The Baby boomer generation isn’t getting any younger. In fact, there are just over 40 million Americans age 65 and older, and they make up 13 percent of the population. By 2030 all baby boomers will have passed age 65 and will make up over 20 percent of the population.
Currently, the average life expectancy for a 65 year old American is 17.7 years for a male and 20.3 years for a female. That is roughly three to four more years of life expectancy compared to what the prior generation had. The average income for those between 65 and 69 is $37,200. For those over age 80 that number drops significantly to just below $20,000. There is no doubt that we are living longer than prior generations and because of the Baby Boomer generation we are seeing a lot of people entering retirement. What really intrigues me is how retirement ready we are, especially the Baby boomer generation. I know one thing from the following statistics, we could all probably use a retirement guide to help figure this all out.
The following infographic shows some of the issues that retirees are currently facing. It also shows some of what the expectations are for retirement for middle class Americans.
One of the biggest shocks is roughly one out of four middle class Americans say that they will need to work until at least 80 to live comfortably. That is crazy!!! I know for myself I do not want to be working until I am 80 to live comfortably while in retirement.
What does this mean for most of us? It means that we need to start saving and investing for our retirement. No matter how young or old. The more we do now the better our retirement can be.
So where do you start? You can start preparing for your retirement by checking out our retirement guide. That will give you more direction as to where to start.
We specialize in non-traditional retirement investments. Some of these investments include real estate, gold and private placements. There are so many options available to you but you need to start today so that you can secure a comfortable retirement.
Author: Nick Barker