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Baby Boomers and Retirement

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Retirement SignThe surge in retiring Baby Boomers is upon us!  We’ve raised our families, a lot of us have become “empty-nesters”, and now we are casting a wary eye at our 65th birthday.

 

But here’s something interesting regarding our retirement income…or lack thereof:

According to the 2011 Associated Press and LifeGoesStrong.com survey:

  • 60% lost value in investments because of the economic crisis
  • 42% are delaying retirement
  • 25% claim they’ll never retire (currently still working)

 

What does this mean?  It means that even though retirement is upon us, many of us cannot afford to.  We are delaying or postponing our retirement.  So we are doing a number of things:

  • We are getting part-time jobs
  • We are working past the age of 65
  • We are moving in with our kids

 

For whatever reason, we may not have enough in our pension plan, if we even have one, or enough in savings or RRSPs.  Do you know what you will be entitled to receive once you retire?  Here’s an excellent tool from the American Association of Retired Persons (AARP) that will help you determine what your retirement income will be: http://www.aarp.org/work/social-security/social-security-benefits-calculator/  I entered my numbers into this calculator and, based on their estimation, I may very well struggle with finances when I retire.

 

Based on this, will you have enough?  If not, here are some excellent ideas if you are remaining in the workplace longer:

  • You could hire yourself out to do additional coaching or mentoring.  With all your years of experience, this would be an excellent way to help those younger than you.  They may be more technologically advanced and more flexible to the constant change, but you still have time and experience…and calm…on your side.  “Been there done that!
  • Find a part-time job in an industry that you have never been involved with before.  Not only will you learn new skills and experience but you will also feel rejuvenated as you try new things and meet people you would not otherwise have met.
  • Many retirees and even “pre-retirees” are looking more and more at the internet and peeking at various online business opportunities.  And you will find them but you just need to be careful what you sign up for…let alone throw your money at.
  • Do your homework and research these companies.  As with any opportunities there are pros and cons to all of them.  You have to find the one that works for you.  I recommend that you search for reviews on the product or company you are thinking of getting involved with.  But a caution, many of these companies will have their member do reviews on the very company they belong to and will attract your attention with lines like, “don’t sign up before you read this”, or “is such and such company a scam”.  Again, understand that they are trying to gain your trust so make sure that you have done your due diligence.  However, many of them are only trying to gain access to your wallet.

 

  • Final point: think of your current situation as a “hybrid”; meaning, you may need to continue working at the traditional 9 to 5 job but you should also start looking for additional opportunities which will lead to additional income.

 

If you are not retired yet and the kids have moved out, determine if you have the time and drive to take on another job, whether “at a place” or “working from home”.  Begin now and you can begin to put that money aside that will carry you through your retirement.

As I’m sure you know, Baby Boomers are living longer because we are eating smarter and staying healthier.  Plus, with the advances in modern medicine and technology, we can take advantage of these to add years to our lives.

Because of these, we do not plan to slow down and, if anything, plan to try new things and explore the places we’ve always heard about and wanted to go to.  We don’t really believe we’re old; our age is just a number after all.  We think of ourselves as still being young and will act that way…even when we retire.

Baby Boomers are not retiring quietly into the night…but we may need help with our retirement income so we can truly enjoy these years and all they have to offer.

 

Thank you for reading and I encourage you to leave me a comment below.

 

 

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