The retirement challenges facing baby boomers

As baby boomers—one of the largest generations encompassing an estimated 74.9 million Americans—approach retirement, are they ready to face the challenges of their new economic reality? In a study by the Bankers Life Center for a Secure Retirement, a majority of baby boomers said they were not confident they have the financial means to retire comfortably. Nearly 69% of boomers were uncertain about having the financial resources to live securely until age 85, today’s typical life expectancy. As this generation enters their golden years, what must they consider to get the most out of their retirement?

Retirement redefined: The challenges ahead

With an estimated 10,000 boomers leaving the workplace each day over the next decade, what has changed for this generation and what will retirement look like as they enter this phase of life? Here’s how retirement for boomers differs from previous generations:

Planning ahead to ease retirement stress

What can baby boomers do to better prepare for these retirement challenges? Feeling secure about the future typically improves when you create a comprehensive plan and clarify the steps necessary to achieve your retirement goals. According to the Insured Retirement Institute 2016 report, more than 8 in 10 boomers who work with financial professionals feel more prepared for their retirement. While the boomer generation faces a new retirement landscape, understanding the issues and planning for the future can provide more confidence to navigate these turns in the road and improve the odds of retirement success.

The information herein has been obtained from sources believed to be reliable, but Wealth Dimensions Group, Ltd. (“WDG”) does not warrant its completeness or accuracy. Prices, opinions and estimates reflect WDG ‘s judgment on the date hereof and are subject to change at any time without notice. Any statements nonfactual in nature constitute current opinions, which are subject to change. Projections are not guaranteed and may vary significantly. Past performance is not indicative of future results.