Well those of you who were expecting to reach 65 and retire to the golf course or the beach, think and plan again. According to most reports, lots of things are now different for today’s pending retirees, and some of them are actually good. The best part is that a “large percentage of the 78 million Americans who are classified as baby boomers are going to live anywhere from 10 to 25 years longer than their parents did,” according to a Yahoo Finance Post.
Other items of interest:
Retirement community living is less popular than a move to a smaller community with low-key living, or, just the reverse, a move to an urban area where proximity to services and activities. Both scenarios allow for better community engagement. Suburban living is isolating and, when care needs arise, hard to service.
Boomers are far less prepared for retirement than their parents. In fact, the boomers are, on average, “about $500,000 short of what they will need to be able to retire comfortably, and this generation will not be able to rely on the security of guaranteed pensions and Social Security that their parents enjoyed,” reports a TD Ameritrade Survey. With the high cost of care for those who want to remain at home, I suggest you look into Long Term Care Insurance now, so it is affordable.
So, we Boomers continue to work. We continue to enjoy life. We are looking for a better way to leave the earth to our offspring to enjoy.
Let’s just hope that “respecting elders” and being polite to those who are older gains in popularity, so, at least we can find a seat on the bus.