Road To Retirement For Baby Boomers

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A New Watchlist Retirement Road Map helps financial advisors answer Baby Boomers’ questions

Chart 1, below, shows the number of births between and ; the Baby Boomer years definitely stand out. There has been talk for many years about the aging of this enormous population and its effect on everyone and everything and now, it is here.

The Impact of the Aging Workforce on the Technology Industry

The Boomer generation has been the subject of many studies, plenty of excitement, lots of concern, and much speculation about how they—and the rest of us—will fare over the next few decades. Addressed elsewhere in this issue of the GCM Journal , are trends in technology, caregiving, new partnerships, healthcare policy, and generationally appropriate communication techniques.

While any number of issues fit the purposes of this article, the focus is on finances, employment and retirement, topics closely related and very significant to Boomers and their families. Included are some facts that add complexity to Boomer lifestyles and present challenges to GCMs. Finances are very much in the forefront for this age group but there are conflicting views about Boomers and money.

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For example, a Society of Actuaries study shows that one-third of those now working think they will never be able to retire for financial reasons. A Pew Center survey reports that six out of ten Boomers age 50 through 61 say they will work beyond their retirement age because they need the money.

Baby boomers' road to retirement

In fact, the number of older employees in the workforce is growing faster than the number of younger ones Cohn and Taylor. The current U. A key finding was that the younger generation has more in common with the older generation than with the Boomers regarding such matters as the transfer of wealth.

Instead, about one-third of those Boomers said they would prefer to give their money to a charity page 4. Economic, housing declines, and costs associated with living longer are decreasing the amounts of inheritances. In addition, some Boomers are using their own money to help their parents with medical and other bills. Packaged Facts predicts that Boomers will work longer and, therefore, will continue to spend longer as they age. An important financial risk for Boomers is the growing number of them that are caregivers for their parents.

This is how boomers are reinventing retirement living

According to a MetLife study on the costs of caregiving, most of the ten million adult children 50 or older are Boomers. At a time when they should be planning for their own future, many leave their jobs or reduce their hours to provide needed care.

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  5. Currently 66 and at their official retirement age, Boomers are overwhelming Social Security Offices with requests for their benefits. However, that does not mean they are actually retiring as we typically think of it. Many cut back to part-time hours, and, increasingly, employers encourage this as a way of keeping experienced workers in their companies or organizations. In fact, Boomers are very concerned about retirement because of finances and often say they will never be able to retire.

    Your door opener to the baby boomer market

    In another study of when pre-retirees age 65 expected to retire, one-third said that they could not afford it because they have to continue earning an income to keep or increase their assets Fox Business, The IRI study also found that only one-third of the subjects indicated they had enough personal resources to pay for most of their needs in retirement page 1. Based on a recent Urban Institute data project, more baby boomers than ever are hanging up their work gloves while still toting around sizable levels of debt.

    Furthermore, nearly a quarter of all retirees enter retirement with mortgage debt.

    Debt can be particularly dangerous for boomers during retirement because it could coerce them to boost their income as soon as they're eligible for Social Security age While the added income boost from Social Security could help boomers reduce their debt, it'll also lock them into a lifetime of reduced benefits. And as a bonus statistic to tie these aforementioned five frightening data points together, seniors are living longer than ever. The average year-old will live another 21 years, meaning baby boomers have to contend with making their money, or lack thereof, stretch even further.

    Image source: Flickr user Craig Sunter. Suffice it to say, options for baby boomers to improve their retirement outlook could be limited since they've lost a lot of time having either not saved or invested wisely. But all hope isn't lost. Although it's depressing that nearly a third of boomers are postponing their retirement plans, it could turn out to be a very smart move.

    Working longer allows boomers to use their wages to cover their monthly expenses, which allows their Social Security benefits to remain unclaimed. I'll reiterate that relying solely on Social Security isn't advisable, but if you have no Plan B then waiting as long as possible to sign up is often your best bet. Boomers also have to get over their distrust of the stock market.

    This doesn't mean they need to have all of their money invested in stocks, or even that they need to own individual stocks ETFs and mutual funds are solid options to increase diversification with minimal effort.

    How Retiring Baby Boomers Affect the Job Market

    Understandably the stock market never seems to be "average," but with two decades-plus of investing time lying ahead for the average baby boomer, there's plenty of time to turn a relatively small amount of money into something sizable. Finally, it's time for boomers of all ages to consider tightening their belts and learn to live within their means. The good news is budgeting can be done on a point-and-click basis these days thanks to software, but it may not hurt to consult an advisor to discuss ways to make your pre- and post-retirement budget even more efficient. Perhaps the only thing scarier than these baby boomer retirement statistics is the prospect of doing nothing. Be proactive and take action now to make your retirement that much sweeter.

    You'll often find him writing about Obamacare, marijuana, drug and device development, Social Security, taxes, retirement issues and general macroeconomic topics of interest. Sean Williams. May 15, at AM.

    Road To Retirement For Baby Boomers Road To Retirement For Baby Boomers
    Road To Retirement For Baby Boomers Road To Retirement For Baby Boomers
    Road To Retirement For Baby Boomers Road To Retirement For Baby Boomers
    Road To Retirement For Baby Boomers Road To Retirement For Baby Boomers
    Road To Retirement For Baby Boomers Road To Retirement For Baby Boomers
    Road To Retirement For Baby Boomers Road To Retirement For Baby Boomers
    Road To Retirement For Baby Boomers Road To Retirement For Baby Boomers
    Road To Retirement For Baby Boomers Road To Retirement For Baby Boomers
    Road To Retirement For Baby Boomers

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