“Thanks to debt, divorce, needy children, and a host of other money-sucking problems, many boomers need to rethink their spending habits if they ever want to retire.”

Peter and Maria Hoey

by Susan Moeller

“IF YOU’RE A BABY BOOMER entering the tunnel of possible retirement, there’s one hard truth to acknowledge: Bad stuff happens.

“No matter how prepared you think you might be  —  and experts say boomers are, generally speaking, quite unprepared  —  unforeseen events can derail finances. Take just a few that hit me starting in my 50s: divorce, serious health issues, and family crises. And that’s just the big stuff. Even if you downsize, the car will still need new tires. The old dog will tear his ACL. And the condo association will raise its fees.

“You’d think boomers would be OK. We hold 60 percent of the wealth in the United States, according to a report by the management firm McKinsey and Co. But we have also accumulated unprecedented levels of debt and will actually need the Social Security we are accused of squandering.”

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