All retirees pray that they will have enough cash to see them comfortably through their retirement years. The alternative is obviously more ominous that they will outlive the comfort of their savings. The truth that most baby boomers have yet to comprehend that even through they will have their parents savings and life insurance plans to live off of we are living longer. Baby boomers will need to carry themselves on their retirement savings many times longer than life span that actuaries used in their precious calculations.
The magic retirement age of 65 was historically chosen not arbitrarily by the German Kaiser in the introduction of the first pension plans as this at the time was the average life span of most male workers. As most baby boomers know and anticipate modern medicine and conveniences have pushed that envelope. You may like it or not before your retirement savings anticipated a 10 year payout period. Now it may be closer to 25 to 30 years.
The thought of having to lower their standards of living and giving up some luxuries to make end meet is for many people, the most worrying aspect of their leisure years. Often, though, the imagined fears are...
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