Baby Boomers are going to have difficulty retiring. Recent studies indicate that baby boomers will work four years more than earlier generations due to the economic problems they have faced in recent years. The years following retirement are referred to as the “golden years”. There may not be much gold left for the baby boomers!
Baby boomers are individuals who were born between 1946 and 1964. There are approximately 77 million baby boomers. This represents 37% of the nation’s population that are age sixteen or older.
Retirement – A Grim View
Baby boomers have supposedly been saving during the course of their lifetimes for their golden retirement years. Unfortunately their savings have been involved in stocks, bonds and real estate that has been devastated by the recent economic crisis in the United States. The past five to seven years have had a negative effect on the net worth of a large portion of the baby boomers who are expected to retire during the next five to seven years.
Even the baby boomers whose investments have not been effected by the recent economic down turn may be hesitant to retire due to concern over their financial future.
In a recent survey by certified public accountants shows that their clients who had assets between $500,000 and $5,000,000 were concerned about retiring and were prepared to work four or more years before retiring. If individuals with such substantial assets are nervous about retiring, the picture is even more bleak for baby boomers who do not have savings.
“Boomers have been scarred by the economic turmoil in the past two years and face complex challenges going forward” Clark M. Blackman III recently stated. Mr. Blackman is the chair of the American Institute of Certified Public Accountants Personal Financial Executive Committee. Baby boomers golden years may be less than golden!
Member of National Academy of Elder Law Attorneys
Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. His law office probates wills, deals with contested wills and estates, drafts wills, and provides estate planning for their clients. They also draft revocable living trusts and irrevocable trusts for their clients. The law office provides all types of elder care legal services including dealing with issues of nursing home abuse, medicaid planning techniques and actually applying for medicaid for their clients. The law office also deals with children with special needs and the drafting of special needs trusts for these children. Call for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350- 2802. Link to Wills Website