{"id":1217,"date":"2011-05-25T10:41:49","date_gmt":"2011-05-25T15:41:49","guid":{"rendered":"http:\/\/www.billlosey.com\/?p=1217"},"modified":"2011-05-25T10:41:49","modified_gmt":"2011-05-25T15:41:49","slug":"baby-boomers-their-retirement-hopes","status":"publish","type":"post","link":"https:\/\/billlosey.com\/knowledge-center\/baby-boomers-their-retirement-hopes\/","title":{"rendered":"Baby Boomers &#038; Their Retirement Hopes"},"content":{"rendered":"<p><strong>What do you think your retirement will be like?<\/strong> If you are like many baby boomers, you may be pessimistic about it.  Look at the results of a recent poll conducted by the Associated Press  and NBC\u2019s LifeGoesStrong.com:<\/p>\n<ul>\n<li>Only <strong>11%<\/strong> of boomers think they will retire to a comfortable lifestyle.<\/li>\n<li><strong>24%<\/strong> of boomers say they have no retirement savings.<\/li>\n<li><strong>64%<\/strong> feel that Social Security will be their main source of retirement income.<\/li>\n<li><strong>25%<\/strong> of boomers in the work force say they will never retire.<\/li>\n<li><strong>66%<\/strong> of working boomers intend to work part-time or full-time after they end  their careers. Yet the most recent Social Security Administration  figures (2008) show that less than 50% of Americans age 65-74 earned  income from a job.<\/li>\n<\/ul>\n<p><strong> <\/strong><\/p>\n<p><strong>Hopefully, you have reason for optimism. <\/strong>The  poll found that about 1 in 10 respondents had more than $500,000 in  dedicated retirement savings. Additionally, about half of those surveyed  had retirement savings of more than $100,000.<\/p>\n<p><strong> <\/strong><\/p>\n<p><strong>If you don\u2019t, what can you do to save your dream? <\/strong>Retiring  later may help \u2013 it will give you added years of earned income and  group health coverage. You can also apply for Social Security later,  which can result in substantially greater benefits.<strong> <\/strong><\/p>\n<p><strong> <\/strong><\/p>\n<p><strong>Don\u2019t want to retire later?<\/strong> Then you may want to pour as much as you can into your 401(k) or IRA.  If you are 50 and have a Roth IRA balance of about $80,000, you could  potentially wind up with more than $450,000 in that IRA at age 65 if you  contribute $5,000 per year and realize a 9% annual return. A  50-year-old with a $250,000 401(k) balance could potentially end up with  more than $1 million in that 401(k) by age 65 if he or she contributes  $16,500 a year and gets an 8% annual return. (That\u2019s not even factoring  in employer matches and \u201ccatch-up\u201d contributions after age 50.)<\/p>\n<p><strong> <\/strong><\/p>\n<p><strong>Start now, because procrastination is your greatest enemy.<\/strong> Meet with a financial professional \u2013 one with significant experience in  retirement planning. You may have more options than you realize. Fight  for your retirement dream!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What do you think your retirement will be like? If you are like many baby boomers, you may be pessimistic about it. Look at the results of a recent poll conducted by the Associated Press and NBC\u2019s LifeGoesStrong.com: Only 11% [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-1217","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/1217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=1217"}],"version-history":[{"count":0,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/1217\/revisions"}],"wp:attachment":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=1217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=1217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=1217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}