As baby boomers are rapidly approach what used to be defined as “retirement age”, a big concern often comes up about whether there will be enough retirement savings in place to be able to live a comfortable life later in life. There have been plenty of rumbles from Washington that the Social Security system will not be able to bear up under the huge demand the boomer generation will put on it. So few baby boomers are looking to depend on that money being there, even though we are all paying into it every month.

On top of that worry, the method our parents used of working for the same company for 50 years and retiring with a hefty financial package and a gold watch has gone the way of the dinosaurs. Long ago corporate America began to eliminate retirement packages as a straight forward benefit. So many baby boomers find themselves approaching retirement age with insufficient retirement monies to support them. What is needed is a solid plan to attack this problem while boomers still have a good 10 to 15 years of working potential in them. Some principles of that plan might be…

Simplify Your Life.

When the kids finish college and get out on their own, you may find your life could be simplified considerably. You might not need as big a house and many of the extras that were important when you raising a family in that house. Do a thorough review of your assets and your expenses. You will find you can cut costs significantly and even begin to cash in on some of the extras you have had all these years and put all of those savings into the bank as a hedge for the day when you are ready to retire.

Pack the Bank Account Now.

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