Friday, February 20, 2015

Retirement Reality for Baby Boomers

The baby boomers generation is facing more challenge when it comes to retirement, if you are going to check updates and news about the baby boomers, you will find out that most of the issues concerning them have something to do with retirement and financial planning. This is because all boomers are in their retirement years now and majority of them are still struggling to build a nest egg.
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One of the things that bothers baby boomers is the current cost of health and long-term care, a report at sun life financial ( showed that people, especially elderly, are more worried of  having to pay for costly health and long-term care expenses than dying because of illness. The burden brought about by the high price tag when you have to deal with debilitating injuries and chronic illness does not only include financial burden but mental and emotional as well.

This is the very reason why retirement, which used to be plain and simple is now becoming more of a dilemma to baby boomers. Statistics at longtermcareprimer revealed that the average savings of a 50 year old is only $43,797, while the cost of health care is estimated to be $220,000, and this does not take into account the cost of long-term care yet. This resulted to more baby boomers, seeking employment beyond their retirement years. In an article at huffington, it discussed the dilemma of facing retirement, stating that 22% of baby boomer said that they were spending more money in retirement than they had anticipated, resulting to shortfall.

Aside from the financial factors, most of baby boomers are having difficulties facing this new chapter of their lives due to psychological standpoint. Therefore before deciding to finally retire, you have to check if you are completely and emotionally ready to enter retirement years.

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