A recent survey shows that baby boomers haven't progressed too far from that Stone Age point of view when it comes to retirement planning. Some 61 percent have less than $150,000 in savings, and an astonishing 28 percent have less than $10,000. Not a great retirement plan, wouldn't you say?
Some baby boomers claim that to compensate for their lack of savings they intent to work until they die. The "work till I die" strategy may be a fool's retirement plan because eventually our bodies or minds or both will render us incapable of full time employment.
What's more, many organizations don't want older, uncreative, stuck-in-the-mud thinking older workers (anyone over 60).
Another survey found that 35 percent of Canadians plan to carry up to $100,000 in debt into retirement. Not a great move given that Canadian retirees are already affected by higher fuel and food prices.
In the United States, things are even worse. According to reports, "Rising gas, food and utility prices are forcing many senior citizens to give up medicine, healthy food, social outings and communication. Some are looking for work.
Retirees on fixed incomes have cut back on making family visits and going to community events. This growing isolation usually leads to less physical and mental activity and threatens a senior's independence, advocates say."
Looks like the new retirement that baby boomers have been talking about is going to be a gruesome retirement for many.
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