Texas Tech professor speaks to Capitol Hill on baby boomers
LUBBOCK, TX (KCBD) - A Texas Tech professor just returned from Capitol Hill speaking on behalf of the baby boomer generation.
NewsChannel 11 sat down with Deena Katz at Texas Tech Wednesday, where she now works as a professor, but Katz has a long resume of accomplishments. Being twice-named one of financial planning magazine's "5 most influential people in the planning profession" and Katz spends a lot of her time sharing her expertise with her generation.
As many baby boomers near retirement, many wonder if it's even possible at this time. "We've spent most of our time wearing or driving our assets we had our children late so we are trying to put them through school, and we are trying to save for retirement. Our folks are living longer but still need support from us, so we are that historic sandwich generation," says Katz.
Katz, a baby boomer herself, has dedicated part of her life speaking on behalf of that generation. Katz gave congressional testimony in Washington, D.C. last week. Her message focuses on educating baby boomers and the issues facing them when approaching retirement. "In the last two years you've seen the housing bust obviously the economic climate the decline in the markets, our 401k have turned into 201k," says Katz.
If you're worried about your 401k losing value, she says not to do anything drastic at this time. "People have lost, leave it alone, if you have time to let it bounce back, we've been through these things before not in recent years to this extinct, but we've been through it before. We know when the market rebounds it rebounds very quickly and if you aren't in the market you can't get market returns," said Katz.
Katz says many baby boomers are not ready for retirement but are looking for a change. "We're seeing a lot of people craving out working for less dollars, but for more personal satisfaction," says Katz.
Katz says her number one advice for this generation is to meet with a financial planner. It is also important to define what your goals and objectives are and what you want to accomplish in your lifetime.
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