Retirement Readiness
Certified financial planner and author of "Retirement Readiness" Mike Bonacorsi, CFP, says, "I still find that people aren't taking all the information that's out there about retirement and applying it to their own lives. Maybe it's because I'm a boomer myself that I'm paying more attention to the idea of retirement readiness. I remember when my grandfather left the mills of Lawrence, MA. He retired at sixty-five and lived to sixty-nine. Retirement for him was short and uneventful. Now, my friends and clients are getting ready to retire and are talking about a completely new world awaiting them. Before they get there, however, they need to get ready."
Things are different now. Between 1946 and 1964, during the postwar baby boom, more than 78 million Americans made their appearance, and now sixty years later, the world is getting ready for us. Our retirement lifestyle will be much different from that of our parents.
Activity is one of the keys to a longer life, whether you choose to golf, bowl, dance, run or walk. The physical and social benefits of taking part in an active lifestyle are key to living a long and fulfilling life.
Many of us will find that we still want to or, in some cases, have to continue to be productive. About 80 percent of the boomers retiring say they would like to continue to work. We may not want to continue in the same job, but this could be the opportunity to try something new.
The disappearance of the traditional pension plan and the concerns of Social Security have taken away what have been in the past a security blanket to support the retiree. Retirement will have its challenges. Our longer life expectancy will create for those living on fixed incomes.
Retirement is a long time, and we probably will not increase our savings substantially even if we continue to work. Overspending of our retirement savings in the early years and poor money management can have a lasting effect on our account values that may be impossible to recoup. That's why it's critical for us to take time to create a plan for our retirement.
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