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Retirement for Baby Boomers

Retirement for Baby Boomers

 

They have been a bubble in the population charts every since their birth – Baby Boomers.  And as Baby Boomers age, they are creating a bubble in how, when and why Americans retire. If you or someone you know is a Baby Boomer and looking forward to retirement, there a few financial strategies that are particularly relevant for Boomers.

          - Check your Social Security statement and as Boomers are tech savvy, do it online. The Social Security Administration no longer mails annual statements, but you can review your expected future benefits by going to www.ssa.gov and creating an account.  You should do that both to confirm that the SSA is correct about your earnings history, and also to see what amount you’re likely to collect each month. Knowing that dollar figure is a key piece in understanding how much you need to save on your own.

- Ask yourself whether your savings are on the right track. Knowing how much you need for retirement can get complicated. At minimum, run your numbers through an online calculator to see whether you’re on track. Your retirement-plan provider probably offers a calculator, or try the Ballpark Estimate offered by ChooseToSave.org .

-Try to increase your savings rate. Few savers manage to save the maximum allowed for 401(k)s and similar plans.  Every bit extra you can save now gives you a better retirement outlook.  

-    Payoff credit card debt. If needed, stop using credit cards and move to cash only for purchases. You need to stop acquiring debt if you want to retire without it.

-   Start investigating sources of retirement income. You may decide to work at least part time due to debts, for more income, to keep active, to remain certified in your profession or for other reasons. Look for options to work part time to help you meet your financial needs.

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