It is cold, hard fact that Baby Boomers may have to work
longer in order to save more for retirement. In fact, USM Studios learns that more
than half of working people who were born between 1946 and 1964, feel they will
have to work forever.
The Great Recession took its toll on many people and their
investments. Hard-earned invested money went right out the window when the
stock market crashed. Along with it, employers dropped their end of 401(k) contributions.
Wages have barely budged past the stagnant stage leaving middle-aged workers to
find ways to save for a retirement of downsized living. A recent study found
that 36% of those asked expect to reply on Social Security even though the
federal agency keeps mentioning it may fall short. USM Studios, Inc. offers a
few retirement strategies for the Baby Boomer who may be behind in saving:
Re-work the household budget to find extra savings from company
401(k) funds, IRAs and other savings vehicles.
Pay yourself first. Set up automatic transfer from checking
to savings to occur monthly and pay yourself before paying other bills.
Reduce debt with a plan and stick to it. Don’t overextend
yourself in order to pay off debt quickly.
Put away any extra money in a CD or IRA. Stash tax refunds
in retirement accounts too.
With fortitude, perseverance and steady employment, Boomers
can have a comfortable retirement.
