{"id":513,"date":"2009-02-13T00:00:00","date_gmt":"2009-02-13T05:00:00","guid":{"rendered":"http:\/\/karenturnerphd.com\/how-will-the-baby-boomers-know-when-is-the-right-time-to-retire\/"},"modified":"2017-10-24T13:24:23","modified_gmt":"2017-10-24T17:24:23","slug":"how-will-the-baby-boomers-know-when-is-the-right-time-to-retire","status":"publish","type":"post","link":"https:\/\/karenturnerphd.com\/how-will-the-baby-boomers-know-when-is-the-right-time-to-retire\/","title":{"rendered":"How Will The Baby Boomers Know When Is The Right Time To Retire?"},"content":{"rendered":"
\"Baby

Baby Boomers Planning for Retirement<\/p><\/div>\n

Is There Even Such A Time?<\/p>\n

By Boomeryearbook.com<\/p>\n

It\u2019s the big question- how long will you continue working for? You want to make sure that you have enough money saved to live on comfortably for the rest of your life, but can you really plan for that? What about emergencies or surprise bills or unexpected disasters? The job market isn\u2019t thriving and having to find a job later on will be a difficult, if not impossible task. So, what are you to do? With a future so uncertain it\u2019s hard to make these decisions, but the process is easier if you keep a few things in mind.<\/p>\n

How large is your retirement fund?<\/strong>
\nIf you\u2019ve had to dip into your retirement fund and you haven\u2019t refunded yourself, then you may want to consider working for an extra five years to bring your savings back up to what it was. If you think you can survive on it in its present state, then you won\u2019t have to. But before you come to that decision be sure to factor in things like inflation; disaster preparedness, changes in your insurance rates and any dependants you could possibly have.<\/p>\n

What are your assets?<\/strong>
\nIf you do not own your home or your car or will not own either of them in your lifetime, then you need to have a retirement fund that will provide shelter and transportation for you. Therefore, you need to look at your lease to examine if the rent will increase over time and how much it will increase by. If you find out that you will not be able to afford such an increase, begin looking for homes with fixed rent. Also, you may want to figure out your future method of transport if you have to give up your car. Consider trading it in for a more affordable model if you’re unable to maintain the payments. This will benefit you in other areas like your gas budget or insurance payments.<\/p>\n

What are your expenses?<\/strong>
\nSit down with your bills and receipts for the year. Take out the highest bills for a period and calculate the amount of money you would have to pay for the year if that was your average. In other words, if your highest ever bill for electricity was $550.00 over a month, then multiply that figure by 12 ( to get the yearly amount). The total figure ($6600) is the amount that you must budget for. Do this for all your bills then add them up and those will be your expenses for the year. You should count in possible future expenses as well such as medical bills etc<\/p>\n

If after you\u2019ve done all this and you realize that your retirement fund as it now stands cannot cover your daily life then you have three options:<\/p>\n

1.\tYou can up your performance at work, raking in bonuses that will help to buttress your retirement fund and\/or your pension
\n2.\tYou can investigate cost-cutting measures such as solar energy, planting produce in your backyard, conserving electricity and water, renting that beach house out when your family isn\u2019t occupying it etc.
\n3.\tYou can create a niche in your field so that you can work as a consultant after you retire. You\u2019ll set your own hours and be your own boss and the extra income will help to set off any wanting areas.<\/p>\n

All in all, you retire when you can afford to, and affording to doesn\u2019t only mean money-wise, but health-wise as well. Be frugal with your money now. If you make the sacrifice now, you\u2019ll thank yourself later.
\nAre you a retired Baby Boomer? Are you a Boomer planning to retire soon? Tell us about how you made or are making that decision at BoomerYearbook.com.<\/p>\n

www.boomeryearbook.com<\/a> is a free social networking site connecting the Baby Boomer generation. Sshare your thoughts, upload pictures and find old friends, or use our online optical illusions and brain games, provided by clinical psychologist Dr. Karen Turner, to expand your mind and help ward off the possibility of depression, dementia and Alzheimer’s. Join now to discover the numerous ways in which this online social networking site for the baby boomers and boomers of all ages can contribute to optimal physical and emotional wellness. The baby boomers generation<\/strong> changed the world. We\u2019re not done yet!<\/p>\n

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Is There Even Such A Time? By Boomeryearbook.com It\u2019s the big question- how long will you continue working for? You want to make sure that you have enough money saved to live on comfortably for the rest of your life, but can you really plan…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[28,296],"tags":[328,439,83,440],"_links":{"self":[{"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/posts\/513"}],"collection":[{"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/comments?post=513"}],"version-history":[{"count":0,"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/posts\/513\/revisions"}],"wp:attachment":[{"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/media?parent=513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/categories?post=513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/karenturnerphd.com\/wp-json\/wp\/v2\/tags?post=513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}