The entire generation born between 1946 and 1964 are at or nearing retirement age. Baby boomers retiring will have a great impact on the boomers themselves and on society as a whole. Concerns include the challenges of living on what may be considerably less income for many, the factor of age-related illness, and the potential of having to delay retirement due to changes in Social Security regulations.
A significant event is occurring for one of the most significant generations in American history. We are in the process of witnessing baby boomers retiring. CBC News just released a new poll that stated, "A majority of baby boomers say they have taken a financial hit in the past three years and most now doubt that they will be financially secure after they retire, according to a new poll."
Older workers typically begin to get serious about their retirement exit strategy during their final few years on the job. But the sooner you start, the more time you'll have to explore your options and, if necessary, get your plans on track. Think of it as planning a long, expensive vacation for which every detail matters, rather than deciding at the last minute to take a weekend trip. "Deciding to retire without having substantially completed specific tasks can put a successful transition and a satisfying retirement at risk."
Are you confused about how much you can take out of your nest egg without running out of cash? The bad news: you're not alone. What constitutes a "sustainable" or "safe" withdrawal rate is the object of a lot of controversy in the financial-planning world these days. Many planners are persuaded by the research of CFP Bill Bengen, who has shown that a 3% to 4% withdrawal rate is safest.
You're a confirmed do-it-yourselfer who built a sizable retirement fund by the dint of your own sweat and investment savvy. Or you've been with the same adviser decades, and have been pretty happy with the results. Or you simply haven't thought about planning for retirement income; your whole focus has been on investing. Whatever your situation, you could benefit from a thoughtful, independent review of your retirement plan. Today's distribution rules and strategies for retirement accounts are mind-numbingly complex. It's easy to make a mistake, but often tough to fix those errors. Do-it-yourselfers often "don't know what they don't know."
Boomers are untying the knot at a record pace. The divorce rate for people over 50 has doubled in the past 20 years, says the National Center for Family and Marriage Research at Bowling Green State University, compared to a slight decrease in divorce overall. More than 300,000 couples over 50 divorced in 2008, and if the rate continues to grow at current levels that number will jump to more than 400,000 in 2030. What's fueling this trend? Empty nesters who find they are a lot less compatible when the kids aren't around is one reason, says Toronto-based psychologist Tami Kulbatski.
The notion that a failure to plan is nothing more than a plan to fail is one of the more heavily trafficked pieces of common sense, but it appears that the baby boomers are exempt from its wisdom. Instead, it will be their children who will be forced to cover the costs associated with their failure to prepare for retirement.
A significant event is occurring for one of the most significant generations in American history. We are in the process of witnessing baby boomers retiring. CBC News just released a new poll that stated, "A majority of baby boomers say they have taken a financial hit in the past three years and most now doubt that they will be financially secure after they retire, according to a new poll."
Older workers typically begin to get serious about their retirement exit strategy during their final few years on the job. But the sooner you start, the more time you'll have to explore your options and, if necessary, get your plans on track. Think of it as planning a long, expensive vacation for which every detail matters, rather than deciding at the last minute to take a weekend trip. "Deciding to retire without having substantially completed specific tasks can put a successful transition and a satisfying retirement at risk."
Are you confused about how much you can take out of your nest egg without running out of cash? The bad news: you're not alone. What constitutes a "sustainable" or "safe" withdrawal rate is the object of a lot of controversy in the financial-planning world these days. Many planners are persuaded by the research of CFP Bill Bengen, who has shown that a 3% to 4% withdrawal rate is safest.
You're a confirmed do-it-yourselfer who built a sizable retirement fund by the dint of your own sweat and investment savvy. Or you've been with the same adviser decades, and have been pretty happy with the results. Or you simply haven't thought about planning for retirement income; your whole focus has been on investing. Whatever your situation, you could benefit from a thoughtful, independent review of your retirement plan. Today's distribution rules and strategies for retirement accounts are mind-numbingly complex. It's easy to make a mistake, but often tough to fix those errors. Do-it-yourselfers often "don't know what they don't know."
Boomers are untying the knot at a record pace. The divorce rate for people over 50 has doubled in the past 20 years, says the National Center for Family and Marriage Research at Bowling Green State University, compared to a slight decrease in divorce overall. More than 300,000 couples over 50 divorced in 2008, and if the rate continues to grow at current levels that number will jump to more than 400,000 in 2030. What's fueling this trend? Empty nesters who find they are a lot less compatible when the kids aren't around is one reason, says Toronto-based psychologist Tami Kulbatski.
The notion that a failure to plan is nothing more than a plan to fail is one of the more heavily trafficked pieces of common sense, but it appears that the baby boomers are exempt from its wisdom. Instead, it will be their children who will be forced to cover the costs associated with their failure to prepare for retirement.
About the Author:
Learn more about WETT Inspections in Barrie, ON. Stop by The Barrie WETT Inspector's site where you can find out all about Certified WETT Inspections in Barrie, ON for all your Wood Appliance inspections.
No comments:
Post a Comment