Baby Boomers – Are You Retirement Ready?

Did you know that more than half of current workers have not planned for retirement!

So, we ask the question:  Baby Boomers – Are You Retirement Ready?

According to recent surveys, 48% of pre-retirees do not have a financial plan!  If you are one of those 48%, you need to get going.

Here is a time line of when and what you should be looking at to get on target for a comfortable retirement.

10 Years Out:

You should take a good guess at what your retirement life is going to be like.

• How much will you need for a budget?
• Revisit your tax diversification (you may need to see a professional on this one… pick a Certified Financial Planner (CFP) or Financially Oriented Lawyer).
• Reallocate your portfolio to fit your future needs.

5 Years Out:

You should probably start to get your behavior changes in order to fit your upcoming lifestyle and budget.

• Pay down as much debt as possible.
• Diversify your assets to a more conservative and safe planning effort.
• Get a handle on your retirement pension options and work with your CFP or Lawyer.

1 Year Out:

It’s getting close!

• Determine which costs/expenses will be in the retirement phase and what you have now.  Adjust your budget and expenses.
• What are your pension options (Probably a 5 Year Out item as well, revisited here).
• If you are 65 at retirement, you will need to review your Medicare options and supplemental plans that may or not be available.

According to Ameriprise Financial for Pre-retirees:

• Pre-retirees with a plan have saved more for retirement.
• Many say they need a greater understanding of how taxes impact income in retirement.
• Top concerns are healthcare expenses, protection from market volatility and spending their
• money too quickly.
• May work in retirement to increase their income.

For more excellent information on retirement: Research Studies

Again we ask, Baby Boomers – Are You Retirement Ready?

It comes quicker than you think!
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Related Post: A Comfortable Retirement