Baby Boomers today are proving age can be a blessing. They’re between the ages of 59 and 77 and have a “live for today” attitude which may have something to do with the great wealth they’ve generated. At a time when younger generations are going without and living check to check, the silver haired among us are spending, traveling, and shopping thanks to investments and boosted social security payments.

They have the highest net worth per household because most baby boomers worked long, stable careers and have healthy retirement accounts. They’re downsizing to homes and condos that offer amenities like pickleball and golf, which means they’re competing against and able to outbid Gen Z’s and Millennials entering the housing market. While the average 20 or 30-something needs financing to buy a home, many people in their 60’s or 70’s can pay cash for a property and pay more than the asking price.

Not all baby boomers are debt free but, then again, debt isn’t always a bad thing. With age comes wisdom and along with it the understanding that debt can be used to generate income. Gen Z’s and Millennials, on the other hand, are struggling to keep up with credit card debt and high rent prices while preparing for the return of student loan payments. 

We say kudos to the boomers! We’re glad to hear your hard work has paid off and you’re Living Large! We’d also like to offer financial advice to anyone struggling to live for today while saving for tomorrow. 800-689-3935