More Boomers Like Me Are Retiring With Seven-Figure Nest Eggs Thanks To One Old-School Money Habit
Peopleimages.com - YuriArcurs | CanvaSome Boomers are retiring with seven-figure nest eggs because of one old-school money habit.
According to recent news reports, the stock market has made many Baby Boomers happier, or at least wealthier, as the on-paper owners of more assets. I can already hear the "Okay, Boomer" refrain as we're accused of having good timing, which mostly comes down to being born in the post-World War II boom years. We've benefited from recent and long-term stock market growth, regardless of our politics. The funny part is that many of us were anti-materialist at 18, yet now we check our retirement accounts and feel relieved. I was anti-materialist too, and I didn't care much about money until I was old enough to worry about not having any.
My frugal Depression-era parents taught me the old-school money habit that changed everything: learn what is good enough, live below your means, and tamp down wants before they turn into needs.
A. C. / Unsplash+
I worked for years for non-profits, and my idealism changed into pessimism and then realistic expectations, the path many of us take. I overheard my son, whom I regard as a young thing but realize is approaching forty, talk about the shift in his idealism toward compromise across the many realms of life. I laugh now when I think of our anti-materialist pontifications as emerging adults.
Many of us Baby Boomers were raised in suburban cookie-cutter developments, saved Gold Bond stamps, mowed lawns, and babysat for 35 cents an hour to go to the Saturday matinee with friends.
I had to loosen up about condemning "the rich" when that meant anybody who had more. I consider myself rich, richer than I've ever been, which is true.
I don't have to worry about saving for anything anymore, and the calculations show I probably won't outlive my money. I am happiest puttering in my garden, minding my two-bedroom apartment, and getting lost in a good book. None of those things are very expensive.
I can afford to go out to dinner or on the occasional trip. I try to volunteer and participate in charitable giving to the point that it assuages my guilt over the inequities in the world and in my town. I have given up solving social injustices in my lifetime, although I understand we need to contribute where we can, how we can.
I understand I am entitled, but I am 70, and I do not fret about it other than trying to live life as a good person.
I know from reading other writers on this site that we all have our unique life experiences. Some folks struggle a lot for economic, social justice, health, or other reasons. Age is a burden to some, a source of anxiety.
Life's roller coaster provides ups and downs, expected and not. Global catastrophes, personal ones, or both are out there; we all know that. But if you are on top for now, hold up your hands and shriek in delight.
I am reminded that having low expectations is key.
Per an overheard conversation years ago: I was in the elevator with three ladies who lunched. One said to a friend as a third woman departed the elevator. "She always seems so happy." "Yes," her friend replied, "but she has low expectations.”
To my fellow Baby Boomers: May your expectations be exceeded. May your retirement account make you smile. May you raise your arms at the top, anticipating the rush before the car slows to stop.
Sharon Johnson has written stories published in Chicken Soup for the Soul, Woman's World, Smart News, Medium, Oregon Humanities Magazine, and others. She is a grandmother living in Oregon.
