The Oldest and Youngest Baby Boomers Have Different Retirement Plans

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osmigShixRdZYVrGDxs of 5:59AM August 09, 2009

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side effects of soma of MT 5:22AM July 04, 2009

The article is well written and interesting...but your premise is an over-simplification of a complex set of variables. You did not consider the fact that the vast majority of American retirees fail to meet your idealistic (Yuppy) goals for required retirement income levels. You did not consider the effect of divorce on actual (average) levels of retirement income...or how many retirees opted out of Medicare so they wouldn't starve to death.
Bless your heart. I would love to believe that the vast majority of Americans have pensions other than Soc. Sec...as well as nesteggs of $500,000.00 in banks that didn't go belly- up. Tell me, how do the generations living on welfare retire? I'm 69...worked from age 21 to age 62...was divorced three times...and retired in the Philippines on less than $1,200.00 Social Security. My Filipina (fourth) wife has no income, but we are renting a nice apartment for less than $50.00/Month. We are supporting our niece and paying her tuition at Applied Science and Technology Institute (a MicroSoft Partner)for a two-year ASIT degree. My wife just graduated from Kalos Mission Arts College with a 4 yr. ABTheology degree with a minor in Education. Next year she will become a Dep.Ed. licensed teacher. We tithe and also do ministry with Jesus as our sole source. I preach the eternal pro-life message...Jesus saves.
I want to live to be 120 years old (and work to age 95...as an English teacher to my private Korean students). I volunteer to teach values in the national high schools (about 8 hrs. per week)...and am allowed to talk about living holy, obeying Jesus...the Liberal lies about safe sex...the evils of the World-Wide Caliphate...the difference between a real Christian martyr and an Islamic "martyr" (suicide bomber). I'm a Gideon,and we distribute the New Testaments to every student,and complete Holy Bibles to all teachers, staff, and extra library copies...distributions from 5th grade to postgrad university students. We also distribute Bibles to hotels, hospitals and goverment offices...and preach in the City Jail.
America used to be a Christian country...but I am more of an economic refugee than a fleeing persecuted Christian. The students in my value classes are 70% Roman Catholic, 20% Iglesia Ni Cristo, and the remaining 10% includes Evangelical Christians, Mormons, Jehovah's Witnesses, the worldly, and the Sataanists. We praise the Lord in song and do praise and worship...in the Spiritual harmony that is lacking in America.
But the Muslims are coming to Baguio City to colonize us in their Koranic Jihaad tradition of the Sharia Law and "death to the infidels". Every day on the average, 20 Muslims arrive in Baguio...of which, about 14 are single men who seek to make converts by marrying 2 non-Muslim women and making many babies. Their other method is offer $800.00 worth of merchandise on 100% credit to potential converts...gaining about 10% of the vote per year!

AB BEST 12:36PM May 19, 2009

It is just not possible for the retirees to pay for the supplemental medical during retirement years when their SS benefits are reduced becauseI recently calculated the medical premium cost in Florida, it comes out to be about $900/mo, which does not fully cover (80/20). Then where is the money? In order to retire one must have at least $5000/mo after tax income in retirement. God bless thaose who have paid off their house. Then take an equity line morgage to pay for the medical premiums; which would lower your taxes and extend your expendable dollars, and can ext4end your life. There is nothing that one should leave for the next to kin. Instead, buy a good insurance policy while working (equal to the amount of the house value) and leave it to your beneficiaries, who will take care of you in the final days. Wheh it comes for steady income, invest your money with T ROW Price funds, which have done well and ask them to manage them. How much do you really need for retirement?
Take the example of Florida. United States is blessed with Florida, where, one can find a good house for $150,000 in a location such as Tampa, where medical faicilities are excellent. That leaves to have a retirement fund around $500,000 in a secure account with yield of about 4%. With SS, 2% withdrawal from retirement fund, with house paid off, one should be able to have "happy" retirement life of at least 35 years beyound 60.

Walter Lobo of MA 9:08AM May 14, 2009

I think I will retire at 65 rather than 66 because medicare begins at 65. This will be the biggest hurdle. My employer currently pays medical for retirees but they say no promises it will continue.

Loren of CA 5:49PM March 19, 2009

The point about "full benefits" at age 66 becomes increasingly irrelevant. The reality is that folks can start benefits at age 62. The question is how many first-year Boomers who hit age 62 in 2008 started SS benefits. The prediction was about 60%. It could have been higher.
After 62, folks can start SS at any age up to 70, getting either a discount or a premium payment value, depending on that choice. Also, I believe that nearly all Boomers have a "full benefits" age of 66, with only the very youngest having that defined at age 67.
Another issue is defining "retirement." Someone could be receiving SS, but not consider themselves retired. It gets dangerous to try to "group" retirees because of the great variety of options. My understanding is that the average age of retirees is 62, which does not match the predictions of those who say they will retire at age 64. I think that 62 will continue to be the average age for many years to come. Period.
Finally, I think my point is to complement the author for pointing out that Boomers -- who span a full 18 years (almost a full generation) -- do not fit one single pattern.

George Fulmore of CA 10:42PM March 18, 2009

Traditional retirement is an anachronism. Boomers should plan and prepare for lifelong balanced productivity.
Work will be a necessity for an increasing number of retirees. Without a plan for post retirement productivity they will end up as greeters at WalMart. Nothing wrong with being a greeter, but in many cases, it's a loss of an enormous amount of talent and potential.
So many people spend their working lives dissatisfied with what they do. Financial planning for retirement misses the boat if it does not include planning for future work you really want to do.

Barbara Morris, R. Ph. of CA 12:17PM March 18, 2009

I think plans of retirement are fine...However today it may not be feasible. If you can stay with your job..do so! If you have retired start looking for something to bring in some dollars. There are many opportunities online and around regardless of the economy...If you have a talent or specialty go for it..If you have to start brushing up do so now...Just be ready for a period of a few years where you will need to add to the income of your family.

carol of OR 10:27AM March 18, 2009