As Boomers age, they become less employable (not their fault) and more financially vulnerable (sometimes their fault). The concerning thing is the statistical evidence that these two factors converge to create a crisis for a good number of retiring Boomers.
Here are some sobering statistics that raise red flags, as reported by NextAvenue.org:
- 36 percent of workers and current retirees have $1,000 or less in savings.
- 47 percent of current retirees were forced into early retirement. 55 percent of them had to leave work because of health problems or disabilities. Only 20 percent were forced into retirement due to changes at their companies.
- The number of workers older than 55 will grow to 25 percent of the workforce by 2022. However, many of the lower paying service sector jobs, such as grocery clerks, waiters/waitresses and substitute teachers, will be held by the post-retirement age worker instead of younger workers.
- An incredible 80 percent of American workers cannot afford to retire at all.
A legitimate question is: How do you avoid becoming a statistic?
There are several things to monitor as you age, including your health, your financial situation, your living situation, and your life responsibilities (such as potentially caring for your elderly parents or financially assisting your adult children). Caring for yourself comes first -- and that means checking your own health statistics periodically (weight, blood pressure, etc.), and being vigilant about diet and exercise. On the financial side, you should be living within your means and working with a financial advisor to ensure you are following the best strategy when it comes to investing, saving and drawing upon retirement assets. The last thing you want to do is outlive your money.
Statistics regarding retirement in America are indeed concerning. You need to pursue a smart course of action so you do not become a statistic.
HappilyRewired.com is a Top 75 Baby Boomer Blog.