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Baby boomers are reaching age 65, but are they actually retiring? As baby boomers are beginning to reach retirement age, many are ready to let go of the corporate life and retreat to the golf course. But as nice as that sounds, retirement often isn't the reality.

In fact, 39 percent of employees plan to delay retirement, and those employees age 50 and older, 46 percent expect to do so, according to the recent Retirement Attitudes Survey by Towers Watson, a global professional services company in New York City. Among the surveyed older workers planning to delay retirement, they anticipate working at least three more years while 28 percent expect to work an additional three to five years. Another 33 percent surveyed older workers plan to work an additional five years more.

Many retirement hurdles stem from the newer employer-sponsored retirement models that are based on a defined contribution plan, such as a 401k, says Mark Davis, senior vice president of CAPTRUST Financial Advisors. Past generations funded their retirements with defined benefit models which first showed up in the late 1970's and became prevalent in the late 80's. Given this newer model there are questions about funding for retirement at a fixed age.

Baby boomers are funding retirement by setting aside their own money rather than relying on a third party. In large measure how can I do this and do it right? It's much harder to make decisions about proper investment logic. A key point is who are you looking to for advice and assistance in making these tough decisions? Another looming question is how much money do I need and for how long? Another factor for baby boomers is the fact they are living longer creating concerns for estate planning and creating Long Term Care solutions to keep their retirement income protected.

Baby boomers are a different generation and have defined many areas of our culture. It's common sense to know and think this generation has a different mentality about making, spending and saving money. As with any generation some of us have done a good job of planning for retirement, some have not. Bad economies bring out the ugly in how well we have mangaged our money and planned for retirement. Anyone in the financial sector knows the realities of money management at this point and time in history.

The approach on new retirement models is phased retirement. Phased retirement offers those baby boomers a plan to work reduced hours while they financially prepare for retirement. This will take a lot more flexible work arrangements and actually phase down their work load. It's geared retirement to be more of a process than an event. Time will certainly tell and hopefully baby boomers will begin to realize they must be actively engaged in planning with the right resources.

WE CAN HELP, plan your retirement with some gurantees.You need to understand your options and educate yourself on a fit and retirement plan for you and your family. Our parents retirement plans were simple and that program worked very well for a number of years. But history has proven one must be pro-active in planning and having the professional resources to make solid decisions on leaving the office and going to the golf course. Some will make it and some want!
Posted 4:01 PM

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