07 Dec Baby boomers are enjoying life – but what’s in store for millennial investors? – Andrew Mirams
A cohort of baby boomers are now well into retirement – after a lifetime of work and paying off the mortgages on their homes.
Sure, property prices have ballooned over their lifetimes, but baby boomers also weren’t overly good at investing in anything other than their homes – and perhaps the share market from time to time.
Their mantra – no doubt passed down from their parents who lived through the Great Depression – was that debt is bad and therefore must be eliminated.
Baby boomers also didn’t have enough work years up their sleeves for superannuation to do its job.
And that means that baby boomers’ average retirement savings may not be enough.
In fact, about 50 per cent of Australian baby boomers are concerned they will run out of money before they die, with many still having to pay off mortgages when they’re retired.
The majority of baby boomers in retirement today rely on the aged pension to financially survive.
But it’s not all doom and gloom of course with baby boomers generally having a significant asset in their home.
The question is, with high property prices, what about millennial investors? What’s in store for them?