The Baby Boom generation is famously facing its retirement years, with the first post-WWII babies having turned 65 last year. But they are still very uneasy about their retirement prospects, especially for the long term. The Insured Retirement Institute surveyed Americans ranging in age from 50 to 66, and found that the majority of them expect their financial picture to be get worse as they age.
Sixty-two percent of the respondents said that they expect their personal financial situation will be worse off in five years than it is now. Sixty-four percent expect to have to rely on income from jobs they'll take on after their retirement. The number of people expecting to retire after the age of 66 is up to 35 percent, whereas it was 28 percent a year earlier.
It doesn't have to be this way, of course. With proper financial planning, you should be able to enjoy a comfortable retirement, where the only job you need to take on is baby-sitting your grandchildren. If you're concerned about where your finances will be five years from now, feel free to give me a call.
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