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Retirement Income Needed: Baby Boomers Are Worried

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Take Control of Your Retirement

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Baby Boomers are worried that they won’t have the retirement income needed when their grand day arrives.  Born between 1946 to 1964, Baby Boomers have already begun to retire and those numbers will continue to grow over the next number of years.

For whatever reason, many Boomers are beginning to realize that they will not have the necessary money, whether in retirement plans or savings, to comfortably retire.  Many studies indicate that a person will need approximately 70% of their pre-retirement income to maintain their current standard of living.  Some even speculate that this number could actually be closer to 100% of their pre-retirement income, which, when you think of it, is really no retirement at all!

Reasons vary as to why Baby Boomers may not have enough retirement income:

  • We are all living longer
  • Increased cost of living (inflation)
  • Reduced employer benefits
  • Impact of investments (i.e. the 401 losses suffered in the United States
  • Some began saving later in their careers and are now attempting to “catch up” and save more and/or invest more, including being more aggressive and risk-taking with these investments

Even in retirement there will be ongoing costs:

  • Mortgages that aren’t paid off
  • Continuing to pay for their children’s education if not actually having adult children that continue to live at home
  • Covering necessary living expenses
  • Additional health care costs as they age
  • Some will be providing elder care to their parents and may need to house them or pay additional costs associated with this
  • The things that Baby Boomers want to do such as travel

So what are Baby Boomers doing to mitigate their retirement risks?

  1. Working more before they retire
  2. Working when they retire, whether full or part time
  3. Relocating to cheaper areas
  4. Relying more and more on government programs
  5. Moving in with their children
  6. Some are going online in the hopes of creating an online business; often with the hope that this will cover all their needs…and this is often where they get scammed and “taken to the cleaners”

The days of the “company golden handshake” or “gold watch” are fading quickly into the days of yesteryear.  Retirement party-planning and even arbitrary retirement years are also becoming meaningless as “a date in time” does not a successful retirement make.

Baby Boomers must begin now, if they haven’t already, to plan for their retirement to ensure that they will be able to successfully retire with the lifestyle that they have envisioned all of their working lives.  There are numerous retirement planning resources available that can be relied on:

  • Your local bank.  Many Baby Boomers have been with the same bank for many years.  It is highly recommended to start there and see what resources and help may be available.  This will assist with understanding how much you will have as income based on your salary now.
  • Other financial planners and advisors.  There are many out there and many are reputable and should be willing to provide references and show results based on their current clients.
  • Government resources.  This is an area that should not be ignored and truly are constructed so as to provide other recommendations and resources for anyone looking.  However, they’re not often advertising themselves as aggressively as the others so may not be as obvious.

In the final analysis, there are many Baby Boomers who will be struggling with their income when their retirement day finally comes.  Planning must begin now if you haven’t already!  Don’t leave these “golden years” to chance.  Read my review of Wealthy Affiliate because it could help you earn that extra retirement cash that you need.

Thank you for reading and I encourage you to leave comments below.

 

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