Retirement should be an exciting time in your life, but the fact is it can also be a financially draining time in our lives, especially when it comes to the cost of healthcare.
It is a known fact the older we get the greater the possibility that we will become sick with some health issues that can be horrific both in health and cost
It would be a good idea, therefore, to start saving towards these unknown expenses earlier on in life, but unfortunately, this is not done for different reasons, either we are living from paycheck to paycheck and cannot afford to save anything or there are other things going on in the family that takes first priority and so saving never gets done.
Many of us ask ourselves whether we will ever be able to retire, and the unforeseeable future doesn’t look suitable for us boomers.
New data reveals that Baby Boomers are not financially able to cover financial emergencies. According to the Insured Retirement Institute and published on MSM. It states that approximately 70% of older workers have just $5,000 or less in immediate savings,
And that means not only will they not be able to cover any unforeseen emergencies, but retirement seems to be out of the question.