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While boomers benefitted from certain economic advantages, they also facedinflation, recessions and shifting job markets.
But peel back the covers, and youll find rising healthcare costs and longevity concerns scribbled in the margins.
Here are the four things Gen Z gets wrong aboutboomers and their finances.
Retirement Is Easy
Baby boomers need more money to retire today than retirees did in the 1970s.
The average monthly Social Securitybenefit in 1975 was nearly $200compared to about$1,900 for retired workerstoday.
People are living longer these days, which is great.
But it also means that retirement money needs to last 25 or 30 years.
Many (baby boomer) kids growing up simply didnt think about it.
Thats why we still see so many baby boomers working past their 70s.
Theyre trying to make ends meet.
Imagine trying to save when every paycheck feels stretched thin, Kleeman said.
They faced limited job opportunities but build resilience out of necessity.
Gen Z, on the other hand, enjoys amore flexible job marketand generally lower inflation rates.
But that doesnt mean the financial pressures are any less real just different.
Connor said the prices for everyday items like food, gas and rent seemingly rose overnight.
Buying a house or getting a business loan wasnt the deal you might think.
The average price for a single-family home in 2023 was $492,300.
Many boomers are dealing with financial strain even after decades of work, Kleeman said.
Its not all smooth sailing, and understanding this helps bridge the empathy gap between generations.
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