Sunday, February 3, 2013

Years Shaved off Boomers by Great Recession

Boomers now have lost about three years of their lives to the Great Recession. The fifty five plus crowd is taking a hit in the solar plexus from sustained hard times and the fact that they have been hard hit in the job market and are not being re-employed. The anxiety and stress of watching their homes devalue and their savings dwindle as they approach retirement and losing health care has subtracted three years from their life expectancy according to NY Times article.

Age discrimination plays a big part here. Fifty somethings just don't get rehired and the sixty somethings are being pushed out of the job market for good. People are applying for early Social Security and working multiple jobs to keep their homes. And of course other people have already lost their homes and the houses are worthless. Adding up all of this equals the new world of the Great Recession where every age group has been changed forever but certainly the American Dream has been thrown into full reverse.

The concept of retirement becomes more ridiculous by the day. The Great Recession wiped out home ownership for many and stranded the rest in their homes in a Fort Apache mentality. If you move you might not be able to get another home and renting is one step away from living in your car. Better to hunker down and stay in your house as long as possible. Another stress for the Greatest Generations children who now cannot do what they had done so well for so long---moving along in their upwardly mobile trajectory.

The truth is the American Dream is upside down.  Most people would settle for just some security  now, but in this world security has a high price tag. Retirement...is fast becoming a luxury.

www.billhazelgrove.com
Rocket Man...the Catcher in the Rye for the Upside Down Generation

Books by William Hazelgrove