Get ready for baby boomer retirement, there are 78 million of us, and our retirement will be different from the last generations retirement.
Those born between 1946 and 1964, are considered baby boomers, I was born in 1945... The oldest boomer possible.
I retired early, in 1994, I am uniquely qualified to give non-financial advice to those baby boomers just getting ready to retire.
Never before has so much wealth and assets (75% to %80) been concentrated in a group of people in the United States.
We are also the folks who experience the strain our generation will place on Medicare and Social Security.
Our generation, has been labeled many ways, some nice and some not so nice... But whatever we are here to stay and our presence will be felt.
No sense rehashing the obvious, both systems are in trouble. With the first boomers reaching 65 in 2013 the bulging Medicare and Social Security rolls will expand even greater.
The Social Security system, designed in the 30s, when life expectancy was 61, has not raised the eligibility age significantly, even though our life expectancy is now in the mid-70s.
"The affordable care act", will remove $500 billion from Medicare over the next 10 years... Fewer and fewer doctors are willing to accept what Medicare pays them for patient care... I recently got on Medicare, to find my doctor "retiring" because 75% of his income came from Medicare.
A recent Del Webb survey pointed out that 72% of baby boomers expect to work during retirement to supplement their retirement income.
For those boomers expecting to inherit from their parents, due to poor stock market performance and lower interest rates, are instead planning on taking care of their parents as they get older... What to do?
Some parents are finding out that the once empty nest is being filled by children returning to the nest not able to find employment.
Baby boomer retirement will not be like mom and dad's or grandpa and grandma's.
The choices will be to retire to more frugal lifestyles or to find ways to to supplement their retirement income.
Here is the best method to supplement income and still appear retired.