Planning for retirement: saving money, senior alert systems and Medicare
July 5, 2011
Beginning this year, the Baby Boomer generation is coming into the age of retirement at a rate of roughly 8,000 people per day, and many are worried about their financial and medical standings. These individuals can open Individual Retirement Accounts (IRAs), invest in stocks and register for Medicare to prepare for their retirement. In addition to Medicare, individuals can consider purchasing personal emergency response systems which can keep them safe.
"As boomers approach retirement, they have become less confident about financing their retirement through their own savings or pensions and are more likely to expect to rely on Social Security," said Robert Prisuta, the research director for AARP.
Individuals who work for companies that offer 401(k) or other retirement plans should enroll in these programs to save money for their retirement, suggests the U.S. Department of Labor. These programs can help people save money on their taxes, and in some cases, companies may match the amount that an employee is contributing to their 401(k). People who are considering their options for their golden years can also look into whether they are eligible for pensions and Social Security.