Last week, USA Today quoted a recent AARP survey which found 24% of retiring baby boomers have extended their target retirement date. In the same article, the Americans for Secure Retirement (coalition of 40 organizations) found that 3 in 5 baby boomers will outlive their retirement savings if they don't cut their expenses. Clearly, the game has changed. What we planned for our retirement looks different after the losses we have sustained in the stock market and real estate investments.
What does this mean to you and me? It means that we need to re-evaluate our retirement plans. Putting together a viable financial plan needs to begin with life and career planning. Until we understand what life and work activities we want, we can not estimate the income needed to support our desired lifestyle. Working with a certified financial planner will then help us understand what investments are needed (assuming a 4-5% annual return) to fund our retirement. If the needed investments aren't available, we will need to either work longer or harder, or alternately, reduce our expenses.
Don't be caught unprepared. Take the time to complete diligent planning with a life/career coach and a certified financial planner. Planning will help us achieve great fulfillment and peace in the next chapters of our life.
Joan
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- Steve & Joan Carter
- Both Joan and Steve have more that 30 years of career and life planning experience. We have even used many of the approaches for transitions to our own transition. We personaly get a great deal of satisfaction to helping others as they go through this dynamic change in thier life.
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