Many people — not just the baby boomers — relied too heavily on home equity and certain investments to bank a return without actually considering what would happen if the world economy sank like a stone.
Most did not save nearly enough cash. They relied too heavily on U.S. property appreciation and were lulled into the belief that the good life would always last.
As a result of the global economic downturn, however, the use of retirement funds targeted for care-free leisure years had to be reworked by both individuals and professionals. Some nest eggs were lost altogether.
The baby boomer generation never met a loan it didn’t like. That cohort is now paying the fiddler. This generation, born between 1946-64, effectively changed everything it touched, starting with cars, jeans, ice cream, houses, home loans and health care.