MainNav
Excited woman
Email This Article View/Print as .pdf

Baby Boomers Look toward Retirement

Over the next two decades, the most chronicled generation in America will gradually enter retirement. At that point, each wave of baby boomers will quickly discover if their retirement plans, Social Security, and personal savings will be sufficient to maintain their existing lifestyles and needs.

Baby boomers—a name given to those born from 1946 to 1965—have been noted for their creation of the “computer age,” quest for physical fitness, and expectations for living long and full lives. Now, as the boomers pass into middle age, many are beginning to focus their attention on retirement.

Unlike the previous Great Depression-to-World War II generation, many baby boomers believe they cannot depend on receiving Social Security benefits during their retirement years. In fact, many economists question the future “security” of the Social Security trust funds.

To further compound concern, many employed boomers may not have employer-funded retirement plans. Since, in today’s work world, employees, rather than employers, generally assume full responsibility for funding their retirement plans, it is no surprise that uncertainty and worry occupy the minds of many of those without guaranteed pensions.

Broadening Perspectives

What can boomers do to determine if their savings and assets will sufficiently fund their retirement years? Definitive answers are often elusive. After all, life is often filled with many variables, and no one really knows for sure what the future holds. However, even with these constraints, boomers can gain much insight by estimating and analyzing the following:

o potential income sources (e.g., income-producing real estate, inheritances, etc.);

o projected balances of retirement and savings plans;

o costs of future health care needs;

o annualized rate of inflation over retirement years;

o amount of Social Security income to be received;

o percentage of present income required during retirement years;

o length of years retirement may last or life expectancy.

Survey Says. . .

A 2002 survey conducted for the AARP* found that only 20% of boomers are very satisfied with their personal finances. In contrast, 31% feel their financial situation is worse than they expected at this stage in their lives. Only about one-half of boomers, 51%, feel confident that they will achieve their financial goals.

As is true of every generation facing the retirement planning process, baby boomers should have a disciplined savings program in place. If you’re a baby boomer, keep in mind that periodic or haphazard deposits may be counterproductive. With a commitment to success and a scheduled plan, you can work toward building the necessary retirement funds to secure your own financial future.

Source: Liberty Publishing

© 2012 selfierussia.ru | Contact Us | Site Map | | | | About Us | Follow us

Related pages


weekend bookkeeping jobspayroll coordinator job descriptionmedical billing coordinator job descriptionresume certification samplecareer objective for mba financeresume samples for banking professionalsaccounting jobs in des moinesfp&a salaryforensic accounting salariessupervisor defaccountant general ledgerentry level bookkeeper resumeaccounting administrative assistant dutiespayroll job openingsaccountancy tax directaccount representative resumepayroll director job descriptioncv example for accountantsample banking resumesresume wording examplesaccounting jobs in dayton ohiorestaurant supervisor job description samplesupport clerk job descriptionbest financial analyst resumecustomer service duties and responsibilities for resumecover letter accounting graduate no experienceit specialist resume examplesaccounts payable titlesaccounts payable specialist job descriptionjunior accountant resume samplecfo taskssenior financial analyst resume samplecollection associate job descriptionbisk cpe941 reconciliation to general ledgersenior staff accountant resumeaccountancy cv examplespto job descriptionscaseview financial statementschief cashier job descriptionaccounts payable accounts receivable job descriptionduties of a tax prepareraccounting payroll clerk job descriptionaccounts receivable accountant job descriptionduties of an accounts receivable clerkaccountant jobs kenyaresume for cfosample bpogeneral clerk resumedcp role descriptionssenior accountant cv formatadp pc payrollresumes for entry level jobsretail duties job descriptionthank you notes for interview samplesjunior internal audit jobsassistant accountant sample resumeresume template for accountantvp of production job descriptionsample of a ledgeramper politziner & mattia llpcpaexcel reviewswebsites to post resumessample resume for accounts payable specialistdepartment of treasury functionarkansas cpa exam requirementsaccounts payable resume samplesaccounts receivable analyst job descriptionmortgage collections jobsinvoice processing in oraclemaryland state board of public accountancyaccounts receivable representative job descriptioncaseview financial statementscovering letter for accountant cvresume headline for accountantaccounts payable resume skillsjob description of a tax preparercv example accountantlitigator job description