Retiring boomers should evaluate stocks, accounts and plans

Lisa Wurth

December 15, 2010

As millions of baby boomers approach retirement, it may be time to buckle down and start to financially plan for the golden years. This means that tapping a 401(k) fund may become necessary as well and there are several ways to effectively do this, according to The Philadelphia Inquirer.

First, it's time to get realistic about retirement savings. A recent survey conducted by Wells & Fargo has found that only 33 percent of employees have drafted a plan for retirement, which means that many may not even know how much money they have.

One problem that many retirees can face is being hampered by a loss of income on retirement. Social Security generally only replaces about 40 percent of the beneficiary's salary. An employee who was earning $50,000 at retirement requires approximately $350,000 in savings to lead a comfortable lifestyle in the future.

Many boomers may also be taking care of older parents, which can result in a loss of income due to days off from work. By installing an elderly alert system in a residence, one can ensure the safety of a loved one. Older adults can use this device to send a medical alert to family or doctors in the case of an emergency.