The recent recession had a greater impact on adults aged 36-40 than on any other age group, according to a study by the Pew Research Center. Americans’ median wealth dropped by half during the recession, partly due to far lower home values — leaving some homeowners underwater. Fewer of these adults will be covered by pension plans than their baby boomer parents, and many may be concerned about the viability of Social Security — making them much less confident about their ability to retire than they were just three years ago.
As NYU economist Paul Romer (among others) once said, “A crisis is a terrible thing to waste.” While some people claim that most baby boomers who have not saved enough for retirement have run out of time, their children have not, and might be more receptive to the message that experienced plan advisors should be delivering: “Save more today and tomorrow.”
