Mullooly Asset Management
Mullooly Asset Management
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Late Boomers: Least Prepared for Retirement
• 24 minLate Boomers (1956-1964) appear to be the LEAST prepared for retirement. Why is that? In podcast episode #445, Tim and Tom break down SOME of the reasons why late boomers might be poorly-prepared for retirement, compared to other generations. The guys however (first) discuss down-and-sideways markets, like we have seen over the past eighteen months (January 2022-May 2023). They reference an article written by (friend of the podcast) Nick Maggiulli of Ritholtz Wealth and go on to discuss why sideways markets are often great opportunities, in disguise. Tim and Tom move onto an article found in Markewtwatch discussing why "Late Boomers" may be ill-prepared for retirement. Not mentioned in the episode is how this generation is facing two explosions: the exponentially rising costs of caring for their parents and the ever-escalating cost of college for their own children. Correction: Tom also mentioned the tax act in 1986 as "TEFRA" when it was the Tax Reform Act (TRA). Time Stamps: 01:08 - What happened over the past 18 months 02:00 - Down, then sideways markets = bullish? 04:15 - Digestion periods 05:30 - "Your patience will be rewarded" 08:25 - Do you "change the channel?" 11:05 - "Late Boomers" 14:07 - Defined benefit plans vs. defined contribution plans 15:15 - First generation with a 401k through their entire working career 17:00 - "Retirement" often comes before "I'll get to save for retirement someday" 18:45 - Tax Reform Act (TRA) of 1986 (note: NOT TEFRA!) 21:40 - One impact of the "great" recession
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