The entire generation born between 1946 and 1964 are at or nearing retirement age. Baby boomers retiring will have a great impact on the boomers themselves and on society as a whole. Concerns include the challenges of living on what may be considerably less income for many, the factor of age-related illness, and the potential of having to delay retirement due to changes in Social Security regulations.
A significant event is occurring for one of the most significant generations in American history. We are in the process of witnessing baby boomers retiring. CBC News just released a new poll that stated, "A majority of baby boomers say they have taken a financial hit in the past three years and most now doubt that they will be financially secure after they retire, according to a new poll."
Older workers typically begin to get serious about their retirement exit strategy during their final few years on the job. But the sooner you start, the more time you'll have to explore your options and, if necessary, get your plans on track. Think of it as planning a long, expensive vacation for which every detail matters, rather than deciding at the last minute to take a weekend trip. "Deciding to retire without having substantially completed specific tasks can put a successful transition and a satisfying retirement at risk."
Long-term care costs can be particularly devastating. A 65-year-old man faces a 27% chance of needing long-term care, said actuarial expert Christopher Raham, while the same age woman has a 32% chance. "Together, a couple has a 50% chance of having a long-term care 'event'," said Raham, a senior actuarial adviser for Ernst & Young in Atlanta and head of the company's retirement income innovation team. "And the average cost is about $150,000."
Don't expect a big inheritance from your boomer parents - even if they are rich. Less than half of millionaire boomers say that leaving money for their kids is a priority for them, according to a 2011 U.S. Trust study. But 64% of boomers say they plan to use their money to travel and more than one in three say they want to use it to "have fun."
Boomers are untying the knot at a record pace. The divorce rate for people over 50 has doubled in the past 20 years, says the National Center for Family and Marriage Research at Bowling Green State University, compared to a slight decrease in divorce overall. More than 300,000 couples over 50 divorced in 2008, and if the rate continues to grow at current levels that number will jump to more than 400,000 in 2030. What's fueling this trend? Empty nesters who find they are a lot less compatible when the kids aren't around is one reason, says Toronto-based psychologist Tami Kulbatski.
Baby Boomers will be a large draw on our countries resources and will increase the need for drugs and healthcare. The Canadian government is about to take steps to take away some of the benefits the Boomers have paid for during their working life. Government Mismanagement and frivolous spending by our governments, G-20 and G-8, will now have the tab picked up by the Baby Boomer generation.
A significant event is occurring for one of the most significant generations in American history. We are in the process of witnessing baby boomers retiring. CBC News just released a new poll that stated, "A majority of baby boomers say they have taken a financial hit in the past three years and most now doubt that they will be financially secure after they retire, according to a new poll."
Older workers typically begin to get serious about their retirement exit strategy during their final few years on the job. But the sooner you start, the more time you'll have to explore your options and, if necessary, get your plans on track. Think of it as planning a long, expensive vacation for which every detail matters, rather than deciding at the last minute to take a weekend trip. "Deciding to retire without having substantially completed specific tasks can put a successful transition and a satisfying retirement at risk."
Long-term care costs can be particularly devastating. A 65-year-old man faces a 27% chance of needing long-term care, said actuarial expert Christopher Raham, while the same age woman has a 32% chance. "Together, a couple has a 50% chance of having a long-term care 'event'," said Raham, a senior actuarial adviser for Ernst & Young in Atlanta and head of the company's retirement income innovation team. "And the average cost is about $150,000."
Don't expect a big inheritance from your boomer parents - even if they are rich. Less than half of millionaire boomers say that leaving money for their kids is a priority for them, according to a 2011 U.S. Trust study. But 64% of boomers say they plan to use their money to travel and more than one in three say they want to use it to "have fun."
Boomers are untying the knot at a record pace. The divorce rate for people over 50 has doubled in the past 20 years, says the National Center for Family and Marriage Research at Bowling Green State University, compared to a slight decrease in divorce overall. More than 300,000 couples over 50 divorced in 2008, and if the rate continues to grow at current levels that number will jump to more than 400,000 in 2030. What's fueling this trend? Empty nesters who find they are a lot less compatible when the kids aren't around is one reason, says Toronto-based psychologist Tami Kulbatski.
Baby Boomers will be a large draw on our countries resources and will increase the need for drugs and healthcare. The Canadian government is about to take steps to take away some of the benefits the Boomers have paid for during their working life. Government Mismanagement and frivolous spending by our governments, G-20 and G-8, will now have the tab picked up by the Baby Boomer generation.
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