Retirement Planning for Baby Boomers
Older Americans Month is being celebrated in May this year. For a lot of older Americans, now is a great time to assess one’s retirement situation, and how to make the best of the remaining time you have to plan for it.
Retiring is not as simple as just deciding on a date and stopping work when you get to a certain age. The facts are rather startling. There are something like 76 million Baby Boomers in the United States, more than 40 million of whom are already age 65 or older. These 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.
Retiring means you will have to have enough money set aside to take care of all your basic expenses plus any and all unforeseen bills or events. For instance, you have to take care of medical bills or funeral costs or even simply heating or power and water bills. What if a medical situation were to arise that required long-term care?
Nearly 70% of Americans 65 and older need long-term care at some point, according to the U.S. Department of Health and Human Services.
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 rebuild, it can run into thousands of dollars if you’re not fully covered by a warranty.
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,” said Executive V.P. of Sales at David Lerner Associates, Inc., Marty Walcoe. Take control of your own life and future, and make sure your finances are secure.
IMPORTANT DISCLOSURES
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.
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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