The Baby Boomers Retirement Blog

Québec’s new health care fee is just a small example of the price we have to pay for longevity and aging population. Let me explain this. The fee itself at $25 for 2010 and even increasing to $200 through the years is not something that would ruin any person’s finances (and, according to critics, it won’t even fix the system…). However, it is a sign showing the problem with the health care system(s) devised decades ago, when the life expectancy was less than today. At that time retirees used to live approx. ten years after retirement. Or even less. Nowadays people live 20-25 years after retirement. We live longer and longer… and according to the statistics

Many times I have been told that my Baby Boomer Retirement Blog presents an extremely dark picture of the future… Really? You can disagree with this blog but you can not totally ignore one of the most influential financial media outlet: the Wall Street Journal. Here is what they said recently: Is it too late to save your retirement? For many, the answer is surely yes. News out this week shows that 29% of those who have already retired have saved nothing at all to support themselves, while only a third have saved at least $50,000. To put this in context: A retirement account of $50,000 will provide a 65-year-old man with an annuity of just $4,000 a year. Does this sound to you as a

Trying to figure out how to live on a retirement income is a worthwhile exercise, yet many people overlook some possible money traps. The things we don’t always think of can have an impact on our finances. As you will see, these things are never more important than they are during retirement. Travel. While ‘travel’ is mentioned specifically, it really refers to anything we’d like to do for fun. You’ve already paid your dues working for a boss, now is your chance to do the things you always wanted to do. But that fun can add up, so be sure to figure it into your calculations. Health concerns. Not to sound depressing, but aging is a slow deterioration of the

The economy is in a sorry state. Whether that is true where you live right now, or not, there is no doubt that financial markets are constantly rising and falling. The younger you are, the more able you will be to ride out the fluctuations, but youth is still no guarantee of a secure future. For people nearing retirement this can be nerve-wracking. Baby boomers, for example, are going to need their retirement savings and pensions sooner rather than later. Know where you are – Before you can do anything about improving your retirement income, you need to have an idea of where you’re starting from. The more honest and thorough your assessment, the better. Add up all of your

Almost everybody needs a digital pension. What the heck is a “digital pension”? – you may ask and you are right in doing so. Let me remind you that we live in a digital era. The Digital Revolution meant the end of the Industrial Age and the beginning of the Computer Age or Information Era. Nowadays, many people tend to think of the Information Age or Digital Era in terms of cell phones, digital music, high definition television, digital cameras, email on the Internet, the Web, and other relatively new products and services that have come into widespread use. The pace of change brought on by such technology has been very rapid. One of the biggest changes that influenced

It has been said quite a lot about the baby boomers’ inability to face the reality of aging and retirement. However, there is a survey at the Aging Hipsters – The Baby Boomer Generation, one of the leading boomers sites. The “boomer” survey has one simple question: Will you have enough money when it comes time to retire? Possible answer: No – Maybe – Yes. Not surprisingly, only 27.44%, which means one in four, answered with a sound yes. Almost half of the responders, 42.08% said NO, while the remaining 30.48% is uncertain (maybe). Let me translate to you the meaning of this third of answers: “most likely no but I am embarrassed to admit

I am sure you heard about the Rich Dad, Poor Dad author Robert Kiyosaki. You might even be familiar with his Cashflow game (or the concept, at least). Watch this video where John Seiferth is interviewing Robert Kiyosaki about business, investing and just life in general. Pay very special attention to the second minute in the video when Robert starts to talk about some recent pension news!