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The Baby Boomer generation is becoming the "retirement generation." Some boomers (those born between 1946 and 1964) have already retired, however most are still working. And wondering can you afford to retire.
The federal government's social security web site states that retirees will need about 70% of their pre-retirement income to maintain the same lifestyle. Check the Social Security benefits calculator to see what your estimated Social Security benefits will be. You will probably realize that you better have an impressive retirement and investment portfolio.
Do you have a retirement portfolio of $500,000?
A $500,000 retirement portfolio averages out to $46,000 a year. Stan Hinden, in the September, 2006, AARP Bulletin reports that more than half of workers 55 and over state they've saved less than $50,000 for retirement.
Reasons you might not be prepared for retirement?
People change jobs. Unfortunately, changing jobs frequently means we've missed out on becoming fully vested in some of our employers' 401K plans. Our payouts or rollovers have been tiny or nonexistent
Unexpected Expenses. Large medical expenses for ourselves, our children, or our elderly parents can be real retirement-wreckers.
Divorce. Splitting a relationship often means splitting retirement savings.
College. To cover the rising cost of our children's college educations, many borrowed from our 401Ks to finance ever-escalating college costs.
Child-care / Elder-care. Dropping out fo the workforce altogether or for a period of time to care for elderly parents, children or grandchildren.
Living Pay-check-to-Pay-check. Some have worked hard and budgeted carefully, but have never had much of anything left over to save.
Reduced Retirement Benefits. A recent trend is for major companies to reduce retirement benefits to workers. Those workers had stayed with jobs and believed that the company would be there for them in their retirement years. Cuts in post-retirement health insurance are the most unpredictable.
What to do to address your retirement plan issues?
Our recommendation is to focus on building up your retirement nest egg, NOW!


Helping You Find Peace and Prosperity
David Carroll
952-544-0117
www.thehomebusinesscompany.com