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Tough Times for Baby-Boomers to Save Money

JACKSON, Miss.–It’s getting harder and harder for many older Americans to save money each month.

For baby-boomers in the Magnolia state that’s true also, and there’s several things they have in common with the rest of the country.

“They’re sandwiched in the middle with their parents coming home with them and now their college students coming back home to live,” said financial advisor Wayne McLeod with the Virtual Finance Group.

McLeod said it’s the perfect storm to cause a lot of financial problems for their age-group.

Even if someone has saved up money for their retirement, their nest egg doesn’t necessarily budget for a kid moving back home and/or a parent too.

“There’s 10,000 baby-boomers every day turning 65,” said McLeod.

The Corporation for Enterprise Development released a study this year showing Mississippi was second to last in the country, right in front of Georgia, in asset ownership and financial stability.

That study showed that just under 30% of households have debt that overwhelms the total of their assets or money savings.

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