Baby Boomer Income Continues To Erode – But Some Boomers Are Thriving
Baby Boomer Income Continues To Erode But Some Boomers Are Thriving
Baby Boomer income continues to decline according to the 2009 U.S. Census Bureau assessment of income. Medium income dollars from 2007 to 2009 for the 45-54 year old group actual median income fell to $64,235 in 2009, a drop of 5.5 percent. This group had the greatest decrease in income. The 55 to 64 group experienced a decline in their median income to $56,973 in 2009, a drop of 4.4 percent. The only group holding their own was those 65 and older due to their fixed income status. The entire report can be viewed from the U.S. Census Bureau at this address: Census Bureau.
Two of the Top Concerns of Retirees
Having enough money to last through retirement.
Having enough money to maintain their lifestyle in retirement.
How do you create the income you need to achieve the outcome you want in these areas?
How do you preserve your retirement income? Are you planning to cut back on your lifestyle?
Layoffs may have slowed, but they have not disappeared.
The slow pace of downsizing that marked the second half of 2010 appears to be continuing into 2011. Employers announced plans to cut 38,519 jobs in January as job cuts were up 20 percent from December according to a recently released report by global outplacement consultancy Challenger, Gray & Christmas, Inc. The report goes on to say there are no signs of a turnaround in 2011. With a growing number of states approaching a point where it could become necessary to declare bankruptcy, further job cutting is certain.
Retirement income likely to come from several different sources
However, once you retire, your income is likely to come from several different sources. According to a recent Gallup survey of 1,020 Americans, 54 percent of retirees say Social Security is a major source of income. Almost half (45 percent) of Americans expect to fund their retirement with a 401(k), IRA, Keogh, or other type of retirement account, Gallup found, down from 52 percent in 2007. How is that working for you?
A record low of 23 percent of workers expect to receive pension income in retirement. Some 13 percent of current retirees are using the money accumulated in savings accounts to fund retirement. Only 1 in 5 current workers think stocks and stock mutual funds will provide a significant amount of their retirement income.
A Higher Percentage of Older Workers in the Work Force
One way to address these concerns is to continue to work at your present job assuming you avoid a layoff. New findings from the nonpartisan Employee Benefit Research Institute (EBRI) show there was a higher percentage of people age 55 and older (40.2 percent) in the work force in 2010the highest level in 35 yearseven after the 20082009 recession. The full report is available at EBRI, http://www.ebri.org/.
http://www.articlesbase.com/elderly-care-articles/baby-boomer-income-continues-to-erode-but-some-boomers-are-thriving-4389848.html
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