THE MAJORITY of Baby Boomers (people born in the years 1946 to 1964) have reached retirement age and, for a number of reasons, are generally not well prepared financially for retirement. Now, the next generation, Gen X (those born in 1965 through to 1980) is approaching retirement age and, recent research shows, may be even less prepared.
While Boomers were, on the whole, better educated and earned more than preceding generations, they faced challenges new to their generation, notably increased longevity and the migration by the retirement industry in the 1980s and 90s from defined-benefit to defined-contribution funds.
As a result, to ensure a comfortable retirement, they had to save over and above what they accumulated in a company pension scheme.
The generation the Boomers engendered, Gen…
