Baby Boomers Have No Intention To Retire

Monday, June 22, 2015, 6:00 AM | Leave Comment

All surveys made available to the public indicate that millions of baby boomers have no intention to retire. On Jan 1, 2011, the first of the 65 years old baby turned 65.

Up until a couple of decades ago, folks could look forward to retirement – travel, spending time with grand kids, mortgage paid off, cars (more like the 9-seat station wagons) paid off, social security check, pension and just a relaxed environment with no headache and seemingly no worries.

Those were the good old days. It was almost a “heaven” on earth.

Baby Boomers Have No Intention To Retire

Many media sources have given us a picture that is quite the opposite of what I just described.

These days millions of folks don’t look forward to retirement. Every finance guru is on a crusade telling baby boomers to continue working and not even think about they would ever retire.

I have a friend in whose office a colleague retired at the age of 78. He says he will never retire, not even at the tender age of 78.

I have another friend who retired two years ago at the “right” age of 67. He says “I like to retire now and do some traveling while I am still in good health.” The now retired friend says “Not everyone can be Jack Lalanne in their 80s and 90s.” Jack has been called “the godfather of fitness.”

Every baby boomer is followed by another one every eight seconds, more than 10,000 a day, for the next 18 years. That’s when the last of the baby boomers will potentially say goodbye to work. However, that’s just wishful thinking to retire at the young age of 65.

Boomers are said to be generally optimistic about the future.

They see their best years ahead of them like it was in the old days. The goal of every boomer is to reach 65th birthday physically fit, mentally alert and financially secure. Yet millions of Americans are struggling.

How can anyone look forward to retirement at 65 or 66?

  • Overcoming potential hardship…

    Think about the following and then decide especially when you are able to overcome the hardship ahead:

    • A large percentage of their retirement savings has been “removed” by the recent recession. Some of it has been recovered with the recent rise in the stock market.

    • Their pensions are vanishing even though many companies are basking in record profits.

    • The value of their homes has decreased substantially if not underwater or still not even close to being paid off.

    • Workers are still losing their jobs in spite of companies making record profits.

    • Health care expenses are rising. Many doctors are refusing to see Medicare patients because of supposedly an unstable and flawed payment system.

    • On top of that, to put salt on the already opened wound, we still keep hearing that the president’s fiscal commission is proposing to cut Social Security, Medicare and Medicaid. Not only that, it’s proposing to shift more of the costs to folks 65-plus when they need the services the most.

  • Fight on multiple front…

    The above is not some kind of pessimism. All indications point to it and they are happening now and will be happening in the near future. The fight against the above ought to be on multiple fronts.

    • Protect the retirement security of American families and future generations.

    • Help middle-class families and folks 50-plus protect what they have and plan for the future.

    • Prevent from happening steep cuts to Socially Security.

    • Identify the gradual and moderate changes the system needs to remain strong for our future generation.

    • Hold down costs throughout the health care system, to crack down on waste, fraud and abuse.

    • Improve the delivery of health care without abruptly and drastically changing costs for the economically impoverished that would occur with proposed cuts in Medicare and Medicaid.

    • Fix Medicaid supposedly flawed payment system so many more doctors would join back into the system. That will enable folks 65-plus to see the doctor of their choice.

You might be years away from retirement. What, if anything, have you done so you can live financially better in your golden age?

In a Nutshell
65-plus aged folks used to look forward to retirement. Some essential parts of the system if not whole ought to be brought back so our wiser and healthier seniors can live their best lives in retirement.

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