Let’s start with a simple question. Are baby boomers ready for retirement? In a word, no. If we define “retirement” as an extended period of living off of our savings, baby boomers are most definitely not ready for retirement. In fact, according to a report by Charles Schwab, 43% of baby boomers have saved less than $25,000 for retirement. That’s not small change, but, it’s insignificant compared to the cost of living over 20-30 years.
It’s clear that most baby boomers are not rolling in cash – but, neither are we sitting by the sidelines, resigned to years of financial hardship. For starters, more baby boomers than ever are planning on working past the traditional retirement age. According to a report by the Transamerica Center for Retirement Studies, 65% of our generation plans to work past age 65.
So, when it comes to our financial future, there are conflicting factors at play. On the one hand, we clearly haven’t saved as much as we should. On the other hand, we are healthier and more active than any generation before us. We have skills, contacts and plenty of time to make money after age 65.
I’d love to get your take on this. Overall, are you optimistic about your financial future? Please join the conversation.
Do you plan on working after age 65? Why or why not? Please join the discussion.
Tags Retirement Planning