We’re All Struggling

There was an interesting piece in the New York Times yesterday from Bob Herbert, talking about the Millennials. Aside from the political conversation, what’s so interesting to me is that Herbert discusses the bleak financial picture for this age group. Combine this with the new research out today from AARP on boomers and the stress they feel about their finances.
Herbert writes:
“The landscape is changing before our eyes. Younger voters struggling with the enormous costs of a college education, or trying to raise families in a bleak employment environment, or using their credit cards to cover everyday expenses like food or energy costs are not much interested in hearing that the government to which they pay taxes can do little or nothing to help them.”
The survey released yesterday found almost 25% of people ages 45-64 are prematurely taking money out of their 401(k)s and other investments. Younger boomers (ages 45-54), in particular, are doing things like postponing paying bills (27%) and even cutting back on medications (17%).
Seems like young and old alike are struggling today, even sometimes with the same challenges – meeting basic needs.