Boomers aren’t saving enough in the short term to adequately fund the long-term time in retirement.
One of the challenges facing boomers retiring is Most have not saved enough money to live comfortably in retirement.
And because life expectancy continues to increase, so does the risk of outliving one’s savings.
Only 23 percent of boomers ages 56-61 expect to receive income from a private company pension plan, and only 38 percent of older boomers expect a pension. and future income from Social Security stagnates or even decreases
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Living beyond your income cannot continue without getting into trouble; you will end up borrowing or using credit cards with very high-interest rates.
I know from experience that having to cut back drastically on your spending and doing without things that you have become accustomed to is hard.
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We all know it’s essential to save for retirement. But too many of us have not done so. Some of us have put off saving for retirement for one reason or another, and now we are nearing retirement, and we discover we do not have money saved for retirement.
How much money will we need for retirement? No one knows for sure some financial experts suggest between $500.00.00 to $1,000000.00
It is suggested that you should be saving at least 20% of your salary per month.