Retirement Challenges for baby boomers

Some 76 million baby boomers now reaching retirement age, and they represent nearly a quarter of the population of the United -United. The oldest of these, to 66 this year, probably considering retirement or have already done. About 10,000 per day to qualify for social security payments, and many of them have done a poor job in preparing for the faces.

According to an article in the American dream, a social commentary site, as much as 36% of those of generation of baby boomers have not contributed to a retirement plan of any kind. Among those who did, many relied on 401 (k) s and investment portfolios that have been seriously affected by the collapse of markets.

The Research Institute of Employment Benefits reports that 35% of the retirement age people are almost totally dependent on social security benefits for income, and only half of the remaining 65% have savings retirement $ 50,000 or more.

Annual Survey 2010 MetLife Employee Benefits Trends indicated that 62% of the youngest members of the generation of baby boomers and 60% of older members felt they were late in preparing the retirement. The survey also indicated 16% of boomers said they had not started planning for retirement, and 20% said they had no savings at all objective. The MetLife study interviews with policymakers 1,508 full-time employees of enterprises and 1412 age 21.

The question is, why did they not anticipate? Thirty-four percent of older baby boomers said they did not understand the process, while 39% reported not having money to invest in their future.

While many baby boomers may have done well in preparing for retirement, circumstances sometimes intervene. Half of those who retire will not retire by choice. Instead, conditions such as disability, death of a parent, downsizing or closure of a plant get them to end their careers earlier than expected.

The disturbance interferes with plans for continuing contributions to their nest egg and lengthens the amount of time they spend in retirement, based on what they have accumulated.

in some cases, the baby boomers have also delayed having children, leaving them nearing retirement that their offspring are completing college.

The main issue in retirement planning is procrastination, with many baby boomers not address their concerns until they reach their 50s, and then it may be too late achieve their goals forcing them to make difficult decisions: "Do we reduce the size of our house, postpone retirement, part-time work during retirement or to try to live with less?

false common potential retirees arise ideas discuss their plans. Most people underestimate what they need or what they want to live in retirement. There are costs for basic needs continue to increase, even when they retire -. Gas, food, taxes, insurance, and this causes a surprise when they realize how much they will have to supplement what Social Security provides retirement

it is never too late to start planning, but if you wait too long to start, it may be too late to achieve your goals.