Sunday, December 20, 2009

First Wave of Boomers Having a Tough Time

A recent online survey by Golden Gateway Financial of 300 people 62 or older found that 30% of the respondents said they’ve slashed spending and have made other sacrifices just to get by. What’s more …

  • 27% said unexpected medical expenses have prevented them from paying other bills,

  • 25% have postponed dental and eye exams to save a few bucks,
  • And 15% have stopped taking medications or reduced the dosages because they cost too much.
    • This is indeed sad. And unfortunately it’s a prelude of the “recession lifestyle” that many boomers face. My suggestion: If you are still working, slash expenses to the bone and put away as much as you can into your 401(k) and Roth IRA. And if the above just is not possible, consider looking at retiring where you can actually live quite comfortably on Social Security alone. Costa Rica would be my choice … excellent climate, friendly locals and top-notch medical care. But it might not be your cup of tea. Nevertheless, now is the time to put together a plan “B” because retirement for the middle class in the U.S. is quickly becoming nothing more than a fantasy. Best wishes, George P.S. I’m heading to Costa Rica on January 23. And I’ll spend some time with my good friend, Costa Rica retirement expert, George Lundquist. You may want to check out George’s tour to see if retirement in this paradise is right for you.

      No comments:

      Post a Comment