The baby boomer generation started going into retirement at the beginning of this decade and there are more and more exiting the work force each day. This article discusses some of the financial problems that many baby boomers are probably going to face. There are many baby boomers who rely heavily on Social Security benefits for survival, and this could be a problem in the future as the Social Security system continues to face financial strains and the government has to make reforms that could change the rules for receiving benefits. Sadly, there are many senior citizens who have neglected to properly save ahead for retirement and many people have to postpone their retirements to keep up with expenses. Debt is another problem that many baby boomers are having to deal with. It is important for people to develop a game plan for dealing with their retirement.
See Baby Boomers’ Retirement Woes Summed Up in 5 Statistics, Fox Business, May 15, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
