Financial planner Eric Green recently wrote in The Spokesman-Review that there were some steps baby boomers could take in order to save enough money to have adequate retirement savings.
Green claims that many couples face are particularly having a hard time planning because there is a 42 percent chance that at least one individual in their early sixties will live to the age of 90.
This means that savings have to last for decades. Rather than assessing the value of stocks and bonds, Green recommends looking at your difference sources of income. These funds, such as Social Security, pensions and annuities, should cover food and clothing.
Entertainment and travel should be covered by managed sources of income. This can include investments or IRAs, or even a part-time job to add some extra finances to a retirement lifestyle.
When drafting a retirement plan, consider your cost of living and access to healthcare, and don’t forget to include a general health estimate that lists current health, family history and long-term care risks.
Boomers who are planning to retire and are also caring for an older parent may want to invest in a senior alert system. These devices can allow a parent to age safely and independently at home, so you don’t have to feel overwhelmed while planning for your own retirement.