Boomers' Financial Futures in Flux

Boomers are the richest generation ever, but many people in their 40s and 50s have not squirreled away enough nuts for the winter. About one-quarter of boomers haven't saved much of anything, and another quarter are borderline cases.

There is a growing gap between boomer haves and have-nots. This is eerily similar to the period of the Great Depression and it worries me. It's one of many reasons why I believe that we should be converting some of our assets into gold & silver (10%). In fact, the average boomer has only $55,000 in retirement savings and about $55,000 in home equity. So, Why aren't You Wealthy?

Plenty of boomers aren't taking the steps needed to shore up their finances, and Americans in general don't seem i na mood to face tough choices on Social Security, judging by the lack of debate in political arena.

Some boomers are simply too cash-strapped to save for retirement, what with mortgage, car and credit card bills looming.

But, in reality, as real wages have declined over the past 25 years and inflation has pushed up prices during that period, is it any wonder that shortfalls in lifestyle were funded by home equity and credit cards? The Big Picture writes about U.S. income gap today.

One looming problem: 30 years ago there were 31 workers for each social security recipient. Today it is 3.3 to 1 and by 2030 it will be 2 to 1. And, trust me when I tell you that my parents generation contributed about 4 years worth of withdrawals, even though the benefit is for life, a life time that is now extending so much longer than ever could be imagined.

It doesn't help that the U.S. Congress, in the greatest criminal scandal in history, has looted every dime of the Social Security Trust Fund.

NOW READ: So, are we saving more or not?