Trust the Wall Street Journal to send along another dismal report, this one on spendthrift boomers.
That would, undoubtedly, include Grace, though my sin was less about being a spendthrift and more about not being a saver.
The report says our parents (whom they designate as "the matures,"--I guess you know what that makes us!) were better savers than we, boomers. No surprise there. My parents were in much better financial shape at my age than I am. Of course, they were also smart enough not to have had five children. In addition their world was more financially circumscribed--by the standards of the small town they lived in, the state of their health, and their limited expectations.
The authors of the report list the solutions one would expect: work longer and retire later. These are both options I will be pursuing. The average age at retirement is 62.6. Health considerations aside, I would not consider retirement until age 67. As it is, my current plans are to retire at age 69.
The report does not mention the one resource I don't have, but any number of my boomer contemporaries do--parents who WERE good savers who will leave them sizable inheritances.