10 Little Known Facts About Boomer Retirement

7:37 pm Retirement Planning

retirement plan e1326494532376 10 Little Known Facts About Boomer Retirement1.  Boomers are actually retiring.  Despite a lot of dire news coverage about boomers being unable to retire, they’re actually doing it.  A 2013 MetLife survey found that more than half of Americans born in 1946 are retired, up from just 19 percent in 2007.

2.  Boomers are enjoying lower living costs.  With inflation at low levels, boomers are enjoying a lower cost of living – although those who need investment income are not too happy about that.

3.  Boomers are in poorer physical health than their parents.  Obesity, diabetes and other chronic illnesses are at a higher level among boomers than among their parents – but with advances in medicine, boomers will live longer.

4.  Boomers can find jobs.  The Bureau of Labor Statistics says that jobs for those over 55 are growing at an annual rate of 4.1 percent, which is four times the overall rate.  Most of this growth is for part time or contract positions.

5.  Boomers are back in the stock market.  Investment in equity funds in 2013 grew at the fastest pace since 2000, with boomers owning 54% of total mutual fund assets.

6.  Boomers are enjoying expanded health care coverage.  Prescription coverage expanded to 40 million new recipients in the last decade, and Affordable Healthcare Act will expand coverage for low income Americans.

7.  Boomers are becoming entrepreneurs.  The fastest growing segment of new small business startups is by those over the age of 55.

8.  Boomers are staying put.  Census data shows that under two percent of boomers moved to another state in 2010.

9.  Boomers are getting less than they thought as an inheritance.  A recent AARP study estimates that a vast majority of boomers – 80 percent – will not receive any inheritance, and only 1 in 156 will get as much as $100,000.

10.  Boomers are paying for kids and parents.  Boomers are also known as the sandwich generation, with more than 15 percent supporting both an adult child and a parent.  A Sallie Mae study found that 40 percent of college tuition expenses are still paid by parents.

Don’t approach retirement without a plan; contact our Costa Mesa law firm for expert help.

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