{"id":4040,"date":"2018-08-07T19:25:54","date_gmt":"2018-08-08T02:25:54","guid":{"rendered":"https:\/\/futuresharks.com\/?p=4040"},"modified":"2018-08-07T19:25:54","modified_gmt":"2018-08-08T02:25:54","slug":"most-baby-boomers-cant-afford-to-retire-and-harbor-city-capital-is-doing-something-about-it","status":"publish","type":"post","link":"https:\/\/futuresharks.com\/most-baby-boomers-cant-afford-to-retire-and-harbor-city-capital-is-doing-something-about-it\/","title":{"rendered":"Most Baby Boomers Can\u2019t Afford to Retire and Harbor City Capital Is Doing Something About It"},"content":{"rendered":"

The numbers are in for boomer retirement options and they aren\u2019t looking good. According to the Insured Retirement Institute: Four-in-ten baby boomers have nothing saved for retirement.<\/span><\/p>\n

\u2018At the current rate of 10,000 baby boomers reaching retirement each day for the next 18 years\u2019 (The American Dream), a cry is going out in search of ways for boomers to financially catch up just to be able to survive. With only a few years to accomplish this Herculean task, it equates to a fast and furious ability to invest and find someplace for a quick and positive turnaround. But out there on the horizon<\/a>, there may be a glimmer of hope. JP Maroney<\/a>, founder, and CEO of Harbor City Capital<\/a> has an unorthodox investing approach that has piqued the attention and the portfolios of a lot of boomers and the payoffs have given rise to a completely new view in investing. <\/span><\/p>\n

\u201cBaby boomers\u00a0are the demographic group born during the post\u2013World War II\u00a0baby boom, approximately between the years 1946 and 1964. This includes people who are between 53 and 71 years old in 2017, according to the U.S. Census Bureau.\u201d- Wikipedia<\/i><\/span><\/p>\n

Why the Crisis Came About<\/b><\/span><\/h3>\n

This is a generation whose parents had survived the Great Depression and in turn, experienced one of the longest duration economic improvements of the country. A majority of boomers didn\u2019t have any historic example for savings and investing and they were required to learn on their own. An important factor to remember in analyzing their behavior involves the philosophies that they were taught: The strategies to achieve the \u2018American Dream\u2019 included: being a long-term loyal employee at a company, purchase a home and invest in the stock market.<\/span><\/p>\n

The last two topics seemed to work out well, that is, until the economy took a series of downtrends that destroyed the value of both their homes and their market investments. Even those that thought they were prepared for retirement found themselves hitting the \u2018panic button\u2019 and as the number of boomers hitting retirement age continues to increase, that button is growing larger and larger.<\/span><\/p>\n

Academic director of the Global Financial Literacy Excellence Center stated in a conference call, \u201cMost people do not plan for retirement. They have never tried to figure out how much they will need to save. Only 46 percent say they have ever tried to figure out\u201d what they will need. Those nearing retirement, the late boomers, have a greater awareness, she said. But “if it is hard to support 30 years of retirement with a 40-year career, if you start at age 50, of course, it is going to be really, really hard.”<\/span><\/p>\n

\u201cMarkets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.\u201d- George Soros<\/i><\/span><\/p>\n

\u201cI\u2019ve spoken at many seminars and conferences where Boomer investors gather, I\u2019ve heard their stories, and some of them are just tragic,\u201d says JP Maroney. \u201cMany baby boomers obviously have just simply not prepared appropriately for retirement, but there is a good portion who did prepare, who worked the career, who saved money and invested wisely, but saw most or all of their net worth wiped out during the tech bubble or the 2008-09 financial crisis. \u00a0I feel very fortunate that we have an opportunity at Harbor City Capital to do something about it.\u201d<\/i><\/span><\/p>\n

-JP Maroney, Founder, and CEO of Harbor City Capitol<\/i><\/span><\/p>\n

There is a litany of statistics that bring the boomer retirement crisis to the forefront, and some of the most staggering include:<\/span><\/p>\n