Thursday, February 5, 2015

Planning for Retirement: Security for Baby Booomers

Working in the golden years have proved that baby boomer's attitude towards retirement has dramatically changed. A lot of people who are 55 years old and above are still active in the workforce and some are still looking for career opportunity despite their old age.
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One reason why boomers are delaying their retirement is the staggering cost of health care, the longer they work, the bigger chances of having to save more money.  However, planning to work beyond your retirement age may not always come in handy. Statistics showed that 41% of retirees stopped working earlier than expected or planned. The most common reason is poor health, downsizing and closure only comes in second while the remaining demographic showed that boomers quit their jobs to provide care to a family member requiring long-term care services.

Americans spend an average of 20 years on retirement, having enough funds to live comfortable 2 decades down the road may be feasible, but contingencies and other unforeseen variable will make it difficult to cover all the expenses.

If you are one of the boomers who are planning to retire early should make sure that they are completely ready to face the wonders and the challenges of the golden years. Wondering if you have the financial means to retire early and be able to support longer life expectancy, you may be able to use this guide from longtermcareprimer, that provides the factors to consider when planning for retirement, which includes finances, long-term care and your readiness to enter a new chapter in your life.

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