Baby Boomers are well within the traditional age range for retirement, but many are retiring and going back to work, and many, still, are starting completely over in new careers. My deduction for this atypical behavior, although very boomer-like, is that Baby Boomers were born during an economic upswing and came of age during a time of social upheaval and protest, so the mindset of “make love not war” might have spilled over into their social philosophy about the value of fiscal responsibility—saving. Now, add to this mentality their own tradition of skepticism towards to the “Establishment or for Black and Brown Boomers, “The Man”.
So, this very large contingency of the American population, even as older members of the society, seem to be still “fighting the power” but in a new way i.e., not retiring like their parents and therefore not saving for retirement as needed. Unfortunately, this perhaps, unconscious protest will exact larger personal and ultimately social repercussions. For example, the average Boomer, as it stands, will not have adequate retirement, financial resources to support their lifestyles; Social Security is projected to be insufficient--much less than the income needed; and finally, many Boomers’ savings and/or investments are such that neither will be enough to support this aging population during retirement years The upshot is that Boomers' finances are far less than booming. So, “What’s a Boomer to do?” Here’s what the experts are saying to get you started:
1. If you plan to work in your 60’s save 10% or more of your earnings.
2. Consult with a trusted financial advisor (Get a referral from a friend or relative).
3. Get an Estate Planner/Attorney and consider getting the following protective products:
a. Land trust- deeding property to a 3rd party—allows an owner to control what happens to their home, land, etc.
This Land trust is judgment proof thus securing your choice for new ownership.
NOTE: A Last Will and Testaments is not sufficient and can be contested.
Warning: Do not try to accomplish this online, get a trusted attorney. This is not the time for you to do-it-yourself, as you want to make sure that everything is in the order.
Financial experts are saying that Boomers will need over a half-a-million dollars to sustain a comfortable lifestyle in retirement. They further offer that over half of us are not prepared for retirement, with a large percentage depending on Social Security, an income source designed to be a cushion not a primary source of income.
So, there you have it, friends. And if the “Establishment” or “The Man” is correct this time, over 50% of us got a lot of work to do.
The goal of this information was to get you thinking about your future and taking appropriate action based on your needs. But something tells me that many of you have your own financial ideas about taking care of yourself in the later years. And to you, I say: “Do your thing, man,” spoken with that dragging hippy, laid-back vocal swag. But to the more conservative among us, take heed and get you a genuine attorney who knows the “system” well. Better safe than…, well you know the cliché. Be cool everybody.