Baby Boomers retiring in droves and the banks are issuing study results galore about retirement and baby boomers who will be flooding the market over the next several years looking for something to do. The first wave of baby boomers turns 65 this year. As a result, if they have not already retired prior to 65, then many will begin retiring this year.
The banks do all of these studies and report the obvious. Many are concerned about retirement. What will they do, do they have enough money? Will they be bored and will they go back to work? The answer is yes to all of the questions. Also no to all of the questions. It really depends on the person and the situation that they are in.
How Silly Are These Surveys?
I have a neighbor who retired last year at 65. His wife has been retired for several years. She is a retired teacher and he retired from a senior job at the government. We chatted one day. He expressed the concern that they do not know if they have enough money for retirement! Well of course they do,. But it comes down to lifestyle and how they want to live their life after retirement.
So forget all of these so-called surveys and focus on your situation.
Baby Boomers Retiring – Plan For the Future Now
Regardless of age (if non-baby boomers are reading this post, then you should pay attention to this part), you should have a financial plan. It does not have to be complicated. Basically, you need to assess what your retirement lifestyle desire will be in real terms. Then map out a financial plan to help you achieve your goals.
The later you start this plan the more difficult it will be for consumers to achieve their objectives. Starting early makes it very easy. While starting at 65 really means you must live on what you have and the pension income that you take in. A financial adviser can assist you with the development of the plan in terms of the numbers. However, you are the one who must do the work along with your spouse. Decide what kind of lifestyle you want and what you can afford.
The bank surveys also show those baby boomers are concerned about their health and what impact their health will have on their retirement. Obviously, if you are in ill health, you are not going to be able to some of the things you planned on. All you need is one serious bout of sickness to make you realize that life is precious and you had better enjoy it as much as possible while you can.
Once you have a stroke or some other debilitating problem, no matter how much money you have, you are not going to be able to do all of the things you planned on including travel, sports, etc.
In Canada, medical costs do not play as significant a role as they do in the US because the government covers our routine medical costs. In the US, if you get sick and have no coverage, then you run the risk of either being totally broke or you do not get treatment and you die prematurely from something that is easily treatable.
Baby Boomers Retiring – Summary
The bottom line is to plan for your retirement taking into account your lifestyle needs and desires along with the amount of money you expect to have available during retirement. The two will have to be balanced no matter how much money you have. Apply a business-like manner to managing your assets and grow them to ensure that you have what is needed for retirement. For baby boomers, it is never too late to develop your plan, however, you will need to limit your objectives in order to meet your goals and objectives for retirement.
Enjoy your life now. If health issues become significant, they will put more of a crimp on your activities than money ever will, so figure out what you want out of life and go after it while you still can.