We baby boomers, born 1946-1964, are stuck between the greatest generation (our parents) and Gen X born between 1965 and 1981.
The term greatest generation was coined by Tom Brokaw, the voice from South Dakota, refering to the folks that lived during the depression and fought World War II.
Gen X is also referred to as the baby bust generation...due to the drop off in births after the baby boomers.
All are very different in how we look at values and work...let's confine ourselves to how we look at work and retirement.
The greatest generation vs. our generation.
Our parents worked for a company, were loyal and expected the gold watch and a pension after you put in your 40 years with the same company.
In the 80's that all went out the window with corporate takeovers, junk bonds, and the like.
Workers saw that loyalty between them and the companies they worked for was a myth...it became everyone for themselves attitude that has only gotten worse today.
As a baby boomer I grew up with The Stones, The Beatles, Led Zeppelin...when grunge and rap hit the music scene I thought the world had lost it's mind... just like my parents thought about the music I liked.
As far as work and retirement goes, the every person for themselves is in full swing. Folks live from paycheck to paycheck...and beyond with credit card debt averaging $8000 per family.
The current low interest rate on savings, poor stock market performance has contributed to making the boomer generation and GenX not prepared financially for retirement.
A 2010 Del Webb survey of baby boomers show 72% of all boomers will have to earn after "retirement".
All the above has made the boomer generation very frustrated and disapointed. An aversion to work has set in and alternative, less expensive (still fun) ways to retire are going to be explored.
And that is a good thing...As the oldest boomer, 66, I have experienced these less expensive ways to retire for 18 years and can show you how as well.