“And when the broken-hearted people, living in the world agree, there will be an answer, let it be…”

Let It Be was the twelfth and final album released by the English rock band The Beatles in May of 1970. As much of the music produced during this time, it set the tone for the Baby Boomer generation, which set out to reinvent itself. Beginning in their youth years, Boomers had a heart for altering norms and defying conventional wisdom. They would not let the unfulfilled hopes and discouragement of the previous generation determine their future. There would be an answer…Let It Be.

The Boomers’ tenacious spirit has stood the test of time. Testimonies abound of Baby Boomers finding fulfillment and success in life’s closing chapters as a result of charting a wise course for retirement. It’s key to contemplate how they are mapping their course and successfully navigating it.

Let’s look at the Boomer generation in two groups. The vanguard folks, born between 1946 and 1955 (ages 60 to 69 today), have less time to plan but can adjust to a budgeted lifestyle and adopt healthy habits. Many in this age group have chosen to re-enter the work force in encore careers as a means to not only build more financial strength but also to enhance active living.

Those in the second group, born between 1956 and 1964 (ages 51 to 59 today), have more time to plan, living on a budgeted lifestyle now in order to save as much as possible for the long haul. Many are thriving as they assess their financial picture taking advantage of their extra years, creating more pathways to the retirement lifestyle they hope to attain.

Unfortunately, it is an undeniable reality that there is a third group of Baby Boomers reaching retirement age who do not have adequate savings to sustain them for the rest of their lives. For this group, the fear of having only Social Security benefits to live on after they stop working is constant—and all too real. Yet this is precisely when the Boomers’ fighting spirit needs to rear up, take courage and take charge of the future. For them, they cannot afford to Let It Be any longer, or otherwise they may not reach their retirement goals.

 

Source: Spicer Wealth

Respond and learn how financial products, including insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency.   It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice