Credit unions may continue to receive direct deposit of payroll checks from their baby boomer members for some time after those members would traditionally be expected to retire.
Deena Katz, associate professor of personal financial planning at Texas Tech University and herself a member of the post-World War II boomer generation, noted boomers have indeed been hit by the recession.
"It gave them a real good slap in the face," she said. "Part of the reason is the baby boomers got started on their families later, plus they are the sandwich generation taking care of their parents and their children."
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