Baby boomers, Generation X and Generation Y bring different attitudes and skills to the job, and companies are trying to handle the challenge, according to The Economist. "Generation gaps are as old as history," the magazine notes. "Nevertheless, businesses seem to be more worried than before about managing three age groups with such differing attitudes."
Many baby boomers haven't properly planned for retirement and risk running out of money before they die, according to a study by Bankers Life and Casualty's Center for a Secure Retirement. The aging generation largely has ignored the costs of long-term care, and, according to the report, among middle-income boomers, 72% have no plan for retirement care.
Baby boomers make up 50% of the consumer-packaged-goods market and are projected to have sway over 70% of the disposable income in the U.S. over the next five years, a Nielsen report says. BrandHive Chief Marketing Officer Jeff Hilton says marketing food to boomers requires highlighting ingredients, such as protein or fiber, that the demographic already knows and understands.
Sustained low interest rates will adversely affect the retirement savings of aging baby boomers, according to experts at a policy forum sponsored by the Employee Benefit Research Institute. At the forum, experts on U.S. retirement policy explained the effects of the low-interest-rate environment on retirement income and retirement savings, and offered ways to help clients optimize their portfolios.
Baby boomers face several pressing financial issues, including the cost of financing their children's education, the cost of caring for aging parents and the need for estate planning, says financial planner Tim Maurer. He recommends that boomers, many of whom have ridden the market through dramatic volatility, move into more conservative investments that can generate retirement income.