2013-04-21-restless-boomers-household-savings-ratesReal incomes (adjusted for inflation) have been falling in America since 1972, but up until the crash beginning in 2007, we’d done a pretty good job of masking this declining standard of living by taking on an increasing load of debt.

My parents purchased virtually everything, including several new cars and a home with cash, following years of disciplined saving. This wasn’t easy with only dad working and us kids to raise. There were no Excel spread sheets either. Mom managed the budget and paid bills using envelopes stuffed with cash, neatly organized in an old cigar box.

Today most American households require parents, kids and family pets working at least two jobs just to keep up with never ending credit card, auto and mortgage payments.

Many Baby Boomers face the prospect of retirement with inadequate 401K’s, piles of debt, grown kids still living at home and bills that just keep stacking up. There are solutions. Read more…