Be aware that the average life expectancy may mean you need more money, because you will live longer than prior generations.Living to 80 or 100 years is now commonplace. A good rule of thumb is to plan for an additional 30 years of life after you retire at age 65, especially for those in good health.
Age of Retirement
The over-50 population today is actually the fastest growing labor group in America. This might have something to do with the economy, or the fact that this generation is outliving any previous generation and needs a job.
It's estimated that there are 79 million baby boomers, and in 2011 they started turning 65. This means 10,000 Americans will celebrate their 65th birthday every day for the next 18 to 20 years.
Can't Retire Retirees
More than a few older Americans, not yet eligible for social security, must take a low paying job to generate any kind of income. Even these jobs are becoming more difficult to get. Many are not financially prepared for an income that is a fraction of what they need to pay for household expenses.
*** Retirees face the worst economic climate in 80 years at the worst possible time.***
The impact of Baby Boomers continues at a relentless pace and will likely change our notions about retirement as millions and millions don't have enough income and savings to live life in their later years.
Happy Retirement Living
People used to look forward to stopping work, but in the 21st Century... getting the traditional gold watch followed by the eternal vacation and golf 'till you drop is gone.
Retirees used to depend on a pension plan and social security for income. Unfortunately, pensions and benefit plans have become obsolete, and many investments meant to take their place dropped in value with the financial implosion of the last three years.
Retirees today face investment losses, low interest on savings, and according to the latest reports — a reduction of 50% or more in the value of their home… which ends plans to sell the big family home, buy a smaller retirement home and add the rest of the profit to a retirement nest egg. Some won't see the lost equity come back in their lifetimes.
To make matters worse, the recent recession wreaked havoc on many. The price for food, gasoline and health care is not going down. Jobs are scarce, especially for those 50 and over.
How are YOU going to pay for things?
As they near the end of their go-to-work lives, many find themselves forced to rethink how they are going to pay for things. Many people have no choice but to reduce household expenses, and even sell their home and rent, buy something much less desirable, or move to a location where a lower cost of living helps stretch retirement savings.
Foreclosure is a real problem facing people who never in a million years thought they'd be homeleess.