FYI: I will link interview early tomorrow morning as it becomes available for free)
Regards,
Ted
September 3, 2015
Dear WEALTHTRACK Subscriber,
No question about it, even the “me generation” baby boomers have to face the facts.
They are becoming senior citizens!
That transition is bringing another major reality shift. Increasing numbers of boomers are moving from the accumulation phase of their savings to what’s known as the distribution phase. They have to spend what they have saved, earned and possibly inherited to fund their retirement.
It’s a daunting challenge, especially in the midst of recent market turmoil when portfolio values are under pressure.
There are an estimated 76 million baby boomers in the U.S., born between 1946 and 1964 and now ranging between 69 and 51 years of age. They represent about 25% of the U.S. population and about 68% of them are still in the work force. And according to a Gallup poll many of them are reluctant to retire.
Nearly half of boomers still working say they don’t expect to retire until they are 66 or older. That compares to the average retirement age of 61 among current retirees.
Plus, one in ten boomers predict they will never retire. Concerns about money play a significant role in boomer’s plans to postpone retirement.
No matter what your personal goals are this new phase requires new thinking and planning. There are few more qualified to advise us than Mary Beth Franklin, whom we are delighted to have as a WEALTHTRACK regular.
Franklin is now a Contributing Editor at InvestmentNews, a leading publication for financial advisors. She is a Certified Financial Planner, an award winning personal finance journalist who has been covering retirement issues for most of her career, and is a recognized expert on Social Security. Her latest eBook is “Maximizing Your Social Security Retirement Benefits”. If you are interested to purchase a copy, it is available here, or you can find a link to it on our website.
I started our conversation with a basic question. What is the first thing we need to do as we approach retirement?
We also have an EXTRA interview with Mary Beth Franklin available exclusively online. If you have comments or questions, please connect with us via Facebook or Twitter. We are always pleased to hear from you.
Have a great weekend and make the week ahead a profitable and productive one.
Best Regards,
Consuelo
