GOLDEN VALLEY, Minn. - Baby Boomers are the largest generation ever born in America. As predicted, when those born after World War II retire, it'll create a strain on Social Security, Medicare and Medicaid systems.
Another reality is that most boomers never saved enough to begin their retirement.
According to an Associated Press survey, Baby Boomers facing retirement are worried about their finances and many believe they will need to work longer than planned or they will never be able to retire.
Nicole N. Middendorf, CDFA, shared the following tips on KARE 11 News @ 4 to help clear up some retirement questions:
• Know your Social Security. Get a statement from SSA and understand how much you will get and when to start collecting.
• Get a retirement analysis done. If you can answer how much you have saved up so far and at what age you want to retire, and the income needed, a Financial Advisor can tell you if you are on the right track or not.
• Protect yourself. Look at insurance and a will/trust.
• Seventy-five percent of Americans are in the same tax bracket or higher when they retire so consider working part-time after retirement for extra income.
• Give yourself a set income stream and meet your basic living expenses.
To contact Nicole, visit Prosperwell Financial online.
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