Except for the recession of the 1980's, Boomers have lived through some of the last century's most prolific periods of economic growth. Nonetheless, John Rother, Director of Legislation and Public Policy for the American Association of Retired Persons or AARP in Washington, D.C., says the Baby Boom Generation doesn't have it easy. Well, the parents of the Boomer generation fought World War Two and had the GI Bill and a lot of government help in housing and education, health care. Throughout their lives, Boomers have faced fierce competition for education, jobs, and other resources. Rother says the need for two-income families, frequent job changes, and the gradual loss of pension plans have all contributed to Boomers' record high levels of personal debt and low levels of saving.
Boomers are unlikely to receive much retirement help from government.
Many are worried that the overtaxed Social Security system will collapse before they can collect their retirement benefits. But Michael Bond, Professor of Finance at Cleveland State University, says Social Security was never meant to replace personal savings. Nobody needs to think there won't be pain here, but the system is not going to collapse. Paul Alandt is director of the Golden Age Centers of Greater Cleveland. He says paying for health care will also continue to be primarily the responsibility of the individual.