Boomers at risk?

For employers, wellness is holistic concept, including areas like personal finances that can create health-threatening stress. An article about Baby Boomers' retirements at risk provokes thought and concern because "Baby Boomers—born between the years 1946 and 1964—are the wealthiest generation and yet the least prepared for retirement."

Points:

• "…retirement is no longer a destination; it’s an entire journey—often 20 to 30 years long."
• "Boomers, their employers and the country as a whole are completely and utterly unprepared to pay for their retirement."
• "Grossly unprepared for retirement, many Boomers are starting to think of the future with growing concern about health care expenses."
• "60 percent of Baby Boomers will experience more than one chronic health condition."

How are employers trying to help?

• "…employers are turning to defined-contribution health plans as a way of helping employees navigate the health care system."
• "…health care spending accounts (HSAs) offer consumers a more flexible way to help ease the increasing burden of paying for health care, and offer both short-term and long-term tax advantages."

What can Baby Boomers themselves do to prepare for retirement? Here are some random thoughts to kick around:

• Redefine contentment. What do we really need to be content and happy in life?
• Aggressively manage consumer debt. That can be a struggle, especially those with grandchildren and family living some distance away. Giving and travel can make a dent in anyone's financial resolutions.
• Pull together. Make close friendships, share information, and help each other. Social networks can make a difference. Senior groups in churches and lifelong learning groups have saved more than one life.
• Exercise regularly and with others. Exercise has numerous benefits which I periodically blog about.