The Baby Boomer generation, individuals born between the years of 1946-1964, is beginning to enter the age of retirement but many have found that the ‘Golden Years’ are not as predictable as they thought. The economic recession of the past several years has affected all generations and has changed the landscape of the predictable retirement plan.
A part of that Baby Boomer generation herself, Lisa Mallard has created a online blog called Budgeting Boomers that educates and helps individuals in this age group that find themselves in a financial predicament. Over the past 25 years Lisa has helped small businesses manage their organization through her own business, TLM Business Services, by offering assistance with research and bookkeeping. Now she is beginning to help individuals manage themselves through the website Budgeting Boomers.
“One thing that most people don’t realize is that the Baby Boomer generation was raised to think if you work for a company for years and retire with a petition everything will be fine,” commented Ms. Mallard. “We did what we were told to do and now reality is a whole lot different.”
Due to the recession Baby Boomers are being placed in an unexpected situation where retirement funds are decreasing and the years for saving money are growing thin. The online blog shares information about saving money, cutting expenses, budgeting resources and help with personal finances.
“If you cannot save more money for your retirement you have to conserve more and some people just do not know how to be frugal,” commented Lisa. “Budgeting Boomers offers common sense things that the average person can do every day, how you can conserve in every aspect of your life.”
According to Lisa’s research the Baby Boomer population will account for 45% of the American population by 2015. With such a high percentage of the population being at the age of retirement, it is necessary that these individuals are still able to not only pay for their own expenses but be financially sound so that they may still play an active role in the future of our economy.
“With [Baby Boomers] being such a huge demographic we will have a huge impact on the economy,” stated LIsa. “If twenty-eight percent of the population is not spending money then the rest will not be making money.”
Ms. Mallard hopes that the online blog helps change Boomer’s views of what is important and what is worth spending money on. The site includes information on budgeting, debt reduction and educational resources for Baby Boomers. Lisa stresses the importance of focusing on financial stability for this age group as they have been coined the first ‘Sandwich Generation’ where individuals are raising children and taking care of their parents at the same time. This shift in traditional family roles has left many with strained finances and a new unexpected challenge. Currently a part of the ‘Sandwich Generation’ herself, raising daughters in there twenties and taking care of her mother, Lisa understands the challenges and offers interactive financial education for individuals looking for help.
“It can seem hopeless being in your fifties and sixties when you do not have much time left to save for retirement,” stated Ms. Mallard. “The first thing that needs to be done is to plan it all out on paper. Once you take the first step the next one becomes easier.”
For more information on Budgeting Boomers visit www.budgetingboomer.com.