MEMPHIS: A new research report paints a dismal future for baby boomers.
The enormous size of the cohort is triggering the ratcheting back of old age benefits, the lifting of the retirement age and a pruning of medical benefits/hospital cover.
For those who saved, tumbling interest rates have reduced incomes, and most boomers were too late into superannuation pension funds. They certainly will not be as well off in retirement as their parents.
One change that hurts boomers is the decline in traditional pension plans, which pay retirees a set amount typically calculated on years of service and final compensation. Old-style pensions covered 28% of all retirees in 1979 but only 3% by 2011.