Boomers Trying to Stay Afloat

The first wave of baby boomers is drifting toward retirement, but many boomers are ill-prepared for the financial rapids that await them.
Tamara Draut, director of the economic opportunity program for Demos, a New York-based think tank, said people heading into retirement are racking up more credit card debt.
"Because baby boomers were really the first generation to delay child-bearing, what's happening is a lot of the major expenses of raising children, like paying college tuition, paying for health care, have butted up against the need to save for retirement," Draut said. "Today, not all, but many people, are going into credit card debt because of health care expenses, because they are living paycheck to paycheck, because their wages haven't grown with the cost of things like college tuition and health care."