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Staying The Course, But Maybe Not The Golf Course
Downsizing to weather the recession.
It’s really hard not to worry a bit about the effects of the housing bubble burst, high-priced commodities like food and gas, and a stock market in the doldrums on the ability of Baby Boomers to retire as plannedif at all. I’ve read stories of Boomers in the first year or two of retirement who’ve been hit so hard by declines in the value of their holdings that they’ve been forced back into employment, and these were folks who planned well and did everything right.
Today I read this at The Daily Dash, written by Ed Coury, senior editor and Midwest bureau chief for the Wall Street Journal Radio Network:
Fear of a long recession has hit the affluent baby boomer segment of the population, prompting many of them to downsize their lifestyles and tighten their belts, a new survey finds. A quarter of affluent 60-year-olds are cutting back by contributing less to charity, canceling vacations, reducing retirement saving or postponing retirement altogether, according to a national survey conducted by Bell Investment Advisors in Oakland, California.
I can understand canceling a vacation, but I figure in bad economic times, charities need our help more than ever. And while postponing retirement in today’s environment might be a plan, is reducing retirement savings a brilliant idea? Maybe halting savings and giving to good causes explains this:
The financial woes have also lead to mental anguish, the survey finds, as thirty percent of those polled say they feel more stressed than they did six months ago.
Um, yeah. Cutting out the giving and the savings would definitely do it for me.
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Are You a Late Boomer?
If looming retirement is catching you off-guard between an aging parent and a revolving-door kid, you might be. If you've delayed travel only to discover they've changed the names of all the countries, you are. And if you're a member of the Baby Boomer Generation who's ready to give back but you've forgotten where you put it, stay tuned. From healthcare to personal finance, from career changes to volunteerism, it's time to boom where you are planted.