What’s Changed in Retirement?
Retirement looks a lot different for Baby Boomers than it did for the generations that came before. Many Boomers are finding it hard to retire when they planned to and have to make last minute changes to finagle their way in to a sustainable retirement plan. There are many things that caused these changes to occur. For starts, retirement for older generations lasted a fraction of the time. People are living longer now than they did in the past, and life spans are ever increasing. This means that you are trying to save up enough money to last a longer amount of time but are not working much longer in order to accommodate this. Many boomers find themselves needing to take on a job in retirement, but a lot cannot due to health reasons. Another big change is in how people saved for retirement. Pension plans used to be commonplace in the workforce, these pension plans guaranteed a sustained income in retirement that was supplemented by Social Security. However, todays retirees do not have adequate savings on average and Social Security is not enough to be a main source of income. For more information on this subject, visit this article by Byron R. Moore with The Shreveport Times.
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