The good news is that statistically you are going to live longer than your departed relatives. Cases show that the average baby boomer will live 2 decades more that their related predecessors.
The bad news is, will you have enough money to live a long happy and carefree life?
Statistics say no!
The average baby boomer that has or is going to retire has not saved enough money to live their life out. Today only about 24% of all baby boomers are confident that they have enough money saved to live this longer life.
This is a staggering statistic relating to baby boomer retirement income!
The way baby boomers are perceiving retirement is changing from the way their parents did. They are now expecting that most will retire later in life (closer to age 70) and possibly work part-time in retirement to create a supplemental income for them to be able to do things such as travel.
Today we will discuss the reality of the baby boomer situation, the crisis among us, if we can depend on social security as help, and what can I do to help me live a more fulfilling life in retirement.
Oh, where to start?
Reality Stinks! The baby boomer retirement crisis!
Some retirement experts are saying that you will need about 80% of you pre-retirement income to live the same lifestyle that you are living at the time of retirement.
For most, this is not a reality.
Amazingly only about 45% of baby boomers have a retirement savings and 60% expect social security to be a major source of retirement income.
Don’t stick you head in the sand!
Only 40% of baby boomers said that they have tried to calculate how much money they will need to live out their lives and only 60% have included health care costs in those calculations.
As baby boomers begin to reach retirement age of 65, here are the statistics for 2017:
- 25% are fully employed
- 12% are in part-time employment
- 39% say they are fully retired
- 4% are unemployed
- 13% are claiming disability
- 7% fall into the “other” category
Some are indicating that these numbers are supportive because of baby boomers that had to care for aging parents and had to support their children longer. However, these numbers are getting better in the favor of the baby boomer and x generations.
As of today, only about 23% of baby boomers think they will have enough money to live their life out without running out of money.
Even though some of these statistics are staggering and hit you right between the eyes (as to say), there are things everyone can do to help their own personal situations and secure a better future.
Today, many are rethinking what “retirement” really means and how they will live through those years.
This can be exciting times also!
Will Social Security be there when I need it?
The United States Federal government says that the social security fund will run out in 2034. I say, get off you rear ends and fix this problem.
You created it, now fix it!
With 60% of baby boomers citing that they are relying on social security to be a major source of retirement income, this problem should be on the high priority list for all representatives in Congress today.
I wrote an additional article on Social Security and how it will affect you in retirement. This is another good source of information for you to help better understand how we will hopefully benefit from social security.
Time to be real!
The experts have recommended through the years that you should have enough money in your retirement fund to only withdraw 4% annually to comfortably live. This will ensure for most that you will have enough money to live out an independent life financially and not have to rely on your family for support.
This for some seems like an impossible task, but later in the article I will be discussing options to help you learn how you can earn passive income during your golden years.
What can I do to help ease into this concept called “retirement”
If you haven’t already, you can seek the advice of a wealth management experts that can help you put together your plans for a financially secure retirement. One of my biggest regrets is not seeking this advice earlier in my life while I was saving for today.
Make a budget and stick to it is probably the most important thing you can do. By projecting what your fixed expenses and what your variable expenses will be in retirement will allow you to put together a realistic plan for a retirement budget.
Also, budget for the large ticket items such as the purchase of a car or truck. Include things such as major upgrades and repairs to your home.
Don’t go crazy with the credit cards. Obviously, the least amount of debt will be better for you and keep you from stressing over your bills.
Create you plan and work that plan!
The better you plan and the more disciplined you are with that plan, the more your will enjoy being retired and doing the things you always dreamed and wished about doing.
Today, making a passive income online can be for real!
Baby Boomers are known as the workaholic generation. For most of us, stopping work doesn’t mean to stop. If you are like me, you still have the need for social engagement and to have the feeling of leading a productive and useful life.
Most people work in the corporate world all their adult life or they have their own business, typically a brick and mortar store-front.
With the advent of the internet, your choices have been broadened.
Security on the web is still a major concern, but there is a bunch of protection options out there as well. I know this was one of my major concerns and also of being scammed by someone just looking to profit from someone else’s misfortune.
Just like a lot in life, you have to be very careful and stay informed so you can make the right choices that lead to a better life for you and your family.
So my journey to have the freedom of working from home, having the extra time to spend with my family, and watch my grandchildren grow up; lead me to the world of Affiliate Marketing online.
This article will tell you about my motivation and outcome in getting involved in affiliate marketing online to satisfy my goals and requirement as a retired person.
This story will tell you how I got involved with Wealthy Affiliate, the #1 ranked and safest affiliate marketing company today.
Get busy! Relaxing times are here!
As a baby boomer such as myself, you may be looking for what is next on the horizon or just ready to kick back. No matter where you are at, you deserve a long, healthy, and relaxing life.
My goal here was to inform you of the reality of the baby boomer situation, the crisis that is among us, if we can depend on social security as help or not, and what can I do to help me live a more fulfilling life in retirement.
I hope I have accomplished that and hope you have found this article of value and helpful in your journey towards retirement.
If you wish to pursue more information about Wealthy Affiliates, you can get a free membership with no credit card and no time limit.
Go for a free test drive and see if this might be something for you as well.
I personally have found it very rewarding and fulfilling, not to mention a big challenge!
If you have any question or comment, please leave that below and I will get back to you ASAP.