Financial Information

The first wave of post-WWII baby boomers are now zooming past the retirement finish line.  The Boomer generation spans about 18 years from 1946 to 1964, the oldest of which are now reaching retirement age.  Now that many of the older Boomers are reaching early retirement age, are they really financially ready to exit the workforce and enter their golden years?  The answer is both yes and no. 

Working Into the Golden Years

In the last two years, from 2007 through the end of 2008, only less than half of eligible Boomers who could take early retirement before the age of 65 did actually fully retire.  According to a study performed by MetLife Mature Market Institute, a Boomer survey response revealed that a majority of those eligible for retirement still work full or part time.  Many of those eligible for retirement found that the economic climate was not yet ripe, and they were determined to remain in the workforce until the economy gets back on track and their retirement accounts receive that little extra “padding” from the continuing work years.

401(k) Plays a Major Role

Of particular interest in the decision to retire early or not was the 401(k) or other retirement account.  In the last two years, and especially in 2008, many retirement savings accounts saw massive drops in value due to the stock market collapse.  About half of the surveyed Boomers expressed that they were behind in their retirement savings, and only a small percentage reported that they had achieved their retirement savings goals.

The Economy Turned Retirement Haywire

In comparing the MetLife 2007 study with the 2008 study, it appears that in 2007, 15% of those who would reach the early retirement age of 62 planned to fully retire.  A year later, only 11% of that small percentage actually did fully retire, while the rest continued to work because of the economy.  These workers were faced with a decision to continue full or part time work due to sudden changes in the economic climate and the value of their retirement savings.  Most of the older generation Boomers say they will now fully retire at age 66.

However, when the same question was asked of the older Boomer generation, their answer was prominently that most will not take early retirement at age 62. Rather, most say they plan to fully retire at age 64.  The sentiment of the younger Boomers is that they have more time to get their retirement accounts in shape and in a position to retire. 

What Nest Eggs are the Boomers Depending On? 

While most retiring Boomer workers will collect Social Security benefits, what are some of the additional retirement savings or investments that Boomers will depend on after retirement?

• 401(k) – About 54% of surveyed Boomers said they have a 401(k) in which they contribute toward their retirement.  

• IRA – Also, about 51% said they have an IRA in addition to, or rather than, a 401(k) retirement savings.

• Defined Pension – Less than half, 49%, said they will have a defined retirement pension from their workplace.

• Stocks, Bonds, Mutual Funds – 40% of those surveyed own stocks, while another 38% have invested in mutual funds.  Fewer, only 27%, own bonds for their retirement plans.

• Annuities – 37% of Boomers have purchased annuities that will pay them a regular retirement income.

As many early generation Boomers are experiencing, economic climates can play a big part in the decision to retire.  A retirement savings plan should include a broad spectrum of financial products that provide growth, while also protecting value in economic downfalls.  Anyone in the Boomer generation nearing retirement should have a good asset management company such as www.iamllc.biz or a wealth manager as www.kenhimmler.com on their side to formulate a solid financial strategy toward retirement. 

Authored by Kenneth Himmler, Sr.

The average credit card holder in Britain is now in over £2000 of debt. We got used to buying what we wanted when we wanted it but it’s clear from the recent slump in retail sales that the time has come to tighten our purse strings and rein in our spending. Here are a few tips on how to save your money and make the most of what you already have in the recession.

Mortgage: For many people, their mortgage is their most expensive outgoing. Your home is the most important thing you own, and something that it is certainly worth taking out a loan for. But that doesn’t mean it’s an unavoidable burden we all have to put up with. Shop around and make sure your deal really is the most beneficial one for you. There are thousands of different alternatives out there, you just have to make sure you’re getting the most out of your options. Overpayments are a good thing – if you find yourself with a bit of extra cash to spare one month, don’t keep it aside to fritter away on things you don’t need, make extra payments whenever you can and you could save thousands on interest in the long term.

Credit cards: Just resist. Make sure you don’t spend money you don’t have, if you can’t afford to pay it off that month, don’t buy it. Try to pay off any debt you owe as soon as possible (don’t just pay the minimum each month if you can afford more) and if you don’t think you can resist spending more on your cards again, cut them up. Don’t go beyond your means.

Car: Owning a car can be a very expensive business. It’s not just the cost of the car itself, but also road tax, maintenance, insurance, servicing, MOT… The list goes on and on. Think carefully - do you really need a car. If you can’t live without one it might be worth considering a car contract hire agreement instead of buying one outright. You pay the car off in manageable monthly instalments and often you can get other additional extras like road tax or servicing costs thrown in as well. You just have to search for the best deal. And the best thing is that often the more desirable car you choose with contract hire the better deals you can get – you could find yourself with a car you would never have been able to afford to buy outright, even in better times!

Sell sell sell!: If you have clutter and unused items around your house, don’t just turn a blind eye to them or take them to your local charity shop. If you’ve got a cupboard full of clothes you don’t wear or gadgets you thought would be useful but never did use, there is someone out there who will want them. Ebay is a wonderful thing, it’s quick and easy and once you get a bit of practise at how to advertise on there you could find that you could make a nice little extra bit of cash out of your old junk. Give it a go, or you’ll never know until you try!

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It’s definitely something that one can take advantage of and to make sure that you will be able to comply with what the terms and conditions of lenders are you can actually try researching online  to give you more information. You’ll be amazed on how easy you’ll be able to get access to this specific financial assistance - instant payday loans is one of the best options that you can rely on.