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Baby Boomers Cupboard Could Be Bare

 


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If you were born between 1945 and 1964 you are part of a huge group of people worldwide known as the “baby boomers".

The oldest baby boomers are about to retire however over the next 10 years the numbers retiring will increase dramatically. This of course depends on in which country you live and the age at which you can retire. (Currently 65 is the age of eligibility for National Super in New Zealand).

Studies show that compared with their parents at the same age today's baby boomers have higher incomes, a better standard of living and possess greater personal wealth.

This could be about to change however due to the current recession that's affecting many western countries. It may affect the prosperity of those intending to retire during the next 10 years.

With the continual increases in fuel, food and the basic necessities of life, plus predictions of a 22% drop in property values there's little wonder that many people nearing retirement are worried. They have every right to be.

Hopefully they won't but if current predictions run true, that investment property you bought 10 years ago will soon be worth $76,000 less. These figures are based on a valuation of $345,000 in 2007. This example is based on an actual situation that I'm familiar with.

Using the same scenario, your own mid range home worth say $650,000 will decrease in value by $143,000. This makes a grand total of $219000.

It's all very sobering as many of my clients are in similar situations.

Another part of the retirement equation is whether the current levels of benefit are sustainable. The ever increasing numbers that will be clocking out for the last time as from about 2010 onwards suggests otherwise. There are real concerns the current levels cannot be retained.

The most obvious ways to remedy this problem is by either increasing the age at which a person can retire or reducing the level of benefits.

Neither option will be viewed as very palatable especially if you've been contributing all these years and you're now about to throw your hat on the hook.

The research I've undertaken is based on what is expected in the United States, Canada, The United Kingdom, Australia and New Zealand. This clearly indicates that if you wish to enjoy a comfortable retirement it would be prudent to consider your options now.

Doing so will mean that you shouldn't need to scrimp and chance your luck with the generosity or lack of from the government of the day. The alternatives may result in you reaching 60 or 65 and finding your retirement cupboard is rather bare.

Online affiliate marketing is one way for baby boomers to earn extra money to ensure your retirement is as comfortable as you want it to be . . .

Article by Rodney Dunn http://www.affiliatestwo.com/

After 25 years successfully marketing offline, now dedicated to helping others create wealth online.

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