\t\t\t\tBaby Boomers Investing in Real Estate. The entire generation born between 1946 and 1964 are at or nearing retirement age. Baby boomers retiring will have a great impact on the boomers themselves and on society as a whole. Concerns include the challenges of living on what may be considerably less income for many, the factor of age-related illness, and the potential of having to delay retirement due to changes in Social Security regulations.<\/p>\n\n\n\n
A significant event is occurring for one of the most significant generations in American history. We are in the process of witnessing baby boomers retiring.
\nCBC News just released a new poll that stated, “A majority of baby boomers say they have taken a financial hit in the past three years and most now doubt that they will be financially secure after they retire, according to a new poll.”<\/p>\n\n\n\n
Financial planners used to routinely create retirement plans that stopped at age 85, because the chances seemed pretty good their clients would be dead by then. (The average life expectancy at age 65 is 10.3 years for men, 12.4 years for women.) But averages don’t tell the tale. You may be in better health than the average Joe or Jane, take better care of yourself or have better genes. Even if you don’t, your spouse might; Fidelity Investments has found that the chances of one member of a couple living past 90 are about 50%.<\/p>\n\n\n\n
Long-term care costs can be particularly devastating. A 65-year-old man faces a 27% chance of needing long-term care, said actuarial expert Christopher Raham, while the same age woman has a 32% chance. “Together, a couple has a 50% chance of having a long-term care ‘event’,” said Raham, a senior actuarial adviser for Ernst & Young in Atlanta and head of the company’s retirement income innovation team. “And the average cost is about $150,000.”<\/p>\n\n\n\n
You’re a confirmed do-it-yourselfer who built a sizable retirement fund by the dint of your own sweat and investment savvy. Or you’ve been with the same adviser decades, and have been pretty happy with the results. Or you simply haven’t thought about planning for retirement income; your whole focus has been on investing. Whatever your situation, you could benefit from a thoughtful, independent review of your retirement plan. Today’s distribution rules and strategies for retirement accounts are mind-numbingly complex. It’s easy to make a mistake, but often tough to fix those errors. Do-it-yourselfers often “don’t know what they don’t know.”<\/p>\n\n\n\n
Twenty-seven percent of people in their 50s say that having children got in the way of saving for retirement, compared to 15% who blamed buying a home and 19% who said that household bills were the obstacle, says a 2011 study by ING Direct. That’s not surprising, given the typical middle income family spends more than $220,000 to raise a child, up 22% since 1960, according to data from the U.S.D.A. When you add paying for college to the mix sometimes another $100,000 or more retirement savings can really take a hit. “A lot of parents prioritized saving for their kids’ college over saving for retirement.”\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"
Baby Boomers Investing in Real Estate. The entire generation born between 1946 and 1964 are at or nearing retirement age. Baby boomers retiring will have a great impact on the boomers themselves and on society as a whole. Concerns include the challenges of living on what may be considerably less income for many, the factor […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[34],"tags":[],"class_list":["post-57","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\n