Boomers Forced To Downsize In Retirement
If you're one of the Baby Boomers who's set on retiring in the near future
, not planning for a simpler lifestyle after you quit the workforce may force you to downsize in retirement. While this may seem like gloom-and-doom scenario for many seniors and near-retirees from this generation, retirees usually reduce their standard of living while they grow older and draw from their assets.
Although the estimates seniors get from retirement calculators and expert advice about when their nest eggs are going to be depleted aren't absolute, the resulting time frames should give the senior a good idea of what to expect, when to expect it, and what to do far earlier than estimated. In this case, financial experts say, they should take concrete action to boost the stability of their retirement funds by working longer, or try to spend less and postpone exhausting their retirement funds.
Current industry research has found that Americans are more likely to spend less than work in retirement or postpone quitting the workforce. Additional information from the National Retirement Risk Index states that, with the consideration of rising long-term and healthcare costs, more than 60% of all American families are likely to run out of cash and be unable to maintain their lifestyles once the household breadwinners retire.
As a near-retiree, one lesson you may take from the EBRI report is that if you think your nest egg is at risk of depletion anytime during your future, extend your years at work at take advantage of the savings benefits of a regular paycheck, the maximum contributions you can make to your employer-sponsored retirement account, and increase your Social Security balance. The report bases its findings on the assumption that Boomers will retire at normal retirement age. Boomers are likely to work beyond the age of 65, and due to the added savings and investment earnings, may not be forced to downsize as much in retirement.
by: Carina Smith
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