This is a real fear and further underscores the need for a
solid financial literacy education particularly in this
uncertain times.
Baby boomers face so much uncertainty. With a limited amount
of time to make up for lost opportunity to recoup their investments
and saving post the Financial Services Great Depression of 2008.
They need to be more involved in their retirement future and need
to understand that in order to have a sum of money when they
retirement, they need to set aside funds at a resonable return
today and yesterday!!!
Many hardships have hit this groups due to some circumstances
beyond their control - declining real estate value, the recession,
lost jobs, lost income, devaluation of 401K assets, potential
medical expenses, potential LACK OF SOCIAL SECURITY income,
potential LACK OF MEDICARE and other negative outcomes for the
entitlements that are currently under review in Congress.
In a recent study done by AARP, 45% of Baby Boomers are at risk
of running out of money!!!!
While working longer may be a good way to boost savings, a far
better to way is to SAVE TODAY AND BE VERY STRATEGIC ABOUT
MANAGEMENT YOUR MONEY!!!! MAKE IT WORK FOR YOU.
One very successful strategy is used by my Mother-in-Law
who is a very wealth woman on her own accord. She has decided
to sell everything that she doesn't want or feels that she no
longer needs. So will immediately convert to cash and downsize
her house at the same time. I so admire her.
Sheila McKinney
