How Your Retirement Will Differ From Your Parents’ Retirement

12:54 pm Uncategorized

If you’re like most Baby Boomers, your working life is probably vastly different than that of your parents (OK, your dad’s, most likely).   One or both of your parents probably labored for the same company most of their working lives, while Boomers usually have 4-5 significant stints at different companies.

So it stands to reason that your retirement is likely to be different as well.  But exactly how different?  If you are a Baby Boomer, your retirement will probably be:

Longer – thanks to technology and medical advances, we’re living longer than our parents’ generation.  If you retire some time in your 60s, there is a pretty good chance you may live up to another 30 years in retirement.

More Expensive – Boomers’ parents grew up during the Depression and learned early how to live frugally.  Most did not retire to the Riviera or spend a lot of time traveling to and from vacation homes.  Our expectations for our retirement are higher, and we’ll need more financial resources to satisfy those expectations.

Funded by Savings – pensions are scarce commodities these days; most Boomers will retire on personal savings, investments and Social Security.

If your retirement planning does not take these realities into account, it’s time to examine it more closely.  Consulting with a California estate planning attorney about retirement will help ensure you enjoy the retirement you want and deserve.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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