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  • How should I plan for retirement?
  • December 11, 2013
  • outliving assetsBy LifeQuotes.com

    In the 1960’s, Bob Dylan sang, “The times…. they are A -changin.” For many of the Baby Boomers who heeded that call, the times have definitely changed– then and now. The volatile state of the economy, poor pension plans and longer-than-predicted life expectancy have left many baby boomers with insufficient funds for retirement.

    Brian H. Ashe, CLU, Treasurer, Life and Health Insurance Foundation for Education, comments that, “Increased life expectancy has actually increased risk, not reduced it. People died earlier before and were not exposed to 30 years of post retirement living expenses, increased medical expenses and inflation.”

    Retirement Savings

    Besides widespread belt-tightening, the traditional save and spend model of retirement– upon which Americans have depended for so long– is now being reconfigured to provide income streams beyond the traditional ones. An example of these new streams is Social Security. According to AARP, Social Security accounts for only 42 percent of the average household’s retirement income.

    In addition, the U.S. Census Bureau reports that those who retire at the age of 65 receive nearly 60 percent of their income through Social Security and corporate pensions. In the future, financial experts predict that retirees will only earn half of this.

    According to the New York Life Insurance Company, there are basic tactics a “pre-retiree” can employ when planning for retirement:

    -Check your finances and set up a budget.

    -Lower expenses and keep track of your spending.

    -Think creatively and be a smart consumer.

    -Look for low cost entertainment options.

    -Delay retirement until later.

    -Save aggressively and save early.

    -Do your research and consider options you may not have thought available. Talk to a financial advisor to answer questions or concerns.

    -Create new income streams including investment tools such as annuities and life insurance policies with a cash value component.

    Of course, the younger you start to plan for the future, the better off you will be, though there are never guarantees for what the future will hold. Be prepared and look into your opportunities today.

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