Will baby boomers go broke or work until they are 80?

My wife an I are retired, and yes – we belong to AARP. We are considered to be ‘baby boomers’ although we are both retired from the military. We know some (perhaps many) people have more money in the bank than do we. We are also realistic about not having the pressures of some families, as we do have our retirement checks. Consider, if you will, those who are not yet retired. Many families have been touched by the mortgage crisis, high gasoline costs, and pressure on the family budget. It is along those lines that AARP permits me to echo what they said:

Consumers 45 years and older are raiding or compromising their 401(k) accounts, shirking monthly payments and skipping regular medications and doctor visits at an alarming rate, according to AARP.

“This is a horrific scenario,” said Tom Nelson, AARP’s chief operating officer. “People are feeling this pinch in the short term . . . but the long-term consequences that are facing these individuals and our economy for years, if not decades, are frightening.” The AARP survey included people 65 and older but found that those who were having the most difficulty adjusting to declining home values and higher prices for food and energy were 45 to 54, followed by those 55 to 64.

In a recent article one website says it appears as though lobbyists, executives, and oil companies have no soft spot in their hearts for economic woes, nor the problems of the American family. Neither do lenders, bill collectors, or credit card companies. The youngest boomers were having the most problems paying their mortgages or rents. They were also more apt to pull money out of their 401(k) accounts and other investments and change their lifestyles. About 76 percent, for example, said they are eating out less, and 71 percent said they are spending less on entertainment.