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Wednesday, January 26, 2011

Poll Indicates Many Baby Boomers Not Ready for Retirement

You will usually find that those who are in fact enjoying retirement to the utmost with no financial worries are those who had the foresight to plan in advance.
The sooner you get started planning the better because it can take some time to accumulate the resources that you need.

To underscore the perils that can go along with a lack of planning let's take a look at the results of a recent AP-LifeGoesStrong.com poll. The objective was to gain an understanding of how prepared the baby boomer generation is for their retirement years since so many of these folks will be reaching retirement age over the next decade or so.

44% of those who responded to the poll indicated that they have little or no confidence that they will have the financial resources that they need to enjoy a comfortable retirement. As amazing at it may sound, some 24% of the people polled had no retirement savings at all to fall back on. Two out of three said that the would continue working after they retire, and 25% stated that they would never retire.

Another interesting fact involves Social Security. 64% of the baby boomers who were polled said that they were expecting Social Security to comprise the lion's share of their retirement income. When you look into it you find that the average Social Security payout in 2010 was $1,072 per month. There are not too many of us who can live comfortably on this amount, and cuts to the program may be imminent.

If you do not want to join the ranks of the unprepared, you may want to take action.

ABOUT THE AUTHOR: Alan L Augulis
Experienced estate planning attorneys of the Augulis Law Firm offer estate planning and business planning resources to residents of Warren, NJ.

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