Employers: On the hunt for talent? Hire a Baby Boomer!
45% of Baby Boomers have ZERO retirement savings.
Out of the 55% of Boomers who do, 28% have less than $100,000.
50% of Boomers are or will be, living off of their Social Security benefits. [Inflation is CRUSHING their purchasing power.]
Why? Poor planning, the 2000 & 2008 financial crises, the stock market decline during the Great Recession, chronic low-interest rates, and MOST IMPORTANTLY, Baby Boomers are Running Out of Time.
The stock market decline during the Great Recession scared many older adults out of the markets, causing them to miss the subsequent rebound. Panic selling, although understandable, decimated many retirement accounts.
According to the Social Security Administration, 90% of retirees today receive Social Security benefits. The average Social Security benefit was $1,555 per month in 2021.
Employers, what’s the benefit of hiring Boomers?
- 82 million strong & growing daily!
- Strong work ethic.
- Baby boomers aren’t afraid to put in a hard day of work. Boomers show up!
- Boomers are independent and self-assured.
- Competitive. Baby boomers embrace competition. No participation trophies for us!
- Goal-centric.
- Resourceful.
- Mentally focused.
- Team-oriented.
- Disciplined.
- Boomers have a vast array of knowledge & skill sets employers can tap into.
- Finally, Boomers NEED THE MONEY!
For more stats on the dire situation Baby Boomers face in this inflationary environment, visit Investopedia.com stats.