Retirement for Baby Boomers
Demographers and researchers typically categorize Baby Boomers as starting birth years, ranging from the mid-1940s and ending birth years, ranging from 1960 to 1965. The term "Baby Boomer" is used as well in a cultural context, so it is difficult to achieve a broad consensus of a precise date definition. Different people, organizations, and scholars have varying opinions on who exactly is a Baby Boomer, both technically and culturally. The “baby boom” or large rise in pregnancies following the Second World War is what inspired the name.
Regardless of cultural or historical background, if you were born in 1945, let’s say, then you would be age 73 in 2018, which brings us to the question of retirement age. Retiring is not as simple as just drawing a proverbial line in the sand and stop working when you get to a certain age. If it were that easy, the world would certainly be a different place. The facts are rather startling. There are 76 million Baby Boomers in the United States, and more than 40 million of whom are already age 65 or older. These Baby Boomers will retire at a rate of 10,000 per day for at least the next 15 years. By 2030, more than 20% of the U.S. population, (almost 73 million Americans) will be age 65 or older.
For these folks to maintain even their current lifestyle, they will need to have retirement savings in place. Retiring means you will need to have enough money set aside to take care of all your basic expenses, plus any and all unforeseen bills or events, for instance, if you had to take care of medical bills or funeral costs or even simply heating or power and water bills. Some things are easy to take for granted like your car. If a sudden repair is needed that costs more than expected such as engine replacement or a rebuild, it can run into thousands of dollars.
The average pre-retirement Baby Boomer does not have enough savings for their retirement years, and one third of Americans have no retirement savings at all.
Making certain that your future is safe by saving or at least planning properly for retirement is essential. “Getting professional advice and seeing what the best plan is for you is a good idea. It’s better to start planning sooner rather than later,” says Executive V.P. of Sales at David Lerner Associates, Inc., Martin Walcoe. Take control of your own life and future, and make sure your finances are secure.
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