“Men’s natures are alike; it is their habits that separate them.”
Complex generation. Heterogeneous group. These are not historically the titles we’ve come to associate with baby boomers. But, as various studies over the years have taught us, advisors must quickly begin to change how we view this important and often misinterpreted group. So too must we step away from our one-size-fits-all approach to retirement planning advice.
Boomers are diverse in culture, education, income and lifestyle. Retirement studies, such as one performed by Duke University in 2004, point out discrepancies in education and wage among the group that had been previously typified as the “best-educated generation.” Low wages and instability in jobs means less savings and longer working years for this generation compared to the preceding.
Perhaps the biggest takeaway is that the disparity in wealth and income is not only expected to endure, but increase as boomers grow older. The fact is, no two baby boomers are alike, which means each boomer will view retirement preparedness differently.