6 Things Boomers Need to Know About Saving for Retirement
Several weeks back, I wrote a column entitled, “ 5 Things Millennials Need to Know About Saving for Retirement .” But what about those at the brink of retirement? Retirement seems close — perhaps too close for the comfort of Boomers, some of whom have already begun cycling into retirement. In fact, the youngest element of this cohort (born in 1964) is now already 51, and it’s said that 10,000 Boomers roll into retirement every day. That said, whether you’ve been saving or not, or not saving enough — here are six things Boomers need to know about saving for retirement. 1. Social Security won’t be as much as you think it will be. When you were your kids’ age(s), you too were likely disdainful about the long-term prospects for Social Security (and hey, your kids weren’t around for the real funding crisis back in the early 1980s!). That said, you’re not only close enough to collecting; many of you are probably in the age group where when politicians talk about making c...