5 Frightening Baby Boomer Facts About Retirement Savings

Frightening Baby Boomer Facts

I want to talk about Five Frightening Baby Boomer Facts that come from the Motley Fool article 17 Frightening Facts About Retirement Savings in America

  • A 65-year-old couple retiring in 2012 is estimated to need $240,000 to cover medical expenses throughout retirement. (Source:Fidelity Investments) My comment - This is above and beyond what Medicare will pay.
  • Half of current retirees surveyed say they left the work force unexpectedly as a result of health problems, disability, or getting laid off. If you think you’ll just “work forever” instead of planning for retirement, you may want to think again. (Source: Employee Benefit Research Institute) My comment - Do you have a Plan B?
  • Nearly 75% of retirees have not saved enough and said they would save more if they could do it all over again. (Source: Health and Retirement Study) My comment – If current retires did not think they saved enough, is it time to rethink your retirement plans?
  • 56% of workers report that they have not attempted to calculate how much money they will need to have saved for a comfortable retirement. (Source: Employee Benefit Research Institute) My commentI had this conversation with a friend today. We are the same age but I have a 28 year old son who is out of the house and off my payroll and he has a daughter in middle school. He is scared to run the calculator!
  • Average household net worth was $31,000 when both partners were in poor health but more than $400,000 when in excellent health. (Source: Health and Retirement Study). My comment – This is a double edge sword. The better your health the longer you will live and the more money you will need. I talked about the article written by Scott Burns earlier this year titled How Much is a Future Year Worth.

This is only five of the seventeen facts in the Motley Fool post – 17 Frightening Facts About Retirement Savings in America.

I strongly suggest you look at your plans and whether retirement as we were sold and marketed actually makes sense.

My next post will be the start of a series called The Baby Boomer Retirement Paradox.

Are you ready? Have you run a retirement calculator or are you in denial!

In the mean time you can also download my whitepaperDon’t Retire Even If you Can and What to do Instead – A Baby Boomer Manifesto” for free.

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If you missed my recent post on my upcoming book “Repurpose Your Career – A Practical Guide for Baby Boomers” please go check it out.

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Marc Miller Career Design Specialist

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