What do you fear about retirement?

Jul 18, 2008

The New Retirement for Baby Boomers Means a Gruesome Retirement

Up until a few months ago, a lot was being written about how the baby boomers were so cool and how they would be creating a new retirement. Although I am a baby boomer myself, I have always found baby boomers thinking of themselves as so special and so cool as pathetic — quite revolting as a matter of fact!

So, now I actually get a great deal of pleasure when I read the latest headlines regarding retirement, particularly those relating to baby boomers and how many of them have to delay retirement — or may never be able to retire. Here are some of the headlines I received on Google Alert in the last week: (My favorites are in bold.)

  • The middle class can expect big retirement troubles
  • Slow economy forces seniors out of retirement
  • Study Warns 'Near Retirees' of Need for Frugality
  • Middle Class? Dreaming of retirement? Forget it!
  • Baby Boomers: retirement may be a mirage!
  • Baby Boomers Face Longer Lives with Fewer Assets
  • Retirees Could Face Final Years in Poverty
  • Study: Retirees should live frugally
  • Longer lives, not enough savings
  • Your retirement isn't looking so good, according to a new study from Ernst & Young. ...
  • Most Americans Struggling to Afford Retirement
  • Most Florida retirees must lower standard of living, study says
  • Americans Dipping into Retirement Funds Early
  • Americans Tapping In to Retirement Worries Idaho Senator
  • Workers Raid Retirement Funds During Tight Times
  • More Raiding Retirement Funds Amid Economic Woes
  • Returnment — the new retirement
  • The middle class can expect big retirement troubles
  • Study: Retirees should live frugally
  • The Worst News Yet for Your Retirement

It appears that the new retirement for baby boomers means a gruesome retirement. Fact is, if most baby boomers weren't so spoiled and so irresponsibile human beings, they wouldn't have a problem with their retirement. In other words, if you are a baby boomer, it's all your fault can't retire at 55 or 60. Don't blame the government or the economy or anyone or anything else.

I semi-retired when I was 35 and had a net worth of minus $30,000. Even though I have worked less than half of my adult life and have never made a penny in house appreciation (simply because I rented for all these years), I can remain semi-retired quite comfortably.

If you would like to be able to do the same, I recommend this well-titled book for which I have adapted a short review from two other reviews:

Money Book

You're Broke Because You Want to Be: How to Stop Getting By and Start Getting Ahead, by Larry Winget. The author is a no nonsense guy and a master of tough love. This book will tear down every excuse you can think of and show you that it's your choices that are making you broke. Warning: You have to quit blaming all of your financial problems on outside forces and circumstances. The author is harsh. So if you get upset about that, maybe you should pass on this one, continue to blame your problems on someone else, and end up broke in retirement — like a lot of baby boomers are likely to be.

To be sure, there's no sweet talk in Winget's advice, who summarizes money management to these points: Get off your duff and start doing the hard work necessary to make financial success happen. His advice includes: Give up cable TV. Get a cheaper car. Move to a more-affordable home. Live on what you earn. This guy pulls no punches, and points his finger right where it belongs — at YOU — the person who created your financial mess.

Another reason that I was able to semi-retire at an early age is that I have followed the financial philosophy that I advocate in my books How to Retire Happy, Wild, and Free and The Joy of Not Working.

Retirement Planning Image

Purchase The Joy of Not Working on Amazon.com with this direct link:

Retirement Planning Book

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