19 Aug 2022
Demographics: Baby Boomers
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The Grattan Institute has published the following findings on what happens when baby boomers retire.
Their insight is that baby boomers are retiring as the wealthiest generation in human history and baby boomers don’t spend their wealth in retirement.
Their conclusion is that this will lead to baby boomers bequeathing larger inheritances and worsening wealth inequality.
Click to read.
Living ‘more frugally and not spending money’ in retirement is called regret risk.
Many retirees feel a sense of regret in their later years from being overly frugal or conservative in the earlier years of their retirement which was due to managing the conflicting elements of not drawing down too quickly which risks outliving their savings due to increasing longevity.
Tell your baby boomers to contact us for financial advice and we will work out how best to help.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.