New data concerning those entering their golden years has recently emerged concerning retirement, and it’s news that likely won’t make that crowd happy.
My New Financial Advisor, a financial advising company based out of California, has indicated that the majority of baby boomers will not be able to retire until much later in their life than has traditionally been the case. To put a figure on it, they estimate that most will not be able to retire until around the age of seventy five. This is a pretty late age to enter retirement, and can be a little shocking considering the average age of retirement has traditionally been much closer to sixty-five.
My New Financial Advisor explained some of the reasons behind so many people retiring much later in life – People aren’t saving enough, and they’re receiving less on their investment returns. Folks are running into trouble with taxes, and paychecks are getting smaller for some individuals, too.
There are quite a few baby boomers in America, over 77 million, and unfortunately they aren’t managing their funds as well as they could be. All said and done, they’re running into serious problems involving their cash flow. This can be a huge problem later in life, especially as you are entering your golden years and planning to retire soon.
However, it’s not all doom and gloom and there is certainly still hope. Obviously, t’s better to nip these types of problems in the bud and handle them sooner than later, and TD Ameritrade has released some tips to keep in mind so you can get a plan together and hopefully prevent a late retirement.
Tomorrow, we’ll go explore these tips in some detail. They will certainly help you formulate a plan for retirement if you don’t already have one, and even if you’re behind a little, they should still assist you in your path to retirement.
UPDATE: To see part two of this post, click here!