Retirement
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Believe it or not, today’s retirees are experiencing what you might call a Golden Age.  This means that current retirees, at least many of them, are living rather comfortably.  They have enough money to last throughout their retirement, their health care is secure, and they don’t have to worry about working in order to supplement their income.

Unfortunately, many believe that those days are over.  The new batch of retirees are discovering that they might not have it as easy as many of their older counterparts.  Let’s take a look at some of the facts concerning this possible death of the Golden Age of Retirement. (https://www.msnbc.msn.com/id/47063385/ns/business-personal_finance/#.T6fb1dVDNnU?utm_source=facebook&utm_medium=social&utm_broadcast=b36d5902-4b3c-4a11-a419-425dd223acc4)
Fact #1:  Older Baby Boomers will have an easier time than their younger brethren.
Baby Boomers who are enjoying retirement right now are doing exactly that: enjoying it.  Many of these lucky millions are well off thanks to such things as company pensions, sizable inheritances, the equity in their expensive homes, and a number of other luxuries.  Unfortunately, the same is not true for people who are currently approaching retirement, including the younger portion of the Baby Boomer clan.  These new retirees are not in the same financial circumstances that their older peers are.  This is why many are saying that this marks the end of the Golden Age.
 
Fact #2:  Spending has not stopped.
Spending has always been a problem for millions of Americans.  We want what we want, and many of us are likely to buy items that we desire even when we can’t afford it.  This is especially true for a number of Baby Boomers, because many of them were quite comfortable with their finances, and had the money to spend.  They were never afraid to spend their cash, because more was always on the horizon.  Spending money isn’t a crime, of course, but if you choose to do so, then you need to also make sure that money is being put away for your future.  Unfortunately, this doesn’t seem to be happening as much as it should. (https://www.nytimes.com/2011/10/29/business/americans-savings-rate-drops-again-puzzling-experts.html)
 
Fact #3:  The recent financial crisis is partly to blame.
Four and a half years ago, we entered an era dubbed the Great Recession.  Since then, millions of Americans have either lost their jobs, seen their financial portfolio dwindle, or both.  Officially, this Great Recession ended in 2009, but the effects have proven to be long-lasting.  Many people approaching retirement are still reeling from their own financial collapse, whether that may be due to a severe decrease in inheritance, a lack of a company pension, or some other similar reason.  Of course, people need to realize that the financial crisis isn’t the only reason they’re experiencing problems.
Fact #4:  The recent financial crisis isn’t the only issue.
While many people have blamed the financial crisis for their troubles, and rightfully so, a number of individuals approaching retirement have caused their own problems.  The most important of these is also the simplest … they are, flat out, not saving for retirement.  They are procrastinating each and every year, and all this will do is ensure that their retirement doesn’t exactly go as planned.  Some of these individuals may have been hurt by the financial crisis as well, but their actions are not helping things to get better.  No one is going to save for your retirement for you.  It’s all up to you.  Future retirees have a difficult road ahead, and if you don’t take steps to avoid the pitfalls, you may find yourself looking back with regret.
If you would like to get on a path where you can avoid the pitfalls, schedule your free, no-obligation appointment with our experts.
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