My mom turned 70 a few days before I turned 50, and my daughter is 20. Those are big numbers.
I resist the idea of being part of a "generation" but my birth date marks me as a baby boomer. According to Calling All Bulls, "30 percent of baby boomers with living parents contribute financially to their support." That will only get higher. If you have living parents, you can expect that, but more than 50 percent of workers age 45 – 54 have less than $50,000 in savings for their own retirements. Where will the money come from?
It means some will have to work longer, but close to half of us are retiring sooner than expected because of health problems and forced retirements.
And we're living longer. "A 65-year old man has a 50 percent chance of living to age 85 and a 25 percent chance of making it to his 92nd birthday."
Personally, I plan on seeing my 95th birthday, and can't wait. I just hope my kids are wise and prudent and have saved some money. Someone will have to pay for me living so long.
