Boomers are struggling to save for retirement. This is one of the reasons for writing Navigating Retirement and the Challenges of Aging. Here are some facts revealing the hole they have dug. Only 43% of workers between the ages of 45 and 54 have saved more than $50,000. On top of that only 42% over age 55 have accumulated savings greater than $100,000. This means that normal retirement will never be normal. This is the first risk.
The second risk is health. Boomers don’t think they will ever get sick or that their health will deteriorate. Reality tells us that bad things can happen to your health as you age. Combine potential health issues with the lack of saving on top of rising health care costs and you guess it. A disaster!
My book doesn’t have all the answers but it does offer lots of help for Boomers as they face the future. One additional bit of information that emerged from my work is that 15% of retiring Boomers want to start a business of some kind. They know they need to do something because they are facing a new type of life which will take more money than they have saved.
In reality, health is the more important issue because without it, money doesn’t matter. Furthermore, if you don’t have your health it will be tough to work part time or run a business. My message is begin focusing on both health and money. Combine risk management with solid planning and do it as soon as possible and on a regular basis.
The combination of effective planning and monitoring risk is an essential step for entering this new phase of life. I am in the process of providing numerous resource links and advice on how to best accomplish these tasks on my web site.