The two most talked-about things concerning boomers are health care and their finances during their retirement years. In regards to health issues, most articles that I’ve seen talk about Medicare and private health insurance; for finances, it is Social Security, retirement plans and investments. While informative in a general sense, these articles tend to lump boomers in one single category.
The reality is that there are boomers in their 40’s, in their 50’s and in their 60’s. Each one of these age groups have different health and finance needs that don’t seem to be specifically addressed in the literature I’ve seen so far. Boomers in their 60’s , the leading-edge of the boomer generation, have a more pressing need concerning financing their retirement and health care.
In terms of finances for retirement, boomers have more options today than the previous generations of retirees. We (I’m a boomer myself) can work beyond age 65, we can receive Social Security, we can get payments from the retirement plans (IRA’s, 401K’s, Etc.), we can take out the equity in our homes, start a business. I believe that the key to a boomer’s successful retirement is going to be multiple streams of income over a long period of time.
With all of these options available, even boomers in their 60’s that had a modest lifetime income can have a comfortable, enjoyable and rewarding retirement.
What do you think? Are you a boomer in your 40’s, 50’s or 60’s? Are you planning to retire? What do you plan to do if and when you do retire? What health concerns are uppermost in your mind?