Someday soon, the stocks will be back where they belong, and the economy will recover from the turmoil, and the outbreak will be contained. But the current economic conditions and the ongoing pandemic will have a devastating impact on the retirement prospects of the baby boomers and will automatically change the thought process of many more people.
The current epidemic will not only imprint the minds of people with a fear of financial bankruptcy, but it is a sign of personal health 9/11 for almost every other person on this soil.
Sixty is the new forty but not in this scenario
There has been a lot of noise in the news that 60 is the new 4 but bear this in mind that however young might baby boomer look, they still have a greater chance of getting struck by the novel coronavirus as they have much weaker immunity against this disease, minding other diseases they might be carrying.
Considering the case of China, the people over the age of eighty suffered a fifteen percent death rate, and people who had ages between 70 to 79 years had a death rate of eight percent.
Boomers are still working
The baby boomers are those 72 million still living Americans that were born between the ages of 1946 to 1964 and are ethnically diverse. The majority of the people are still working somewhere and want to stay in the game a little longer while assuming that the already sinking economy is in the position to allow it.
Almost one-fifth of the boomers are still putting the food on the table for their instant family either in person or are paying for them remotely. This means that even if they look healthy, they are on the front, playing it hard while constantly worrying about the health conditions of the weak and frail that they need to provide for.
The current pandemic is taking its share
Some of the boomers have no other option except worrying about their loved ones’ lives from afar. With the recent numbers coming in, there have been hundreds of deaths at nursing homes in the USA, the Trump administration has given orders to evacuate all the medical staff from the nursing homes and visit the faculties only in the case of life or death situation. This decision is making things worse for the boomers as they are witnessing their loved ones die alone.
There are several things that boomers will face once the pandemic is over and done with. There is a fear that working longer will get harder from them due to stress. Panic will take over their wealth as most of the stocks will surely go down once the market opens. The only positive thing that will affect the baby boomer’s lives is that they will give importance to their families and will live like there is no tomorrow.