Retirement Financial Planning
The next wave of retirees will be the Boomers. We need retirement financial planning. . .
But. . .
. . .we'd rather not bother.
Boomers, The New Retirees
If you read much about retirement, you'll know that all and sundry expect Boomer retirement to be different from the retirement of previous generations. The differences in our circumstances call for differences in our retirement financial planning.
1. Boomers are healthy.
With good diets, freedom from global wars and plagues, and excellent health care, Boomers have better health than our parents had. Available medications have eliminated many diseases and health problems.
2. Boomers can expect long lives.
The good health we've enjoyed leads to the prediction of long lives. The calculator at livingto100.com
predicts that I'll live longer than my grandparents and my father. (My mother is still with me and we are hoping she will continue with us also longer than the previous generation did.) A long life means a longer retirement in most cases. A longer retirement means a greater need for income.
3. Boomer's pensions are not as secure as our parents' were.
The news is full of instances where businesses are ducking out of pension plans or where benefits are being cut.
I am a teacher in British Columbia. Until last year, our retirement health coverage was excellent. With the stroke of a pen, retired teachers found themselves paying more for coverage they believed would be theirs for life. Now we find that our dental coverage will be cut. This is only one example of the trend.
4. Boomer's can't count on an inheritance.
Our parents are living longer than they expected to, so they are dipping into their capital to pay for health care, especially extended care. That leaves less for them to pass on.
5. Boomers have built up debt, not savings.
The ME generation has purchased on credit to the extent that far from having savings, many are in serious debt. Retirement has seemed like a golden dream, not a hard reality that requires retirement financial planning.
So, Boomers find ourselves with long lives ahead of us, long lives without a secure financial foundation.
Personal Retirement Financial Planning
Although Boomers have many characteristics in common, our personal situations vary. Formulas for saving, investing, and spending that work for one person don't necessarily work for another.
In The Savage Number
, Terry Savage guides readers to personal retirement financial planning. "The Savage Number" is unique to each person.
Many people who begin to save and invest aggressively today will not be able to save enough to retire completely until much later than their parents retired. For those people, a retirement job
or a retirement business
will be a financial necessity.
Since our longer lives are also healthier lives, we have the energy to put into a longer working life.
Since we are children of the 60s, we want to make an impact on our world.
So our work lives, even if they are extended by need, may be marked by contentment, especially if our retirement jobs or businesses allow us to follow our passions
Tips so you can retire debt free
Increasing numbers of retirees are considering life settlements
as part of retirement financial planning.
Use a simple formula to figure out how much is enough to save for your retirement
Learn how to use a retirement savings calculator
Learn how mundane personal financial choices
today affect your retirement income.
Consider whether the benefits of an annuity
put an annuity in your retirement financial plan.
Learn the pros and cons of common retirement options for Americans
Is a medicare supplement
Retirees need a financial plan
Learn how to use a reverse mortgage calculator
Learn the pros and cons of reverse mortgages
Get the information necessary to determine if a reverse mortgage
is right for you.
In the UK you can find the best annuities using Annuity City
, a leading annuities broker.