For many Baby Boomers, the time has come to enter retirement. Unfortunately, many of them aren’t feeling as though they’re ready to retire. According to the Insured Retirement Institute, Boomers’ confidence in their financial situations is at its lowest since 2011. Just 43% feel that they are happy with how things are going.
Stats show that 26% of Boomers now plan to work until they are 70 years old. Is this because they want to keep working and just love their careers? Or is it due to financial pressure? Unfortunately, it seems it is the latter. Research showed that 76% of Boomers felt that they did not have enough money saved for their retirement, a dire situation indeed for many folks, as well as the people who rely on them.
As they enter their 60s, they’re forced to begin contemplating their retirement future. Some wanted to retire earlier than age 55, but the reality is many just have don’t have enough saved to retire completely. Retiring is one thing, but the dream of spending their golden years travelling about the globe on cruise ships or buying a yacht and exploring the Caribbean watching sunsets, is not just out of reach – it’s an impossible dream
The other fly in the ointment is that while we are all living and loving longer due to advances in medicine and healthcare, the costs associated with healthcare are rising. According to Fidelity, a couple can expect to spend $260,000 on healthcare costs during their retirement!
Making sure that you have enough saved to retire comfortably is a very important mission. Your future could be at stake. Just ask the Baby Boomers.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC