Baby Boomers and Retirement
Retiring is not as simple as just drawing a proverbial line in the sand and stopping work when you get to a certain age. If it were that easy, the world would certainly be a different place. The facts are rather startling -- 76 million Baby Boomers in the United States, more than 40 million of whom are already age 65 or older. These Baby Boomers will retire at a rate of 10,000 per day for at least the next 15 years. By 2030, more than 20% of the U.S. population (almost 73 million Americans) will be age 65 or older.
For these folks to maintain even their current lifestyle, they will have to have retirement savings in place. Retiring means you will have to have enough money set aside to take care of all your basic expenses plus any and all unforeseen bills or events. For instance, you have to take care of medical bills, funeral costs, or even simply heating or power and water bills. Some things are easy to take for granted, like your car. If a sudden repair is needed that costs more than expected such as engine replacement or rebuild, it can run into thousands of dollars.
The average pre-retirement Baby Boomer does not have enough savings for their retirement years and one third of Americans have no retirement savings at all.
Making certain that your future is safe by saving or at least planning properly for retirement is essential. “Getting professional advice, and seeing what the best plan is for you is a good idea.
It’s better to start planning sooner rather than later,” said Executive V.P. of Sales at David Lerner Associates, Martin Walcoe.
Take control of your own life and, and make sure your finances are secure.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Member FINRA & SIPC
Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com