Boomer Problems
Are you ready for a sobering reality? There’s a lot of things that boomers won’t be able to afford soon. Financial experts agree: that generation is in for a really tough time soon as the world lurches through ever more uncertain times. Read on to find out exactly what boomers may soon find totally out of reach.
Long Term Care
In less than a decade, many boomers could find nursing home bills absolutely crushing. Think a six figures per year kind of deal - and if you don’t have a private long‑term care plan, Medicare barely helps at all. Make no mistake: it’s hard to get old and disabled in America.
Regular Healthcare Costs
Even with Medicare, the costs of things like prescription drugs just keep rising. Boomers used to be so proud of Medicare, but these days it’s not really all it was cracked up to be. People end up living very frugal lives just to pay for healthcare.
Travel
Many people dream of travelling in their old age, and then unfortunately find out that it’s totally out of reach. Boomers dreaming of Japan or other grand adventures end up settling for US-based road trips or staycations. It’s not the end of the world, but it’s disappointing for them.
Home Repairs and Upgrades
Ageing homes need constant TLC, but costs have doubled or tripled. Roof replacements, insulation, boiler troubles… boomers often delay fixes until the last possible minute, by which point it’s incredibly expensive. And don’t forget that adding accessibility to your house will set you back, as well.
New Cars
Boomers need cars as much as anyone else, but a new one costs almost $50,000. For boomers on fixed incomes, that’s simply more than they can afford. A used car may be cheaper, but insurance premiums and maintenance costs still break the bank sometimes.
Groceries
Grocery bills have skyrocketed, and boomers are paying the price. For those on fixed incomes, it’s really difficult, and some of them have to completely ditch the idea of eating healthily and survive on ramen. Food insecurity is a bigger problem in the USA than a lot of people realize.
Helping Grandkids With College
Many boomers got a sense of pride from helping their grandkids go to college, but then tuition fees rose and it simply became impossible to juggle paying for college and paying for health needs. For plenty of people, college is a luxury, and luxuries are the first things to go when money runs out.
Entertainment and Hobbies
Entertainment is at least something that won’t kill you if you don’t have it, but it still stings to lose. Even the costs of streaming services are going up now, regardless of if you have ads on there or not, and things like theater subscriptions are right out. It helps to choose a cheap hobby now.
Luxury Purchases
Designer bags, fine jewels, and high‑end furniture should be the first to go in budget cuts. Boomers used to splash cash on anniversaries or gifts as well, but now they’re cutting back. It’s a shame, but all that money needs to go on healthcare instead.
Staying in High-Tax Areas
Many boomers face the painful decision: stay in the beloved family home or downsize to a state with better taxes? Unfortunately, some of them do move, and then they regret that it came to that, especially if they’re moving away from family or friends.
