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Tuesday, July 15, 2008

3 out of 5 of Us Will Outlive Our Money!

The prognosticators are already out in force and telling anyone that will listen that the BOOMER generation is in deep financial trouble. Problem is we are going to live too long. In short, we all have a 60% chance of outliving our money and the ability to pay for the cost of staying alive.

Already, we are getting the first wave of the vultures that want to pick us clean before we hit the other side of the lawn. Reverse mortgages, long term care policies, annuities, along with a multitude of things to scare the pants off of us and the change out of our pockets.

Not many boomers have planned for the fact they will soon be too old to be gainfully employed at the level they currently enjoy. Nor did they plan for getting old. Defined retirement plans started falling by the wayside in the early 80's. Those who did not figure out this was a cheaper way for employers to make workers responsible for their old age will be facing some difficult choices in the near term. Those who planned and invested, have recently witnessed the free falling value of their retirement nest eggs via the financial markets.

The years ahead will prove out who what the smartest. The ones that planned and invested or the ones who lived in the moment. Sixty percent of the boomers living on the "dole" gives me visions of dog and cat food wrappers and containers in the trash cans of Americas elderly.

"Damn the torpedo's and full speed ahead" as the boomers move toward the other side of the lawn.

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