25% of Baby Boomers have NO Retirement Savings

by Lance Cashion
One in Four (25%) of the estimated 79 Million Baby Boomers (ages 46-64) have no retirement savings. If you think that is a disturbing statistic, let’s look at a few more.

Below are the findings of a recent Harris Poll (February 2, 2011)

  • 34% of Americans have no retirement savings
  • 27% of Americans have no personal savings
  • 22% of Americans age 65 and older have no retirement savings
  • 14% of Americans age 56 and older have no personal savings
  • 26% of Baby Boomers have no personal savings

If these numbers send chills up your spine, they should. This is your wake up call America!
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News: Baby Boomers Working Retirement

by Lance Cashion
Most retirees won’t completely ‘retire’ when they read 65 years old.  The Baby Boomer generation is active and their retirement lifestyle will be reflective of this activity.  Many retirement-age Americans will want to continue to work.  Due to some challenging economic times over the last three years, some will have no choice but to continue working.  At no other time in history have retirees had so many choices of how they want to spend their retirement years.  Smart Money’s Catey Hill provides some useful information and opportunities for up-and-coming retirees.

Hill says; “Far more people who are working in retirement are doing so because they want to, not because they need to. For them, there’s good news. The pool of part-time, flexible-schedule, professional jobs – precisely the ones that appeal to retirees – is growing.”

The Smart Money article continues; For many retirees, “‘working in retirement’ is quickly becoming a new stage in career progression,” a 2010 Families and Work Institute Study concludes Of the 20% of retirees currently working for pay, nearly half do it because they’d otherwise be bored or want to feel helpful or productive; 53% also say they’d like a little extra money. But just 18% say they work because their current retirement income is insufficient, according to the study.”

If you are currently retirement-age or approaching retirement age, where do you find yourself? You can work if you want to, and the choices are many.  The Smart Money article offers four interesting part-time career options for retirees.  Click here to read more; The Best Part-Time Jobs for Retirees (Author: Catey Hill)

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Credits: Article reference credited to Catey Hill (Smart Money) “The Best Part-Time Jobs for Retirees” Jan. 21,2011