Today’s Baby Boomers are considered to be more active than the generations before them. The AARP survey reported that in their retirement years, Boomers have no plans of slowing down or getting bored. Many ask, “How will I know when to retire?”
“Some are staying on the job to shore up their nest eggs; others just can’t imagine life without work,” AARP executive president Steve Cone said.
Almost half of Baby Boomers surveyed in Gallup say that they do not expect to retire until they are 66 or older, including one in every 10 who predicts they will never retire. For those that have what they need financially, 66 is their expected year while many feel that 73 will be a more opportune time for retirement.
In fact, 84 percent of the Boomers surveyed plan to take better care of their health, while 81 percent plan to spend more time with loved ones, and 74 percent plan to set aside more time to do the things they always wanted to do. Those plans include traveling more (61 percent), volunteering (54 percent), and taking classes to learn something new (44 percent).
Boomers reported that their health and personal finances are the most predominant concerns in their lives. Thirty percent of the Boomers surveyed said their health and finances are in worse shape than they previously expected and aren’t sure they will know when to retire.
Thousands of baby boomers will turn 65 every year with a new life expectancy of 75.65 years for men and 80.69 years for women, according to 2010 estimates by the CIA World Factbook.
Life insurance is one of the more feasible purchases that can prevent a loved one from struggling financially when a spouse dies. In addition to this, some whole life insurance products provide a cash value component that can help baby boomers save up money for their retirement years.
So how will you know when to retire? The key is getting your finances in order for a precise picture of your money situation and living within a budget. Plus piggyback this behavior with a life insurance policy to not leave your loved ones in the lurch if something should suddenly happen to you.