yelling “Bring out your dead!” And there’s one guy who’s been brought out says “I’m not dead yet”.
But [not] seriously, gee, it’s so nice of you to acknowledge that we Boomers still have some life in us (in fact, for us younger Boomers, you’re gonna have to deal w/ us for probably 30 more years).
But despite your kind words, no — you’re NOT back in the will.
Brad
November 1st, 2008
Dang, was hoping for those Grateful Dead albums of yours Ron!
And the thought of
putting upworking with you for 30 more years soundsdreadfulgreat to me!Ron Shevlin
November 1st, 2008
You just gave new meaning to the phrase “Bring out your Dead!”