Why has our retirement financial planning imploded?
1. Our employers either froze or canceled our pension plans and forced us to become investment "experts". (Did you know that only about 20% of the private sector workforce now have pension plans?)
2. Plus the financial markets, the economy and our home equities all tanked just as we are reaching our planned retirement years!
3. And Social Security's house of cards has caught up with reality just as we're reaching our retirement!
That's why our plans have imploded, Boomer!
You know, I can't help but think that one of our favorite childhood philosophers summed it up best when he said........
So, with everything we have been taught regarding our retirement planning having just collapsed on us, we've got to RETHINK our plans....And that's what we're going to investigate in this section.
It appears to the Ol' Boomer that our planning centers around two issues:
1. Financing our retirement to support the
2. Lifestyle we desire in our retirement.
I know Lifestyle has a different meaning to each of us. However, the one key component in each of our lives' "style" has got be our Health during our retirement years. (That's why there is a large section of The Baby Boomers Webplace devoted to Health Issues as you can see to your left.)
Yet no matter what your individual health status is Boomer, you've still got to finance your retirement years. So, let's step back for a second and look at the basics of our retirement financial planning and then dig deeper into each.
Here's 4 quick thoughts for you:
When it comes to our retirement financial planning there are basically two phases: The Accumulation Phase and The Withdrawal Phase. But there is a third concept we must consider in each phase and that is Protecting Your Assets.
The Accumulation Phase
...will be discussed in the following sections:
The Withdrawal Phase
While the need to Protect Your Assets starts here .
On a more personal note...
Like most of you, Mr. and Mrs. Ol' Boomer have had to make some changes in our retirement plans. The primary change is the need for us to work longer than we had expected. How long is still up in the air depending on the time it takes to get our investments up to the level we had planned before the "implosion".
Have you had to make adjustments? If so, tell us what you are doing in the rethinking of your plans. Who knows, maybe we all can help each other out by Sharing Our Thoughts. That is the whole purpose of The Baby Boomers Webplace!
Are you rethinking your retirement plans? Share Your Ideas with the rest of us. Maybe we can help each other. Okay?
Where to go now?
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