As baby boomers, retiring can raise a lot of concerns. It’s something to look forward to, true enough. Recent statistics show that 74% of us are looking forward to retiring so we can be free. We’re ready for independence, and ready to live out the rest of our lives making ourselves happy.
But retirement can also be a frightening and uncertain time. As more and more baby boomers approach the age of retirement, they start to realistically address their concerns. The biggest concern of baby boomer retirement is that there won’t be enough money to retire off of.
Dealing with Low Funds at Retirement
If you’re one of these people, there are several ways to deal with this concern. For starters, sit down and look at what you have saved up. You should be actively keeping up with your 401(k), annuities, and anything else you have saved up or set aside for your retirement. Add it all together.
Now it’s time to create a realistic budget. If you plan on moving, look at how much you’ll have to spend to live comfortably when moving to your designated area. This may include research, but it’s necessary in order to make the adjustments needed.
Along those lines, a big part of retirement planning is being prepared. So if you feel like you’re not prepared, you need to take steps to get prepared. Twenty-five percent of baby boomers feel like they’ll never retire. While we don’t know everyone’s individual circumstances, retirement should be possible for everyone.
Perhaps instead of never, your thoughts can be readjusted to think “I’ll just retire later.” The longer you wait to retire, the more money you’ll get from your social security fund. So perhaps if you planned on retiring at 55 or 60, you can add 5 or 10 more years onto that. Retiring at age 65 is the best way to get all of your benefits from social security. You may not want to do it, but in your case it may be necessary. In the end the sacrifice is well worth it.
Tags: Baby Boomers Retiring