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By Greg Gerber
Editor, RV Daily Report
I saw an interesting report on Yahoo Finance today which proclaimed that half of Americans approaching retirement age have nothing saved either in a 401-K or individual retirement account.
According to Yahoo Finance, of those 55 and older, 48 percent had nothing put away in a 401(k)-style defined contribution plan or an individual retirement account, based on a Government Accounting Office estimate for 2016 that was released Tuesday.
Although two in five people who fell into that age bracket had access to a traditional pension, 29 percent of older Americans — almost one in three — did not have a pension, 401-K or assets in an individual retirement account.
For years, the RV industry has been proclaiming that the baby boom generation would be the bread-and-butter of the industry. We were told that 10,000 baby boomers were retiring every day.
When I started in the RV industry in 2000, the average age of first RV ownership was around 55 years of age. Today it is in the early 40s.
We were also told that the greatest transfer of wealth in the history of the world was about to take place in which members of the mature generation (those born before 1945) would be handing over trillions of saved money to their baby boomer children (those born between 1945 and 1964).
Yet, it does not appear that things panned out the way that pundits predicted.
Perhaps that explains why baby boomers took a back seat to millennials at this month’s RVX trade show in Salt Lake City. Most of the displays and attention were focused on the needs of younger families and tech-savvy people.
Even most of the photos on the GoRVing website depict younger folks and families with children. Occasionally, you’ll encounter an image of older people using an RV.
Have the movers and shakers in the RV industry concluded that the expected surge of baby boomers was really a bust?