There’s no question that every generation has its share of unique challenges, but with the Retiring Baby Boomers generation hitting retirement age, this brings up a lot of questions that will need to be answered not only for individuals, but also for their country, its retirement safety nets and social security systems as a whole.
When it comes to Baby Boomer concerns, retirement has to top the list for a wide variety of reasons.
Will There Be Social Security?
The first is the threat on their safety net of Social Security. Despite working for decades and spending their entire lives paying into the Social Security system, there are constant talks of changing it. In the UK for instance, they already have and many women now have to work longer before they get a pension.
It is a worry what it will be like for our children in the future when they reach retirement age.
Many Retiring Baby Boomers see Social Security as a major safety net and a big part of their retirement income.
Will it be there for you?
I am not sure!
Do You Have Enough Saved?
A second major concern with Retiring Baby Boomers is their private pension accounts.
Most Retiring Baby Boomers are finding they don’t have nearly enough money saved to live the type of life they want in their “Golden Years”.
Many are finding they are only a few years away from retiring and don’t have enough saved to even come close to maintaining the life they already have.
The stock market crash of 2008-2009 with the onset of the Great Recession did not help matters at all.
How Long Will You Work?
This is also bringing up the problem of many Retiring Baby Boomers having to realize they need to keep working beyond the age of 65. Some need only part time jobs to supplement their income, while others are discovering that they will need to continue to work full time.
While a part time job they enjoy is never a bad idea, and can actually have huge health benefits later in life, this can be a frustrating thing for people who worked their entire life and expected to be able to stop soon.
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These are some of the largest concerns facing a Retiring Baby Boomer population.
As more and more Baby Boomers look to retire, many need to roll the camera forward and decide what it is they are going to do and how they will manage.
If you are someone younger reading this, then no matter what your age, retiring is something you will face one day and the time to plan for it is now.
I hope you got some value from todays post 3 Top Money Concerns for Retiring Baby Boomers. Please feel free to leave me a comment below if you did, I would really appreciate it.
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