Baby boomers are afraid to retire. There are 77 million baby boomers who were born between the years 1946 and 1964. This large group of Americans are getting ready to retire,but do they have the resources to retire. Twenty five percent of the baby boomers claim they will never retire! A large majority of the baby boomers look at social security as the main stay of their income after retirement.
Personal Savings Have Been Reduced
The majority of the baby boomers claim their retirement funds, their pensions, their 401K plans and savings have lost value during the past three years of the economic crisis in the United States.
The majority of the baby boomers expect to work even after they are retired. The cost of maintaining health insurance and health care expenses are one of the main reasons baby boomers are afraid to retire.
Baby Boomers Without Savings
A quarter of the baby boomers have no retirement savings whatsoever. The large majority of this group are non white and have only a high school education.
Unrealistic Expectations In Retirement
The majority of Americans who retire have to scale back their expenses. To live within their means, they need to live a more modest lifestyle. Unfortunately, many baby boomers don’t get it. They think they’ll be able to live the same life style after retirement without adequate savings, pensions or 401Ks to support them. Cheryl Garet, of the Garet Planning Network, stated “most families have to make an adjustment from their working life to their retirement years.” Advertisements that show happy, relaxed couples strolling on the beach in a retirement community are unfortunately not the norm.
The Law Offices of Schlissel DeCorpo has been assisting senior Americans regarding wills and trusts issues for more than 45 years. We draft wills and trusts. We probate wills. We litigate will contests. We draft special needs trusts for special needs children. Elliot S. Schlissel is a member of The National Academy of Elder Law Attorneys. He handles elder care planning related to Medicare, Medicaid and nursing home issues.