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.
By now, you’ve probably already heard of Tim Ferriss, the author of the New York Times Best Seller “The Four Hour Workweek.” If so, you may have the impression that Tim Ferriss’ advice is mostly aimed at people in their 20s and 30s who want to quit their job and travel around the world.
Baby boomers have diverse opinions about what makes the “perfect retirement”. In fact, most of us aren’t planning on retiring at all, at least in a traditional sense. Instead, the majority of baby boomers say that they want to continue to work past retirement age, either in their existing job or by starting a new career. The rest are looking forward to taking a well-deserved break after decades in the workforce.
Most baby boomers dream of owning their home in retirement. Whether they plan on staying put or moving to a new country, they find the idea of owning their home “free and clear” extremely comforting.
On the surface, having a retirement age is a fantastic idea. Who could argue with the concept that, after decades in the workforce, people should be able to relax and enjoy the fruits of their labor?
If you believe in the traditional view of retirement, life after 65 should be filled with trips to the golf course, martinis by the pool and plenty of TV time. Setting aside the question of whether such a life would be healthy or fulfilling, it is clear that few of us will be able to afford it.
What are the best places to retire? Do you want to downsize in retirement? Or, are you looking for a larger home to make room for all of your passions? Do you plan on staying where you are now? Or, have you picked an exotic place in a far-off corner of the world to retire to? These are just a few of the many questions that baby boomers are facing as they decide where and how to live in retirement.
As many boomers know, trying to keep your career moving forward after 50 can be a frustrating experience. Aging stereotypes are just part of the story, but, they are an important part.
In a recent report titled “A New Vision for Older Workers: Retain, Retrain, Recruit”, Dr. Ros Altmann goes so far as to say that, in the U.K. most women find their careers grinding to a halt at age 45. Men get another decade of career growth before reaching a plateau, but, even they find it difficult to advance after age 55.
What is retirement planning? It’s a simple question, right? Doesn’t everyone know that getting ready for retirement is all about putting enough money away so that we can live comfortably on our investments? At least, that’s what we have been told. For decades, our employers have reminded us to max out our 401K.
If you’re looking for unusual retirement gift ideas for women, we have you covered! Of course, the classic idea of a retirement gift is the “gold watch,” given by companies to retiring employees after decades of faithful service. But today, with more women over 60 reaching the end of their full-time careers, what are some more appropriate and thoughtful retirement gifts for women?