Clay Cotton
But Will You Even Be ABLE to Retire?
Everybody envisions the golden years as a time to relax
away from the stresses and strains of working life, but for
for many baby boomers it may be a far different picture.
The majority of boomers' health is better than is their
financial health. Many might be falsely assuming they will
be fit enough to work past age 65. Plus, there is always
the looming spectre of long term care.
At 56, Lana Linder knows her savings aren't enough to
enable her to retire in her 60s. So she is counting on
being strong enough to keep on working past retirement age,
and now is the time for her to do her long term care
insurance planning. Now, Linder is a very fit woman. A
former professional dancer, she discovered weight training
at the age 50, and she regularly goes to a gym to build
muscle.
"I got pretty serious about it when I was 50, and I didn't
like what I saw in the mirror," the freelance filmmaker
said. "Once I met a personal trainer who made a custom
program for me, I began to see dramatic improvements in my
body."
In a perfect world, Linder would also see dramatic
improvements in her savings. But as a freelancer who has
always worked in the arts - first theatre, then dance and
now film - financial planning wasn't always her priority.
At 57, she knows her savings portfolio isn't healthy enough
to enable her to retire in her mid-60s.
"I wouldn't consider retiring even if I had the money to do
so," she said. "I love what I do, and I hope to be able to
do it forever."
But she'd also like not to worry about her retirement
finances.
Linder falls into the same category as 67 per cent of
working respondents who told a poll for Investor Group that
their health is better than their finances. They may be fit
now, but this segment of the population is in no condition
to retire, according to the survey. And many said they'd
have to rely on good health to allow them to work past
retirement age.
The Investor Group poll is typical of the kind of marketing
being done by financial services companies world wide.
Surveys suggest boomers are financially unprepared for
retirement, and advertising designed to alarm them into
stashing cash is a far cry from advertising of the 1980s,
which depicted fit 50-somethings frolicking on tropical
beaches in retirement.
Nowadays, the message is more about whether aging boomers
are financially prepared for retirement at all, or if they
will be forced to spend those twilight years flipping
burgers and working as store greeters.
In another survey, 37 per cent of respondents predicted
they will not be able to enjoy their current standard of
living in 10 years. The question is, "Can you afford to go
to the movies in 2017?"
What is most alarming is the baby boomers' lack of planning
for is long term care, and this is planning that must be
initiated early enough to take advantage of good health and
lower insurance rates.
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Long term care insurance activist, CB Cotton, writes for
http://www.PrepSmart.com - The Online Baby Boomers Decision
Assistance Center, where you get Free Long Term Care
Insurance advice, comparative rate quotes and personal
guidance, all while safely at home in your favorite pajamas
and bunny slippers.
