Retirement Savings -Why we must plan....So many of the boomers are in denial about retirement savings -- we look towards the day we no longer have to work, and we can do whatever we care to with our day. But are we truly doing the best financial planning for retirement? Many of us to think retirement is many years away (yep, it's called DENIAL), even if we are in our 50's. WOW! Listen to this kid! We know retirement is on the horizon -- 5 - 10 years away -- and yet that sounds SOOO far away. But it's not that far -- especially when you need time to discover what you'll do and how you'll survive financially in retirement. You need to consider your retirement savings, sooner (like NOW) rather than later. The need for your own retirement savings might be years away -- you may work till 60, 62, 65, whatever. Good for you if that's what you choose, and can make that your choice - but then again, you may not make it to normal retirement age! There are dozens of "What If" scenarios out there. I just want you to THINK about the possibilities -- if a year down the road, just one year, you suddenly were unable to work for whatever reason. Now -- what do you do? If you retire at 55, and are lucky enough to live to 85, you will be in retirement for thirty years! THIRTY YEARS! Yikes! Age 85 is a realistic life expectancy (although you might live to only 65, or you might live to age 95 too!). Think about your parents and grandparents, your heredity, how long did they live? Boomers tend to watch health issues more than previous generations, so we are likely to live longer (especially with medical advances). Consider this -- you may have started working at age 25, after college, and worked through age 55 (30 years) and then retire and live to age 85 (another 30 years). That basically means that your retirement years could EASILY be as long as your employment years! That's why you need some savings... even more than your parents or grandparents. WE MUST PLAN! Lots of retirement thoughts here so you can keep on top of your Retirement Savings and a whole lot more!
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