In 2006, the oldest of the baby boomers, the generation born between 1946 and 1964, turned 60 years old. About 80 million Americans, or over one-quarter of the U.S. population, fall in this age group. On the one hand, this group of people has participated in a remarkable period of growth and prosperity. Unlike previous generations, the baby boomers are known to have an active lifestyle and are unwilling to "downsize" their living and entertainment options.
On the other hand, due to advances in medical science and healthcare, people are expected to have a longer life expectancy. According to the U.S. Census Bureau, there will be about 60 million baby boomers living in 2030. This means that future retirees will need their nest egg to last through a longer retirement.
Additionally, it is predicted that the national healthcare expenditure will increase significantly in the next decade. One estimate puts the nationwide annual medical costs at $4 trillion by 2016 – double the current level.
The increasing population size and the longer life expectancy will strain the Social Security system and threaten the plan’s solvency. Already the system requires seniors to retire at age 66 or 67 to get their full benefits. Also, traditional pension plans are being increasingly revoked or reconfigured, so they cannot be relied upon as before. As people retire, they will need to plan for a longer retirement and take care of their loved ones at a time when traditional pension plans and Social Security benefits are diminishing.
Please join me in discussing these retirement issues and in finding ways to address them.
Venue: Chelmsford Public Library, MA
When: January 10 (Thursday), 2008 at 7 PM
Agenda
- Retirement concerns
- Different retirement plans
- Investment options
- Asset Allocation
- Preserving your nest egg
Please note that these sessions are free and open to the public.
Click here for the Financial Fitness seminars web site.
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