Financial surveys have shown that roughly half of Boomers above the age of fifty have insufficient financial resources to retire in the life style they had envisioned. Many have only a portion of the assets financial planners say they will need to sustain twenty or thirty years of retirement. Some have no assets at all except for the expectation of social security or receiving a pension.
Older Boomers have been hit especially hard by the Great Recession. For many, half or more of our lifetime savings invested in 401Ks disappeared before we managed to stop the bleeding. Most of us were depending on our home equity to fund a large portion of our retirement, but that evaporated and many Boomers remain upside-down on their mortgages. Many more lost their homes. The worst thing is that older Boomers do not have time to make up these losses before age and industry force retirement upon them.
As reported recently in Fox Business:
According to a new study, only two percent of middle-income Baby Boomers feel the economy has fully recovered from the financial crisis that began in 2007.
The survey, “10 Years After the Crisis: Middle-Income Boomers Rebounding But Not Recovered,” by Bankers Life Center for a Secure Retirement, finds that Boomers’ lack of trust in institutions has led to permanent financial impairment.
“[Before the Great Recession] Boomers had a clear vision of what a personally satisfying retirement looked like,” said Scott Goldberg, president of Bankers Life. “But today, many are realizing they will not be as financially independent in retirement as they once expected.”
Goldberg discussed with Fox Business how Boomers have struggled during the slow recovery to rebound financially, and how most have readjusted their retirement expectations to meet their new reality.
Whatever your situation, there are still options and alternatives. Despite your circumstances, most Baby Boomers can still comfortably retire. It just takes a little more planning and an enhanced perspective of retirement possibilities.
Here, we show you how to reduce expenses to stretch your retirement dollars without sacrificing a comfortable lifestyle. We provide practical advice and research that can immediately benefit your wallet.