Baby Boomers are not encouraged by what they see emerging for 2020. Already crazy politics are going to get crazier. The economy may implode, and personal finances are already precarious for most older Americans. And in the midst, we are dealing with the personal angst of our mortality. No wonder a feeling of uneasiness is congealing among Boomers as we approach the new year.
The typical Baby Boomer does not enjoy a large retirement nest egg. The leading edge of our generation was seriously wounded by the Great Recession just as they were poised to enter retirement. Many never fully recovered from that Wall Street burp. And despite a lifetime of hard work, most Boomers today strive for a modest retirement hinged by home equity, Social Security and some savings.
To the average Boomer, the crazy Wall Street gains make no sense at all. They certainly do not reflect life on Main Street. There is a sense that the financial industry is spinning out of control. So it is understandable that most Boomers cringe when they fear their meager retirement funds may once again bear the brunt of these antics.
There is also concern among Boomers that our country is dangerously polarized. In this brave new world of “alternate facts,” we seem to be headed towards a political abyss. And the heat is being turned up. Many are wondering what will happen the day after the 2020 election, no matter who wins.
And finally, we Boomers are reaching an age where our mortality is visible on the horizon, whether clear or just coming into focus. We are evaluating our lives and pondering how to spend our remaining time. Although this process is ultimately rewarding, it does generate some anxiety, which unfortunately amplifies the apprehension already percolating around 2020.
The Bottom Line for Baby Boomers
Our advice to Baby Boomers is “Fasten your seatbelts – 2020 is going to be a wild year!” In a world where Facebook and networks such as Fox News feel no obligation to filter misleading information, all we can do is to try to discern what’s true among an avalanche of propaganda. We suggest using an internet checker like Snopes or Fact Checker.
We also urge you to think about how the election results will affect your personal situation, whether your candidate wins or loses, and then develop a fallback plan for each outcome. Be sure to include a financial strategy for dealing with a possible recession and position yourself accordingly. All this will at least prepare you emotionally for what promises to be a turbulent year. And that, my fellow Boomers, should help to lower your anxiety.